The Year of the $40 Million Home
✉️ Want to forward this article? Click here.
![At $62.95 Million, AOL Cofounder's Northern Virginia Estate is Priciest Home Ever in the DC Area: Figure 1](https://assets.urbanturf.com/dc/images/blog/2018/05/Kimsey-2.jpg)
A few years ago when the Evermay estate in Georgetown came on the market with a price tag north of $20 million, it seemed like the bar had been set for luxury home prices in the DC region. But that appears to just be foreshadowing.
2018 will be a year that the DC housing market is remembered for a number of things, but one thing that will stand out will be the sheer volume of ultra-expensive homes to come on the market or sell in the region. Here is a quick timeline:
- The spring luxury housing market started a bit early when the 12,000 square-foot Georgetown home of Under Armour co-founder Kevin Plank was listed privately for $29 million by Washington Fine Properties.
- In May things really got rolling, starting when the first home of Chevy Chase hit the market for $25.9 million. (Now listed for $22.5 million.)
- Not long after that, the most expensive home to ever be listed in the DC region came on the market when The Falls, the estate owned by late AOL co-founder James V. Kimsey was listed for $62.95 million by TTR Sotheby's International Realty.
- A week later, news came that Merrywood, Steve Case's McLean estate had been purchased by the government of Saudi Arabia for $43 million, a discount from the original listing price of $49.5 million.
- Not to be left out of the crowd of high-profile names, Redskins owner Dan Snyder listed his Potomac mansion for $49 million in October.
"Washington continues to emerge as a value opportunity compared to other global capitals," Mark Lowham of TTR Sotheby's International Real Estate told UrbanTurf. "This is true across all price points, but it is particularly relevant at the top end of the market."
Lowham noted that the sale of Merrywood earlier this year is an indication that the market will "embrace higher price points" which is contributing to growth in the upper bracket inventory. As for showings, Lowham indicated that several global investors have returned to visit The Falls, so maybe we will see this luxury trend continue in 2019.
UrbanTurf's 2018 in Review Articles:
- The Best DC Legislation That Didn't Get Passed in 2018
- The Most Ambitious Transportation Plan Pitched in 2018
- The Best History of a House to Hit the Market in 2018: Where JFK Met Jackie
- The Best Listing of 2018 (For the Mere Mortal)
- The Most Peculiar Tool Used to Fight a New Development in 2018
- The Best New Apartment Amenity Coming to DC: The Trail Lobby
- The Best Use of a Vacant Triangle
- The Most Impactful Legislation for DC Renters and Homeowners Passed in 2018
- The Best Listing of 2018 (For the Well Paid Lobbyist)
- The Most Creative Responses to PUDs
See other articles related to: best of 2018
This article originally published at https://dc.urbanturf.com/articles/blog/the-year-of-the-40-million-dollar-home/14824.
Most Popular... This Week • Last 30 Days • Ever
![Buying with Friends: What You Should Know](https://assets.urbanturf.com/dc/images/blog/2010/05/home_value.jpg)
Here are some precautions to take before buying real estate with a buddy.... read »
![$10 Million McLean Home Of Former Nationals Star Stephen Strasburg Finds a Buyer](https://assets.urbanturf.com/dc/images/blog/2024/09/resized/VAFX2180246_45_0_image_560x420.jpg)
The six-bedroom home listed for just south of $10 million back in June went under con... read »
![16-Story, 325-Unit Building Pitched For Arlington's Wilson Boulevard](https://assets.urbanturf.com/dc/images/blog/2024/09/resized/2500-wilson-1_image_560x420.jpg)
The new project will take the place of an obsolete office building in Courthouse.... read »
![Mayor Bowser Announces First Office-To-Residential Projects To Receive Tax Abatements](https://assets.urbanturf.com/dc/images/blog/2024/09/resized/1625-mass-1_image_560x420.jpg)
The three office-to-residential conversion projects have been conditionally awarded t... read »
![500 Apartments, Live/Work Units And A Park: The New Plans Coming To St. Elizabeths](https://assets.urbanturf.com/dc/images/blog/2024/09/resized/parcel-6-park_image_560x420.jpg)
The plans for one of the final parcels at DC's St. Elizabeth's East campus are beginn... read »
- Buying with Friends: What You Should Know
- $10 Million McLean Home Of Former Nationals Star Stephen Strasburg Finds a Buyer
- 16-Story, 325-Unit Building Pitched For Arlington's Wilson Boulevard
- Mayor Bowser Announces First Office-To-Residential Projects To Receive Tax Abatements
- 500 Apartments, Live/Work Units And A Park: The New Plans Coming To St. Elizabeths
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