Tuesday, March 07, 2006

Selling at Mica Condo in Downtown Silver Spring

Here is a condo unit for sale in the Mica Condominiums which is located in downtown Silver Spring, MD . The original structure was built 1968 as an apartment building. Now its being converted to condos.

The 2br / 2ba, unit #305 which has 1,345 sq. feet is being sold for 469.9K. "Mica! At silver spring metro. 151 all new units deliv proj may thru nov. Studios/1br/2br/3br/ph. Spacious layouts. Parking included on 2br/ba &3 br's. Granite, stainless, wood floor option, great views, balcony's. Pool/media room/club room/fitness ctr. New windows. The list goes on. Fee includes all untilities. Great builder incentives. 42 inch plasma tv" The condo fees are $645 a month. Yikes.

The MLS # is MC5533202. Will it sell for 469.9K?

It won't sell at that price.

Update: Originally, I had posted this was a flipper selling. Correction, as this is not a flipper selling but rather a sales agent of the developer. The units in the Mica Condos are selling poorly and the sales agent went so far as to list the new units in the MLS.

75 comments:

  1. Haha, I swear to God I will never buy a condo. Just looking at the pictures on these sites makes me want to puke.

    I'm thinking that with the money saved from the HOA fee, one could purchase a small townhouse for that kind of cash. Or even a small house. I like Silver Spring, but it's not like it's Bethesda or Arlington.

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  2. They should have just advertised it as "Flipper Needs To Sell". The granite and stainless make this pretty obvious.

    The only thing missing is crown molding.

    It still boggles my mind that people think they can take a crappy 1968 apartment, put in cheap upgrades and paint, and price it as a luxury condo.

    In my neck of the woods (Southern Cal) I've run the numbers on a number of recent flips (say those purchased for flipping since Sept 2005) and they pretty much all lose money.

    I'd be interested in what this finally sells for.

    Flip This

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  3. Yikes!

    Since people like to talk about the renting vs. buying:

    A 2br/2ba apartment in the Twin Towers (1110 Fidler Lane Silver Spring, MD) is $1500/month includes utilities. Almost half what the monthly payment for this condo would be!

    The monthly payment includes the condo fee plus the mortgage payments for the asking price of 469,900 with 20% down at 6.12% (estimated mortgage payment of 2,282) would cost.

    Debbie

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  4. Yeah, but does the rental have granite countertops?

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  5. Unbelievable. This just goes to show that my P/E ratio is about right. I updated it for Q4 and it was at 2. This condo at this price would have a P/E ratio of about 2.

    Eric in DC

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  6. I should note that one can buy a similiar unit for less in this building.

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  7. It looks like it still has those crappy 60's style sliding windows. I really hate those.

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  8. gunnar,

    no worry they are replacing the windows.

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  9. You can rent in the area, in very similar buildings, for a lot less.

    We are all laughing at how old and ugly this building is. The funny thing is, what other condo buyers should think is, i.e., the ones buying new shiny condos, is that in 30 years, this is what their condo may look like also.

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  10. The website for MICA lists the studios at starting in the $200Ks, last Friday's Express ad mentioned that the studios started in the $180Ks, and the many Craigslist postings say that studios start in the "upper 100's." The amazing moving price! The developers are throwing in 10K of closing costs for the studios and plasma TVs. Even with those incentives, no way would I touch one of those.

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  11. HOA fees are expensive in this building.

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  12. snicker snicker...this will be a financial version of "darwin in action".

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  13. Did you know that the Montgomery county govt is chaning its property tax web site so the public can no longer track the multiple house owning flippers. On the site https://www.montgomerycountymd.gov/apps/tax/index.asp you used to be able to search by name and see all the properties owned by a person. Now you cannot. Wonder why they changed the site?

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  14. The HOA is high but it does include all utilities. Of course, many of the old apartment buildings in Silver Spring include utilities also. This is a horrible deal compared to renting.

    Another addendum- I have heard, but would need confirmed, the following. If you rent an apartment in Montgomery County, the landlord pays taxes based on his profits, so the taxes passed on to the renter are low. OTOH, if you buy a condo, you pay taxes based on the value of the property, which of course is much higher. Is this true?

