Sun Valley Property News July 2014

Mountain Manors
by Sheridan Brett

Since the resorts opening in 1936, Sun Valley has been a haven for celebrities and the ultra-wealthy - a place to reconnect with family, enjoy the outdoors, gain some much needed relaxation - essentially get away from it all. Almost eighty years later, Sun Valley, Ketchum, and the Wood River Valley still offers those things, as well as world-class cultural events like lectures, exhibits and concerts, wonderful schools, great dining, and shopping. It seems no matter how many great events come to the valley, however, the main pillars of our community remain unchanged: family values, outdoor recreation, and seclusion. 
The property market in the Wood River Valley, like around the country, has suffered dramatically in the last decade. Residents here saw the only market performing to be that of under $1,000,000, homes were up for sale everywhere, and staying on the market for much longer than comfortable for buyers and realtors. With a market resurgence country-wide currently, our areas performance is accelerating with a vengeance. In the last year, sales in the high-end market have begun to show a powerful resurgence, as the purchase rate in the higher price range has seen improvement, and some unique and rarely available properties have hit the market. 
The buzz about town is one of positivity and excitement, and the community of realtors and brokers in town are all whispering one thing: this could be the summer of high end Sun Valley Real Estate. SVPN did a roundup of the most covetable and rock-star properties on the market, chatting with realtors about what their opinions were about the summer that lies ahead. Read on for an inside view of the spots that may become home to the next generation of movers and shakers. (See full text below thumbnails)

Barbara Burnell Syrdal
"Elevation 6000”
310 Sage Road #3
Ketchum, ID, 83340
$5,200,000

Elevation 6000 is for the ski bum all grown up. With amazing luxury living and artistic design elements, you have one of the best views of Baldy in town and can still walk to the Warm Springs ski lifts. 
The exterior stone, and concrete  construction on the four units at Elevation 6000 was completed in 2008, and all had been spoken for at that time, but the economy faltered and two came back on the market.  With the recovery taking hold, the owner is now completing the interior of one of these unique homes. A faith in the market is returning as this investment shows. Furthermore, there is new energy in the area, with Sun Valley undergoing a major renovation with the addition of a spa, and airport service ever-expanding. 

Janis Fulton
102 Sheep Meadow Ln and 105 Boulder View Ln, 
Beaver Springs, Ketchum, ID
$8,500,000.

Being a resort community with home buyers from the four corners of the US and further abroad, we have the unique opportunity to experience first-hand the improvement of the real estate market, as we benefit when a market improves even if it is not local or even regional. The outlook is very positive here in the valley, with a lot of appealing inventory available, however, I do not see these properties staying listed longterm, as savvy Buyers may well look back at summer 2014 as the time to buy!
Even the realty community has been incredibly impressed with Bronfman Estate listing shown here, some exclaiming that even they had no idea a property like this could exist in the City of Ketchum. The parcel stretches from Baldy to the Boulders, with surrounding unbuildable land and proximity to Ketchum and Sun Valley. This intersection of complete privacy and convenience is seldom possible.  

Mike Sampson - Sun Valley Sotheby’s International Realty
723 Fairway Rd
Sun Valley, ID
7,000,000 - 10,500,000

The Zanuck Estate (you may remember the name in connection with such films as ‘Cocoon’ and ‘Driving Miss Daisy’), is a truly unique Sun Valley Fairways Property – a warm and inviting 7570 square foot, five bedroom timber and stone home, available with or without an adjoining build-able lot. The home has the classic Sun Valley accouterments, including the Baldy view, with overlooks of the 8th Fairway and Trail Creek, is bordered by open space, and has access to the resort’s guest amenities.
The pace of sales on Sun Valley’s Fairway Road and other exclusive neighborhoods in the valley is availability.  Houses are rarely on the market, and there are no vacant lots to build on. In the last few years, as soon as one of these choice lots hit the market, they have been scooped up. This is the first time in over 30 years that the Zanuck property, consisting of not only a lot with home, but an additional build-able lot, have been on the market, and I look forward to seeing what happens when this amazing property is claimed. 

