From Hamptons to Tahoe, Summer Home Sales Edge Up

In April, Texas billionaire Kelcy Warren bought a 3,500-acre trophy property, the Boot Jack Ranch near Pagosa Springs, Colo. The retreat has about 77,000 sq. ft. of living space, seven lakes, and miles of pastures. The sale, worth $46.5 million, was the biggest U.S. residential transaction so far this year. What sweetened the deal was the discount: Warren, who made a fortune in the pipeline business, got the property for 53 percent of the original asking price—$88 million, which had already been reduced last year to $68 million.

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