First-time home buyers are noticing some challenges — as the entry level housing market is getting more and more competitive.
Castle Hot Springs Has Been Sold
A secluded desert resort that entertained many of the country’s wealthiest families has been sold in an auction of the Castle Hot Springs resort.
The 210-acre property northwest of Lake Pleasant was sold for nearly $2 million. CBRE, the company that managed the auction last month, said the Delaware-based company CHS3 purchased the century-old resort.
In the late 1800s, Castle Hot Springs became a secluded getaway for people with tuberculosis and later a private vacation spot for the wealthy. The property has remained closed since the resort’s hotel burned down in 1976.
A previous attempt to sell the land for $6 million failed. CBRE said the new owner has plans to redevelop the property.