The Mid-Atlantic's Most Expensive Urban Condos

These extremely pricey, ultra-luxury, ultra-extravagant, ultra-exclusive properties cater to celebrities, CEO's, and power brokers

This past spring a 6,737 sq. ft. condominium unit in Friendship Heights, MD sold for $8.65 million to an undisclosed buyer, a new record for the Washington D.C. area. This happened barely a year after the same unit set the previous sale record at $7.95 million. The 18th-floor penthouse unit located at the exclusive Parc Somerset high-rise has five bedrooms, five bathrooms, 300-degree views, multiple balconies, and a solarium. 

In light of this record-breaking sale and the resurgence of the urban luxury condo market, this is a great time to look at the most expensive condominium units in the major urban areas of the Mid-Atlantic. As you'll see below, New York is clearly the champion (by a mile) of commanding stratospheric prices for condo units.

Washington D.C. Area

Parc Somerset

Parc Somerset

Highest price for unit: $8.65 million
Building height: 18 stories
Location: Friendship Heights, MD

Located just a half mile across the border from Washington D.C. in the urban Friendship Heights neighborhood of Chevy Chase, MD, Parc Somerset is part of a three building condo complex collectively called Somerset House which is composed of high-rises 18 to 21 stories tall. Despite being nestled in a gated 17-acre park-like oasis that includes tennis and racquetball courts, clubhouse, and gym, residents are within walking distance of plenty of shopping and transportation amenities. These include ultra-high end stores such as Saks 5th Avenue, Cartier, Bulgari, Ralph Lauren, Jimmy Choo, Bloomingdale's, Neiman Marcus, and Tiffany's which line a segment of Wisconsin Ave known as the "Rodeo Drive of DC," a plethora of upscale restaurants, Whole Foods and Giant grocery stores, and a Metro station on the Red Line. Residents include former National Football League Commissioner Paul Tagliabue and JLL CEO Colin Dyer.

Upcoming competition:
The Lauren Bethesda

The Lauren Bethesda

Under construction in the heart of downtown Bethesda, just 10 minutes up ritzy Wisconsin Ave from Parc Somerset, is a condo development likely to challenge the Somerset's reign as the most exclusive condo in the DC Area. This 7-story, 40-unit project named The Lauren will boast direct access elevators, private rooftop terraces for select units, home automation systems featuring iPad control, and private wine cellars. In addition, the building will also be within walking distance of a Red Line station and high-end shopping/restaurants. Sale prices for typical units will range between $2.5 and $5 million. The 5,700 sq. ft. penthouse (which comes with a "butler pantry" and maids quarters') "will be priced fairly dearly," according to the developer.

In addition to The Lauren, luxury home-builder Toll Brothers is preparing to construct their own 7-story condo building practically next door on the same block. There are three other condo projects on the near term horizon in Downtown Bethesda, the current hotspot for luxury condos in the Washington D.C. Area.

Philadelphia Metro Area

1706 Rittenhouse Square Street

1706 Rittenhouse

Highest price for unit: $12,459,000
Building height: 31 stories
Location: Center City, Philadelphia, PA

Located in one of the most desirable neighborhoods in Philadelphia, this 31-story luxury high-rise was completed in 2010 and is currently 100% sold. The building is currently home to surgeons, pediatricians, real estate magnates, CEOs, and two Phillies pitchers. Each 4,200 sq. ft. unit is comprised of a full floor (with the exception of the two-story penthouse) and has a floor-plan customized by the buyer. One special amenity of note is an automated, 64-space underground parking garage. Residents use their fob to call for their vehicle from the garage or from within one of the two elevator banks.



Upcoming competition:
500 Walnut

500 Walnut

A follow up on the successful 1706 Rittenhouse project, 500 Walnut will be located at the corner of Fifth and Walnut Streets across Independence National Historical Park from Independence Hall. The building will be 26 stories tall and will have 37 condo units. It will include "ultra-luxury" amenities such as a two-story fitness center fully equipped with yoga room, massage room and steam room, as well as a a large outdoor terrace overlooking National Historic Park. Two two-story, 8,400 sq. ft. penthouse units will be available, each featuring a private elevator, multiple balconies, and fireplaces. Like it's older sibling, 1706 Rittenhouse, 500 Walnut will also boast a fully automated underground parking system for over 80 vehicles. Groundbreaking is expected Spring 2015 with delivery in Spring 2017.

Montgomery County thinks urban...except when it comes to banks

M&T Bank in Downtown Silver Spring
Image Courtesy of Adam Fagen

This article one part of a multi-segment series titled The Urban Transformation, which takes a look at how certain public institutions and private businesses are adapting to nascent urban environments

Montgomery County, MD probably utilizes more new urbanist, smart growth principles in development planning than pretty much every other jurisdiction in the DC Metro region (outside of Washington D.C. itself), and more so than most suburban counties in the nation. However, while new walkable, transit-oriented urban centers in the county have been rapidly growing over the past decade or so with the construction of new high-density, mixed-use development built along these principles, it seems that one type of business has stubbornly resisted the urban transformation: bank branches.

The typical template for mixed-use development in Montgomery County's urban centers comprises either residential units or commercial office space (relatively rare in these days of high vacancy rates across the Metro area and limited government and business expansion) above ground-floor retail in mid- or high-rise buildings. When I use the term "retail" I'm encompassing a wide range of businesses such as: restaurants, nightclubs, barbers, supermarkets, pharmacies, bars, bank branches, etc. The combination of uses in these mixed-use developments is crucial to creating a true urban environment where residents can live, work, shop, and play, and the streets are active from dawn well into the night.

For some reason, banks (in Montgomery County's urban areas) have shied away from this type of development, while pretty much every other form of "retail" has embraced it. There are a number of new bank branches popping up in the county's urban areas, but many as traditional stand-alone single-story buildings with parking, rather than on the ground-floor of multi-story buildings. Some of these locations are pretty high-profile and on very valuable plots of land. 

Urban Maryland Development Map

Last summer I created a custom Google map of new high-density development projects (residential, retail, and commercial) in the Maryland side of the Washington Metropolitan Area. I used a smaller map, created by the Bethesda/Chevy Chase Regional Services Center for tracking development in Bethesda, as a template. The map is still incomplete, but after investing a ton of time in it I've managed to add locations/info on over 150 projects.

Included in the map are high-density developments (ranging from large scale multiple building mixed-use projects to single residential buildings) including mid-/high-rise buildings (5+ stories) completed since 2005,  under construction, or in planning stages. For each project there is a photo and description of the project. I'm a stickler for accuracy so to my knowledge all of the info is up-to-date and correct. 

My original plan was to cover all of the urban areas in Central MD from the DC suburbs to Baltimore (and maybe DC and Arlington Co./Alexandria), but with the rapid growth this area is experiencing (although it's currently threatened by a looming sequester) that quickly proved to be impractical. Currently the map includes all high-density projects in the following areas:

- Silver Spring (downtown)
- Bethesda (downtown)
- Friendship Heights/Village
- North Bethesda/White Flint
- Wheaton (downtown)
- Rockville (Twinbrook Area)
- Rockville (downtown)
- Rockville (office parks near Shady Grove Rd)
- other random projects

As I mentioned before, I probably won't be adding many more areas in the foreseeable future due to the amount of work involved (adding what I have currently took far longer than I expected it would). I would like to add certain projects in Gaithersburg and Germantown in Montgomery County, as well as College Park/Hyattsville/Riverdale Park, New Carrollton, and National Harbor in Prince George's County though. I will continue to constantly update projects already marked.



View Urban Maryland Development in a larger map