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Luxury brokerage Engel & Völkers has made its entrance into Washington, D.C., with a new shop located on 14th Street NW in the U Street Corridor, the company announced on Tuesday.
The D.C. office was born out of the firm previously known as GreenLine Real Estate and is led by License Partners Rick Foster, Tom Spier, Phil Di Ruggiero and Travis Gray.
Spier and Di Ruggiero founded GreenLine Real Estate in 2012 and have an office of about 20 real estate professionals who specialize in luxury and new construction across D.C., Maryland and Virginia. Foster also owns Engel & Völkers Annapolis and Engel & Völkers Ocean City.
“The DMV Corridor is a true global real estate destination, home to government officials, contractors, foreign diplomats and leaders in healthcare, education and technology, as well as all of the ancillary industries that underpin the regional economy and support D.C. as a hub for innovation,” Anthony Hitt, president and CEO of Engel & Völkers Americas said in a statement.
“It’s an important market in both our North American and global expansion, and I am confident that the experience, local market expertise and dedication to luxury client service that Rick, Tom, Phil and Travis bring to the venture will be welcomed by local clients,” Hitt continued.
Engel & Völkers Washington, D.C., will service neighborhoods in D.C. as well as Montgomery and Prince George’s counties in Maryland; and Arlington, Alexandria and Fairfax Counties in Virginia.
Properties in the region vary widely from luxury, high-rise condos to historic, brick row houses to large single-family homes and more. The DMV area has become equally attractive as a place to invest or live with a number of cultural attractions, including museums, parks, festivals and high-end dining and shopping.
“With major global organizations headquartered in the Washington, D.C. metropolitan area, many buyers with backgrounds in international relations, trade, business, finance and the arts initially come here for a job opportunity but stay or maintain a residence in the city thanks to the quality of life they find here,” Foster said in a statement.
“The power and recognition of the Engel & Völkers brand around the world is a huge advantage in our market. Capitalizing on the company’s strong referral network, we will be able to serve our clients’ local real estate needs while seamlessly connecting them with real estate professionals in more than 30 countries — all while knowing that the highest standard of luxury service will be upheld throughout.”
Spier added in a statement, “The real estate market in our area is very dynamic, with a constant influx of individuals relocating for work opportunities.”
“The ability to connect with like-minded real estate professionals around the country — and the world — to service these clients as part of the Engel & Völkers network is compelling. Furthermore, our team of real estate professionals will benefit greatly from the tools, resources and support provided by the brand, allowing them to reach their full potential and best serve our clients.
“I believe Engel & Völkers’ presence in Washington, D.C., will elevate the standards of the profession and quality of client experience across the region.”
As of March, the median sale price of a home in Washington, D.C., was down 3.7 percent year over year to $640,500, according to Redfin. During that month, 643 homes sold, down 31.7 percent year over year. Homes spent a median of 47 days on market which was up by 18 days from the same period last year.
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