The $20 million short-term rental estate near Asheville, Earth and Sky Dwellings, is one of the priciest real estate listings in Western North Carolina, but not without a basis. The property is expected to rake in millions a year for whoever owns the estate.
In 2023, the seven STRs on the property took in over $660,000 in net revenue, according to data released by Savvy STR Realty for the property’s buyers guide. After the completion of 13 new residences and a wedding venue, rough estimates for Earth and Sky’s yearly revenue shoot up to $4.2 million.
Primary listing agent, Tyler Coon, CEO of Savvy STR Agents, gave an approximate timeline for the return on investment for those looking at the property.
“You’d get your money returned in three and a half years,” Coon told the Citizen Times. “And you’d be able to [refinance] sooner than that and pull out all of your initial investment.”
Savvy STR Agents is an Asheville-based real estate firm specializing in short-term rental investments. Coon says the sale of STR properties is almost its own specialty, where it isn’t “commercial real estate” but rather “residential investment.”