Biggest Sale This Spring: $7.85 Million

• August 4th 2009

by Will Smith

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Local blog UrbanTrekker has posted the ten largest residential real estate deals in the DC area during the second quarter of this year. The biggest transaction was a 22,500 square-foot mansion in McLean that sits on five acres and sold for $7.85 million.

A few interesting observations from the list:

• DC dominates with eight of the ten largest deals. Virginia has the other two: the aforementioned McLean property, and a $5.65 million unit at the luxury condo Waterview in Rosslyn.

• Two of the properties on the list are at the Georgetown Ritz-Carlton: a $7.3 million four-bedroom, four-bath penthouse and a $4.6 million three-bedroom, 4.5-bath condo.

• Eight of the ten properties sold for below their listing price, and in most cases the price difference was more than 10 percent. (In two cases, it was more than 20 percent.) This is consistent with the softness in the luxury real estate market reported nationally. The Wall Street Journal reports that in some areas, prices are declining at the high end of the market even faster than at the low end.

• UrbanTrekker notes that 637 homes over $1 million sold during the first six months of 2009 across the DC metropolitan area.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/biggest_sale_this_spring_7.85_million/1203.