Vail luxury home that set a sales record in 2017 is poised to set another

The home at 107 Rockledge Road in 2017 set a Vail residential sale record when it sold for $23 million. It may set another record if it sells for its current asking price.

The home, currently listed by Liz Leeds of Slifer Smith & Frampton real estate, carries an asking price of $49.5 million. The home — named the 2010 Home of the Year by Mountain Living magazine — has been “updated” since its 2017 sale, Leeds said.

The home, with nearly 12,500 square feet of space, is one of the few true ski-in, ski-out homes in Vail. It has eight bedrooms and eight full bathrooms with an additional two half-bathrooms. The three-story home has direct access to a private hot tub from the media room on the lower level.

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“It really feels like a resort within a resort,” Leeds said.

There have been updates

The current owners paid $27 million for the home a few years ago, and Leeds said those owners have put a lot of time and money into updates and repairs into “making it look top-notch.”

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Whether the home sells for its asking price remains to be seen. If it does, and the sale does set a record, that record may not stand for long.

Longtime Vail real estate broker Ron Byrne said there have already been sales that are “over or near” $50 million. Those sales are private, usually for all cash and don’t make the reports compiled by either the Vail Board of Realtors or Land Title Guarantee Company.

Byrne noted that two buyers in recent years purchased both sides of a duplex. One of those units sold for about $12 million, Byrne recalled, with the other selling for around $13 million. Both sides of the duplex were torn down, and each owner put roughly $15 million into the rebuilds.

A home on Mill Creek Circle recently sold for $35 million and will be torn down.

“That buyer will easily put in $15 to $20 million” into the rebuild, Byrne said. “Buyers want us to find an opportunity (for them) to do that,” he added.

There are “seven or eight” such properties around Vail, Byrne noted.

Speaking by phone, Byrne was at 1326 Spraddle Creek Road, a new custom home built by English and Associates. That home will sell in the $40 million range, Byrne said.

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Craig Denton, another longtime local broker with Berkshire Hathaway HomeServices Colorado Properties, also does business in the Vail Valley’s high-end properties.

Denton is representing the owner of another home on Mill Creek Circle, with an asking price of $34 million. That home was built in 2007, and Denton said it’s likely that there will also be a tear-down.

A virus-accelerated trend

While slopeside homes in Vail have always traded for a lot of money, Denton said that trend was accelerated by the COVID-19 pandemic, with wealthy people leaving cities and heading to the perceived safety of mountain resorts and similar areas. There’s also been a “generational transfer of wealth” among families, he added.

A few years removed from the worst days of the pandemic, Denton said “things are a little more normalized now,” although some people are still leaving their homes in the cities.

But while markets are a bit more normal, Denton said there’s been a change in attitudes regarding high-end property.

“It used to be that people would reward themselves” with luxury goods, Denton said. Now, “at these prices (a high-end home) is a place to put money,” he added.

And, he noted, the trend is being seen around the resort world, and those expensive homes are holding their values. The trend is also reflected in the sale of huge ranches in the Mountain West.

For now, and with or without a sales record, Leeds said she’s enjoying working on this property.

“The house has been so much fun — I feel like it’s mine,” she said.