The Washington, DC real estate market has been on an unbelievable tear for the last 10 years (maybe more) and during the early ’00s it seemed to be particularly hot.  One of the reasons Celeste and I sold out in the summer of ’04 to come to North Carolina was that we figured the market couldn’t go much higher.

I was in DC last week and stayed with some friends who own property in my old neighborhood and after listening to them I’d say that the market there (about 30 miles south of DC) has definitely cooled off some, but that’s a relative term.  Anyway, in downtown DC the market still seems to be steaming along, if this little blurb from the Business Week real estate blog is any measure:

Tip of the cap to one of the posters on our popular "Washington D.C."
thread… for spotting this listing on Craigslist. An 830-square-foot apartment in Georgetown where the seller is asking…$707,000!

That’s $852 per sqaure foot.  He’ll never get that (I don’t think) but only in places like DC or NY could you even dream of it.