Georgetown, the exclusive enclave on the Potomac River in the northwest quadrant of Washington, D.C., is defined by its charming cobblestone streets and its predominantly Federal-style architecture.
Founded in the 1750s during the reign of Britain’s King George II, it retains a great sense of the past due to its preservation laws.
“People love Georgetown because of the historic character of the architecture,” says Russell Firestone, senior vice president of TTR Sotheby’s International Realty. “It’s also a walkable neighborhood. That is a key element of why buyers choose Georgetown. You can walk out your front door to a coffee shop, a grocery store, or a restaurant. It’s also a short walk along the Potomac River to the Kennedy Center to attend events.”
Georgetown’s two sections, East Village and West Village, are divided by Wisconsin Avenue, which along with M Street forms the commercial corridors in the neighborhood.
RESIDENCES WITH A PAST
Georgetown real estate, which is synonymous with tony townhouses, offers a variety of single-family residences that span the 1760s to the 1960s. Time virtually stopped at that point because the neighborhood became a historic district with strict restrictions on exterior architectural alterations. “That’s why it has the character and style of an old city,” Firestone says. “You are allowed to create contemporary interiors, but additions can be complicated.”
Georgetown residences have a broad price range depending on size, bedroom count, and finishes. Typically, buyers will spend $1 million to $2 million for a three-bedroom house without parking. Townhouses with parking are typically $3 million and higher, depending on the finishes and lot size. “Only 20% of the properties have parking,” Firestone says. “There are even fewer that have garages. Those with parking spaces have the largest equity growth.”