Penthouse Sale For $12.762 Million Breaks Washington, D.C., Rental Report

A luxurious waterfront constructing in Washington, D.C., broke the file for the costliest condominium sale within the metropolis’s historical past, promoting for $12.762 million earlier this month.

The split-level, four-bedroom Penthouse 1 has about 5,800 sq. toes of residing area, 5 full loos and two half baths. As well as, the condominium affords three parking areas.

The constructing – referred to as Amaris, which implies “you might be beloved” in Latin – has 96 condos. The record-setting unit is certainly one of seven positioned on the twelfth ground.

The late, internationally famend architect Rafael Viñoly designed the constructing.

Michelle Giannini, a dealer for Hoffman Realty, represented the itemizing for co-developers Hoffman & Associates and Madison Marquette. She stated the constructing opened in December and is about 70% offered.

Matt McCormick of TTR Sotheby’s Worldwide Realty represented the unnamed purchaser and stated the property instantly captivated the purchaser.

“It is simply the highest-end luxurious penthouse within the metropolis. The massive out of doors terrace overlooking the water with The Wharf under gives D.C.’s greatest waterfront views. The delicate finishes and distinctive options, just like the spiral staircase with skylight, depart fairly an impression. Some of the spectacular issues about this residence is the floor-to-ceiling home windows all through, specifically, the cold-warped glass home windows within the residing areas that provide the feeling of being projected into the view,” McCormick added.

The Wharf, the place Amaris is positioned, is a $3.6 billion improvement that includes lodges, parks, piers, retailers and eating shops.

This unit has 2,255 sq. toes of outside area, together with a 1,200-square-foot out of doors terrace.

Jay Bargmann, vp of Rafael Viñoly Architects, stated his favourite area within the condominium is the second degree. “The area really exemplifies the constructing’s curvilinear, tapering kind and evokes a way of motion; the lightness and transparency on this degree, coupled with its huge views of the Potomac River, makes you are feeling like you might be transferring by water,” he added.

The condominium options customized Italian kitchen cabinetry, French European white oak flooring with a light-weight and darkish end, marble counter tops within the kitchen with waterfall edge islands and premium home equipment from Thermador and Bosch.

Facilities embrace a health and wellness middle, a salt-water lap pool, a convention room and a automobile elevator with valet service.

Mark McFadden, Compass government vp and senior advisor in D.C., Maryland and Virginia, stated the earlier file for a condominium was $11 million in 2022. For single-family properties, the Bowie-Sever Home, a Georgetown property, listed for $28 million in 2007 and offered for $24 million. And McFadden closed on a $22 million D.C. property in 2011.

“That property is now value $40 million. However the present market is superb. Stock remains to be low, with excessive demand throughout each worth vary,” McFadden stated, including that median gross sales in D.C. for properties above $1.5 million topped $2 million in March 2022 and dipped to only underneath $1.9 million in March 2023.

“Particularly within the higher finish, due to the fluctuations in our present market, with the inventory market and inflation, actual property remains to be the popular asset class for individuals with cash. I am in Palm Seaside, and I am in a one-bedroom condominium value $1.2 million. On the following block over from me [in December], billionaire Robert Kraft, proprietor of the New England Patriots, paid $24 million for a condominium,” McFadden added, “so individuals with cash really feel a lot better proper now placing their cash in actual property versus the inventory market. Proper now, it is thought-about the most secure place to park your cash.”