Housing Complex

The D.C. Housing Market Is Back

(MRIS photo)

You know how I know? Not the home values that have been rising for months, despite continuing decline in the rest of the country. Not the impossibly low vacancy rates. Rather, the fact that the most expensive house in D.C.1824 R Street NW in Dupont Circle–just raised its price by half a million bucks.

The Gerace family bought it in 2003 for only $3.5 million, and–according to an owner comment on Zillow–put it through a $5.5 million renovation, for use as a bed and breakfast called the Artists Inn Residence. That doesn't quite add up to the current list price of $15.5 million, but hey, who am I to judge?

  • Rick Mangus

    NOT!

  • Gina

    I went to a spectacular fundraiser there once--if I were fabulously wealthy, I'd buy it. Interiors are AMAZING!

  • Jeff

    Well, 3.5 + 5.5 = 9, plus 8 years of appreciation...so maybe 10-12 would be more appropriate for this place? Of course if you bought two 5000 sq ft town houses in Georgetown, you'd pay at least 5-7 million a piece, and it says this one is two houses combined to be 10,000 sq ft, so maybe that's how they figured it. Frankly, if I had that kind of money, I'd rather live in Dupont/Logan than Georgetown. For all its charms Georgetown has got to be the most inconvenient "high end" location in the city...it still mystifies me why the uber rich want to live there.

  • Dr. Guy

    $15.5M...I don't think so. Here is an example of what $15M buys you:

    http://pix1.homevisit.com/tourLite/?id=32843&skin=&ver=

  • housefanatic

    Hmmm, Dr. Guy, Your link goes to 1714 Mass Ave, which listed for 17.5 million first and then later dropped to 14.75, then sold for 12 about a year ago at the bottom of the market. Rumor has it it belonged to Steve Case. I actually think it is a pretty close comp for this new 1824 listing: two 5000 or so square foot town houses that were combined into one house. Roughly the same size, within a couple blocks of each other. Haven't been in 1824 yet (don't have any clients in that price range!), but 1714 was DARK, and had no back garden--just backed up to buildings behind. 1824 looks to be much brighter in a more hospitable location with a bit of outdoor space. I'd say WFP priced this one fine, based on your link to 1714. I for one hope they get near the asking price--it will keep things going on the upswing for the DC market. Now if I can only find a client with 15.5 to spend!

  • Cathy

    I was married at Artists Inn Residence and can report from the inside out (unlike Lydia, who obviously hasn't stepped foot in this place) that the work the Gerace family put into their inn, not to mention the exquisite antiques, frescoes, and Toto toilets that all are included, make the price tag seem less staggering. I know I'm biased, but who cares? This forum is all about opinions. Besides, if you have to ask the price....

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