Tagged : luxury

The most expensive condo to sell in the District during April 2013 was a condo in the West End at 22 West located at 1177 22nd Street NW #2 Washington, DC 20037.  This corner condo unit features 2 BR / 3 BA / 1,967 SF.  The selling price was $1.6M / $813 SF, which was 93% of the asking price.

Congratulations to selling Realtor Melissa Chen of Evers & Company Real Estate, Inc. for closing the most expensive condo sale in the District in April 2013.

Honorable mention for the second most expensive DC condo sold in April 2013 was a cooperative in Foggy Bottom at the Watergate East located at 2500 Virginia Avenue NW #1209-S, Washington, DC 20037.  This 4 BR / 3.5 BA / 3,640 SF coop includes two parking spaces.  The selling price was $1.475M which was

Long known as one of the most affluent neighborhoods in the U.S., tony Georgetown is a superb destination for shopping, fine dining, theaters and a vibrant nightlife.  One of the most desirable and luxurious condominiums in DC, the Residences at the Ritz-Carlton Georgetown offer luxurious living, the finest amenities and an extraordinary location.  Amid the hustle and bustle of Georgetown, the Residences at Ritz-Carlton Georgetown have created a modern sanctuary, with the Residences nestled away from the busy streets to give privacy.

The condominiums provide a premier urban life-style, as well as a dedicated residential team that provides legendary personalized services for which the Ritz-Carlton is renowned.  The Residences reflect a late 18th century

The most expensive condo to sell in the District during March 2013 was a cooperative in Kalorama at Wendell Mansion located at 2339 Massachusetts Avenue NW #2 Washington, DC 20008.  This Embassy Row residence features 4 BR / 3.5 BA / 4,000 SF.  The selling price was $2.33M / $583 SF, which was 93% of the asking price.

Congratulations to selling Realtor Ben Roth of Washington Fine Properties, LLC for closing the most expensive condo/coop sale in the District in March 2013.

Honorable mention for the second most expensive DC condo sold in March 2013 was in Wesley Heights at the Towers located at 4201 Cathedral Avenue NW #1215E, Washington, DC 20016.  This 7 BR / 6.5 BA / 8553 SF condo includes four parking spaces.  The selling price was $1.9M which

The most expensive condo to sell in the District during February 2013 was in Kalorama at Kalorama Square located at 1817 Kalorama Square NW #9 Washington, DC 20008.  This 4 BR / 7 BA / 3,600 SF condo includes two parking spaces.  The selling price was $2.0M / $556 SF, which was 93% of the asking price.

Congratulations to selling Realtor Jeanne Livingston of Long & Foster Real Estate, Inc. for closing the most expensive condo sale in the District in February 2013.

Honorable mention for the second most expensive DC condo sold in February 2013 was also in Kalorama at 2101 Connecticut located at 2101 Connecticut Avenue NW #83, Washington, DC 20008.  This 3 BR / 3 BA co-op includes one parking space.  The selling price was $1.95M which was 100% of

A question to ponder when selling your upscale home or luxury condo….do the words in the property description make a difference in attracting buyers and maximizing your return?

According to an article published by Business Insider titled 10 Phrases That Are Found In The Most Expensive Home Listings, the words you or your Realtor chooses for the property description can be extremely important for the transaction.  This certainly makes sense as a prospective buyer typically spends a few seconds scanning the property description and looking at a couple of pictures for a particular listing.  If the pictures are poor quality or the prose is uninspiring most buyers will just move on to the next listing.

Business Insider cites a Trulia study on the words to used

The most expensive condo to sell in the District during January 2013 was in Georgetown at the Residences at the Ritz Carlton located at 3150 South Street NW #2E Washington, DC 20007.  This 3 BR / 3.5 BA / 3,006 SF condo features stunning Potomac River views and includes two parking spaces.  The selling price was $3.4M / $1,131 SF, which was 92% of the asking price.

Congratulations to selling Realtor Monica Boyd of Coldwell Banker Residential Brokerage for closing the most expensive condo sale in the District in January 2013.

Honorable mention for the second most expensive DC condo sold in January 2013 was  in the West End at 22 West located at 1177 22nd Street NW #9H, Washington, DC 20037.  This 2 BR / 3 BA / 1,869 SF condo includes two parking

CNN Money released a study highlighting metro areas with the highest concentration of wealthy residents.  The standard used by the report is the top 5% of incomes, which is defined as households earning over $191,469 annually.

The DC metro area was ranked third nationally in the study with 14.1% of our households in the top 5% of incomes.  We only trailed Stamford, CT (17.9%) and San Jose, CA (15.9%) who held the top two positions.

The growing wealth of the DC metro area is evident to us every day in the real estate industry.  Bidding wars with multiple cash buyers for $1M+ hot listings are commonplace in our current market.  For well-priced listings in the $500K range, it is not uncommon to see more than 10 offers within hours of the property coming on

The luxury condo market in Washington, DC continued in a robust manner in 2012 with 88 transactions closing for $1M or more.  Luxury DC condos are being purchased by those relocating to the District from outside the region as well as move-up buyers and the growing number of empty-nesters moving back into the city from the suburbs.  

3303 Water Street in Georgetown and the Watergate in Foggy Bottom both had three of the top ten most expensive sales in 2012.  Also making an appearance on the top ten list were the Residences at the Ritz Carlton in the West End with two top ten transactions and Kalorama Square.

Here is a summary of the top 10 DC condo/coop transactions:

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The upscale Georgetown real estate market continued to show significant strength in 2012 with 208 closed residential transactions.  The total value of the 2012 Georgetown residential transactions was $278.5M, down from 292.8M in 2011.  The average sales price in 2012 in Georgetown was $1,339,336 and on average property sold for 95% of asking price.  The average days on the market for Georgetown listings was 57 days in 2012, down from 76 in 2011.  It is important to note that a single transaction in 2011 for $22M impacted average selling price and total volume.

Here is a summary of key metrics for the Georgetown market in 2012 vs. 2011:

The most expensive property to sell in Georgetown in 2011 was the Halcyon House, a historically designated mansion

The most expensive condo to sell in the District during December 2012 was in Georgetown at 3303 Water located at 3303 Water Street NW #7A-N Washington, DC 20007.  This 7 BR / 7 BA / 6,621 SF condo designed by Richard Williams Architects includes four parking spaces.  The selling price was $6.5M / $982 SF, which was 98% of the asking price.

Congratulations to selling Realtor Nancy Itteilag of Long & Foster Real Estate, Inc. for closing the most expensive condo sale in the District in December 2012.

Honorable mention for the second most expensive DC condo sold in December 2012 was also in Georgetown at the Ritz Carlton Georgetown located at 3150 South Street NW #1D, Washington, DC 20007.  This 2 BR / 3 BA / 2,587 SF  condo includes two parking