A newly built waterfront mansion that’s never been lived in just sold for $25.5 million in Virginia, making it the most expensive home sale in the Washington, D.C., area this year.
The nearly 40,000-square-foot mansion in McLean is known as “The Cliffs.” It sold on Oct. 31 for nearly 25% beneath its asking price of $33.9 million, according to a listing on Homes.com.
Even so, it’s this year’s priciest residential sale in the Washington, D.C., area that includes the District and parts of Virginia and Maryland, second to February’s $14.75 million sale of a mansion in Great Falls, Virginia. And it comes just days after the second-most-expensive sale in the area this year: An $11.8 million row house in D.C.’s Georgetown neighborhood.
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Unlike those two properties, The Cliffs is a new build. It took eight years to design and build the house that includes panoramic views of the Potomac River, a full-size basketball court, and a 22-car garage, among other luxury amenities, according to listing agent Mark Lowham of TTR Sotheby’s International Realty.
“It was really exceptional in every way,” Lowham said.
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The house was originally built for Roger Mody and his family. Mody is a partner with Monumental Sports and Entertainment, the brand that owns several local sports teams, including the Washington Capitals and Washington Wizards.
But by the time construction was completed, the owners were empty nesters, so they decided to sell, Lowham said.
“I think they looked at each other and said, ‘I think we missed the window for this, and probably time to do something different,’” he said.
Beyond its status as the area’s priciest sale, Lowham said he sees the transaction as a harbinger of what’s to come for the luxury market.
“This kind of, I think, punctured the ceiling for the submarket for riverfront properties outside of the beltway,” he said, referring to the neighborhoods outside Interstate 495, the highway that encircles D.C.
“I do think that this maybe … will indicate, you know, some activity coming in the upper brackets. I really, I’m sensing that,” Lowham said. “Because generally, it's when showing activity picks up that you start to see offers. And I'm definitely seeing showing activity pick up, particularly in the $20 million-plus price range.”