February 20th, 2008, posted by Veronica
This week I read an article in the Washington Business Journal. It caught my attention immediately when I saw the phrase “International Buyers.” The article is called “International Buyers Drive Sales of D.C. Luxury Homes.”
The article states how strong the luxury sales have been in our DC metro area thanks to international buyers. Just think about anybody you know that was born overseas. I am sure you know some people.
We are lucky to be in an international city. The strong Euro and Pound are helping the American market. The developers know that buyers looking for luxury homes are willing to buy the property for themselves and not as an investor. They know this type of buyer will pay top dollar for the luxury accommodations. Private elevators and 24-hour web concierge are some of the services that are offered in the new buildings.
What I have noticed in the DC metro area is that prices, in some particular areas and specific type of homes, have been very strong. I have seen how in certain areas (like AU Park, Georgetown, Adams Morgan, Kalorama, Dupont, and Arlington) there are not many houses for sale and prices are still strong. The few homes that sell are selling for top dollar and very fast if they show well or/and if they are properly priced. People that are buying in these areas are probably going to be there for a while and they are not concern about the current market or the prices going down next year. They understand that eventually prices will go up.
It is still a very good time to buy and sell.
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