A luxury real estate firm on Thursday said it is expanding into the western Montana market, one that includes two of the state’s priciest listings and a long list of luxury properties along the Clark Fork River in Missoula.
Engel & Völkers, established in 1977, offers boutique service to global buyers seeking high-end properties, yachts and private aircraft. The company’s Western Frontier office will open in downtown Missoula under the management of broker Dawn Maddux.
It’s the state’s second Engel & Völkers branded office, the other located in Bozeman.
“It was an opportunity to own and operate my own luxury brand, and it was an opportunity I couldn’t pass up,” Maddux said Thursday. “Western Montana is in the midst of a real-estate boom, both in terms of demand and property value.”
By opening the Missoula office, Maddux assumes two of Montana’s priciest listings, including the $22.7 million Shelter Island Estate on Flathead Lake and the $27.5 million Hampton Trail property, located in a world renowned golf club started by Charles Schwab.
Maddux, who worked at Glacier Sotheby’s prior to opening Engel & Völkers Western Frontier, said that while selling a multi-million dollar home in Montana takes time, the properties are beginning to move.
“Western Montana is still flying a little under the radar, but we’re having a record year for luxury sales,” Maddux said. “There’s a lot of inventory in the luxury range. The thing people like about our state is that it’s beautiful, of course, but it’s sparsely populated, and it’s good for people in the city and celebrities to get some privacy.”
While the firm also sells homes in the median price range, it’s the high-end listings that get most of the attention. Among them is a 7,000-square-foot Missoula home built in 1898 on Raymond Avenue listed for $2.27 million.
A 5,000 scare-foot home on 101 acres in Missoula is also listed for $3.9 million, along with 5,000 square-foot home located on 20 acres, also in Missoula, for $1.5 million. Both properties are situated along the Clark Fork River.
Yet it’s the Shelter Island property that stands out in the publications, including the Wall Street Journal and New York Times real estate sections. The 22,000 square-foot home sits on 22 acres in the middle of Flathead Lake. The home itself appears as an English castle spread across three levels accessed by an elevator.
The great room includes 45-foot ceilings and a second-story observatory offering views of Flathead Lake. The home offers eight bathrooms and a lofty two-bedroom, four bath boat house, among other amenities.
“A copper conservatory is the perfect retreat and the abundance of year-round light gently fills the great hall and adjacent office space,” the listing notes. “The estate’s office is beautifully lined in mahogany and features a full balcony, four-inch-thick doors and limestone fireplace.”
Maddux said the Hampton Trail home, located in the exclusive Stock Farm Club in Hamilton, also represents one of the state’s priciest and most sought-after listings. The home includes 25,000 square feet on 17 acres with 23 bathrooms and 12 bedrooms.
It also comes with a four-stall horse barn, a pond and an artisan creek, not to mention a grotto-style pool and an underground shooting range. It has attracted its share of international buyers, Maddux said.
“The unique thing is that it’s so private,” said Maddux. “The island gets so much attention, but the Hampton Trail property is so amazing.”
Maddux said Engel & Völkers Western Frontier caters to buyers attracted to Montana and its outdoor recreation, along with those seeking large properties offering privacy and respite.
“There’s a limited percent of the population that can afford properties like that, which is why we needed a truly global brand,” Maddux said. “Engel & Völkers are huge in Europe and quickly growing in the Americas. Montana has been an up-and-coming area for luxury real estate. So to service not only those high-end listings but all of our listings, it was good move.”
In February, the brokerage firm Hall and Hall sold “The Farm at McCauley Butte” in Missoula. Listed at $6.2 million, it was said to be the most expensive home over sold in Missoula. It was in the running for the Wall Street Journal’s “House of the Year” in 2015.