Real estate market booming for secondary houses
Many people are looking to buy second homes after being cooped up during the pandemic, causing housing prices to rise. FOX Business' Ashley Webster with more.
Former first lady Jackie Kennedy’s one-time 9,339-square-foot mansion is on the market in Washington, D.C. with an asking price of $10 Million.
The astounding Georgetown estate is complete with eight bedrooms, 5.5 baths, high ceilings and elaborate moldings. Built circa 1805, the property retains original detailing and sits on a rare 0.38-acre lot including multiple terraces, enchanting gardens, and its very own in-ground pool.
Former first lady Jackie Kennedy’s one-time 9,339-square-foot mansion is on the market in Washington, D.C. with an asking price of $10 Million. (In-house photographer at TTR Sotheby's International Realty)
The property, named the Rigg-Reily house, is listed with Michael Rankin of TTR Sotheby's International Realty. Rankin told FOX Business that "this is one of those generational houses that don’t come on for a long time. It's really a terrific opportunity for somebody."
Once owned by international power couple W. Averell Harriman and wife Pamela Churchill Harriman, the house was then assumed by Jackie Kennedy. According to the Library of Congress, she moved in with her two children John Jr. and Caroline following the assassination of President John F. Kennedy.
The home has a rich history of prominent proprietors entertaining Washington elites with big elaborate dinner parties and political fundraisers hosting former presidents and even The Beatles paying a visit to the home.
JOE BIDEN'S DELAWARE BEACH HOUSE: WHAT TO KNOW
The Georgetown estate is complete with eight bedrooms, 5.5 baths, high ceilings and elaborate moldings. (In-house photographer at TTR Sotheby's International Realty)
The Riggs-Reily house sits about 500 hundred feet away from Martin’s Tavern, the acclaimed Georgetown establishment where JFK proposed to Jacqueline Bouvier in Booth 3, now called the proposal booth, in 1953.
Rankin shared that there aren’t many "properties of this size in this providence for very long, people hold on to [them], they don’t turn them over very often." He has high hopes for the property and "expects someone will really work hard to get it."
The home has a rich history of prominent proprietors entertaining Washington elites with big elaborate dinner parties and political fundraisers hosting former presidents and even The Beatles paying a visit to the home. (In-house photographer at TTR S
U.S. cities are seeing up to a 20% increase in buying with the cost of homes in the United States hitting a new all-time high in May for the fourth consecutive month.
Kyle Meeks, a real estate agent professional in the luxury real estate market at TTR Sotheby's International Realty, told FOX Business that the market is extremely competitive, and the majority of properties are going into multiple offers.
HOME PRICES REACH NEW HIGH IN MAY AS GROWTH PACE SLOWS
He attributed the buying pattern to the "pandemic effect" sharing that "low interest rates have brought a lot of people out and they're trading up, people want more space and they're working from home" which is causing a lack of inventory of homes.
Meeks predicted that "as people start traveling and they become vaccinated…I don't think we will see a crash…we will see the condo market come down and the single-family home market cool off."
Built circa 1805, the property retains original detailing and sits on a rare 0.38-acre lot including multiple terraces, enchanting gardens, and its very own in-ground pool. (In-house photographer at TTR Sotheby's International Realty)
The Riggs-Riley house was listed the first week of June and buyers have already shown great interest.
"Georgetown is a very active market right now and it's very much a seller's market" Meeks said.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Jackie Kennedy’s Washington home is the latest Kennedy property to be listed. According to AP, Jackie’s summer house on Martha’s Vineyard sold last September for $27 million to non-profit organizations with a plan to turn the property into public conservation land. The East Hamptons home where Jackie learned to ride horses, recently listed this year, remains under contract for over $6.9 million.
