If I Were Rich…

December 1st, 2009

If you were rich, would you buy a huge, expensive house? Would you spend $39 million on a house?

I did a search for the most expensive home on the market in Washington DC, and came up with 1623 28TH ST NW, WASHINGTON, DC 20007. The asking price is $39,500,000. I have a lot of questions…

How do you come up with that asking price? Are there really comparable sales that can support a price of $39,500,000? Or are you pricing it to sell to a developer, and estimating the value as a developer would?

How would you develop this property if you were a developer? A hotel? A museum? Retail? Does it have the necessary zoning?

If someone buys this house to live in it, who are they? Do they have 14 children? Do they entertain 100’s of guests each week? Are they an Ambassador with a duty to entertain visiting dignitaries?

This $39 million dollar house is called “Evermay”, and I am sure it has an interesting history. The real estate listing says, “FIRST TIME AVAILABLE IN 85 YEARS! EVERMAY, a magnificent, gated, historic estate on 3.5+ acres in a tranquil setting w/ majestic grounds & gardens, Dining room seats 40, orangerie/ballroom, guesthouse+studio-annex, parking for 100 cars….etc.”

Anyone know what an orangerie is? Anyone care?

I don’t know about you readers out there, but my 1 car would feel lonely in a garage that can fit 100 cars. So I likely will not be making an offer for 1623 28TH ST NW, WASHINGTON, DC 20007.

And for those on a budget, the next most expensive home on the market is: 3400-3410 PROSPECT ST NW, WASHINGTON, DC 20007-3218. It is nowhere near $39,500,000. It is $19,500,000. So if you want a huge house, at a big discount from $39,500,000; there’s a house for you…

Brian Martucci is a loan officer for Capital Bank Home Loans, a division of Capital Bank, N.A. He has been in the mortgage industry since 1986 and has served in a number of roles, including loan processor, loan officer, mortgage broker, branch manager, and vice president. Brian Martucci – NMLS# 185421. His opinions do not necessarily reflect the opinions and beliefs of Capital Bank Home Loans or Capital Bank. Capital Bank, N.A.- NMLS# 401599. Click here for the Capital Bank, N.A. “Privacy Policy”.

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