Posted on: February 28, 2024 Posted by: karen.murray@allentate.com Comments: 0

Last Updated on February 29, 2024

Horse Shoe Mountain parcel sells for $15 million

Allen Tate/Beverly-Hanks Realtors, the leading real estate company in Western North Carolina, has sold a 644-acre property in Henderson County for $15 million.

Horse Shoe Mountain was co-listed by Billy Harris of Allen Tate/Beverly-Hanks’ South Brevard office and Karl Nelson, CCIM, of NAI Beverly-Hanks, the leading local commercial real estate firm of Asheville’s MSA. The buyer was represented by John Haynes of Retreat Realty, Ltd. Keller Williams Professionals.

Harris is consistently ranked as one of the top real estate brokers in Western North Carolina, with a focus on land and luxury property. Over the past 20 years, he has closed 850 transaction sides totalling $250 million.

“When I first toured this property, I had no idea that something this extraordinary still existed in the greater Asheville marketplace. Karl and I dedicated numerous hours exploring every inch of the 644 acres to ensure it was the perfect fit for the buyer, and we’re confident that this legacy property is now in excellent hands,” Harris said.

Horse Shoe Mountain is one of WNC’s largest land tracts, making it also one of the most versatile parcels in the region outside of state and national forests.

“Most 100-plus-acre tracts we look at today are either farmland with limited trees or not a great location because the topography is steep and views are limited,” Harris said. “To find a tract of 644 acres that is untouched with the exception of a fairly robust roughed-in road system and is only 15 minutes from the Asheville airport and downtown Hendersonville – it truly is a legacy tract and a very special find.”

Because of the property’s unique location and attributes, Nelson was brought in to extend his commercial real estate expertise to the sale.

“One of the most challenging aspects of this sale was the property’s sheer size and diversity,” Nelson said. “Managing a property of this great size requires a nuanced understanding of its potential uses, zoning regulations, and the intricacies of large-scale transactions.”

WNC’s ultra-luxury real estate market has picked up considerable steam over the last decade. From 2014-2019, two homes in WNC sold for more than $5 million. During COVID (2020-2021), that number rose to six homes. In the past two years (2022-2023), 11 homes sold for more than $5 million.

“The quick sale and premium price of this parcel reinforce the significant shift in our local WNC market dynamics,” said Neal Hanks, president, Allen Tate/Beverly-Hanks. “Both individual buyers and investors are increasingly drawn to the allure of the Western North Carolina mountains.”

“Our relationship with Luxury Portfolio International exposes unique properties at this level to luxury buyers around the world,” said Gary Scott, president, Allen Tate Companies. “Our listing – and ultimately, sale of this property by Billy and Karl, is quite exceptional.”

For more information, contact Billy Harris at 828-553-9666 or billy.harris@allentate.com, or Karl Nelson at 828-713-0927 or knelson@naibeverly-hanks.com.

About Allen Tate Companies
Allen Tate Companies is the Carolinas’ leading real estate company, based on closed transaction sides, with more than 70 offices and more than 1,800 Realtors® in the Charlotte, Triad, Triangle, High Country, Highlands/Cashiers, and Asheville/Mountain regions of North Carolina, as well as the Upstate region of South Carolina. Allen Tate provides real estate, mortgage, insurance, and relocation services throughout the entire homeownership lifecycle. We are committed to providing and protecting quality of life for the communities we serve. For more information, visit allentate.com.

About Allen Tate/Beverly-Hanks
Allen Tate/Beverly-Hanks is a full-service real estate firm offering residential and commercial sales, marketing, and consulting services across Western North Carolina. In addition to these core business platforms, Allen Tate/Beverly-Hanks has strategic partnerships in several related industry ventures, including mortgage, insurance and title.

About NAI Beverly-Hanks
NAI Beverly-Hanks is the commercial branch of Allen Tate/Beverly-Hanks, REALTORSⓇ. In addition to NAI Global, NAI Beverly-Hanks is also affiliated with Society of Industrial & Office Realtors (SIOR), Certified Commercial Investment Members (CCIM), and the International Council of Shopping Centers (ICSC). Those affiliations enable the firm to extend services to companies and investors throughout the nation, as well as internationally.

About Howard Hanna
The Hanna Family of Companies proudly provide real estate, title, insurance and mortgage services to clients across 13 states. As the largest family-owned and -operated real estate brokerage in the United States, this full-service real estate company has more than 500 offices and 15,000 sales associates and staff, including many of the industry’s top-producing real estate, title, mortgage and insurance agents. For more information, visit www.HowardHanna.com.

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