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Looking at the most recent statistics for Blaine County real estate sales, a number of interesting trends appeared in the first quarter of 2014.
The most notable news items appear to be the return of the luxury real estate buyer in the Sun Valley resort area. In 2013, there were 13 sales in excess of $1 million during the first quarter. In 2014, there were 19 sales in excess of $1 million during the same 3 month period, including seven closings with sales prices in excess of $2.5 million. Those seven sales in excess of $2.5 million in the first quarter, exceeds the annual total in 2013 when six properties in this price range sold. Moreover, an additional six properties in this price range are currently in escrow and due to close in the coming weeks.
Another real estate trend worth noting is the return of new construction into the marketplace. Last month Sun Valley Company announced plans for the construction of 32 townhomes on Diamondback Drive, which is located on the western edge of the White Cloud Golf Course. Construction begins this spring with occupancy projected by Fall 2015. Prices range from $1,225,000 to $1,500,000 for two and three bedroom units. Another development in the early design stages calls for seven new townhomes to be built in downtown Ketchum on First Street at the site of the old Sun Valley Athletic Club. Further south several new residences are slated for construction in Streamside, located in the Valley Club. City building officials in Hailey and Bellevue also report a surge in building permit applications, for both new construction and remodels.
Speaking of new construction, starting this month, Sun Valley Company is embarking on construction of a new 20,000 square foot full-service spa and salon that will provide resort guests and local residents with access to new health and wellness treatments and activities. The spa will adjoin the Sun Valley Lodge, offer private treatment rooms, men’s and women’s locker rooms with steam and sauna facilities, relaxation lounges, a yoga studio and fitness facility. In addition, the Sun Valley Lodge will be updated beginning in September, with the finished product to offer larger guest rooms, a refurbished lobby and restaurant, and other guest amenities. The projected budget for the spa and remodel of the iconic Sun Valley Lodge is expected to exceed $40 million. The Sun Valley Company anticipates completing both projects by June 2015.
While real estate sales and selling median prices in the Sun Valley marketplace continue to gain incremental strength, the brokerage community is especially excited that air service access to Sun Valley continues its upward climb with new nonstop service added from Denver for the 2014 summer season. United Airlines will offer the new seasonal summer service between its Denver (DEN) hub and Sun Valley (SUN) from July 2 through September 23, 2014.
The United Express flights will be operated by Sky West Airlines using CRJ 700 regional jet aircraft with 70 seats; 6 in United First, and 64 in United Economy, including 16 extra-legroom Economy Plus seats. This announcement was made by Fly Sun Valley Alliance, Friedman Memorial Airport Authority and the Sun Valley Resort, who worked in partnership to secure this new Denver service, which will improve connectivity between Sun Valley and eastern markets as well as Texas.
I hope you find the quarterly report on Blaine County real estate informative. Also, please visit our Monthly Statistics to view the 1st quarter 2014 snapshot which provide a good indicator of what’s selling and share. We are happy to answer any questions and would welcome the opportunity to discuss specific properties in your favorite neighborhoods. Just blog, give us a call (208) 622-2700 or send us an email to sunvalley@windermere.com
