Vermont currently has an “unprecedented” range of ultra-luxury properties on the market, according to Geoffrey Wolcott, who specializes in high-end real estate for Four Seasons Sotheby’s International Realty in Stowe.
Wolcott cites four such properties, one of which, in Stowe, he is representing:
Star Hill Farm in South Woodstock − $18 million.
Red Road Farm in Morristown − $20 million.
2575 Weeks Hill Road in Stowe − $20 million.
Grosse Point in Ferrisburgh − $26.2 million.
Wolcott said that from January 2020 to date there have been 18 multi-million-dollar residential home transactions closed in Vermont, ranging from $5,250,000 to $33,753,317.
“While there is seemingly an insatiable appetite for the Vermont lifestyle experience, homes trading at above the $10 million price point inherently continue to be the rare exception,” he said. “And yet there are buyers that step up to the plate with good offers on properties of this magnitude. As always, ‘good’ is in the eyes of the beholder and even strong purchase offers not found to be compelling enough for the seller are declined.”
Not compelling enough? Wolcott explained.
“Transactions at this level are primarily driven by ‘wants’ rather than ‘needs,'” he said. “Oftentimes a seller can remain too attached, and a buyer not quite attached enough. And it’s not uncommon for both parties to play it a little too cool, to too quickly gravitate to an attitude of ‘take it or leave it.’ And this does not get deals done, at any price point.”
Chris Lang of LandVest, based in Norwich, added that the person who builds an ultra-luxury home can often have a hard time recouping the investment. Lang represents the seller of the Star Hill Farm in Woodstock.
“For some of these valuations we’re seeing at the top end, many (sellers) are in a position where they don’t have to sell,” Lang said. “They would like to, but don’t have to. That’s where you get stickiness, and it’s hard to find a meeting of the minds.”
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Horse barns, wine cellars and Italian craftsmanship in these luxury homes
Here’s a closer look at the four properties in Stowe, Woodstock, Morristown and Ferrisburgh:
Star Hill Farm, 353 Greene Road, South Woodstock
This property encompasses nearly 184 acres of fields, woodlands, trails and stone walls. The main residence was completed in 2010 and has 11,470 square feet of finished space. There are seven bedrooms with bathrooms. A 4-story octagon has a wine cellar at the base and flexible, multi-use spaces above. There’s also a large gymnasium, built as a classic gambrel barn, intended for indoor sports. The home and a guest house are being offered fully furnished. There’s also a six-stall horse barn included.
Red Road Farm, 2218 Cole Hill Road, Morristown
Red Road Farm covers nearly 200 acres, which doubles as a certified wildlife preserve, bird haven and monarch butterfly sanctuary, according to its listing. The 6,878-square-foot house, described as “an architecturally designed country farmhouse with subtle Italian influences,” features a family room with a custom replica 12th-century European stone fireplace where you can cook. There’s also a large open chef’s kitchen, with a provisions pantry and a butlers pantry. The floors are ash throughout with radiant heat except in the pantries.
2575 Weeks Hill Road, Stowe
This 6-bedroom, 15,774-square-foot home, on 110 acres, also boasts of “artful Italian craftsmanship.” The exterior is made of stone, slate and copper, and there’s an atrium with an “expansive” mosaic-tiled indoor pool and spa. You get two “very substantial” barns with radiant floor heating, as well as separate guest living quarters. There’s a four-car heated garage and views of Mt. Mansfield, set off by sweeping lawns and a pond with an island, plus extensive woodland trails.
Grosse Point, 1040 Grosse Point Road, Ferrisburgh
This 9,580-square-foot home, built in 1906, commands 345 acres and is reached by a long, tree-lined road flanked on one side by state land and on the other by land owned by The Nature Conservancy, which has a conservation easement covering most of the property. There are five guesthouses included, in addition to the main house. The property overlooks more than 30 miles of Lake Champlain, both to the north and south. For golf enthusiasts, there’s a 9-hole golf course, no waiting. This is only the second time Grosse Point has been for sale in 100 years.
Contact Dan D’Ambrosio at 660-1841 or [email protected]. Follow him on Twitter @DanDambrosioVT. This coverage is only possible with support from our readers.