Washington, DC, is the capital city of the United States of America and one of the world’s great destinations to live and visit. More than 700,000 residents live and work in Washington, DC, while enjoying ethnically diversified neighborhoods, a vibrant culture, and the White House, among others.
If you’d like to buy a luxury home in Washington, DC, perhaps you’re asking, which is the coolest neighborhood in Washington, DC? Well, here are some of the best places to live:
- Cathedral Heights
- Kalorama
- Cleveland Park
- Columbia Heights
- Foggy Bottom
- Woodley Park
- Thomas Circle
- Adams Morgan
- Dupont Circle
- Mount Pleasant
Here is a summary of each of the mentioned neighborhoods:
Cathedral Heights
Cathedral Heights is one of the affluent residential neighborhoods of Washington, DC. It offers a quiet and suburban character, which makes it unique compared to other neighborhoods. Cathedral Heights serves as a gateway from the city with a refreshing escape for anyone considering privacy and space. Some of the notable sights include:
- Washington National Cathedral
- The American University Museum
- The Kreeger Museum
- Newark Street Dog Park
Cleveland Park
Cleveland Park is a popular choice for anyone looking to live in a neighborhood with a more residential aura. The neighborhood also offers an urban feel as well as exciting nightlife, which implies something for everyone. The area is decorated with highly-rated public schools, so it’s a great place to settle and raise a family.
Popular sights in Cleveland Park include:
- The Cleveland Park Public Library
- AMC Uptown 1 Theater
- Rock Creek Park
- Cleveland Park Bar and Grill
Columbia Heights
Columbia Heights is popular for its convenience and practicality. The neighborhood embraces a multicultural community that offers an active lifestyle for anyone looking for a home in an area with an urban, upbeat ambiance. Popular restaurants and great attractions characterize Columbia Heights:
- Mexican Cultural Institute
- GALA Hispanic Theatre
- The Dance Institute of Washington
- Farmers’ Market
Foggy Bottom
Foggy Bottom is centrally located near the White House and the Department of State. The neighborhood is beautiful, an art hub, and dotted with cultural and social attractions. Importantly, Foggy Bottom is a cosmopolitan community with people from all over the world.
Outstanding attractions in this neighborhood include:
- The Art Museum of the Americas
- Rock Creek Park
- The Kennedy Center
Woodley Park
Woodley Park is an ideal neighborhood for anyone looking to escape the regular hustle and bustle of the city. Located in a quiet suburb, the area features lots of trees and local amenities. It’s also close to the National Zoo and offers easy access to the city. Overall, Woodley Park is a refreshingly perfect hideaway for anyone who prefers an active yet reserved lifestyle.
Here are its top attractions:
- Duke’s Counter
- Petits Plats and Tono Shishi
- Rock Creek Park
- Meridian Hill Park
- Anderson Home Museum
- Washington National Cathedral
- Madam’s Organ Blues Bar
What to Know Before Buying a Home in Washington, DC
While Washington, DC, may be a perfect location for establishing a home, homebuyers should note a few things about the area, especially if you’re new to the area. Here are some of the factors to consider when buying Washington, DC luxury homes:
It’s a competitive housing market
One thing to note when looking to buy a luxury home in Washington, DC, is that it’s expensive. According to research done by Redfin, the median sale price for Washington, DC is $709,000, which is way above the median sale price for homes in the US, which stands at $377,000. First-time homebuyers may need to wait longer and consider settling for smaller spaces than they would elsewhere in the country.
Property Disclosures are key
If you’re considering buying a luxury home in Washington, DC, home sellers are legally obliged to provide a complete property disclosure. This requirement is meant to inform the buyer of everything they need to know about the condition of the home, such as the condition of the roof, as well as the working status of the appliances, such as washing machines, dishwashers, and others.
However, buyers should be aware that if they’re buying a home closer to Washington, DC, instead of directly inside it, the laws surrounding property disclosure are likely to change. For instance, in Virginia, the seller does not hold any legal responsibility to reveal anything, making it a “buyer beware” state.
The city is old, so are some homes
Washington, DC is one of the oldest homes in the US, so if you’re buying a home there, expect some old properties too. According to an interactive map obtained through the National Trust for Historic Preservation, some properties in Washington, DC are even more than 100 years old.
Buyers targeting older homes should check the following before buying:
- Foundation issues
- Roofing status
- Basement
- Plumbing and electrical
- Lead paint
- Radon gas
The truth is that older properties require more maintenance than newer homes, which is why buyers should work with experienced local buyer agents. Such experts can point out the issues with potential homes so buyers can make offers according to their present conditions.
Relatively lower property taxes in Washington, DC
When buying a property in Washington, DC, the residential property tax rate is one of the things to consider. The tax rate on residential properties in the DC area is $0.85 per $100 in assessed value. So, if you’re buying a home worth $500,000, you should pay $4,250 in property taxes.
Importantly, the average effective property tax rate (after deductions and credits) is charged at 0.56%, which is relatively lower than the rest of the US. Therefore, for a home worth $500,000, you should pay about $2,750 in annual taxes.
Final Thoughts
When buying luxury homes in Washington, DC, you should settle for a neighborhood that is good for you and your loved ones. You should consider safety, great vibes, and accessibility.
The DC Team at Long and Foster is a trusted agent to hold your hand when buying a home in the DC area. The company’s Luxury Real Estate listings in the Washington, DC, area consists of multiple luxury homes, apartments, vacation homes, and more.
