Million-dollar views accentuate Redlands home
Let’s face it; even if you’re in the market for a new home, you may not be in the market for a $4 million home, especially if you’re a typical Mesa County resident who’s wondering if the local economy is ever going to take off again the way the Front Range economy has. In spite of that, it can be fun to dream, so we toured a not-quite $4 million property currently available for sale in our local market.
Our featured property at 714 Curecanti Circle is in the River Terrace subdivision off Highway 340 beyond 20 Road in the Redlands. Calling River Terrace a subdivision does the neighborhood a disservice. Subdivisions bring up images of matching homes all lined up in a row or arranged around a cul-de-sac, accompanied by small patches of lawn decorated with one tree, two bushes and a flower bed. River Terrace conjures up no such images. It’s a neighborhood of classic southwestern homes that blend into the surrounding desert, spaciously arranged not to encroach on one another’s privacy or views.
With more than 8,000 square feet, the home at 714 Curecanti has a hard time blending in, even though the decorative stone used on the home’s exterior was quarried on site. The home also sits up on a ridge, which gives it a commanding view in every direction and an imposing presence on the street.
The view to the north overlooking the Colorado River is unlike any other view in the valley. From the patio, homeowners can look for wildlife across the river at the Walter Walker Wildlife Area, enjoy the lights of Fruita or Grand Junction, check out the colors displayed on the Bookcliffs and Mount Garfield by the setting sun or appreciate the size of Grand Mesa. It’s all visible from the patio, and large windows in the great room, the dining area, the study and the bedrooms enjoy the same vistas. Those who don’t want to wait for summertime can still sit comfortably outside in the chilly air, thanks to the gas fireplace on the patio.
The views to the south are also spectacular and even more upclose and personal, with the Colorado National Monument standing guard right out the front door.
The massive fireplace in the great room fits in well with the stone floor, the 34-foot beamed ceilings, the custom iron railings, the interior brickwork and the custom woodwork along the doorways, windows and arches.
The master bedroom has access to the patio, a fireplace and incredible views. The bath features a spacious walk-in shower, a large sunken tub and double sinks. Because of the home’s perch on the ridge, homeowners have no need to be wary of the large windows in the bath that allow appreciation of the valley view from the tub. The other two bedrooms are also suites, with custom walk-in showers and large closets.
The study/office has a fireplace, hand-textured walls, great views and easy access from the master wing or the kitchen area.
In the kitchen, a six-burner Wolf stove with a pot-filler is every gourmet cook’s dream; the thick, slab granite countertops match the grand feeling of the rest of the house and the bar area with room for three or four gives the home a comfortable feel, in spite of its grand stage presence.
The home has a geothermal heat exchange system and in-floor radiant heat. A mechanical room downstairs gives easy access to all of the home’s systems. The current owners have maintained and upgraded all mechanical systems for optimal performance.
The house is being sold with all of its furniture in place. Hal Heath with Metro Brokers is listing the property for $3,999,000 and is happy to show the property to pre-qualified buyers. A large, 170-acre riverfront property down below the home is also currently available for sale and is listed by Joyce Aiken with 4 Season Country Real Estate for $2.5 million.
Through the first three quarters of 2013 most areas of Colorado showed steady and significant improvement on such leading housing indicators as sales, median pricing and days on the market.
During the fourth quarter the housing market overall slowed down significantly, a trend that some experts believe will carry into 2014.
Sales of single-family homes, condominiums and townhouses (taken together) increased just 3.4 percent statewide to 20,898 units during fourth quarter 2013 compared to fourth quarter 2012, according to Quarterly Market Statistical Reports released recently by the Colorado Association of REALTORS® (CAR).
Sales of single-family homes rose modestly (+2 percent) while condo/townhome sales increased more significantly (+10 percent). Historically sales are lowest during the fourth quarter of the year and 2013’s pattern was consistent with the previous two years.
Inventory statewide continued to be at low levels with new listings increasing just 1 percent to 28,822 (comparable quarter to quarter). New listings of single-family homes dropped slightly (-0.1 percent) while the townhouse-condo markets experienced an increase of nearly 7 percent. Median sales prices statewide continued to rise but at a slower pace than previous quarters; up 6 percent to $250,000 for single-family homes and 6 percent to $168,000 for townhouses and condominiums, again, compared to the same quarter in 2013.
Days on the market continued a downward trend (-18 percent for single-family and -22 percent for townhouses-condos) and the statewide number of total active listings at the end of the year of 28,627 represents less than a 4-month supply for single-family homes and just over a 3-month supply for townhouses-condos.
Lender-mediated properties (foreclosures, short sales, REO or other distressed property sales) represented 9 percent of all sales during the quarter.
“Last year was a very good one for Colorado real estate with significant improvement in sales and home values,” said CAR spokesperson, Duane Duggan. “Our biggest challenge is not having enough inventory to meet the needs of all the buyers wanting to be in the market. With interest rates still low there is strong competition for the limited number of properties available leading to competition through multiple offers. Many people end up disappointed. As our markets continue to improve we are hopeful that sellers who have been hesitant to move on their properties will come into the market which should improve the atmosphere for everyone.”
The CAR Housing Affordability Index, a newer statistical measure for Colorado’s housing market, uses median sales price, prevailing interest rates and average income to measure local housing affordability. An index of 120, for example, means that the median household income in that area was 120 percent of what was necessary to qualify for the median-priced home under prevailing interest rates. A higher number is usually interpreted as greater housing affordability. Higher values generally benefit buyers whereas lower values help sellers.
The combined statewide affordability index during the fourth quarter of 2013 was 147 with the townhouse-condo market enjoying more affordability (195) than for single-family homes (140). As housing prices rise, affordability tends to go down unless median income rises to keep pace with the increased cost of real estate. All areas of Colorado saw decreasing affordability through 2013.
The Colorado Association of REALTORS® Quarterly Market Statistical Reports are prepared by 10K Research and Marketing, a Minneapolis-based real estate technology company, and are based on data provided by Multiple Listing Services (MLS) in Colorado. The current Q4 2013 reports represent approximately 86 percent of all MLS-listed residential real estate transactions in the state. The metrics do not include “For Sale by Owner” transactions or all new construction.
The Colorado Association of REALTORS® is the state’s largest real estate trade association representing more than 19,000 members statewide. The association supports private property rights, equal housing opportunities and is the “Voice of Real Estate” in Colorado. For more information, visit http://www.ColoradoREALTORS.com.