According to MRIS data, these are "Top 10 Deals" in 2008 for DC region that includes DC, MD and Virginia.
- 1607 28th Street NW, DC 20007. A single home in Georgetown, listed for $14,500,000 and close price was $11,500,000.
- 36987 Mountville Road, Middleburg, VA 20117. A 327 acre estate with 11 stall courtyard barn listed for $14,0o0,000 and close price was $14 mil.
- 9212 Harrington Dr. Potomac, MD 20854. A 25,000 s.f. custom home in Bradley Farms that was listed for $12,500,000 and sold for $10,000,000.
- 1100 Crest La., McLean, VA 22101. A 3.64 acre of waterfront property listed for $11,000,000 and sold for exactly the asking price.
- 3041 Whitehaven St. NW, DC 20008. Paul Mellon's former residence out in Observatory Circle hood (around where Joe Biden official residence will be). Listed for $10,000,000 and sold for $9,550,000.
- 3006 Albermarle St. NW, DC 20008. 1.35 acre of an estate out in Forest Hills hood. Listed for $7,595,000 and sold for $6,700,000.
- 3154 Highland Pl. NW, DC 20008. Most possibly the largest remaining parcel (agent's remarks) in Cleveland Park hood. Listed for $7,500,000 and sold for $5,600,000.
- 3259 R St. NW, DC 20007. An 1850's Victorian estate in Georgetown. Listed for $7,400,000 and sold for $6,500,000.
- 3100 Woodland Dr. NW, DC 20008. Home built in 1924 and was restored completely, agent says, by Abdo over the past 2 years. Listed for $6,995,000 and sold for $6,000,000.
- 5120 Wissioming Rd., Bethesda, MD 20816. A contemporary style home out in Glenn Echo Heights hood with view of Potomac River. Listed for $6,750,000 and sold for $6,600,000.
You think that falling prices didn't affect luxury market, since they probably would not feel the shift at all? Uhm. Turns out to be that's not true. We checked the prices from MRIS. It shows that the median sales price went for 96.75% of list price. While the average price sales went for 96.04% of list price. Of course, somewhere in between there's some price "adjustments?"
In fact, the property that was sold with the highest price (#1) even though data shows property stays on the market for "0 (zero)" day - the original price was $14,500,000 and sold for $11,500,000 - making it 20% less than what it was listed! Maybe negotiations went behind close doors before property put on the market..
And there's even a few deals sold for less than 30% asking! So much for falling prices not affecting the richiland.
Lastly, while it's not common to see sellers' help in the form of subsidies for the upper-$3 mil market, there's few properties sold with sellers giving a helping hand ranges from the low-$4500 to the high $180,000. Something isn't it?
FUN FACTS:
- Among the top 96 deals in 2008, DC and Virginia (No. Virginia that is) - are the most popular addresses for those searching luxury homes.
- Georgetown is the most popular address for the rich-and-famous (12 homes sold over $3M).
- Langley Forest in McLean comes in 2nd place (7 homes).
- Kalorama holds a 3rd place (6 homes).
- And Cleveland Park is 4th (5 homes).
- A condo at the Waterview in Rosslyn with approx. 4500 s.f. of living space sold for $5.3 mil - making it the most expensive penthouse sold in DC for 2008. Sure, the view from here is probably 'million dollars' view..
data: MRIS
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* Top 96 listings per MRIS (good only for 30 days)
