WASHINGTON — Several of President Donald Trump’s well-heeled appointees deployed some of their wealth to purchase multimillion dollar homes in the District, and those purchases had an acute impact on the luxury market in the nation’s capital.
[related_gallery align=”right”]Real estate firm Redfin said the average price for a luxury home in D.C. in the first quarter was 32.6 percent higher than then average price of a luxury sale one year earlier — by far the largest year-over-year jump in any metro area in the country.
Secretary of Commerce Wilbur Ross paid more than $10 million for his Massachusetts Heights home and Treasury Secretary Steve Mnuchin purchased his nearby home for $12.5 million, according to Redfin.
Typically D.C. records only a few $10-million sales in any given year.
Secretary of State Rex Tillerson paid $5.5 million for his Kalorama home.
Those three high-dollar sales alone in the first quarter boosted the overall luxury price point for the entire city to just over $2.7 million. Compare that to the average sale price for the bottom 95 percent of D.C.’s housing market: $570,000
Ivanka Trump and husband Jared Kushner also occupy a Kalorama home that sold for a reported $5.5 million, although it is believed that they are renting that property from its current owner.
