Top of the Market: Price dropped $1.2 million
special to the daily
The top of the market is changing. I made that statement last time and want to reinforce it from a different prospective today. Yes the title says a $1,200,000 price drop. That is almost double the price of the average single-family home in Summit County. Seems crazy until you dig deeper.
In the first week of real-estate broker training school you are taught that the market value of a piece of property is determined by what a willing seller and willing buyer agree upon. Appears simple. The difficult part is determining what that figure is. And this is especially complicated at the top of the market where there are fewer buyers and every property is one of a kind. We, the Realtors that market these elite properties, use about a half-dozen different methods to determine the marketing price then we confer with the seller. Together the price is set.
In the case of 31 River Overlook Court, Keystone the price was set at $5,700,000 in May 2009. This year the price was dropped to $4,500,000. So what makes this property worth so much? It is one of the larger homes in the County at 9,000 square feet with eight bedrooms. Of course in this price range the size is just the start.
The quiet beauty and privacy of this mountain retreat perched over the Snake River on just shy of an acre helps the value. In Summit there are only a handful of other homes built of such exceptional quality that have a deck large enough for entertaining groups which takes advantage of the tranquility only the ambience a river can provide.
The artistry of the finishes can be seen in this photo of the great room. Take note of the copper around the fireplace, the finish above the mantel, the detail in the railings and the log accents that combine to create that idyllic mountain feeling. Due to this attention to detail and the design the home feels very cozy even though it is large. Yes a 9,000 square feet home that is cozy. The list of features that adds to the uniqueness of this home goes on and on. Just about the only thing the home is missing is a private helicopter pad.
Who might be that “willing buyer?” Possibly a corporation, a large extended family and/or those that enjoy a home that combines the benefits of a retreat with the warmth of a mountain getaway.
Daniel Webster Johnson is a Broker Associate at Resort Brokers Real Estate. He can be reached at (970) 393-3300, daniel@YourMountainBroker.com, on facebook, twitter or at http://www.YourMountainBroker.com
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