Record Sale in Sun Valley, Idaho

HIGHEST-PRICED RESIDENTIAL SALE IN SUN VALLEY HISTORY AUGUST 28, 2020 Berkshire Hathaway HomeServices Sun Valley Properties agent Pam Colesworthy and Owner/Broker John Sofro represented the buyer in the purchase of 125 Sheep Meadow Lane in Ketchum. The listing was offered by Travis Jones and Svea Grover from the Engel & Voelkers brokerage. This transaction is the highest-recorded residential sale in the history of real estate in Sun Valley.

Pam and John have provided some insight into this sale, as well as the state of the luxury market in Sun Valley.

1) This sale represents the largest recorded residential sale in Sun Valley history. Are you at all surprised that a sale of this magnitude happened this summer?

I’m not surprised at all. Sun Valley is unquestionably one of the most desirable and least well-known resort communities in the country. We are not connected to any major metropolitan area and access is limited so unlike the more recognized resort communities we are relatively unspoiled. Our quality of life is exceptional and the community and its leaders have made a conscientious effort over the years to protect it. In these unprecedented times of uncertainty people are looking for places like Sun Valley to “hang their hats” and frankly I don’t think there’s a better one.

2) What about this listing and/or this area captured your client's attention and interest?

Our client has always wanted a place in the mountains. He’s visited many of the other resort communities and found them too crowded. He was drawn to the unspoiled quality and character of our valley as arguably one of the last true “Mountain Towns.”

3) Do you think this sale represents a watershed moment or shift in the real estate market in Sun Valley, or do you think this is a one-of-a-kind event?

This is definitely not a one-of-a-kind event. The explosion that we’ve seen since May in the sale of real estate is not going away anytime soon as people look for a better quality of life in a safe environment.

The fear of COVID 19, the political uncertainty, and the potential for social and civil unrest have all combined to fuel this market. With a severe shortage of inventory we can expect to see significant increases in prices. There is also a trend in buyer’s preferences to larger estate-like properties large enough to accommodate their families and friends. I believe that we will see other properties like this sell in the coming months provided they’re available.