REAL ESTATE UPDATE
I must admit that the market is truly nuts right now. A few years ago, our top local appraiser coined the phrase “the billionaire effect." Obviously, not all our buyers are in that category, but the surge in dollars spent is stunning. For example, I did my entire winter business calling long time friends and past clients asking them:
1. Do you want to sell for a stupid price?
2. Do you want to move up or down?
3. Are you ready for warmer weather and/or a lower altitude?
This is what happened:
1. My friend owned a Monarch on the Park penthouse chose to sell and we closed at $17,350,000 at about $4,800 per sq ft.
2. Then, I sold that Seller a single family home on E. Cooper, a few blocks from the gondola for $10,000,000 at about $3,100 per sq. ft.
3. Next, I found a marvelous, larger single family home for that family at $14,250,000 or about $3,100 per sq ft.
4. I als0 called friends in Mountain Valley who now spend winters in Palm Springs and they agreed to sell their lovely home at $6,400,000 AND
5. They purchased a home listed on the MLS on a beautiful golf course in mid-valley for $2,650,000!
There are even crazier stories such as the Tommy Hilfiger home on Aspen Mountain that he bought at Christmas for $31,000,000 and re-sold for $50,000,000 in March.
SO, WHAT does this mean for you who may want to buy or sell this summer? It seems like Sellers could still be in the driver’s seat-EXCEPT- even though most our Buyers pay cash--- with interest rates rising that could affect business loans, so we could see some correction in the market, even from the uber wealthy. I also believe that the Covid buying people from big, exciting cities, could find us “boring” year around. So, they may want to sell.
For Buyers: I have been very successful this winter finding unlisted property which I will continue to do. I do think there may be a few opportunities- especially mid valley based on what I stated above. Give me a call or email with your thoughts. You know, I LOVE THE CHALLENGE!
