Here’s a heck of a deal that I just closed on yesterday. It’s a 2 bedroom 1 Bath Copper Ranch condo in Hailey. Copper Ranch is located in the north end of Woodside near most of the newer construction. Most of the units were built in 2006 by a
Southern California developer named Lido Equities, LLC.
This particular unit was one of the medium sized 2/1 units with 987 square feet of living space. Features include slab granite counter tops, gas fireplace, deck for BBQ and a one car detached garage.
Many people have purchased Copper Ranch units over the last few years and many have been using them as rental units with good success. There are quite a few resale units on the market right now. Purchased at the peak, most of these sellers will be selling at a loss in today’s market.
This particular deal was the second lowest sales price ever for a Copper Ranch condo. It sold for $112,500 or $114 per square foot. The only other condo that sold for less was a Fannie Mae owned foreclosure deal that sold for $90,000. I use the bank sales as comparables but I would typically make upward adjustments on their value due to the fact they were bank owned. Most of the other units were sold for considerable more with the next closest sale at $138,000.
My buyers were a great couple, newlyweds actually, from the Salt Lake City area. They purcahsed the condo as a vacation home that they could use all year long.
Anyway, I was quite pleased with the transaction and felt we drove a pretty good deal for the buyers. Is there anything I can do for you?