While real estate sales have generally been strong in the Washington area—particularly in Georgetown—in the past six months, they have felt like a return to the past, before the market crashed and the Great Recession began. Since December 2012, seven sales in the neighborhood have closed for between $6.5 million and $8.9 million. Admittedly they are premium properties, but the dollar amounts are attention-getting, totaling more than $45 million.
Here are the notable seven transactions of the past six months:
3303 Water Street, Northwest (condo apartment)—$6.5 million (listed at $6.65), seven bedrooms, five full baths
1248 30th Street, Northwest—$7.6 million (listed at $7.99), five bedrooms, six full baths
3123 Dumbarton Street, Northwest—$7 million (listed at $8), six bedrooms, four full baths
3044 O Street, Northwest—$8.6 million (listed at $9.2), nine bedrooms, seven full baths
3249 N Street, Northwest—$7.5 million (listed at $7.85), six bedrooms, five full baths
1405 34th Street, Northwest—$7.9 million (listed at $8.9), eight bedrooms, seven full baths
3053 P Street, Northwest—Still on the market for $8.9 million, nine bedrooms, nine baths
What does it mean? In going over the numbers, Michael Rankin, managing director of TTR Sotheby’s International Realty, which handled the Water Street sale, says, “I think it’s close to the activity of the former market.” He says the recent big sales show “fair prices for these houses. None sold in a day. They all took time to sell, and they all sold for less than the list price.” On that basis he considers the numbers not remarkable, but he’s encouraged. “Georgetown has its legs again.” He also says it’s not limited to Georgetown, or to Washington—it’s “upper-end markets” anywhere.
Are all the big-ticket houses gone? No. Rankin mentioned a mansion at 3053 P Street, which is listed by Sotheby’s. It has nine bedrooms, seven full baths, an attractive garden and pool, parking, and a garage. At one time the price was up near $12 million. The current asking price is $8.9 million.
While there’s been a trend of big-ticket sales, the fastest-moving part of the market, according to Rankin, is something smaller in size and price. “What’s moving the fastest, the sweet spot in Georgetown, is still parking, garden, and under $2.5 million.”