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Ask Andrew: Pike & Rose Blooms In North Bethesda

By WTOP Staff

Ask Andrew

This sponsored, biweekly Q&A column is written by Andrew Goodman, broker/owner of Goodman, Realtors. Based in Bethesda, Andrew serves clients in Maryland, D.C., and Northern Virginia. Please submit comments, questions, and opinions in the comments section or via email.

Question: What affect do you think the development of the Pike and Rose project will have on the real estate of its immediate area?

Pike & Rose is a development project set to open its first phase in the summer and fall of this year.

The total project is going to consist 430,000 square feet of retail space, 1,500 new residences, 1.1 million square feet of office space, a 300-room luxury hotel, eight-screen iPic Theatre, and a 250-seat performing arts venue.

Businesses that have already signed leases include: iPic Theatres, Del Frisco’s Grille, Stella Barra Pizzeria, Summer House, Protein Bar, Roti, ShopHouse Southeast Asian Kitchen, Tanzy, Salt Bar, Sport & Health, City Sports, and Chipotle.

As far as the community’s housing is concerned, the first building scheduled to be delivered in the summer is the PerSei, which is a 174-unit building with 1- and 2-bedroom units ranging from 615-1,585 square feet.

The second building is the Pallas, which is to be completed by the first quarter of 2015. The Pallas will include 319 units with units ranging from 554-2,007 square feet. As of now, all residential units seem to be labeled as rentals, but I do expect at least a small portion of of the 1,500 residences would be available to purchase..

Pike & Rose will have a huge and positive impact on the real estate of the area.

I am truly excited for the project. I believe the new attractions, stores, and restaurants will ultimately increase the high demand that already exists in the area. With all residential units slated as rentals, as of now, the housing supply for purchase will remain low and the demand will continue to grow with the opening of the town center-like neighborhood.

Right now, The Gallery at White Flint Place, The Sterling and the Midtown Bethesda North anchor the condominium market in the area — just across Rockville Pike from Pike & Rose.

The White Flint Station low rise is also in demand, but seems inferior to the other three buildings — even though it is still very stylish. I do expect these condominium buildings to appreciate.

The one drawback, however, is associated condo fees. While The Gallery and White Flint Station fees seem to be consistent with the market, The Sterling and Midtown Bethesda North buildings are considerably higher.

Yes, The Sterling and Midtown Bethesda North buildings do offer phenomenal amenities, but the higher condo fees could push them out of the market if they increase at all.

Townhomes and single family homes will also grow in demand. However, most homes in walking distance to the Pike & Rose are at an age typical of needing significant updating. This will require cash, unless some sort of construction loan can be obtained, which may make it difficult for some buyers to consider purchasing.

All in all, Pike & Rose will be great for the transforming area. This project is the first of many which will change the face of North Bethesda and the 20852 zip code.

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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