DC Luxury Real Estate Stages Comeback: TTR Sotheby’s International Realty Announces Three Record Luxury Multi-Family Sales

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New Record Set for Most Expensive Condominium Ever Sold in the Washington Metropolitan Area

Parc Somerset in Chevy Chase. TTR Sotheby's International Realty sold Penthouse 1801 for $7.95 million, a new record for the most expensive condominium ever sold in the Washington Metropolitan Area.

These transactions further underscore that 2012 was the true return of luxury real estate activity in the Washington Metropolitan Area.

TTR Sotheby’s International Realty today announced the sale of Penthouse 1801 at Parc Somerset in Chevy Chase, Maryland for $7.95 million, the sale of Condominium 7A-N at 3303 Water Street NW in Georgetown for $6.5 million and the sale of Cooperative Apartment 1204 at Watergate South for $3.85 million.

Penthouse 1801 at Parc Somerset in Chevy Chase sets a new record for the most expensive condominium ever sold in the Washington Metropolitan Area based on data recorded in MRIS, the region’s multiple listing database. The 6,737 square foot penthouse is located in one of the region’s most luxurious high-rises, filled with resort-style amenities such as indoor and outdoor swimming, tennis, racquetball, a fitness center and extensive gardens. Zelda Heller, a Vice President in the firm’s Chevy Chase brokerage, represented both the seller and the purchaser. The condominium was a private exclusive of the firm and sold in just two days for more than $1,180 per square foot.

The same day, 3303 Water Street NW #7A-N in Georgetown sold for $6.5 million, garnering the recognition as the most expensive condominium sold in the District of Columbia in 2012. The 6,621 square foot condominium offered a captivating, contemporary floor plan designed by Richard Williams Architects. The condominium offers seven bedrooms, five full and two half bathrooms, a library and two French balconies and has abundant views of the Potomac River, historic C&O Canal and Georgetown in every direction. Sheryl Barnes, a sales associate in the firm’s Chevy Chase brokerage, represented the seller.

Just weeks before, Apartment 1204 at Watergate South in Northwest Washington sold for $3.85 million on November 30, setting a new record for the most expensive cooperative apartment ever sold at the famed Watergate development. Completely renovated, the 3,414 square foot apartment offers panoramic views of the Potomac River and Washington’s monuments. Notable features include floor-to-ceiling windows, a gourmet kitchen and a wrap-around waterfront balcony. Stan Kelly, a sales associate in the firm’s Georgetown brokerage, represented the purchaser.

“These transactions further underscore that 2012 was the true return of luxury real estate activity in the Washington Metropolitan Area,” said Mark Lowham, Managing Partner, TTR Sotheby’s International Realty. “Now more than ever, Washington is becoming an increasingly important city where our clients are looking to purchase trophy real estate holdings – desiring to be near the hub of global political power and our community’s vast array of cultural assets. Combined with our local associates’ personal relationships and the global connections offered to us through our relationship with Sotheby’s, we are uniquely positioned to take advantage of the continually improving luxury market in the nation’s capital.”

TTR Sotheby’s International Realty, the luxury real estate brokerage founded by Jonathan Taylor and Michael Rankin in 1988, has been the exclusive affiliate of Sotheby’s International Realty® in the Washington Metropolitan Area since 2006. The firm’s sales are up a dramatic 41% year-over-year as reported by Terradatum, a third-party research organization that analyzes data in the local MRIS multiple listing system.

The Sotheby’s International Realty network currently has more than 12,100 sales associates located in approximately 620 offices in 45 countries and territories worldwide. TTR Sotheby’s International Realty has been the exclusive affiliate for the Washington, DC metropolitan area since 2006. The 24 year-old firm currently has over 160 agents with offices in Georgetown, Downtown, DC, McLean and Chevy Chase. For more information, visit http://www.ttrsir.com.

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