I had the opportunity to walk through 772 Circle Drive yesterday with the architect, Sam Austin. Our company has the house listed and the new build is just getting to a point where a potential buyer can envision the finished product. And what an amazing house it is! I will write more on it later once I get a chance to take more photos. I have begun working on the website which I hope will convey what a work of art this house is. The house is special on so many levels and it better be as the list price is $5,900,000.
One thought I had, as I tried to soak in all of the details was the valuation of such a house. Specifically, I was wondering if an appraiser would monetarily appreciate all of the amazing upgrades in this house. The utility closet was over 250 square feet and included geothermal (radiant) heating and cooling with a high efficiency gas backup, solar electric, fire suppression etc. The house, which is at the base of Flagstaff Mountain, is built to last with over 30 piers reaching down to bedrock, the structural concrete floors are extra thick, the foam insulation is tight to a point that the efficiency tester when doing a air test commented that “the only improvement that can be done would be to remove the windows”. On first glance none of these features are readily apparent.
Green building is really gaining traction. Whether it is a modest solar project or a $5,900,000 home, banks need to start valuing the future benefits that green building provide. Not only for cost savings, but for improved re-sale value. It’s not cheap to put in a geothermal system that reaches 200 feet below the house and provides heating a cooling for the cost of running a small pump. So why would the system not provide more value than an 80% efficient furnace blowing through ducts? We are on the front end of this and I believe it will get better. But with everything, if it doesn’t make sense financially, in the long run only the die hard tree huggers will spend money on principle.
I’m excited to tell you more about this magnificent house in the coming weeks.