Jim Caulfield EVP, General Counsel | realtors.com
Amazon founder Jeff Bezos, former Washington Commanders owner Dan Snyder, and the government of Saudi Arabia own some of the most expensive homes in the Washington, D.C. area. The record for home sales in this region was set by Snyder's $48 million purchase of an estate in Alexandria, Virginia, in 2021. However, this figure is modest compared to international cities like London, where a mansion sold for approximately $272 million.
Jonathan Taylor from TTR Sotheby’s International Realty notes that Washington is primarily government-oriented and smaller than other capital cities like London. In the U.S., property prices in New York, California, Colorado, and South Florida surpass those in Washington. For instance, Ken Griffin bought a New York City penthouse for around $240 million in 2019.
Virginia's Gold Coast has historically been home to the area's priciest properties. This includes parts of Alexandria and McLean along the Potomac River. The region is known for its views and attracts business leaders and members of the elite.
Luxury home prices have remained stable recently. Data from Sotheby’s International Realty indicates that during the third quarter, the median luxury sale price was about $2.5 million.
Real-estate agents observed a market pause before the presidential election but expect activity to resume post-election as potential buyers finalize their decisions. Jamie Peva from Washington Fine Properties suggests that political appointees might also enter the market soon.
Despite pre-election hesitancy, significant transactions continued. A newly built mansion sold for $25.5 million last month to an undisclosed buyer.
The top ten most expensive deals include:
1. Dan Snyder's purchase of a 16-acre estate once part of President George Washington’s Mount Vernon.
2. Saudi Arabia's acquisition of Merrywood estate from Steve Case.
3. A Virginia-based entity buying James V. Kimsey's estate.
4. Dwight Schar selling his McLean mansion.
5. Roger Mody selling "The Cliffs" with an indoor basketball court.
6-10: Other notable sales include Jeff Bezos' Kalorama mansions and additional purchases by entities like 600 CBR LLC.
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