This morning, 2828 Wisconsin Avenue #502 went to settlement at SettlementCorp in Friendship Heights for a price of $565,000. Frank Griffin of Long and Foster represented the Seller and Nancy Itteilag and I represented the purchasers. This fantastic 2BR duplex condo really lives like a townhouse. It is so bright and open. Watch for it as a rental soon, as the European owners purchased the property as an investment. Now the paperwork begins to obtain the small business license that DC requires to be a landlord!
This one sale represents a larger trend of foreign investment in American real estate, which must be driven in part by the strength of the Euro and other currencies against the dollar. Unfortunately the mortgage community has not been able to accomodate this foreign investment very well, it took calling around to several banks to find one that could do a mortgage for these well-qualified buyers. The clients are premier bankers at HSBC abroad and so the Arlington branch was able to do a loan, but only with a large down payment.
I certainly wish the dollar was doing better so I could travel to Paris and not pay $20 every time I sit down for coffee. However, I think all of this foreign investment (the purchser was headed straight from the settlement table to Macy's to stock up on American favorites) is great for our economy.
Too see more pictures of 2828 Wisconsin Ave. Clink the Link Below:
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