The luxury real estate market in DC is experiencing a surge driven by new political appointees and their wealth
Washington: The luxury real estate scene is buzzing right now. Jim Bell, a real estate pro, has seen a crazy number of billionaires lately. He’s been in the game for decades, but this is something else. It’s like a whole new level of activity.
With the new administration, there’s been a massive influx of wealthy political appointees. They’re worth over $450 billion, and it’s shaking things up in the luxury market. Just look at the $25 million cash deal for Bret Baier’s estate. That’s a record for DC!
Daniel Heider, another real estate agent, says he’s never sold so much in such a short time. He calls it a “Trump surge,” not just a bump. Between Election Day and mid-January, over 56 homes priced at $4 million and up went under contract or sold. It’s like a buying frenzy!
Even before the election, the luxury market was doing well, thanks to a booming stock market. Heider’s team closed deals worth over $487 million this year, a big jump from last year. Cash is king, too—over half of the transactions above $3 million were all-cash last year.
High-income locals are also jumping in, wanting to upgrade before the new administration snags the best properties. The prime neighborhoods for these buyers are Georgetown, Kalorama, and a few others. They care about the property’s history and its ability to host important gatherings.
Bell mentions that buyers often ask practical questions about hosting events. He even started a Substack called “The American Table” to explore food and politics. It’s all about building connections in DC.
But there’s a problem: demand is outpacing supply. Michael Rankin from TTR Sotheby’s says if he had three townhouses in Georgetown, they’d sell in no time. Sellers are encouraged to list their properties widely, but many prefer to keep things private.
In this exclusive market, deals often happen quietly, away from public listings. Buyers are often hidden behind LLCs, and agents can’t share details due to NDAs. So, the question becomes: what’s available in this shadow market?
As time goes on, some details will leak out. It might take a while to see the full impact of the Trump bump. For many wealthy buyers, DC is still a bargain compared to places like Manhattan or San Francisco.
For now, the signs are there. Hryniewicki got a late-night call for a showing the next morning, and Heider feels busier than ever. “You’ll see market-changing events soon,” he says. The luxury market is back and stronger than ever!
Notable recent transactions include Bret Baier’s mansion sold for $25 million, a former Kalorama house for $9.35 million, and a penthouse at the Ritz-Carlton for $10.25 million.