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  15. David,

    Not that it matters a whole lot, but I am almost sure that this is not a flipper. It is listed by McWilliams Ballard, which the sales company that was put in charge of selling the condos (they do a lot of condo sales for new and converted buildings -- see their web site). This is just the original price for the condos. The sales for this building started in November (I was on their e-mail list), and from what I understand, they're going very badly (hence the incentives, and the advertising on the MLS and Craigslist, which you never used to see before for new and converted condos -- especially because advertising on the MLS meant giving a commission to the buyer's agent, which was never done during the boom years).

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  16. anon 7:30,

    That is surprising. Ok I'll call them tommorow and see if they can confirm this.

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  17. Dacid, you may want to check this one out also in Silver Spring

    http://www.homedatabase.com/cgi-bin/
    aa.fcgi?+YTU5ZDBkMTA4Mjg5ODE1ZGQ0ZjE2N
    TgyNzMyMmZlNzASlI0iZbI78etCOGgOJ6H6Kfdl
    Vte4iAfGr2jKXbpEtSKpIsfZIFfOWNyrynw1c0qMPrE%3d

    Never been occupied since purchase.

    It has been out since Oct. 1st 2005, history of price reduction from ZipRealty

    Price Reduced: 11/20/05 -- $699,997 to $699,900
    Price Reduced: 01/06/06 -- $699,900 to $699,899
    Price Reduced: 01/12/06 -- $699,899 to $679,900
    Price Reduced: 01/17/06 -- $679,900 to $674,900
    Price Reduced: 01/27/06 -- $674,900 to $669,900
    Price Reduced: 02/01/06 -- $669,900 to $659,900
    Price Reduced: 02/17/06 -- $659,900 to $649,900

    Had open houses every Sunday since Jan 27.

    The TH next to this one is also on sale for the last couple of months and had a few price reductions already from $699,990 to $665,900 but I can't find it anymore on MLS (my feeling is that it's taken off the market and will be relisted, it's a flipper by the selling RE himself). I'll keep you updated.

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  18. I am anon 7:30.

    Just more info about this:

    Sales were halted in Dec. and Jan. because they were going so poorly. They had a "reopening" party on Jan. 25 to get sales started again.

    Also, there is a craigslist ad that is nearly identical to the MLS listing (the e-mail on the Craigslist ad is thart@micacondos.com, and the MLS listing says Tommy Hart is the agent). But, as a previous poster pointed out, the Craigslist ad features incentives in addition to the plasma TV: $10,000 on Studios, $15,000 on 1 BR's, $20,000 on all other units (see http://washingtondc.craigslist.org/rfs/139721883.html).

    Thanks for the great blog, David.

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  19. fair price, 200k..Take it or leave it.

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  20. a point of fact for you all...developers or sales agents listing units in MLS is normal. saying "so far as to list" is not a reasonable way to couch his/her actions.

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  21. "developers or sales agents listing units in MLS is normal. saying "so far as to list"

    This is not typical for new condo units selling in the Washington, DC area. Thank you very much.

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  22. I've noticed the Riverton Condo in Alexandria, a small JBG conversion originally was starting in the high 200s, listed on their website, then they listed in the MLS in the 250s for a puny 1 bedroom less than a month ago. Now they've changed their website to "From the $200s." Hopefully, buyers continue to hold back.

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  23. Ah yes, the old Springwood Apartment building. What a fucking dump. What a terrible blunder by the developer to convert those units into condos. I drive by that building every day and it still looks horrible.

    First of all, Silver Spring has a high density of rental units in and around the downtown area. You can rent one-bedroom apartment units for $1,000-$1,200 per month including all utilities. MICA has serious competition with the Blairs, Summit Hills, Georgian Towers, Twin Towers, and other apartment properties. It looks like MICA is losing badly.

    Second, Silver Spring does NOT have a big yuppie population to buy those over-priced heaps at the MICA building.
    The area is mostly populated by middle-class families that bought homes like 20 years ago when real estate was dirt cheap in Silver Spring. You don't have 20-something lawyers buying properties in SS. They tend to gravitate to DC or Bethesda. The demographics work against RE developers.

