What you get for $5 million

Homes in the $5 million range are slim pickings in the area, according to a local broker.

“As far as single-family residences just under $4.5 million, there are only a handful that are bought for the structure rather than for the land,´ said Emily Gadacz, broker associate with Colorado Landmark Realtors.

“As far as homes over $4 million in the city of Boulder, there’ve only been six or seven in the history of the MLS. There are a few more outside of the city; right now, there are 17 in Boulder County that aren’t ranch.”

For the past two months, however, Gadacz has been listing one of those few high-ticket properties. The house at 165 Green Rock Drive in Boulder, one of Charles Haertling’s masterpieces, is on the market for $5.5 million.

Its appeal is enticing to both a local and an out-of-state market. In addition to hosting some open houses, Gadacz has been showing the house about three times each month to who she refers to as “very qualified buyers.”

“Charles Haertling is well-known for wanting homes to be one with nature and for small, efficient rooms,” she said. “This one has a very Frank Lloyd Wright influence.”

The nature this house melds with is a massive rock, which it’s essentially built into. Its character recently attracted a film crew from England to feature it in a Range Rover commercial.

Although this house is in a class of its own, properties in the $3 million to 5 million price range in general have had to have unique qualities of some sort to sell during the recent recession.

“They have had to be the best in class,” Gadacz said, referring to the hard-to-get jumbo loans needed to purchase them.

“People were losing north of $1 million on properties and sometimes even $2 million,” she added. “There’s nothing like this one in the state, however. I know we won’t have any problem selling it.

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