Luxury homes: It’s all about the details
With its proximity to Washington, D.C., and a median household income of $125,583 according to the U.S. Census Bureau from 2018-2022, it’s not surprising that Montgomery County’s real estate market includes plenty of high-end homes. But what defines a luxury home? A swimming pool and tennis court? Not anymore.
For Sintia Petrosian of TTR Sotheby’s International Realty office in Bethesda, it’s about the grade of the appliances, the quality of the finishes, and the defined spaces—a formal living room, formal dining room and even a second kitchen.
“You can have a 5,000-square-foot home in a very desirable area, but only basic appliances and finishes, and I would not consider that a luxury home,” she says. Look for a kitchen with commercial-grade appliances plus high-end hardwood floors and tiles throughout the home, as well as an additional separate suite with a living area, private bath, kitchenette and sleeping area, Petrosian says.
Nicole Harriott, with The Sky Group of Long & Foster in Washington, D.C., agrees. “You want to make sure the interior design has appliances that are high-end, from the refrigerator to the stove to the microwave. The kitchen sells the house.
“It doesn’t have to be an eight-bedroom mansion; it can be a two-bedroom condo,” Harriott says. “It all depends: Does it have white oak flooring or just concrete flooring?”
Petrosian says she’s seen areas such as the Crown neighborhood in Gaithersburg and the Pike & Rose area in North Bethesda gaining footholds in the luxury market.
“They are coming in and building these luxury townhomes that are almost going for the same price as five- and six-bedroom homes in some neighborhoods,” she says.
Petrosian credits the “township feel,” with plenty of social amenities within walking distance. “People stay put and it’s convenient, so those neighborhoods are growing in the luxury market because of their lifestyle.”
For Harriott, Bradley Boulevard in Bethesda is “a hot commodity right now,” as well as Potomac. She credits the schools in the area as a big draw.
So what’s the most-requested amenity these days? “An elevator,” Petrosian says. “All my clients want an elevator. They don’t always need one, but they want an elevator. And they almost expect one in homes over $2.5 million.”
Staging: Showing buyers the best a house can be
Even during a hot real estate market, sellers can still use some help in attracting the most interest and the best offer for their home. That’s where staging can come in.
“We are big, big, big believers of staging,” says Larry Prigal of RLAH @Properties in Chevy Chase. Staging consultants advise clients about things such as what to keep, what to change and what to paint.
“In this market, things are selling so quickly either way. But I think [staging] gets more of a ‘wow’ factor and gets more offers and higher offers,” he says.
Prigal and his team pay for an initial consultation with a professional stager, with the client paying for furniture rental if they decide to professionally stage their home—usually between $2,700 and $3,000 for 30 days. Most focus on the main living area, kitchen and either the dining room or owner’s suite. Prigal says it’s also helpful to stage a room that has an undefined purpose. (Is it an office? A child’s playroom?)
For Jamie Coley, with Heller Coley Reed of Long & Foster in Bethesda, it’s about first impressions. “You’ve got one chance in showing the house in the best possible condition,” he says.
His team has an in-house stager who walks through the seller’s home “to figure out what to move out, put away, pack away, room by room to stage it.”
For vacant homes, Coley’s team uses a professional staging company, furnishing the living room, dining room, family room and primary bedroom, plus decorating the kitchen and bathrooms with colorful towels and lots of tchotchkes—which can run about $4,300 for 90 days and includes a consultation, setup, moving fee and furniture rental.
“It really makes a huge difference,” Prigal says. According to a 2020 survey by the Real Estate Staging Association, 85% of staged homes sold for 5% to 23% over list price.
Downsizing: Don’t get overwhelmed—get help
The kids are grown and out of the house. The thought of spending more time enjoying life and less time on housework and home maintenance beckons. It’s time to think about downsizing, an idea some may find intimidating.
“When people first start thinking about it, they become overwhelmed at all the stuff they have, and it stops them in their tracks,” says Jan Brito, founder of Capital Senior Solutions in Chevy Chase, part of Compass. Her team works with clients to help them through the entire process. “We act as a project manager from start to finish.”
They come in early (sometimes an entire year early) to help clients evaluate their housing needs, tour homes and senior communities, coach them and connect them with professional move managers, estate attorneys and others.
“The biggest thing that the downsizer needs help with is not so much the selling of the home, but what to do with all their stuff,” says Adam Isaacson of the Adam Isaacson Team at TTR Sotheby’s International Realty in Bethesda.
His team has a senior move manager who coordinates the process. It also partners with an elder law attorney and an estate attorney. “We’re a one-stop shop,” he says.
For those thinking of making the move, there are plenty of resources available.
Once a month, Capital Senior Solutions hosts a free Downsizers Club on Zoom. “It’s a small support group. They can talk with peers going through the same thing” and hear from “graduates.” An online “downsizing wheel” assigns homework each month, such as paring down kitchen utensils or organizing photos.
Isaacson’s team holds seminars at synagogues, libraries and churches. “It may seem overwhelming,” he says, “but if you hire the right team to help you through it, it can actually be a positive experience.”
This story appears in the March/April issue of Bethesda Magazine.