7 Luxury Properties, All $6 Million Plus, Have Sold in Georgetown in the Past 6 Months (Photos)

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

All photographs by Carol Ross Joynt.

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.”