The $2 million listing for the Castle Rock-area property owned by former Colorado Rockies manager Walt Weiss has been in the news again recently, but missing from reports is a far more interesting fact about the sale than the mere availability of the joint: Its price is half of what it was more than seven years ago.
This price drop is emblematic of a dirty little real estate secret: Luxury properties can be very difficult to sell in Colorado and beyond, even when there's a celebrity connection.
In November 2012, Weiss's home was featured on a TopRealEstateDeals.com list of the best spreads available from former Major League Baseball players. At the time, the tag was $3.49 million, which already represented a major reduction. Six months earlier, the place had been going for $3.99 million, or just about twice as much as the current sale price.
Which isn't to suggest that it's a dump. Here's the description from the current listing:
Looking for a change in lifestyle? You’ll love the privacy of 35 acres with panoramic views and exclusive amenities including the heated pool, hot tub and sport court. Chef's kitchen is the heart of the home, boasting stainless double ovens, refrigerator, two sub-zero freezer drawers and two Bosch dishwashers. Beautiful tile backsplash compliments the heated limestone countertops and radiant heat stone floors. Expansive mountain views are framed perfectly through the floor to ceiling windows in the vaulted family room and can be enjoyed on the elevated west facing deck. Five bedrooms upstairs, inclusive of the remodeled master suite that provides a private spa experience with steam shower, jetted tub and dual walk-in closets. Finished walk out basement has media and rec areas, indoor batting cage, wet bar and additional guest bedroom with private bath. This home is a destination: enjoy the tranquil drive through Castlewood Canyon with beautiful scenery that changes through the seasons.
But that's only the beginning of the amenities for the 10,668-square-foot, six-bedroom, eight-bathroom pile at 1275 Castle Pointe Drive. As you can see by the video below, the lot includes a full-sized baseball diamond.
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That there have been no takers for Weiss's home for the better part of a decade is hardly unusual, as is evidenced by Tom Cruise's failed attempts to sell his abode in Telluride. The price tag of $59 million was eye-popping, but so was the home, nestled on 298 astonishingly beautiful acres. Yet it had been on the market since 2014 with no takers — and that proved to be the case when he relisted it again in 2017.
Denver was named the number-one "power market" for luxury home sellers in the United States by Coldwell Banker last year. But defining the parameters of this designation is important. According to Chris Mygatt, president and CEO of Coldwell Banker-Colorado, any home priced at $780,000 or above falls into the luxury category for the Mile High City. Moreover, he tells us that a big reason for Denver's primacy in this area has to do with transplanted bargain shoppers.
"Say you have someone moving out of the San Francisco Bay Area or the Los Angeles basin and they're selling their two-bedroom condo for $1.1 million," he suggests. "If they come here with their $1.1 million, they can find a beautiful luxury home for $920,000 and not even blink about adding another $100,000 or $200,000 of remodeling or landscaping improvements. They'll do it and have a big smile on their face."