These extremely pricey, ultra-luxury, ultra-extravagant, ultra-exclusive properties cater to celebrities, CEO's, and power brokers
This past spring a 6,737 sq. ft. condominium unit in Friendship Heights, MD sold for $8.65 million to an undisclosed buyer, a new record for the Washington D.C. area. This happened barely a year after the same unit set the previous sale record at $7.95 million. The 18th-floor penthouse unit located at the exclusive Parc Somerset high-rise has five bedrooms, five bathrooms, 300-degree views, multiple balconies, and a solarium.
In light of this record-breaking sale and the resurgence of the urban luxury condo market, this is a great time to look at the most expensive condominium units in the major urban areas of the Mid-Atlantic. As you'll see below, New York is clearly the champion (by a mile) of commanding stratospheric prices for condo units.
Washington D.C. Area
Parc Somerset
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Parc Somerset |
Highest price for unit: $8.65 million
Building height: 18 stories
Location: Friendship Heights, MD
Located just a half mile across the border from Washington D.C. in the urban Friendship Heights neighborhood of Chevy Chase, MD, Parc Somerset is part of a three building condo complex collectively called Somerset House which is composed of high-rises 18 to 21 stories tall. Despite being nestled in a gated 17-acre park-like oasis that includes tennis and racquetball courts, clubhouse, and gym, residents are within walking distance of plenty of shopping and transportation amenities. These include ultra-high end stores such as Saks 5th Avenue, Cartier, Bulgari, Ralph Lauren, Jimmy Choo, Bloomingdale's, Neiman Marcus, and Tiffany's which line a segment of Wisconsin Ave known as the "Rodeo Drive of DC," a plethora of upscale restaurants, Whole Foods and Giant grocery stores, and a Metro station on the Red Line. Residents include former National Football League Commissioner Paul Tagliabue and JLL CEO Colin Dyer.
Upcoming competition:
The Lauren Bethesda
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The Lauren Bethesda |
Under construction in the heart of downtown Bethesda, just 10 minutes up ritzy Wisconsin Ave from Parc Somerset, is a condo development likely to challenge the Somerset's reign as the most exclusive condo in the DC Area. This 7-story, 40-unit project named The Lauren will boast direct access elevators, private rooftop terraces for select units, home automation systems featuring iPad control, and private wine cellars. In addition, the building will also be within walking distance of a Red Line station and high-end shopping/restaurants. Sale prices for typical units will range between $2.5 and $5 million. The 5,700 sq. ft. penthouse (which comes with a "butler pantry" and maids quarters') "will be priced fairly dearly," according to the developer.
In addition to The Lauren, luxury home-builder Toll Brothers is preparing to construct their own 7-story condo building practically next door on the same block. There are three other condo projects on the near term horizon in Downtown Bethesda, the current hotspot for luxury condos in the Washington D.C. Area.
Philadelphia Metro Area
1706 Rittenhouse Square Street
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1706 Rittenhouse |
Highest price for unit: $12,459,000
Building height: 31 stories
Location: Center City, Philadelphia, PA
Located in one of the most desirable neighborhoods in Philadelphia, this 31-story luxury high-rise was completed in 2010 and is currently 100% sold. The building is currently home to surgeons, pediatricians, real estate magnates, CEOs, and two Phillies pitchers. Each 4,200 sq. ft. unit is comprised of a full floor (with the exception of the two-story penthouse) and has a floor-plan customized by the buyer. One special amenity of note is an automated, 64-space underground parking garage. Residents use their fob to call for their vehicle from the garage or from within one of the two elevator banks.
Upcoming competition:
500 Walnut
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500 Walnut |
A follow up on the successful 1706 Rittenhouse project, 500 Walnut will be located at the corner of Fifth and Walnut Streets across Independence National Historical Park from Independence Hall. The building will be 26 stories tall and will have 37 condo units. It will include "ultra-luxury" amenities such as a two-story fitness center fully equipped with yoga room, massage room and steam room, as well as a a large outdoor terrace overlooking National Historic Park. Two two-story, 8,400 sq. ft. penthouse units will be available, each featuring a private elevator, multiple balconies, and fireplaces. Like it's older sibling, 1706 Rittenhouse, 500 Walnut will also boast a fully automated underground parking system for over 80 vehicles. Groundbreaking is expected Spring 2015 with delivery in Spring 2017.