The Lauren Condos in Bethesda Bankruptcy

[Anonymous]

The developer went bankrupt and earlier this year bank foreclosed on 11 sponsor units. The unit owners are trying to sue bankrupt developer over shoddy work. It was only built 2016. Now a distressed investor owns the 11 units bought from bank and trying to sell some.

The Lauren condos in Bethesda were very upscale and went under quickly. The 20 or so people who bought units must of lost a lot. And selling a condo with a developer bankruptcy and lawsuits is hard. Anyone tour these units?

https://bethesdamagazine.com/bethesda-beat/real-estate/lauren-condominiums-sold-at-foreclosure-auction/

[Anonymous]

Shocker that no one wanted to pay $5 million for a condo in Bethesda.

[Anonymous]

I’ve always wondered about condos in Bethesda and Friendship Heights where for the same price and the same location you can have a SFH and a hefty budget for maintenance.

[Anonymous]

It's not "Ralph" Lauren. They have no association with it. It's "The Lauren".

The location is good, but they were really pushing it with prices up to $10mln.

Funny story: so in MoCo you have to build affordable housing units also, with a building of that size. They built them, on the ground floor, but they have their own separate entrance and no access to building amenities like the wine tasting room. If you drive past the building on the Woodmont Ave side, you can see the separate entrance by the sidewalk.

[Anonymous]

Anonymous wrote:I’ve always wondered about condos in Bethesda and Friendship Heights where for the same price and the same location you can have a SFH and a hefty budget for maintenance.

Generally they are selling well, as most are in the $700k-1mln range. It's empty nesters who really don't want to deal with maintenance, along with some millennials.

[Anonymous]

Anonymous wrote:It's not "Ralph" Lauren. They have no association with it. It's "The Lauren".

The location is good, but they were really pushing it with prices up to $10mln.

Funny story: so in MoCo you have to build affordable housing units also, with a building of that size. They built them, on the ground floor, but they have their own separate entrance and no access to building amenities like the wine tasting room. If you drive past the building on the Woodmont Ave side, you can see the separate entrance by the sidewalk.

So very Bethesda limousine liberal. They can share our plumbing waste stacks but not our wine tasting room.

[Anonymous]

Ouch, that sounds like a terrible ordeal for the homeowners.

The Lauren, promoted as some of the most luxurious – and expensive – condominiums in the Washington region, opened in 2016 with 29 units ranging from 1,444- to -3,500-square-feet, priced between $1 million and $5 million. The seven-story building on Hampden Lane also includes a 7,300-square-foot, $10.5 million penthouse.

[Anonymous]

Well, now I know who to avoid - Bethesda-based 1788 Holdings and Washington D.C.-based Persimmon Capital Partners were developers for the project.

[Anonymous]

Anonymous wrote:Well, now I know who to avoid - Bethesda-based 1788 Holdings and Washington D.C.-based Persimmon Capital Partners were developers for the project.

Very easy to just change the company name to a new LLC.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Well, now I know who to avoid - Bethesda-based 1788 Holdings and Washington D.C.-based Persimmon Capital Partners were developers for the project.

Very easy to just change the company name to a new LLC.

The great thing about the D.C. area - the reporters stay on top of things like that.

Google either of those names and new developments, it'll be linked to their old names. If you can't be bother to do anymore than a cursory search when buying multi-million dollar properties then that's on you.

[Anonymous]

Who is spending $10m to live in Bethesda?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Well, now I know who to avoid - Bethesda-based 1788 Holdings and Washington D.C.-based Persimmon Capital Partners were developers for the project.

Very easy to just change the company name to a new LLC.

1788 also does Quarry Springs. They aren't fly-by-night at least: http://www.1788holdings.com/residential

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well, now I know who to avoid - Bethesda-based 1788 Holdings and Washington D.C.-based Persimmon Capital Partners were developers for the project.

Very easy to just change the company name to a new LLC.

1788 also does Quarry Springs. They aren't fly-by-night at least: http://www.1788holdings.com/residential

Quarry Springs cutting prices big time in a close out sale. Cut prices by 1.7 million on most expensive model. They overestimated market on both of these developments

https://quarrysprings.com/residences/

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well, now I know who to avoid - Bethesda-based 1788 Holdings and Washington D.C.-based Persimmon Capital Partners were developers for the project.

Very easy to just change the company name to a new LLC.

1788 also does Quarry Springs. They aren't fly-by-night at least: http://www.1788holdings.com/residential

Quarry Springs cutting prices big time in a close out sale. Cut prices by 1.7 million on most expensive model. They overestimated market on both of these developments

https://quarrysprings.com/residences/

Surprise -no ones paying $4 million to live in a Bethesda condo.

I have to wonder if the new Old Town Alexandria condos are having difficulties?

I suspect not but it’d be interesting to study.

https://www.robinsonlanding.com

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well, now I know who to avoid - Bethesda-based 1788 Holdings and Washington D.C.-based Persimmon Capital Partners were developers for the project.

Very easy to just change the company name to a new LLC.

1788 also does Quarry Springs. They aren't fly-by-night at least: http://www.1788holdings.com/residential

But they’ve been trying to unload those for years...