WASHINGTON 鈥� 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鈥檚 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.
鈥淲e 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,鈥� Zelda Heller, with Long & Foster鈥檚 Heller Coley Reed group, told 草莓传媒.
A few years ago, a 鈥渓uxury鈥� 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.
鈥淟ast 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,鈥� Heller said.
鈥淥ne developer came down from New York and said that we don鈥檛 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,鈥� she said.
Two of the sold in the D.C. area in March were condos.
Want to dream condo big?
There is a 6100-square-foot on the market for $11.95 million. You鈥檒l get 4 bedrooms, 7 baths and a Potomac River view of the Kennedy Center.
A in new construction on lower Wisconsin Avenue in Georgetown is on the market for $6.5 million.
A 3,700-square-foot is listed at $5.4 million.
For $3.5 million, you can have 3,800-square-feet and monument views from a .
