A home on Colt Drive is Lake Havasu City’s most expensive home ever.
The house, which is listed on Realtor.com for $2,475,000, went into escrow over the weekend, says Eric Gedalje, owner of The Janecek and Gedalje Group.
Gedalje said a home listed for sale at 4241 Colt Drive in the residential equestrian area will break the city record for highest residential resale price by hundreds of thousands of dollars. Gedalje said he cannot comment on the exact price while the sale is in escrow.
According to Realtor.com, the house was built in 2018 and includes four bedrooms, six bathrooms, and eight garage parking spaces on a 1.2 acre lot with unobstructed views of the lake and lots of other amenities.
Gedalje said there are no contingencies on the sale, and a $100,000 non-refundable deposit has been made by the buyer. The sale is expected to close on June 6. Gedalje was the listing agent, while the buyer's agent was Laynee Sholl of Local Realty Experts.
The record-breaking sale is yet another indicator that the real estate market has continued to stay strong throughout the coronavirus pandemic. Lake Havasu City Realtor’s Association President Nicolle Stuhlberg said 101 homes went under contract in the 15 days prior to Monday, which she said is an 8 percent increase from the same time in 2019.
“Our real estate market has remained strong even through the pandemic,” Stuhlberg said. “We slowed just a bit for the first two weeks of April but then regained momentum with the medium price point homes continuing to sell.”
It is not clear what the current record for highest residential resale price in greater Lake Havasu City is, but this new sale would eclipse both possibilities.
Lake Havasu City Realtor’s Association President Nicolle Stuhlberg said the previous highest sale was a $2 million house on Tee Drive which closed on May 16, 2018. Mohave County Assessor Jeanne Kentch said according to recorded sales affidavits the highest sale in Lake Havasu City or Desert Hills was May 1, 2014 when the house at 2455 Dermaret Drive sold for $2,240,000. Kentch listed the $2 million sale on Tee Drive as the third most expensive single family residence purchased in greater Havasu behind a home at 3532 Latrobe Drive that sold for $2,200,000 in November 2019.
Kentch also said it is possible that some sales occurred without recording an affidavit, or that the reported sales price in the affidavit was not accurate.
The house on Colt Drive was put up for sale on April 4, a few days after Gov. Doug Ducey’s executive order to stay at home and close non-essential businesses went into effect. The economic struggles don’t appear to be negatively effecting local property values, however. Gedalje said the seller received multiple offers on the home.
“It just shows how strong our community remains to be amidst everything going on in the country,” Gedalje said. “The fact that we could break the record for the all-time resale purchase price during this truly shows the strength of our community and how many people want to be here in all demographics.”
Gedalje said a $2.5 million home sale would have been unthinkable in 2005 or 2012, but it helps to push the envelope of what is possible in the future.
“To know that you can have a low of $250,000 all the way up to $2.5 million, it is going to be very interesting to see,” he said. “Especially with these higher end communities like the Riviera coming up. We could see a little bit of a shift in the luxury market coming up.”