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As Washington's political machine gears up following the Democratic and Republican conventions, those of us who call Washington home are preparing to welcome new neighbors -- the core individuals and various others who might be part of the new administration.
Washington used to be considered a sleepy southern town, with lovely neighborhoods, reasonable prices and pleasant living. Over the past five to eight years, the District of Columbia has experienced a renaissance. New areas have or are still undergoing significant changes with constant home renovations and new construction occurring. Once run down areas are re-flowering into vibrant and attractive urban environments in which buyers are setting down roots in this transient-based town. The shops and restaurants are more interesting and diverse. The quality of life is ever-rising and the hip factor increasing geometrically.
Even with the troublesome market and the secondary mortgage failures plaguing the country over the past year, this city has, remarkably, been weathering the storm of financial crisis. The cardinal rule of location, location, location has buffered the downtown D.C. real estate market relative to those of other U.S. cities. Even though we have an overabundance of condos like many other urban centers, single family houses and townhouses are still selling reasonably well from $1 million to over $10 million.
The city's luxury market centering on Georgetown, Kalorama, and the more in-town suburban areas of Massachusetts Avenue Heights, Wesley Heights and Spring Valley have continued to do reasonably well even in this less vibrant market.
Georgetown, the geographic goal of many newly arrived movers and shakers, will find that $1 million goes quickly in this day and age. Properties like the former Atherton House on O Street, a magnificent detached antebellum federal in Georgetown, was purchased for $7.5 million and has undergone a super speedy total renovation and interior decoration. A charming couple from Georgetown recently spent $11.5 million for new quarters on 28th Street, formerly two houses belonging to the Belin family on part of the historic Evermay estate in the heart of the east village. The two houses were joined together, quite successfully, and completely rebuilt to become one residence. Another property on N Street, after being in the same family for over 40 years, flew off the market at four million. It hadn't been touched in over 50 years, but the bones and location are perfect. The house with 4500 sq ft of gracious space will take well over $1 million to renovate. Worth every penny. Many people moving from overseas know Georgetown by reputation and are clearly focused on it when they come to buy here.
If you have a good house on a good street and priced correctly for the current market, it will sell and sell, perhaps, with more than one offer. Select properties will sell immediately or quietly (privately), no matter what the condition as it may historically be a highly coveted or very desirable property. There are many intangibles involved in this kind of sale.
Parking is a premium for all properties downtown. Only 20 percent of the houses in Georgetown and the Dupont Circle areas have parking on the properties. Street parking is ample enough and requires zone stickers. Although it may seem inconvenient, the desire for in-town living supersedes the periodic hunt. Proximity to work, friends, social life, and the dynamic proximity to the center of power all make it highly attractive. The initial fall and present stabilization of prices will continue into the fall. New buyers will be able to take advantage of the realignment of prices in the Washington DC market.
The coming months will see some exciting new changes and faces in the federal city. We are all taking a deep breath and preparing to enjoy the fall season.
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For Sale - Magnificent Estate in Oakton |
2546 Donns Way
Oakton, VA 22124
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For Sale - Incredible Renovation |
1217 T Street, NW
Washington, DC 20009
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For Sale - Grand Potomac Estate |
11809 Centurion Way
Potomac, MD 20854
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For Sale - Elegant Great Falls Home |
1083 Mill Field Court
Great Falls, VA
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For Sale - Historic Richwood Hall |
1827 Earle Road
Charles Town, WV 25414
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For Sale - Caperton House |
2332 Terrapin Neck Road
Shepherdstown, WV 25443
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The former Governor of West Virginia, Gaston Caperton, designed this modern masterpiece on a peninsula on the Potomac River.
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Only 90 minutes from DC and located near culturally rich Shepherdstown with shopping, dining and many artistic outlets, this is the perfect getaway for Washingtonians.
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The 150 foot steel, wood and stone structure is complete with four bedrooms, four bathrooms, media room, workout room, dining, living and study as well as a guest and caretaker’s suites.
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Caperton Estate makes the most of beautiful outdoor living with a infinity pool/waterfall, outdoor kitchen and living room and even has its own helipad.
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Offered for sale at $3,650,000
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Under Contract - Elegance in Berkley |
4835 Foxhall Crescent, NW
Washington, DC 20007
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Under Contract - Tranquility in Forest Hills |
2941 Chesapeake Street
Washington, DC 20008
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Under Contract - A Mount Pleasant Gem |
1774 Hobart Street, NW
Washington, DC 20009
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Under Contract - Condo for Entertaining |
1527 Church Street, NW #2
Washington, DC 20005
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5801 Chevy Chase Parkway
Washington, DC 20015
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1738 Church Street, NW
Washington, DC 20036
- On one of the quietest streets in DuPont, this two bedroom, one den home has been placed under contract.