    Third, there are brand spanking new condos coming down the pike in downtown Silver Spring. I would rather pay $469,000 for a shiny new condo unit than a converted (Lipstick on a Pig) condo unit.

    My prediction is that the RE developer will wave the white flag and the MICA will return to being exclusively rental units again.

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  24. I have a contract on a 1br/den unit at the Crescent Condo building that is slowly rising from the ground. I paid about $400k for the unit (and a parking space). Delivery was pushed back a year and is now scheduled for Fall of 2007.

    Anyone have any guesses as to whether I am screwed or not? I put down a $20k deposit and haven't looked at the contract closely enough to see if there is any escape clause in there.

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  25. Anon 8:39 - game off, you are totally screwed.

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  26. I'm pretty sure you'll be OK. You just won't be making any money off of it.

    And it's possible some better deals will come along in between now and then, especially on immediate delivery stock.

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  27. What a dump. My h.s. gf lived in SS and I drove by all these relics hundreds of times. "Mica" -- ooh, hold me back! What a complete joke.

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  28. If thats the Crescent Condo at Glebe & Rt.1, I would get out of the contract and wait for the prices to fall. No reason for that price at that location. Rent a comparable for $1800-2000(too much, but thats what it costs), and look again next year.
    If they are pushing back delivery dates you should be able to break off the contract. Get a lawyer if you have to, $20k is a lot of money for them to steal from you.

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  29. That's the Eclipse you're thinking of, not the Crescent. I made the same mistake at first.

    Crescent is in Silver Spring. Eclipse is in Crystal City.

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  30. David 5:43 said >> This is not typical for new condo units selling in the Washington, DC area. Thank you very much.<<

    I read MLS listings every day and it is very typical for new condo units to be listed in MLS. It is true today as it was a year ago. Developers do it at different stages of the sales cycles to move units and expose them to a wider audience. They'd rather not because it drives up the marketing and sales cost per unit. Good projects won't have to do it until late in the cycle. Mediocre projects start sooner. Even the best projects can't avoid listing in MLS to move the very last units. I know because I bought into a very successful project that had to use MLS at the very end.

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  31. "I read MLS listings every day and it is very typical for new condo units to be listed in MLS. It is true today as it was a year ago."

    It may be typical now, but it was not typical too long ago. It was not only until recently that developers reached out to buyers agents -- before then, many builders refused to even offer buyers agents a commission. They didn't need to -- there were enough agent-less buyers to go around.

    Times have changed. This builder is listing in the MLS when tons of units remain. Incentives include a plasma TV and $10-$20K in closing costs. The Craigslist a welcomes agents with a 3% commission.

    And it's not because of poor location that these units are not selling. The nearby Silverton condos -- completely new, not a conversion -- sold relatively fast at prices that far exceeded the prices at Mica. And as another poster noted, a 1br/1ba at the nearby Crescent went for $400K.

    The simple fact is that the market has cooled. Combine that with a medicore building with high fees and you have a recipe for disaster. My hunch is that prices at the Mica could go down by 20% in the very near term.

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  32. Did anyone go to that Mica website and look at their photo gallery?

    It's mostly real photos, but one- the only shot of the building that I can see- looks like a computer generated image!

    If it is, that strikes me as incredibly seedy. I live in SS, and to me, the building does NOT look as shiny as the "photo" on their website.

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  33. 8:39 am poster here. My contract is with the Crescent Condos in Silver Spring.

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  34. anon 6:02. Yeah, that's common for conversions. Another example would be the "West Village at Shirlington". The pictures are all "real" except for the single one of the outside of the buildings. They don't mention that the converting garden apartments are next to giant powerlines, a festering stream, and many of the lowest rent districts in Arlington.

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  35. I think this place seems like a decent buy if you're going to stay for a few years. In the next 12 months there may be a slight decline, but after that you can't take away from the fact that it is a block and a 1/2 from the Metro, across the street from a grocery store (Giant), and surrounded by much more expensive properties. I'm a complete novice in the real estate game, but this property seems like a no brainer for those willing to stick around for awhile. Someone please give me a long term scenario where this is not a good buy....BTW, I'm not the builder/sales agent...just a very interested prospective buyer.

    Thanks!!!

