Misty Isle Farms For $43 Million; Puget Sound’s Most Expensive Residential Estate On Vashon Island Viewed As A “Relative Deal” By Experts
Property Billed as a “Town & Country” Ranch in King County with 525 Acres, 47 Tax Parcels and Private Air Strip
Realogics Sotheby’s International Realty (http://www.RSIR.com), the Pacific Northwest’s largest affiliate for the global real estate network, announced today their exclusive listing of Misty Isle Farms on Vashon Island, near Seattle. This 525-acre land portfolio is comprised of 47 tax parcels; a private lake; a driving range with a pitching and putting green to PGA standards; equestrian barns; miles of trails; and a 2,200-foot private landing strip with helipad. Offered at $43 million, Misty Isle Farms is the top listing in King County according to the NWMLS. The coastal estate joins a collection of other significant farm and ranch listings in Washington State that have made their way to market in 2014.
Misty Isle Farms presents a compelling Town & Country lifestyle near one of the most vibrant gateway cities in the US,” said listing broker, Brad Vancour of RSIR. “We’ve begun our global search for a new owner but our buyer could easily be a local too.”
The largest island in south Puget Sound, Vashon Island is slightly larger than Manhattan and accessible either by ferry or via private boat and aircraft into Seattle. Like New Yorkers, Vancour says it’s common for city dwellers in Seattle to prefer the countryside on the weekends. “You could enjoy the best of both worlds at Misty Isle Farms and have it all on a daily basis,” he said. “The commute home is just over an hour from downtown Seattle via the ferry or by flying privately into Boeing Field, it’s just a 15 minute commute hanger to hanger.”
The island retreat is spectacular by nature, which Vancour calls a “landscaped art sanctuary”. More than 3,000 specimen trees were planted within and around the perimeter of the ranch comprising some 200 varietals. The grounds are maintained by a full-time, registered arborist. In addition to the three-acre manmade lake, there are numerous water features that flow beneath six artisan bridges connecting expansive brick laid pathways throughout the private arboretum. The 6,500 sq. ft. main residence is just one of eight single-family homes on the estate and amongst other features it boasts a stocked cellar with a vintage wine collection. Originally crafted as an Arabian Horse Ranch, the equestrian estate features fenced grass pastures, world-class stables and even a 12,000 sq. ft. indoor arena.
Misty Island Farms was one of dozens of significant estates promoted recently at the Shanghai LPS (Luxury Properties Showcase). Local brokers acknowledge a rising trend for wealthy Chinese homebuyers to acquire premier Washington properties.
“The recovery of real estate in US gateway markets makes the timing of this listing especially appropriate,” says Dean Jones, President & CEO of RSIR. “Having just returned from China on my third delegation tour in 2014, I can assure you the Seattle metro area is very much on the map overseas. At the same time this sort of property segment and price point is well-represented in popular ranch markets throughout California, Colorado or Texas. Now it’s Washington’s turn.”
Ranchland broker specialists from each market concur and compare their top listings.
Suzanne Perkins of Sotheby’s International Realty in Santa Barbara, CA has listed Rancho San Carlos near town that boasts 237 acres and is offered at $125 million. “These urban ranches are in a category of one and cannot be priced on a per acre basis,” said Perkins. “They are trophy properties and they do sell. From a global perspective, I’d say Misty Isle Farms is a relative deal.”
Bill Fandel of Telluride Sotheby’s International Realty recently listed a 298-acre retreat in the Rocky Mountains owned by actor Tom Cruise’s for $59 million. “A coastal ranch of the rarity and scale of Misty Isle Farms is most appealing to a high net worth individual or family,” said Fandel. “A land assemblage of this magnitude is worth more than the sum of its parts; given the privacy, setting and ease of access to a major metropolitan hub like Seattle. Especially at $43 million.”
Fandel describes prized land assemblies similar to pricing diamonds – the larger they are, whether measured in carats or acres, the rarer the offering and hence, the more valuable the whole package becomes.
Bernie Uechtritz of Dallas-based Briggs Freeman Sotheby’s International Realty agrees and categorizes Misty Isle Farms within the “super asset class” –a one-of-a-kind property, which he says is a stand out, above, beyond and apart from all others even within a like category or market sector. Uechtritz’s record listing in Texas is one of the largest ranches in the US at 510,000 acres and is being offered at $725 million. “Larger land portfolios like these are valuable because they are increasingly difficult to find or even assemble,” said Uechtritz. “The best investment on earth is earth! They’re not making any more of it.”
Vancour recently assembled a portfolio of large parcel listings including Ravenwing Ranch comprising 7,454 acres and a mile of Columbia River in Malaga, WA for $19,380,000; one of the largest Alpaca and Cattle ranches in North America in Tenino, WA including 1,739 acres for $15,500,000; and Orrion Farms in Ellensburg, WA – an Arabian Horse ranch spanning 155 acres for $12,500,000, to name a few. These unique listings are well positioned for what Vancour calls a “burgeoning ranch marketplace for Washington State”.