Summer Bauer - McCann Daech Fenton LLC
201 Owl Rock Rd
Ketchum, ID 83340
5,800,000

This artisan-built stone and glass luxury residence with seamless indoor/outdoor living, and over 16 private acres with tranquil stream and views, is one of a handful of estates in the gated canyon adjacent to Bald Mountain. The home is simply stunning. 
Today, time is a premium. Sun Valley, a haven for cultural and recreational opportunities, is a place where homeowners have a priceless opportunity to rejuvenate and connect with loved ones. Time can stand still, albeit temporarily. Also, development can only spread so far, and seclusion and privacy are not going anywhere. That is what makes the Sun Valley market, and in my opinion the strength of its future in this luxury price range, sustainable. 

Pam Rheinschild - Sun Valley Sotheby’s International Realty
207 Broadway
$5,495,000

A thoughtful design and open floor plan accentuate the contemporary lifestyle while maximizing views of the Big Wood River and Baldy framed with abundant sunlight at this Broadway home. Plenty of space to entertain and close to everything, it is impeccably maintained and beautifully finished.
With West and East coast cities experiencing recovering real estate markets; this summer could be the year Sun Valley sees a renewal of interest in the highest end resort homes. Declining inventory and limited exclusive site locations will create demand for those perfect homes with perfect characteristics: waterfront settings, dramatic views, privacy and proximity to resort amenities and cultural activities seem to define the criteria for luxury resort buyers. Enhanced and expanding air service opportunities are also enabling higher end buyers to have easier access to our community.
 
Eeva Turzian - Sun Valley Sotheby’s International Realty
508 North Canyon Run Blvd.
Ketchum, ID
$8,895,000

This beautiful mountain log home is classic ski retreat meets entertainers paradise. A private backyard, movie theater, fire pit, hot tub, billiards, ample room to relax and entertain, and plenty of sleeping room for guests. It definitely has the ‘wow’ factor.
I am really optimistic about the high end market over the next few years. As compared to our other ski resorts, Sun Valley has a quality of life second to none. The new airport service will make coming and going more convenient, while it will never be overcrowded because we have a limited amount of private land to buy, with forest service land surrounding us.

Tom Drugas - Sun Valley Real Estate
8,575,000
200 Prospector Road 

Modern architectural sensibilities, aesthetics, and sustainability are clearly dominating the new construction in Blaine County, and this essentially brand new home is a rare and stunning property, taking full advantage of the location adjacent to hundreds of acres of open space with convenient location to all resort amenities.
During the Great Recession very little new structures were built in Blaine County, developing a lag in addition of new state of the art residences  At the same time, there have been almost no new land developments.  As demand has increased, the supply of properties that satisfy the requirements of a highly discriminating buyer has been diminishing — the value line will be determined by the quality of new property that comes on the market. Right now, it is looking good. 

Mike McCann
Eagle Creek Estate
$6,5,000,000

The basic tenet for the high end market outlook is that Buyers will start restructuring how they invest as they see home value projections rise. As people start investing in real estate again, we will see this tier of properties available disappear, as second and third home owners will view this as a major opportunity. 
The Eagle Creek Estate shown here has just had a million dollar price drop, and sits on over 4 acres with water rights bordering National Forest land. With amazing attention to detail, the log home itself took seven years to build. With the price drop, this property is primed to sell. 

Janine Bear - Sun Valley Sotheby’s International Realty
157 Aspen Lakes
Hailey, ID
$8,800,000

The river is a stone’s throw away on this exquisite estate located on a thickly wooded 20 acre property.  The architecturally pleasing home is situated on the Flying Heart Lake with multiple ponds, flowing streams and a splashy custom pool with waterfalls. With six bedrooms, surround sound, an amazing pool, paver driveway and lush landscaping, this property is a true oasis and defines ‘your own private Idaho’.