Most people hold a view of the Washington, D.C., metropolitan area as Georgetown and the quiet Maryland and Virginia suburbs, the home of lawyers, political staffers and retired government workers.

But the days when Montgomery County in Maryland and Arlington or Fairfax Counties in Virginia existed only as a giant bedroom for the Capital are over. A large percentage of people work in Virginia and Maryland, two very high-tech and business-friendly states.

The District is also undergoing a renaissance, where entire city blocks are being revitalized and reinvented by a new generation of homebuyers. Dupont Circle, Logan Circle, U Street Corridor and Capitol Hill are the “hot” new places.

Currently, the highest-priced condo is in a new development on Prospect Street in Georgetown, where a four-bedroom, four-bath unit is listed at $4.4 million.

Going north toward Embassy Row, on Massachusetts Avenue, the mood (and pricing) is changing with a 10-bedroom elegant mansion offered at $18 million.

In short, luxury home prices have proven to be resilient, with a constant movement of local and foreign buyers.

Despite a growing interest in Asia, U.S. real estate has risen to the top of the global property market among foreign investors, with New York City and Washington, D.C., as the top two global cities for foreign investors’ real estate dollars, according to an Association of Foreign Investors in Real Estate survey.

—Angela Eliopoulos, The Global Owner Team, DC-MD-VA-International, Georgetown Long & Foster Realtors

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