Inside the Project: Hidden Gem to High-End Home
This new construction project started as an empty lot covered in trees that was easy to pass right by without noticing, however it was located in the highly sought-after Palisades neighborhood of DC that brings high sales prices — almost always in the $2 Million+ range. The difficulty with new construction projects isn’t in the construction process itself but in the research, planning, and strategic pricing.
Our borrower had plenty of high-end comparables to use when developing a pricing and construction plan, and they wisely chose to fill the middle segment of the market — lower than the closest $4 Million+ comps and higher than the closest $3 Million comps. With their pricing strategy in place, they only needed to design and execute the construction portion at a high-end level without over-building.
Inside this luxury home, our borrower chose to incorporate high-end features such as custom trim work, built-in storage, and oversized, custom windows strategically placed to let in natural light without decreasing the feeling of privacy from neighbors.
The styling maintains a high-end feel while keeping traditional architecture and design, meeting the “middle section” of the luxury DC marketplace and casting a relatively wide net of buyers at the price point.
Some of the most notable features of this home are the 10-foot ceilings, custom walnut shelving and storage, owner’s suite fireplace and lounging area, smart home features throughout and SONOS surround sound system, and Thermador appliance suite. All these strategic features and materials came together to produce a gorgeous $3.7 Million home that went under contract in just one month at full price.
Need funding for your next new construction project?
Need funding for your next new construction project?