In the world of luxury real estate, closing a deal can be as nuanced as it is unforgiving. Here’s a look at how a top agent in Colorado closed a $60 million home sale while simultaneously managing a $51 million purchase of another nearby property, all for one customer.
WHO: As a long-time Vail Valley resident, Liz Leeds of Slifer Smith & Frampton Real Estate knows all things Aspen intimately, especially when it comes to its homes. After handling some of Vail Valley’s biggest sales, the luxury specialist continues to be one of Colorado’s most sought-after real estate agents and consistently ranks among the state’s top producers.
The what: Located at the base of Aspen Mountain, on the edge of downtown Aspen, the approximately 16,700 square foot estate is outfitted with just about any luxury amenity space you can think of: a wine cellar, indoor swimming pool, spa, golf simulator, bowling alley/shooting range and turnstile garage, to name a few. The seven-bedroom mountain mansion is preceded by a 40-foot lobby with a 30-foot waterfall wall. Windows span a variety of shapes and styles from floor to ceiling, creating light-filled homes and spectacular views.
The OR : There may be no hotter market in the Upper Valley than downtown Aspen. With prices per square foot as high as $6,100, the area has seen a number of record sales over the past two years. Proximity to Aspen’s action like festivals, markets, and nightlife is one of the area’s top attractions, along with easy walking access to the many restaurants, shops, and event spaces. Ute Avenue, where the house is located, spans the most secluded outskirts of town and is home to some of Aspen’s largest and most expensive properties.
The How: Initially not on the market, the sale of the mountainside estate was only considered after an unsolicited offer aligned with the owner’s minimum price, says Leeds. “It was definitely not a negotiation situation. My client said she would sell it for a certain amount and was not interested in selling it for less. And so we received a full price offer. At the same time, Leeds was also responsible for representing the same client in the purchase of his new home, a 15,000 square foot residence in Aspen Park. “It was kind of a juggle. It was all happening simultaneously and in the end they both closed within a day of each other,” Leeds explained of the $111 million swap.
Present time : As inventories remain low, markets in Aspen and Vail Valley have become sellers’ markets for textbooks. Despite the resulting price hike, Leeds says it is still seeing steady demand. “I’ve seen buyers get 10, 15, 20% appreciation in the last two years alone. So you think that would mean prices might start to get out of reach for some people, but in the markets luxury, we continue to see moderate growth.
Slifer Smith & Frampton Real Estate is a founding member of UKTN Global Propertiesa consumer marketplace and member network of elite brokerages selling the most luxurious homes in the world.