One in seven residential real estate sales in the D.C. region is now a million dollar-plus sale. Many of them are condominiums, and these seven-figure condos would account for even more of the market, if there were more of them.
Long & Foster’s Luxury Insight report says 14.8 percent of closed sales in the D.C. metro in March sold for $1 million or more; 3.25 percent of those were between $2 million and $5 million; and 0.58 percent of seven-figure sales in March sold for $5 million or more.
Most of them are suburban mansions and renovated city row houses, but there is a growing demand for equally-expensive condos.
“We are getting a lot of international buyers coming in. We are getting a lot of CEOs who used to look for only detached large homes now looking for luxury condominium homes because they can have the same space to entertain with much more attention,” Zelda Heller, with Long & Foster’s Heller Coley Reed group, told WTOP.
A few years ago, a “luxury” condo was 2,000 or 2,500 square feet. Today, the demand in the luxury market is for condos as large as 5,000 square feet or more.
Click here to read the rest of the article written by Jeff Clabaugh over at WTOP