- Complete with two parking spaces and private garden, this home has been completely renovated.
- Original hardwood flooring, updated kitchen and improved lighting make this row house the perfect urban retreat.
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Sold for $1,095,000
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2111 Wisconsin Avenue, NW
Penthouse Five
Washington, DC 20007
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Penthouse with over 2,000 glamorous square feet, two bedrooms, open office with built-ins and skylight, den/media room (could also serve as a third bedroom), three full bathrooms, high ceilings, renovated kitchen, wood burning fireplace, two garage parking spaces, this is the home we all want!
- You can enjoy the breathtaking and unparalleled views of the Washington Monument, Capitol and Rock Creek Park from the many windows in this sunny home or from the large balcony.
- Full service building with 24 hour front desk, outdoor swimming pool, gym, roof deck and party room.
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Sold for $1,020,000
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Sold - At Home in Bethesda |
5605 Huntington Parkway
Bethesda, MD 20814
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This four bedroom, three bath home is situated conveniently to everything one could want to be near in Bethesda.
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This home was purchased after a complete renovation including a new kitchen, baths and great room.
- A dramatically, generously-sized yard allows many options for the Buyers to grow and expand over the years to come.
- Sold for $835,000
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Sold - Historic Georgetown's West Village |
3522 P Street, NW
Washington, DC 20007
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7710 Woodmont Avenue #912
Bethesda, MD 20814
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Kitchen with Viking stainless steel appliances, Wood-Mode fine wood cabinetry, granite counters and under cabinet task lighting.
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Spacious, open floor plan.
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Valet parking, luxurious lobby with 24-hour front desk, state-of-the-art private fitness center featuring individual cardio theater equipment and private clubroom.
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Reserved, underground parking with controlled access.
- Sold for $619,000
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Sold - Private Georgetown Garden, Condo |
3035 Q Street, NW #1
Washington, DC 20007
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2111 Wisconsin Avenue, NW #602
Washington, DC 20007
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One bedroom, one bathroom with sunny, open floor plan.
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Renovated kitchen and bath, new washer/dryer in unit, balcony and plentiful closets.
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Full service building with 24 hour front desk, pool, gym, garage parking, party room.
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Convenient location - walking distance to Whole Foods, Safeway, Parks and much more.
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Georgetown University transportation, bus and Metro bus pick up directly in front of building.
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Sold for $350,000
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Beautiful Inside My Head Forever
A sale of pickled sharks, butterfly paintings and other pieces by provocative British artist Damien Hirst has raised $198 million, silencing his doubters and defying the global economic gloom. Sotheby's auction house said the total for the two-day sale held in London on September 15 and 16 was a record for an auction of works by a single artist.
The turmoil engulfing global financial markets did nothing to dampen prices as more than 600 prospective buyers packed the showroom for each of the three auction sessions. Others around the world bid by phone.
"The Kingdom," a tiger shark preserved in formaldehyde, sold for $17 million in the first session Monday evening. "The Golden Calf" — an embalmed calf with golden hooves and horns — fetched $18.5 million. "Fragments of Paradise," a confection of stainless steel, glass and manufactured diamonds, sold for almost $9.4 million, five times its pre-sale estimate. Two of Hirst's butterfly paintings were sold for charity, for a total of more than $2.9 million. All prices include a buyer's premium.
Sotheby's said the total smashed the $20 million record for an auction of works of a single artist set in 1993 for 88 works by Pablo Picasso. Hirst took a risk by offering more than 200 pieces of new work through Sotheby's rather than a gallery. He said it was a more democratic way to sell art — and it also spared him a gallery's hefty commission.
The most successful of the so-called "Young British Artists" who came to prominence in the 1990s, Hirst is famous for eye-catching works redolent of death and decay — pickled animals, rotting cows' heads, diamond-encrusted skulls. He employs a large staff to help him make his works, and some critics had suggested his prolific output was devaluing the work.
There was little sign of that Monday. Hirst, 43, said the results of the sale showed "the market is bigger than anyone knows." "I love art, and this proves I'm not alone and the future looks great for everyone," he said.
Charles Dupplin, an art expert at specialist insurers Hiscox, said the sale was "another landmark and astounding day for the art market in a year that has seen many long-standing records demolished, despite the gloomy world economy."
Additional results from the auction can be found at www.sothebys.com
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All information is deemed reliable but not guaranteed.