A few weeks ago, I wrote about the condo market by Georgetown’s waterfront area. You of course should read the entire story—-many, many times. But, in case you end up denying yourself that distinct pleasure, here’s the gist: prices are down.
So, that’s the bad news. The good news is that (a) there are very few units in that small area (b) in general, the Georgetown market is going strong. (It’s mostly townhouses anyway.) I wrote a short piece about Georgetown sales for New York real estate journal, The Real Deal.
In the past year, sales have slowed in the nearby tony neighborhoods of Foxhall and Glover Park, but Georgetown’s market has remained strong. Between January and the end of September, 98 single-family homes have sold compared to last year’s 86. Meanwhile, the number of days on the market has increased only six days.
The neighborhood’s housing stock is 10 percent condos, 10 percent detached homes and 80 percent classic Georgetown townhouses, usually dating back to the turn of the last century or before. Toward the north side of the neighborhood lie the ultimate Georgetown status symbols: mansions set back from the road so that they have front yards — homes like that of the late Washington Post publisher Katharine Graham, which sold for $8 million in 2002.
The right house in Georgetown — one that’s fully renovated, has parking and goes on the market when there are few comparable listings — still commands top dollar. The median home price for the first nine months of 2008 was $1.3 million compared to $1.2 million for last year.
The article is part of a special section that includes stories about other luxury real estate markets around the country from Beacon Hill in Boston to Beverly Hills.