Argent Launches Marketing Campaign
By Silver Springer • Sep 27th, 2007 • Category: Real Estate
One of the better architecturally designed buildings going up in Silver Spring finally has a website.
Perseus Realty, LLC, developers of the Argent at 1200 Blair Mill Road is moving fast to get units delivered in the nine story structure.
While many other projects have jumped the condo ship and turned apartments, the 96 unit Argent will be a condominium building of studios, one bedroom, one bedroom with den, and two bedrooms.
Past sources state that the argent will start around $400,000. The website touts urban living in Silver Spring.
If I could make a personal request…I know it’s probably too late but it would be nice to see a walkway behind the building, carrying grocery’s from Giant then having to detour around the triangular shaped lot because it’s gated off is a pain in the you know what. A more direct path to Newell street would make my day.
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I can’t imagine that they’re STILL shooting for a starting price of 400k in this real estate environment… I just don’t think you can sell a studio for 400k anymore. All the prices in the new buildings have been dropping lately. ~400k could buy you a decent 2br in the silverton a couple months ago, although I think their 2brs are gone. They listed their 1br+dens starting at 350k just the other week. There’ve been a few 1br’s in that development on newell st. listing in the low 300’s (I’ve seen from 315-350).
Amen to that. The building looks great. What every happened to the construction on the building across the street, next to the blairs?
Freddy, that’s 1200 East West and it’s moving foward but slowly from what I can tell. More and more equipment is moving onto the site everyday.
Up on the otherside of disneyland.. er.. downtown… one that is moving real fast is Portico (next to cameron hills on Ramsey). I hope the pace keeps up once they finish digging. That’ll be nice having the walk up from the metro not be so deserted for that block… particularly considering the hidden stairways and benches and things alongside the office building across the street. Definately been hassled by folks hanging out there late at night - no fun.
I do hope that some of these new buildings go rental though… the complex that’s getting demolished to make way for United Therapeutics is gonna put more upwared pressure on rents, as if there wasn’t enough upward pressure already. Maybe when all the speculators that bought their condos pre-construction for 500k realize they cant sell for more than 300 they’ll start renting them out
Paul, I think I did see some people drinking along with other acts when I was there to take pictures at night.
Also UT isn’t demolishing St.Charles Apts, they are being demolished by Fairfield Realty to make way for a 15 story highrise. The last thing they said is that it would probably be rentals, they really don’t do condos anyway.
Hrmm.. Where is the big UT building with the bridge that crosses over Cameron St. in all the renderings landing then? Or was that bridge crossing Spring?
Morons. They really think they will find fools willing to pay $400k and that said fools will be able to get financing (this subprime, no money down crap has dried up.)
That’s fine. I like seeing morons who build condos and the morons who buy them. More housing is good for my rent.
The building doesn’t even have a gym! Website says go to LA Fitness! $400k? I hope not.
Can someone tell me how condo finance works? I mean, Silverton condos are still sitting empty. JBG is building a bunch of units across the street. There will likely be unsold condo inventory in South SS for years.
I doubt condo developers build their projects with cash. They get banks (or somebody) to finance them. My question is, what are the terms of the financing? Can developers afford to sit around for *years* with unsold condo inventory? When do the banks want their money back?
I have long wondered if the next housing bust story is a bunch of condo developers going insolvent because they are carrying massive amounts of inventory, but I do not know enough about finance to know if this will become an issue.
Paul, UT will demolish their existing office building and build ontop of that as well as the parcel of land that’s now just open space.
By existing, you mean along spring st, next to the garden apartments in question, right? Because I’m thinking of “their existing” building as being the brand new building they just built across cameron st from said apartments. Because that’s brand new and part of the total project
http://www.mc-mncppc.org/silverspring/private_projects/united_thera.shtm
I guess looking at the park and planning website’s site plan, it doesn’t show it as taking up the entire area where those apartments are - just the parcel of land right along spring, which I guess is theirs already.
So the high rise will sit directly behind the half of the UT building that will be on the west side of Cameron. I get it now.
Omari, You’re another one who’s bitter because you’re renting in this area, eh? Well, condo developers have what are called fiduciaries to whom they are responsible. Look it up. And Silverton has very few units available– they’re still receiving a steady amount of visitors on the weekends for the open house.
In fact, there are only two units in the Silverton on the market… two that were just opened up this month (they were part of a group of 6 that had to have repairs - the other 4 have already sold). Now a few owners are trying to sell their units, and can’t compete with JBG’s offer of a year of condo fees, but after JBG sells off their last two units they probably won’t have that much difficulty. The “condo crash” isn’t all that it’s said to be, and it’s had more of an impact in DC and NoVa than in Montgomery County (which wasn’t as flooded with condos as the other two). Condo prices in southern Montgomery have generally remained stable, dropping a little but not at the level of the other local jurisdictions.
Yes, but … WHEN WILL THE DRILLING STOP?