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  36. anon 9:04,

    you need to read more bubble blogs. Also drink less koolaid.

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  37. I just wrote the comments above the "koolaid" comment. Do you have any intelligent comments to make or do you just have some sort of axe to grind with the builder?

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  38. No one has responded intelligently to your intelligent comment because the majority of people here like to laugh at "flippers" and people who are buying property to make a quick buck- which isn't a good idea. However, yuor comment focused on -the long term- and you are right; a property such as this is a great buy for someone who is looking for a great place to live for at least 5 years and not looking for a way to make easy money.

    In short, long term it's a fine buy. Anyone looking to buy to flip or sell in a year will probably fail.

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  39. Funny, i just bought at the MICA an so did my client. What a great place and nothing of what your have described here!!! The price is great and so are all the features. And you cant beat the location. And their sales have really soared--more than a 3rd sold they say.

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  40. My wife (discovery employee) and i have been selectively looking in Silver Spring, but have not decided to purchase. When we looked at the Silverton, we felt that the units were too small. We have looked at mica, and like the finishes and the size of the units. During one visit, their sales people said that their units are larger because it is an older building. Is there any truth that the older buildings offer larger units in comparison to the new buildings?

    Also, we are confused about condo fees. The fees at mica are higher than what we saw at the silverton one year ago, but we have heard that new properties have lower fees that typically increase quickly in the first few years?

    Any thoughts would be appreciated.

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  41. They are correct, older buildings were built with larger square feet--that is the benefit plus they are typically ALL concrete, more solidly built.

    As for condo fees, its important to know whether they include utilities or not. They typically rise quicker with new construction.

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  42. ok I actually live in Silver Spring, in the Blairs. MICA is a great, great location, but at least prior to the condos, the place was a dump, the cheapest apartment building in the area. There is no way a 1 bedroom is worth $300,000.
    For the person with a $400,000 contract on Crescent, you're screwed. As far as I can tell they haven't made any progress. More importantly, they've been taking contracts on that for, if not a year, at least close to it, and it still hasn't sold. I'm sorry, but although the previous poster wasn't entirely right when he talked of lawyers not buying in silver spring, he was close. You do have young professionals fleeing Bethesda because it's cheap and while there are fewer bars the restaurants are a much better value. Key thing is: they're looking for value. $400 for a 1-bedroom is Bethesda pricing. If I can buy a single family 3-bedroom within 1 mile of the metro (and there are a few) I'm not going to pay $400 for a one-bedroom.
    Since they've postponed delivery you can probably get out with your money intact. If not, it might be worth waiting to see if they cancel the project and give you your money back. But I wouldn't close, even if it meant losing $20,000.

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  43. Like they say - Location, Location, Location ! The location for Mica is prime, with access to the Giant shopping plaza right across the street, metro, downtown Silver Spring, Rock Creek Park, 16th Street. Plus, there are supposedly proposals for an Arts Walk/District, maybe a Co-op/ Indoor Farmers Market and other changes to come to that part of Silver Spring. Now, if the developer delivers on the quality level promised, I think that Mica should hold its value (at the very least) especially for those planning to stay a while. Just my $ 0.02, which, with a $ 1.50, will get you a cup of coffee at Starbucks.

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  44. I live in the apartments right behind the Mica and have been here for over 4 years. In fact, I get use privledges at their pool. I currently pay about $1025/mo in rent for a very nice, sizable, art deco era 1 br/1 ba apartment (my rent has increased about 2.5% a year). I walk to work right past the Mica every day and I tell you this - there is no way I would ever, ever, ever pay $200K for a studio - much less $400K or more for a larger unit - in that building. It's just not worth it when it's so much less to rent quite literally in the back yard. Plus, that building is old there is only so much lipstick you can throw on it to make it better. If I had that sort of dough to buy, I'd take it elsewhere. To a nicer building at least!

    I'm with the person who said they'll revert to rentals before too long. No way those selling prices are sustainable.

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  45. You know the funniest thing is those condos (MICA) don't even have central air they have way units! For that much $$$ you would think central air could be installed.

