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The ‘shocking’ impact of mortgage rates and where Utah’s housing market goes from here.

housing market is heading toward the ‘most significant contraction’ since 2006. The ranch has also historically hosted several hundred head of cattle that “help preserve the land while also allowing it to qualify for the Green Belt for tax purposes.” For a 4.5-mile radius, it’s surrounded by a “background playground” of recreational land for hiking, horseback riding or four-wheeling in the summer, or snowmobiling and backcountry skiing in the winter. While the home is “incredible,” it’s the surrounding land that makes the property truly “spectacular,” Oman said. And there’s a huge, 11-bay garage, a hay storage structure and a horse shelter with fenced pastures. The grounds feature a tennis court, ponds, fountains and bronze statues. There’s also a 2,500-square-foot guest house above a detached four-car garage. The property has a 3,150-square-foot pool house with an indoor pool and hot tub.

ZEN MASSAGE ALPINE UTAH FULL

Throughout the home, the French-inspired decor is full of light colors and luxurious furnishings. At first entry, visitors are greeted by a grand entry with marble floors, curved stairways and a crystal chandelier. It also has an attached three-car garage. The main residence has seven bedrooms, 10 bathrooms, formal living and dining rooms, a gourmet kitchen, an office, theater room, multiple entertainment spaces, an exercise room and an elevator. He told the Deseret News they wish to keep their names private. Hobble Creek Ranch was originally built in 2007 as a vacation home for its current owners, who now live in it as their primary residence, according to Oman. “But it’s just who can afford it, right?”

“You know, everybody wants it,” Oman added. He said some buyers are “interested, and we’re still continuing to discuss the property with them.” But they’re out there, he said, and the home has garnered interest from both in-state and out-of-state shoppers. “What we’re trying to do is a price point that’s never been done before, and, you know, when you get into that realm it takes a very select person who can financially afford it.”Ī buyer would likely need to be “worth a couple $100 million to financially justify something like that,” Oman said, so that narrows the pool of possible buyers.

“Nothing in the state of Utah has ever sold for over $40 million,” Oman said, though the recent Park City sale came close. The property’s real estate agent, Kerry Oman with Summit Sotheby’s International Realty, said it takes time to find the right buyer, especially with such an unprecedented price tag in the state of Utah.

Hobble Creek Ranch has been waiting for its next buyer for quite some time, as it’s been sitting on the market for over 620 days now, according to its listing.

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