DC’s demand for multi-million-dollar condos grows

WASHINGTON — One in seven residential real estate sales in the D.C. region is now a million dollar-plus sale. Many of them are condominiums, and these seven-figure condos would account for even more of the market, if there were more of them.

Long & Foster’s Luxury Insight report says 14.8 percent of closed sales in the D.C. metro in March sold for $1 million or more; 3.25 percent of those were between $2 million and $5 million; and 0.58 percent of seven-figure sales in March sold for $5 million or more.

Most of them are suburban mansions and renovated city row houses, but there is a growing demand for equally-expensive condos.

“We are getting a lot of international buyers coming in. We are getting a lot of CEOs who used to look for only detached large homes now looking for luxury condominium homes because they can have the same space to entertain with much more attention,” Zelda Heller, with Long & Foster’s Heller Coley Reed group, told WTOP.

A few years ago, a “luxury” condo was 2,000 or 2,500 square feet. Today, the demand in the luxury market is for condos as large as 5,000 square feet or more.

“Last month, we sold a condominium for $5 million and another for $4 million in the Bethesda area, and today there are beautiful buildings being built,” Heller said.

“One developer came down from New York and said that we don’t have the opportunity to offer international buyers and local buyers who want big units, and he decided to build and they are certainly being acquired,” she said.

Two of the 10 most expensive homes sold in the D.C. area in March were condos.

Want to dream condo big?

There is a 6100-square-foot penthouse condo in Georgetown on the market for $11.95 million. You’ll get 4 bedrooms, 7 baths and a Potomac River view of the Kennedy Center.

A 4,000-square-foot condo in new construction on lower Wisconsin Avenue in Georgetown is on the market for $6.5 million.

A 3,700-square-foot condo in D.C.’s West End is listed at $5.4 million.

For $3.5 million, you can have 3,800-square-feet and monument views from a Rosslyn, Virginia, high-rise.

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Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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