With colonial architecture and an elegant atmosphere, it’s not surprising that many big names like Barack Obama, Jeff Bezos, and Jared Kushner have recently decided to move into the popular D.C. neighborhood, Kalorama. Currently, the neighborhood is a buyer’s market with a high number of active homes for sale, low crime risk, and a rise in the number of top-ranked businesses. We spoke to realtors Jim Bell with TTR Sotheby’s International Realty and Patrick Chauvin from Compass about what attracts buyers to the neighborhood, the best restaurants, and more.
What’s the typical buyer profile and has it changed recently?
Jim Bell: Self-made, self-employed, non-government, pretty wealthy, entrepreneurs, 3 million and up for the average price.
Patrick Chauvin: High net worth executives, White House Administration and Embassies. I don’t think the typical buyer profile has changed that much. However, it became more press notable when the Obama’s and Kushner’s moved in.
What’s attractive to buyers about the neighborhood?
JB: It’s very close to downtown, the White House, Capitol Hill, and Embassy Row – some people even call the area Embassy Row. I’ve lived here for over 20 years and I’ve found that its gotten younger. The average age in Kalorama used to be around 70 or 80 – now there are over 500 kids in the neighborhood with young families.
PC: The consistency of home values, many more detached homes and its walkability to the Connecticut Avenue corridor.
Favorite restaurant(s) in the Kalorama area?
JB: Latomate – It’s a restaurant that has been around for over 30 years and is extremely popular. Teaism is another spot that’s a popular tea house.
PC: It used to be Nora’s which has closed but I believe is being reopened with a new famous DC Restaurateur, who owns Rasika and many other restaurants in DC.
Can you detail a significant sale you’ve been a part of in terms of client popularity or exceptional sale price for the area?
JB: For privacy reasons, I can’t disclose that but there’s one individual who owns the largest car dealership in the country and his house sold for $2.8 million.
PC: I currently have the two highest sales in DC, which were both in Kalorama. One was an end user and the other was an Embassy.