Could a $10.3M McLean Manor Go Rental?

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THERE IS TURMOIL in the local real estate market. While the D.C.-area bubble hasn't exactly burst as it has in other areas, homeowners and prospective buyers are feeling the pinch. Foreclosures are up in the suburbs. And all around, more and more condo developers are doing something that surely makes their stomach queasy: Converting their condos to rentals.

So getting your little piece of the American dream isn't as easy as Ditech.com or CondoFlip.com made it out to be, eh? What does all of this mean for the local luxury housing market?

Well, if you have a millions of dollars burning a hole in your pocket, you might want to feast your eyes on a McLean mega-mansion that's going up on the auction block later this month. As reported by the Washington Business Journal, the Georgetown Pike residence, complete with "eight fireplaces, two fountains, a sauna and a six-car garage with two bays for limousines," is currently assessed at $10.3 million.

However, since the place will be auctioned off, it's hard to tell how much it could sell for. In theory, the limousine bays could turn off people with sensible tastes and the place might not get any bidders. While Jack Boyle — the D.C. nightclub-owner-turned-concert-promoter who owned the mansion but never lived there — could make a nice profit on the place, in this uncertain real estate market, his McMansion could be a big liability. Could McLean Manor, as Boyle's place is called, be a candidate for rental conversion, just like View 14 on 14th Street NW, as a way to weather the current storm? (Do they even allow rentals in McLean?)

» "Area Suburbs See Rise in Foreclosures" [WaPo]
» "Many Buyers Must Try, Try Again As Condominium Market Shrinks" [WaPo]
» "Concert Promoter Changes Mind About Washington Area as Home Base" [WBJ]
» "The Cellar Door Is Gold-Plated" [Daily Swarm]

Photo courtesy J.P. King Auction House