While George Soros is enjoying "a very good crisis," he is not alone. As work proceeds on 46 custom homes in the Palisades, at least some new home buyers are paying nearly $2m for a development of custom-built, embassy-sized homes in Northwest Washington DC. The Phillips Park development - overseen by international businessmen William Pryor and Felipe Paraud - will be delivering 46 "estate homes" with sprawling 9,000 to 17,000 square foot lots near the intersection of Foxhall Road and W Street, NW over the course of the next year.
Proof positive that not everyone is suffering, twenty-two of the available lots are already under contract, according to the real estate agent representing the project, Long and Foster's Susie Maguire. The custom-built homes themselves will measure in at 4,500 to 9,000 s.f. and sport designs from variety of architectural firms, including Barnes Vanze, David Jones, Muse and Neumann Lewis Buchanan. Priced from $1.5m, the homes began sales a little more than two years ago,
Phillips Park’s big price tag is in keeping with the parcel’s prestigious former use; it was formerly the site of “Dunmarlin,” a 26-room, 17,000-s.f. mansion owned by philanthropists Duncan and Marjorie Phillips - best known to metro area residents as the patrons behind the Phillips Collection art museum in Dupont Circle.
The historic mansion was controversially demolished following its sale to Saudi businessman Rafik Harir in 1988. At the time, its $13 million price point was the largest sum ever paid for a residence in the District.
As the development is custom-built, construction is ongoing, but the first few homes sold will begin to deliver later this month. Gibson Builders, Horizon Builders, O’Neill Development, Lifecraft Builders and MB VISNIC are all serving as contractors on the project. Financing is provided by ING Direct. UPDATE: Palisades Park is a shared listing between Long & Foster and the firm of Arnold, Bradley, Sargent, Davy and Chew, Inc.