The hot real estate market Downtown and Georgetown

effects and affects policies and assessments across the rest of the city, because the city is small, even if the conditions in the "hot" areas are much different than conditions in neighborhood commercial districts such as Takoma or Brookland.

According to the article, "Georgetown building sale sets record," the Washington Times:

The two-story building at 1329 Wisconsin Ave. NW sold for $6.7 million, or $1,597 per square foot.... The 4,195-square-foot building in Georgetown is fully leased to Jones New York's Easy Spirit and Bandolino shoe stores, which will remain in the space at least through 2016. The buyer, Sivan Properties of Manhasset, N.Y., said it purchased the building in the shopping mecca of Georgetown as a long-term investment.

"Georgetown is a unique, supply-constrained market catering to high-end retailers who are attracted to its affluent resident base, historic architecture, pedestrian-oriented environment and excellent transportation access," said Daniel Mermel, principal at Sivan.

Mr. Mermel said the company also bought the building for tax benefits.
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Why should a property in Brookland or Takoma be assessed as if it were to be owned by a national portfolio investor with multiple properties and multiple revenue streams and multiple objectives such as reducing taxes by pairing properties against others in a large portfolio?

Not to mention that the store is tenanted by a national company with brand building and promotion objectives that transcend this particular location, but drive the company's willingness to pay high rents at this particular location. See "Marcus & Millichap Brokers Sale of One of Washington DC's Most Expensive Retail Buildings."

Also see past blog entries:

-- Speaking of touristification
-- Is there a link between historic designation and chaining up of retail in neighborhood commercial districts?
-- Speaking of flawed tax assessment policies: Warehouse Next Door to Close