What's Hot: Barnes and Noble Will Return to Georgetown in June | The 3,000 Units On The Boards From Trinidad to Gallaudet
From $1 Million to $11 Million: Ten Years of Georgetown Home Appreciation
1210 R Street NW
Earlier this week, Russell Firestone of TTR Sotheby’s International Realty put together a post of the top 10 home sales last year in Georgetown. Naturally, the sales prices for all the homes were well out of the reach of the average homebuyer, none south of $3 million.
The publication of the top sales got us to thinking about how much these homes were originally purchased for, particularly those that have been lived in for upwards of ten years or long enough in most people’s thinking to realize some nice appreciation.
We were fairly jealous/surprised of what we found.
1515 30th Street NW
For example, 3210 R Street NW, an eight-bedroom, eight-bath home, sold in December for $11,111,111, the highest-priced sale in Georgetown this year. Thirteen years ago, the same home (minus a top floor addition) sold for $1.4 million, about eight times less than what it fetched at the end of last year.
While the other homes that were purchased a decade or so ago did not quite yield that high a return on investment, there was still some significant appreciation. 1315 31st Street NW, the former five-bedroom home of Good Morning America host George Stephanopoulos, sold back in 1998 for $1.5 million and closed in March for about $5.5 million. The four-bedroom home at 1515 30th Street NW was purchased in 2000 for $1.45 million and at the end of 2010 it sold for just over $4 million.
While nearly all of the homes in the top ten were updated/renovated in some manner since they were last purchased and most did not fetch their original asking price, the appreciation is still noteworthy as it proves that even in a city where home prices remain healthy, Georgetown’s insulation from market swings is unmatched.
“When certain home buyers come to DC looking to buy, they all want to start in Georgetown,” Firestone said. “That type of demand will keep home prices in the area increasing for some time.”
See other articles related to: georgetown, luxury real estate dc, tutt, taylor, rankin
This article originally published at https://dc.urbanturf.com/articles/blog/from_1_million_to_11_million_ten_years_of_georgetown_home_appreciation/2812.
Most Popular... This Week • Last 30 Days • Ever
The application could be a sign that plans to redevelop a pair of former church prope... read »
Rossdhu Gate is the remaining piece of a 30-room castle built by socialite Daisy Calh... read »
As profits drop around the country, sellers around DC are still realizing hefty retur... read »
A Home Equity Line of Credit, commonly referred to as HELOC, is a borrowing product t... read »
The Gen Z market; ranking food halls around DC; and is this the new king of Queens?... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro