What's Hot: Douglas Development Files PUD For Large Warehouse At New City Site Along New York Avenue
Are the Ultra-Rich Ultra-Interested in Buying Homes in the DC Area?
✉️ Want to forward this article? Click here.
![Are the Ultra-Rich Ultra-Interested in Buying Homes in the DC Area?: Figure 2](https://assets.urbanturf.com/dc/images/blog/2018/06/700-chain.jpg)
Recent activity in the stratosphere of the DC area housing market has made the $35 million sale of the aptly-named Winds Falls estate last summer seem like foreshadowing.
Listing and sales activity in the highest price tier of the housing market has resulted in new price standards being set on a weekly basis. Between last month's record-setting sale of the Merrywood estate, the high-priced former Cafritz mansion finding a buyer, the Ishpiming estate on Chevy Chase Circle hitting the market and the record-setting listing of AOL co-founder James Kimsey's estate in northern Virginia, homes are being listed and sold for prices that the area has never seen.
"We have been very aware for a number of years that Washington real estate is a tremendous value compared to other global capitals, and I think that's what we're starting to see now: that the global investor, the global buyer, is starting to look at Washington as a real opportunity," Mark Lowham, CEO of TTR Sotheby's International Realty, told UrbanTurf.
story continues below
loading...story continues above
![Are the Ultra-Rich Ultra-Interested in Buying Homes in the DC Area?: Figure 1](https://assets.urbanturf.com/dc/images/blog/2018/05/2817woodland550.jpg)
"Properties in the area are a fraction of what comparable properties in other global capitals like London or Hong Kong or Dubai are priced at, and you have the added benefit of proximity to the geopolitical power base in Washington," Lowham continued. The idea that global investors are showing increased interest in the area can be seen with the sale of Merrywood to Saudi Arabia and last year's sale of the Ourisman mansion to the kingdom of Morocco.
In addition to the momentum that is coming from the attention of foreign buyers, the local market also seems to be benefiting from the less-tangible force of timing.
![Are the Ultra-Rich Ultra-Interested in Buying Homes in the DC Area?: Figure 3](https://assets.urbanturf.com/dc/images/blog/2018/05/9_CHEVY_CHASE_CIR_ballrm.jpg)
Lowham, who represented a couple of the aforementioned listings, noted that one was an estate sale and another was a matter of downsizing. Ted Duncan, listing agent for the Ishpiming estate, shared with UrbanTurf that downsizing also played a part in that home hitting the market.
The uptick in activity at the highest part of the market, despite new price records being set, could have a trickle-down effect for the secondary tier of the local luxury market.
"We used to think somewhere in the $20 [millions] was the ceiling for the Washington market; clearly, that's not the case now," Lowham shared, noting the over-$60 million price tag attached to the Kimsey estate.
"That higher ceiling will influence pricing in other ultra-luxury properties; not necessarily just those along the Potomac riverfront," Lowham continued. These effects could be felt in the upper-priced market over the next few years.
See other articles related to: housing market trends, ishpiming, james kimsey, luxury real estate, luxury real estate dc, luxury real estate mclean, merrywood, steve case
This article originally published at https://dc.urbanturf.com/articles/blog/are-the-ultra-rich-just-ultra-interested-in-buying-in-the-dc-area/14144.
Most Popular... This Week • Last 30 Days • Ever
![First-Timer Primer: Tax Relief for DC Homeowners](https://assets.urbanturf.com/dc/images/blog/2013/02/Homestead_Exemption_280.jpg)
When you buy a home in the District, you will have to pay property taxes along with y... read »
![A 127-Unit Luxury Condo Building In The Works For Downtown DC](https://assets.urbanturf.com/dc/images/blog/2024/07/resized/950%203rd%20Street%20Dusk%20EXT_image_560x420.jpg)
The largest condominium building in downtown DC in recent memory is currently under c... read »
![HPO Recommends Approval For 160-Unit Office-To-Residential Conversion in Dupont Circle](https://assets.urbanturf.com/dc/images/blog/2024/06/resized/1201-Conn_image_560x420.jpg)
The plan to convert a Dupont Circle office building into a residential development ap... read »
![Beautifully Constructed Condominium in The Bridge District is Now 50% Sold](https://assets.urbanturf.com/dc/images/blog/2024/07/Riviere%20article/resized/2305%20Nicholson%20St%20SE%20405-0003_image_560x420.jpg)
The Rivière includes just 20 homes located on the eastern banks of the Anacostia Riv... read »
![Monday's Must Reads](https://assets.urbanturf.com/dc/images/blog/2024/07/resized/bubble_image_560x420.jpg)
Why Tyra Banks is serving ice cream in DC; a bike shop/record store opens in Adams Mo... 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