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  46. Well everything is new at the MICA: new windows, new roof, new heat/AC system,new piping new wiring, fitess center, media room, club room, you name it they've done it. How much better can you get than to have an older building built of solid concrete with larger spaces than anyone else is selling and all the most important items are BRAND NEW. I've looked at plenty of places and I know the market and the MICA is one of THE BEST DEALS around. And you cant beat the location!

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  47. For the guy that has a deposit on a condo at the cresent for $400,000. I think you'll be just fine. Look at how much Silver Spring has changed in the past couple years by the time your unit is done it will be even better. You might not make a tone by fliping it. If you plan on living in it the GREAT buy. It's an awesome location.

    I purchase a 2brm/2bath unit in the Aurora for 320,000. I put the deposit down in Nov 2004. It's great... I love the location and the area keeps changing. The have some much additional development planned.

    As for the MICA, I looked at it and it is very nice. It is definetly bigger than the new one bedrooms. Be careful with condo fees. I live in a Condo building with utilites included.. You are dependent on other peoples use and when you don't directly pay for them you are not as diligent. I pay a $250 condo fee. This does not include utilites. We do not have a pool so you will be paying extra for that. Do the math.. I don't spend $300 a month on utilites.

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  48. Wow! $360 per sq. foot. or $2.50 a square inch. What a bargain!!!

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  49. Anyone know more about 8045 Newell St in SS? Is this as bad an investment as Mica?

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  50. 8045 ... The 2 bedroom floor plan SUCKS!!!!

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  51. Does anyone have any information on why it's taking so long for the Silverton condos to finish? Would love to hear from buyers.

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  52. Former ResidentJune 06, 2006 11:59 AM

    I was once a former resident of Springwood Apartments (now MICA Condos), and the things McWilliams Ballard put us through in the six months prior to my wife and I finally ridding ourselves of that horrible place are hard to describe. In short, it was like living in a construction site. Elderly residents had no place to sit down in the lobby due to the furniture being removed. The residents had to continually put up with 2-3 day water outages at least twice a month for the better part of three months, and the dust and debris from the construction resulted in respiratory problems for a portion of what was once our community. The building never stunk beforehand, and although admittedly not the nicest place you could imagine, it was fantastic for both its location and friendly atmosphere. Before McWilliams Ballard and MICA Condos bastardized the place in the name of trying to capitalize on the condo boom (which has since gone bust - my wife and I drove by there the other night, and it seems 100% vacant), it was quite a catch amid other high-priced apartments.

    Then the construction began - resulting in plenty of noise, dust, water outages - even an explosion in the lobby! (Thanks to some bumbling contractors hired to do work on the gas lines). All efforts to contact McWilliams Ballard failed, as the woman in charge was always conveniently out of the office, and in fact, the MICA people (who had begun to set up shop during the construction) even left the premises because of all the annoyance caused by the contruction, leaving the remaining residents without recourse.

    And don’t even get me started on Jason, that self-serving ignorant excuse for a man, and the principal contact for people who attended the varied open houses and condo-selling “parties” that MICA set up. What I want to say about him is best left unsaid.

    There are currently multiple lawsuits and complaints filed or being filed against McWilliams Ballard, the contractors, and various other entities involved in the tragedy that is MICA Condominiums.

    Be advised.

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  53. I was a former resident at Springwood too, and think that the developers made a miscalculation and got greedy. If they had offered residents a better deal on a purchase (their best offer was 5% on your unit "as-is", i.e., no deal at all), more residents might have purchased units and there would be fewer units to try to sell in this market slow-down.

    That said, they are performing major renovations on the building, so the above complaints are unfair, because if the model units and the development plans are any indication, this should be a fine building when all is said and done. The shell of the building is solid, unlike some of the cardboard construction I've seen around the neighborhood lately (Silverton and 8045 Newell), and I always loved the spaciousness and layout of my apartment. As far as being 100% vacant, I assume that is because delivery isn't due until later this year.

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  54. To Former Resident...
    I think it's great that McWilliams is being held accountable. I really don't think these developers know that McWilliams reps are doing such a poor job! The same drama is occuring at other McWilliams sales properties. When the market is HOT.. they just treat their customers like cattle because they know people want to buy.. and then .. when things slow down they just blame the developer for any delays and then they are MIA! Keep voicing your opinion!

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  55. I also am thinking about purchasing @ 8045 Newell. Does anyone have the straight skinny?

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  56. I watched 8045 Newell go up, and it looked like it was decent construction, though wood. Here's another link with some info :
    http://skyscrapercity.com/showthread.php?t=321968&page=5&pp=20

    I also watched the Silverton condominium go up, and boy, am I glad I didn't buy there - it looked like it was basically particle board stapled together. I guess that is the norm for new construction being built during this era of real-estate craziness - basically a shell with a veneer of "quality".

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  57. I'm trying to get in touch with others that have signed contracts at Mica, so that we can exchange information about the development, construction progress and makes sure that none of us gets stiffed. I've posted an ad on the DC craigslist page (search "Mica" under real estate), so you can shoot me an e-mail via that with your name, and the unit # you have a contract on. I'll try and create a listserv. Thanks !!

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  58. Hey Crescent condo owner--join our Yahoo group for future residents.

    http://groups.yahoo.com/group/Crescent_SS/

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  59. I am a former resident and agree with many of the comments above. We were subject to uncomfortable conditions (dust, water on/water off, noise, etc) while the developer began the construction too early in my mind. Also, the comment above about Jason nailed it - self serving ignorant excuse for a man. But I think that you forgot - prick and ass.

    I have moved out, but I am still frustrated by my last days at Springwood. Is there anything that I can do to complain to the county or state, or does anyone have information about the lawsuits mentioned above?

    Thanks!!

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  60. I've started a new listserv for people that have purchased units at
    Mica Condominiums in downtown Silver Spring. The link is :
    http://groups.yahoo.com/group/mica_condo_owners

    The objective is for us to get to know each other and share pertinent
    information about the development, construction progress, delivery etc.
    Please sign up if you have purchased or signed a contract on a unit.
    Also, please pass along this link to anyone you may know that has done
    so.

    For starters, membership will be restricted to actual buyers only. We
    can collectively decide if we want to open it up later.

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  61. i went in the mica and looked around. the units are nice, but the building is really, really ugly. with all the units that are coming on the market in the next year there is no way that they are going to get what they are asking. i just moved here from socal and have been (was) looking for something in silver spring. but, when you are out there you can tell that people are starting to see the writing on the wall. stuff is just sitting and people are so excited to see you and hope that you are some moron who is going to save their butts. does anyone know if they are dropping their prices yet?

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  62. I'm a renter looking to become a first-time homebuyer, possibly in Silver Spring, and I must say I'm attracted to the "shinyness" of new condos.
    Can anyone tell me what a decent price would be for a one bedroom unit within walking distance of the SS Metro? Can you reccommend anywhere I should check out? With all these comments I'd hate to get screwed over for not knowing!

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  63. You'd have to be crazy to buy at the MICA. The brand new Silverton condos across the street sold for less, and contrary to popular opinion, they're not sold out. By the time the developers finally finished building - nearly a year after the promised delivery date - the market had cooled considerably, and people who bought at the top of it simply ate their down payment and bailed. I'm one of them. I know my unit's available. I wouldn't buy a condo now in Silver Spring or anywhere else in the area to save my life. The inventory is ridiculous. You'll be trying to sell your lived in unit for an outlandish price in two years as new units come on line. The anonymous people telling you that the MICA is a good deal probably work for the developer. Don't be fooled. Bide your time and let these imps drown in their sickening greed.

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  64. Hmmm....I detect a bit of bitterness in your tone. I suppose your losing your entire earnest money deposit because you refused to settle wouldn't have anything to do with it...eh?

    All of the condos in DTSS are actually nice for various reasons. One building really can't be compared to the other because they are all so different in style, amenities and layout of the floor plans.

    They are NOT priced for flipping. They are priced for living which is clearly a "new concept" for those trying to make some fast cash as rookies in the real estate investment game.

    To "buy and hold" is the name of the game right now. If you guys weren't so negative about what's out there, you would see the opportunity instead. I was at the MICA just last weekend and they are offering some pretty nice incentives like closing help, etc. I think I saw an ad in the paper for the Silverton last week as well, so the rumors must be true that they have some inventory remaining. I'm sure they will be trying to compete with the MICA's pricing at the least.

