The Year of the $40 Million Home

• December 20th 2018

by UrbanTurf Staff

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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

This article originally published at https://dc.urbanturf.com/articles/blog/the-year-of-the-40-million-dollar-home/14824.