Looking for an indicator of how much Washington’s high-end housing market has recovered since the recession? Look no further than the Parc Somerset condominiums in Chevy Chase.
An undisclosed buyer recently acquired the penthouse unit there for $7.95 million, or nearly $1,200 per square foot, which by most accounts is a record for residential condominiums in the region. The seller, Paul Elicker, paid $3.1 million, or roughly 151 percent less than the recent purchase price, for the 6,737-square-foot condo in March 2000, according to land records in Montgomery County.
TTR Sotheby's International Realty Vice President Zelda Heller brokered the sale that set the record, last held by a condo at The Ritz-Carlton Residences in Georgetown, which traded in 2009 for $7.3 million. Heller said the Parc Somerset condo was privately marketed, and she spent just two days finding buyer, whose identity she declined to reveal. The sale has not yet been recorded.
Want to live next to the condo unit’s record-setting new owner? TTR Sotheby’s is also marketing a 3,400-square-foot condo in same Parc Somerset building for $3.2 million.