Gaslight featured in Best of the City 2011 by DC Magazine
Slow, steady—and sexy? As home prices and, yes, even construction cranes, rise in Washington, that’s the rallying call of the real estate market’s pragmatic “new normal.”
“Now that the economy is coming back in certain sectors, there’s pent-up demand,” says David DeSantis, executive VP of TTR Sotheby International Realty. The DC metro area ranked top in the nation for its home-value growth in 2010 and sales are up from 2009. DeSantis points inside the Beltway to luxury zones now poised for action.
“In general, DC is hot, and our best market,” agrees area-realtor Andrea Evers of Evers & Co. “People still want city convenience,” and that’s why they move close, she says. The West End and Georgetown—charged by a fresh generation of tony retailers (Brooks Brothers, Alessi, CB2)—remain coveted commodities, and Logan Circle “will solidify its standing” as a luxury address. Tough the biggest change since 2009, Evers says, is the “rise” of high-end condos. Case in point: JBG presents Distri
Meanwhile, creative-reuse guru Jim Abdo starts construction on his 117-unit Gaslight Square condo project in Rosslyn, an area that has been transformed in recent years by high-proﬁle condo projects like Turnberry Tower and Memorial Overlook. Set to be completed in phases through 2012, the $82 million Gaslight Square will sit adjacent to Abdo’s popular Wooster and Mercer Lofts. Several of the luxe spaces will oﬀer doubleheight ceilings and private elevator access and are expected to cost from $700,000 to $1.4 million. Read more »