BETHESDA, Md., Jan. 30, 2017 /PRNewswire/ -- In the immediate aftermath of the recent presidential election, sale prices of high-end luxury Washington DC properties began to skyrocket. Historically, incoming administrations have had little or no effect on the luxury, Washington DC metro area real estate market, but what is termed as the "Trump Impact" is significantly altering the equation. Since his election, President Trump is appointing people with high net worth and sale prices in the luxury home segment have risen significantly.
"When compared to the values of properties that sold before the election, the list prices of properties above $3,000,000 have risen 31% in the upscale neighborhoods of Georgetown and Kalorama," said Stephen Carpenter-Israel, President and Broker of Buyer's Edge, an Exclusive Buyer's Brokerage Real Estate Company in the Washington, DC Metro area. His company's recent survey confirms the unprecedented rise. "According to the Metropolitan Regional Information System (MRIS Search)," he said, "There are currently 21 listings in the area including fee simple properties (no condos or coops) with a total combined price of $131,934,900. The combined square footage, based on the Tax Living Area, is 114,809 SF. This equates to $1,149.16 per square foot."
Carpenter-Israel contrasts the post election price/SF number with MLS listings that actually sold in the same communities prior to the election. "Using the same criteria, in the timeframe of 180 days prior to the election, the 16 homes that sold had a total value of $53,830,000 and a total of 61,204 SF. This is an average of $869 per square foot, considerably less that the post election price."
In addition, Carpenter-Israel said there also are a higher number of "pocket listings" that appear to be at substantially higher prices.
For more information, contact Steve Israel, Buyer's Edge, 4849 Rugby Avenue, Bethesda, MD 20814, USA. Phone: 301.807.2130 or 800.207.6810 (toll free),e-mail: firstname.lastname@example.org or visit www.buyersagent.com.
About Buyer's Edge
Buyers Edge is an Exclusive Buyer Broker providing full representation to homebuyers in Maryland, Northern Virginia and the District of Columbia since 1992.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/the-trump-impact-skyrocketing-prices-in-washington-dc-luxury-home-market-300398677.html
SOURCE Buyer's Edge