The National Association of Home Builders reported weaker than expectedconfidence in January, but apparently one builder in Potomac, MD didn't get the memo.
David Niroo, of Niroo Masterpieces, claims the luxury market is alive and well and ready to move in to the outskirts of the Washington, DC metro area. He's so sure that he's building a 32,000 square foot spec home, which he expects to price at $6 million when complete.
"People are realizing the value of Washington," notes Niroo, as we stood, freezing, in front of the monstrosity of a cement frame. "If you take this house, it’s 32,000 square feet, and you drop it in Aspen or you drop it in Jersey, it's at least double the price. So they can see the value and they can see the growth in this town."
Granted Washington, DC didn't take as big a hit as many cities during the housing crash, thanks to the constant support of government employment, but it was not unscathed. Out here in Potomac, there are dozens of mega-monstrosities that hail from a headier time in housing. Many are on sale at very reduced prices. Not only are enormous homes in less demand right now, they seem, at least to us plain folk, somewhat less in vogue.