2017 sales and demand for luxury real estate in Napa Valley remains high, while inventory continues to be limited. Sale prices tend to be at full price or close thereto for properties that are not overpriced. Buyers and their agents are reaching out to sellers who have had their properties on the market in the past in the hope they are still interested in selling. Needless to say, there are many local and international buyers in the market for premium vineyards. Just as an aside, the 2016 Napa Valley average sale price for a ton of Cabernet Sauvignon landed at $6,829 per ton.
Hot Off The Press – Calistoga Ranch is up for grabs. The 157 acre Resort on Lommel Road in Calistoga opened in 2004 and was bought by a group of investors led by Auberge Resorts in December 2013 for Fifty million dollars. Today’s asking price for the world renowned 50-room luxury resort is One hundred million dollars – Two million dollars a key.
Finally, the old Calistoga Hospital is being restored. The Second Empire stone house is located on the corner of Spring and Myrtle streets. The property was originally built in 1886 as a home for a local merchant, ranch and silver mine owner, James H. Francis, and later converted into a 30-bed hospital in 1918. In 1965 it was abandoned for failure to meet health and safety standards. In 2015 the dilapidated building was purchased by a couple who are restoring it to a five-room Bed & Breakfast with an owner’s suite.
The River Terrace Inn on Soscol Avenue in Napa is being remodeled and expanded. The hotel is adding eight new suites, a landscaped river walk, refreshing the porte-cochere, adding 1,500 sf of event space, redesigning the bar and lounge, and a new restaurant will open this Spring. The hotel is owned by Noble House, Inc., – they are part owners of the Napa Valley Wine Train.
The rest of this month’s newsletter is focused on reminding you to purchase tickets for all these wonderful upcoming events.