Article by Phil Lindeman and courtesy of SummitDaily —
A home at the base of Keystone Resort sold for $3.05 million last week, breaking an eight-year dry spell in a town known for elusive big-money properties.
The single-family residence, located at 22 E. Trade Court, sold on April 8 to a couple from Virginia for roughly $605 per square foot, down from $700 per square foot based on the original list price of $3.53 million.
Despite a $500,000 price drop, the sale is still a milestone for Keystone. The two-story, European-inspired property is the area’s most expensive home purchase since 2007, when a log home at 0600 Independence Road in the nearby Alders neighborhood sold for $3.4 million.
Together, the properties rank No. 1 and No. 2 on Keystone’s list of most expensive home sales. Before the recent sale, the area saw just six transactions over $1 million. The priciest sale during that period was a $2.6 million home along the Keystone Ranch Golf Course, which was also the sole sale to breach the $2 million mark between 2007 and 2015.
The Trade Court home is the first property in the brand-new Dercum’s Dash development, found east of River Run Village. The neighborhood calls for 23 additional estate homes, along with an on-site clubhouse built near a private path leading from the neighborhood to the base of the River Run Gondola.
Keystone-based developer Crestwood Homes has already broken ground on two additional properties in the neighborhood, with clubhouse construction slated to begin before the end of the year. The remaining properties will be built at a rate of four to five per year over the next five to six years.
“In any development like this with 24 homes, where you’re building a community, the hardest part is selling that first home,” said Leslie Hebron of Colorado Craft Brokers, the firm selected as a sales team for the development. “It should kick off the sales season well.”
KEYSTONE’S NEWEST NEIGHBORHOOD
The sale bodes well not only for the real estate sales season, which traditionally kicks off in early April, but also for Keystone’s newest — and most unorthodox — neighborhood.
Dercum’s Dash has been in the works for nearly 15 years. Last year, a group of developers finally penned a land-exchange deal with the U.S. Forest Service. The deal swapped nearly 1,000 acres of private land outside of Montezuma for 25 acres of prime real estate at the foot of Keystone Resort.
As Hebron explains, Keystone was growing too rapidly to meet development needs and kick-started the land-exchange process back in the early 2000s. Once the exchange was completed, resort founder Max Dercum lent his name to the development and construction at 22 E. Trade Court began in earnest.
“It’s a special piece of property with the founder’s namesake, and what’s unique about it is we’re doing something that’s far from typical,” said David Bernstein, developer with Crestone Homes. “These homes are timeless and classic. The color schemes work together, so you have homes that look similar — like they belong together in the same neighborhood — but each one has personality on the inside.”
Unlike the majority of Summit County estate neighborhoods, Dercum’s Dash has a relatively strict set of construction guidelines. It isn’t meant to put potential homeowners in a box, Bernstein says, but rather lend the area cohesion, so that an ultra-modern home doesn’t clash with the rustic log cabin next door.
The Trade Court property is one of three designs, modeled after the iconic Alps-inspired properties of Vail and Beaver Creek.
“We tried to mimic the feel of a Beaver Creek or Vail home, and that’s because this development really is so special,” Bernstein said. “We raised the bar as far as the quality of our homes. We wanted to bring those Bavarian elements.”
For Bernstein, the European vibe is a perfect match for Dercum’s Dash. The neighborhood is thickly wooded, with beaver ponds to the north and ski slopes to the south. The individual plots aren’t enormous — the Trade Court property sits on less than an acre — but as former U.S. Forest Service property, the surrounding flora is almost completely untouched.
“You don’t see that much at Keystone, where homes are built right into the mountain,” Bernstein said, noting he and the Colorado Craft Brokers team are optimistic for the remaining 23 homes. “We’re coming out of a recession, the timing is right, and I think people are looking for something special and different. This really is new.”