    The Aurora and 8045 Newell have a few re-sales but they are few steps too many from the Metro in my opinion.

    Just my thoughts...no need to attack me, just being realistic.

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  65. Need to ask a serious question. The Mica's website says that purchasers may take immediate occupancy, and yet a recent inspection of the building resulted in the surveyor saying the building was still in various stages of the conversion. Many floors were still being gutted, asbestos abatement still going on. Are people living in this building or is it still in the middle of the project conversion?

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  66. Anonymous of the previous question. I am a purchaser at Mica that hasn't taken occupancy yet, but I believe a dozen or so people have already moved in. Mica is completing the conversion in tiers, and are releasing the units once the tiers are completed. Could you please tell me where you found the information about the recent inspection of the building ?

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  67. I heard from a McWilliams Ballard sales rep that the Mica has sold all but 60 units. I'm not sure, but I beleive that means they sold nearly 300 units so far.

    I feel sorry, and love these people who refuse to accept the changing real estate market. Values in urban areas that are near Metro stations will doubtfully fall substantially.

    Now is a great time to purchase and take advantage of the incentivies and other buyer perks that this softened market is offering.

    I'll bet by 2009-2010 most of this inventory will be absorbed, and the market will be poised for another boom.

    Those who kept rebelling against current trends will be totally shut out of buying anything, and stuck in a position of renting forever.

    As a real estate investor, I love these ingorant people. They will eventually become my tenents, and their rent will pay down my mortgages, and make me rich!!!

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  68. The 2 MICA sales mgrs are unpleasant, discourteous & unprofessional. Both are only concerned with getting you to settlement so they can get their commission...they'll say whatever it takes for you to sign the purchase agreement. I strongly suggest to everyone NOT to buy at MICA. The contract is completely written to protect the developer ONLY. The "limited warranty" is discreditable. And because the building is a rehab, it only means there are problems within the walls & structure that the developer tries to hid.

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  69. Is there a yahoo group still for crescent? i looked up the link listed above but it was dead. I want to touch base with other crescent owners/potential owners.

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  70. Is there a yahoo group still for crescent? i looked up the link listed above but it was dead. I want to touch base with other crescent owners/potential owners.

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  71. i just went by the MICA today to take a look at it, and thought it was amazing. the sales agent i spoke with was very friendly and helpful and the units themselves are amazing....all gas, chefs kitchen with granite, the little built in computer nook....amazing closet space, etc...what more do you need...the fact that the condo fees include all utilities and the seller is offering to pay all closing costs as well as 1 yr condo fees. it includes parking, is 3 blocks from the metro...i dont know what all the fuss is about. is there something i missed??

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  72. I was recently at MICA. I'm a novice in the Real Estate market, but I really liked the places I saw that were available. I would NOT be looking to 'flip' it, but rather hold on for 3-5 years, closer to 5 years. Any suggestions about the outlook in the Silver Spring area these days? Most of these posts are from 2006.

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  73. anonymous 1:23 pm,

    Go check out 'www.silverspringscene.com' or 'www.silverspringpenguin.com' to get an idea of all the exciting development coming up in/around Silver Spring. Especially with most former condo projects now going to apartments, I think that condos will be in short supply a few years from now when SS is a highly desirable location. All the best !

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  74. It's ridiculous what the prices are in Silver Spring even though they are dropping, I love the area and lived in the Blair’s (the community behind this new development) for 2 years. As most locals know the area has had rough times and picked itself up only to let it fall again. I am slightly worried about making the purchase here for Bethesda pricing, only too have the area potentially have a downturn and see the values fall off the charts.

    The location is so convenient and my commute is wonderful because being inside of the beltway I commute against most traffic heading into DC. I know some people might want to argue my previous statement but it's just something to think about, and a lot of people are not considering the history of this city's crime/drug issues when purchasing in downtown Silver Spring.

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  75. I live in West Village of Shirlington and it is nice as hell. I rent there off an owner for $1995. a month and that includes all utilities and condo fee. There is some strange people that lurk around but they do not come into where we live. We also have a great pool and everyone I met is great. Prices are expensive in DC and Arlington because the demand to live here.

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