Golf club cabin sale sets record for Basalt
BASALT – The record high sale for a single-family home was set in Basalt two weeks ago despite the recession.A deluxe cabin at the Roaring Fork Club sold for $5,795,000 in a cash deal that closed July 30, according to Ted Borchelt, who co-listed the property with Jana Dillard. Both real estate agents are with Chaffin Light Real Estate.”There are buyers out there looking for great deals and buyers looking for very unique properties. This was one of the very unique properties,” Borchelt said.The Roaring Fork Club, a private golf and fishing development, was approved by the town of Basalt in the 1990s with a 2,500-square-foot cap on the cabins. The cabin that just sold was an exception. It was approved as an addition to the club and didn’t have the same restriction. The three-bedroom, 3 1/2-bathroom cabin is just shy of 3,800 square feet. A one-bedroom, one-bathroom guest cabin came with it. They sit on 2.5 acres adjacent to the sixth green and along the prime fishing habitat of Spring Creek.”This is head and shoulders over the other cabins,” Borchelt said.The cabin was on the market 441 days before it sold, at an initial asking price of $6.75 million. The seller lowered the price to $5,995,000 after the economy tanked last fall, but he was patient to sell it because he knew he possessed a rare property.”We had an incredible amount of interest,” Borchelt said. “I think we had six offers over” 14 months.Some of the buyers backed away because the cabin came furnished in a style they didn’t prefer. The family that bought the cabin liked the decor.Although the sale price was slightly below the asking price, it was still at a very strong level of $1,533 per square foot.Borchelt said his search of records indicates the sale of the cabin was the highest single-family home sale price in Basalt proper. A single-family home on Ridge Road sold for $3.4 million in March. Some sales of properties up the Fryingpan Valley, outside of the Basalt town limits, have been higher.The transaction hasn’t been recorded yet with the Eagle County Clerk’s Office, so information on the seller and buyer wasn’t available. Borchelt would only say that the seller was from Georgia and the buyer was from Houston. Stephanie Williams, also of Chaffin Light Real Estate at the Roaring Fork Club, represented the buyer.Borchelt said he wasn’t ready to proclaim a drastic shift in the midvalley real estate market based on this beefy sale. He said buyers are still cautious and waiting to see if prices have bottomed out. Activity is still generally slow, he said.Mark Kwiecienski, a real estate agent with Fleisher Land & Homes in Basalt, agreed that the midvalley real estate market is still feeling the effects of the recession. However, one “bright spot” has been the sale of new or remodeled homes in Basalt in the $1.25 million to $1.9 million price range.Three homes in that price range have sold in the last two months, and another is under contract. A contract for a fifth house in that price range apparently fell through recently, he said. In the prior nine months, only two houses in Basalt sold for between $1 million and $2 million.”This is as close of a trend in the market that I’ve seen,” Kwiecienski said, referring to the market after the recession hit full force.He believes Basalt has a “gap in the market” in the $1 million to $2 million price range – for a couple of reasons. Land prices soared so high during the pre-recession real estate boom that it was almost impossible to offer a house for less than $2 million. In addition, very limited new product was available in Basalt outside of Willits. There was very little speculative building occurring.By Kwiecienski’s count using Multiple Listing Service data, there are 15 single-family houses eight years old or newer listed for sale in Basalt in the $1 million to $2 million price range. The recent activity in that price range may indicate that the bottom of the market has been hit in that realm.”Somebody’s thinking they better get those now,” he said.The only other recent midvalley trend Kwiecienski has noticed is the sale of houses in the $550,000 range, notably in Blue Lake subdivision. Kwiecienski believes first-time buyers are taking advantage of tax advantages offered as part of the Obama administration’s stimulus email@example.com
Support Local Journalism
Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.
User Legend: Moderator Trusted User
Case numbers for COVID-19 are rising in Eagle County, and just about everywhere else. To save the new ski season, Vail officials are taking new measures to slow the spread, limiting virtually all gatherings to…