There is no question that the luxury housing market has been hit hard by the recession. People in this price range lost plenty of money in the market, investments, and may have lost their jobs and or their retirement plans. As such, some people had their ability to buy high-end homes and had disposal income taken away. Today, those people who still have the ability to buy luxury homes are looking, but I notice a trend that they are really looking at unique homes.
That makes sense. Let’s face it: there is a smaller pool of buyers in the luxury market place than ever before and as such, if they are going to spend their money, chances are they are going to spend it one of two ways: 1) on a property that is a real deal, or 2) on a unique property.
Finding a property that is a real deal is not too hard to do these days so let’s tackle the latter and talk about unique properties. As of late, I have seen more and more activity on properties that are really one-of-a-kind. For example, finding a home on the water in Colorado is no easy task. There is a luxury home in Larkspur, Colorado that has its own 25-acre water skiing lake. It’s stocked with trout; the home is 6500 sq. ft. of luxury on 35 acres with a barn, greenhouse, and outbuilding. It has a 17,000-gallon koi pond, a boat launch, and 2000 ft of sandy beach. Now that’s a unique property and as such, people are looking at it.
Land is a tough sale these days, but if it’s unique with a spectacular location, it will get some showings. For example, there is a 154-acre parcel for sale in Colorado Golf Club. The reason why this is unique is it’s the largest parcel of land available in the prestigious Golf Club and it’s the only one of this size. It has magnificent views of the front range from every angle, views of Betts Lake, and the golf course. It’s set up to be the perfect equestrian site and truly qualifies as a unique property for someone to build their dream ranch.
In Sedalia, Colorado there is a home that’s 12,000 sq. ft. on 10 acres, but what makes it unique? For starters, it backs to 400 acres of open space. That qualifies as never having someone in your backyard. It also has a large unfinished space with 20-foot ceilings that would make the perfect indoor basketball court, squash/handball court, or a real stadium-style theater.
Recently, the Wolfe Team at Fuller Sotheby’s International Realty had the Phipps Mansion for sale and that went under contract right away. Obviously, that historic landmark more than qualifies as a unique property, but emphasizes that even in this market there are buyers for luxury properties particularly if they are unique.
There are lots of stories around Colorado about unique properties. Feel free to drop me a note about yours and I might just write about it.
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