D.C. Penthouse Homes:
NORTHERN VIRGINIA IS THE PLACE FOR UPSCALE PENTHOUSE LIVING IN D.C.
FOR A LISTING OF ONLY THOSE UNITS WHICH QUALIFY AS TRUE PENTHOUSE HOMES IN NORTHERN VIRGINIA:
December 22, 2012: See, “Luxury Along the Potomac”:BARRON’s(page 33) JUMPS ON BOARD IN IDENTIFYING THE THE NO. VA./D.C. MARKETS AS “the greatest wealth-creating epicenter in the country, well worth a fresh look.” They specifically discuss the severe height restriction laws in D.C. as a driver for luxury high rise construction in Virginia, which we discuss in details below.
An exciting form of living has emerged in Northern Virginia, one made popular by changing life styles, the growth and awareness of Washington, D.C. as an international urban capital, and height restrictions in D.C. proper limiting the height of any structure within D.C. city limits.
The inability to buy a true luxury hi-rise penthouse home within D.C. geographical limits has helped create a demand for quality hi-rise condominiums close to D.C., and also within the new urban centers like Tysons Corner and the Reston Town Center.
This is not a life style or type of living with which many in our area can historically identify, nor fully understand. It has been said in jest that many people from Maryland or D.C. view Virginia as a different country, with the Potomac River as a natural boundary. The bottom line is this: even long-term D.C. and Maryland residents who would never have imagined moving to Virginia are among those seeking penthouse Virginia living. And the convenience to major D.C. sites and employment areas from Arlington and Alexandria is much greater than from any points in Maryland. Afterall, it is often said that George Washington threw a coin across the Potomac River from D.C. to Virginia. Granted, the dollar went further in those days.
Because of height restrictions in D.C. which disallow any structure being built higher than the U.S. Capitol, the only way to capture the beauty of Washington from above is from the Virginia side of the Potomac River. Recent changes in Arlington zoning laws, and developer creativity, is creating a situation in which the D.C. skyline is becoming defined in large part by structures on the Virginia side of the Potomac. And from these structures, residents can avail themselves of world class views to the nation’s capital, in addition to being conveniently within striking distance of virtually any major location within D.C.
Also, the new urban centers, particularly the Reston Town Center, have incredible penthouse homes which bring the elegance and quality of urban living to the new urban cores, at a fraction of theprice of those on the Potomac.
I decided to focus on this very specific market segment because I believe there is a need for someone who understands and identifies the dynamics of penthouse living. It is difficult for any real estate agent to make the jump in logic from understanding buying into traditional single family neighborhoods or general condominiums into thoroughly understanding the dynamics of penthouse living. By penthouse living, I am not referring to any top-floor unit on a 5- or 6- level building, but those homes which are truly “castles in the sky”; expansive in size, perched high within a desired location, and having unmatched views.
I have lived in Manhattan and understand the life style and reasons why many people would seek this urban style of life. In fact, many could not imagine living any other way. If you are selling a penthouse condominium, it is imperative that you choose a real estate partner who understands the marketing dynamics involved in this type of purchase, and can implement a successful plan. If you are buying a penthouse condominium, it is equally imperative that you work with a real estate professional who knows the pluses and minuses of the available inventory, both new construction and existing resales. In this market, it is crucially important to understand not only the dynamics of the general community, but the details of each alternative building and home. In no other form of housing is the minute detail of each home, community, and building more important than in choosing a penthouse home. Call or email me for a frank and detailed discussion.
SPECIFIC AREAS/BUILDINGS OF INTERESTReston Town Center
LUXURY REAL ESTATE IS THE NEW GLOBAL CURRENCY , December 29, 2012 - An unrecognized trend in the local real estate market is the rise in luxury real estate around the world as a new global currency. The need to avoid the vagaries of paper currencies around the world, the enormous wealth being generated outside the United States, a chronic shortage of truly premier properties in urban areas, and an inability to generate new supply are all pointing to spiking prices in America’s premier urban centers.On the East Coast, the phenomena has been most pronounced in New York and Miami, with Sandy Weil’s recent sale of 15 Central Park West to a Russian businessman for $88 million setting new price records which were soon shattered by a $100million sale.. This equates to $13,000/square foot, in a market which is currently generating $8,000-$10,000/square foot pricing for premier penthouse homes. The Weil sale is twice what he paid, and his prior purchase was the high price for the building at the time.
Where is it coming from? Everywhere. Steve Wynn and David Geffen are the buyers for the next two highest priced NYC sales. Reports from Miami are of strong European and Latin American buying, with Brazilian interests a recent force. The bottom line is this: There are more uber-rich around the world seeking to buy premier penthouses in prime urban locations than there are places to buy. With the possibility of international financial turmoil always seemingly a day away, the buyer for your $10,000,000 place may seem ludicrous to the average D.C. resident, but it is a bargain safe haven for many others.
My point is this: The D.C. luxury market is being more linked to trends in other cities than in the past. The idea that a force field exists along the Potomac River keeping large segments of buyers from even considering Virginia is long past. With D.C. height restrictions as a driving force, luxury penthouses in Virginia are likely to dramatically increase in price and value over the next few years. Washington, D.C. is much more of an international city, more of an “in” location than ever. The power center of the U.S. government is also an obvious plus that will increase in stature over time.
Bottom line: It is time for D.C. penthouse homes to be marketed and sold in ways similar to New York, Miami, and other Class A international locations. The trend is for an influx of buyers looking for this type of home exceeding the availability. We should be preparing for this trend, and not be shocked by the changing face of our economy and our population.