Record Breaking Condo Sale In Keystone

Date: Apr. 21st, 2007

Special to Summit Homes & Properties
April 21, 2007

Keystone — Summit County continues to break records in real estate. Heather Wood from The Wood Team of RE/MAX Properties of the Summit has just sold a luxury 4 bedroom condo in the River Run Village of Keystone Resort for a record breaking $2.1 million. The property, a 4 bedroom 3,250 square foot penthouse condo in the Mill Creek Subdivision overlooks private wetlands of the Snake River and boasts spectacular views from the ski slopes to Buffalo Mountain. Prior to this sale the highest priced condo sale in Keystone was a 4 bedroom condo in Lone Eagle which sold for $1,874,000 on March 30 of this year.

Not only a record breaking price, the property was listed for only 33 days before being placed under contract and then closed 24 days later on April 10 for a total of only 57 days on the market. This is impressive considering the average days on the market for a listing in Keystone is 180 days!
“With only 627 currently active residential listings in Summit County we have a classic supply and demand scenario. The supply is at an all time low and demand remains high. The prices buyers are willing to pay in Summit County should continue to rise” Wood said.

First quarter stats from the Summit County MLS show a slight drop in total sales volume in Keystone from last year, but the average sold price is up significantly. The total sold volume in the first quarter of 2006 was $27,045,850 with an average sold price of $392,827 per unit. This year the total sold volume for the first quarter was $25,691,791 with an average sold price of $450,733 per unit.
— Summit Daily Article