True to course, the fall season is proving to be quite active!
As predicted several weeks ago, September real estate activity has been strong as buyers make final purchase decisions in preparation for the ski season ahead. In spite of what is happening in select metropolitan real estate markets across the country, luxury ski property in Vail, Beaver Creek, Bachelor Gulch and Arrowhead continues to sell at a strong pace.Since just the first of the month, several landmark properties have closed or been placed under contract, as you can see from the following.Vail Village - The Willows #106 - Under Contract - Listed at $4,500,000 / $2,211 sf
Vail Village - The Willows #204 - Under Contract - Listed at $6,750,000 / $2,400 sf
Vail Village - The Willows #303 - Under Contract - Listed at $8,500,000 / $2,715 sf
Beaver Creek - 66 Village Walk - Sold - $4,945,000 / $1,125 sf
Beaver Creek - 75 Village Walk - Sold - $6,700,000 / $1,238 sf
Beaver Creek - 97 Village Walk - Sold - $6,295,000 / $1,163 sf
Beaver Creek - 872 Strawberry Park Rd - Under Contract - Listed at $11,500,000 / $1,260 sf
Bachelor Gulch - 65 Elkhorn Road - Sold - $8,875,000 / $880 sf
Arrowhead - 2255 Cresta Road - Sold - $9,650,000 / $969 sf
New developments in Vail Village continue to enjoy great success. The Willows, situated just steps to the base area, is now down to one remaining residence. Manor Vail and Solaris, with construction well under way, both continue to place properties under contract. The Ritz Carlton Residences project in Lionshead is also moving along well, and almost 65% of the properties are now spoken for. At the current pace, many of our new projects are likely to sell out over the coming season.
After several days spent previewing property last week, I can report that there has rarely been such a selection of unique, truly one-of-a-kind custom estates available throughout the Vail Valley. From Vail to Beaver Creek to the Lake Creek area, developers are stepping it up a notch when it comes to the creativity, custom design, and special touches found in their homes. When combined with several irreplaceable, spectacular settings, these estates will become new benchmarks in the Vail Valley.
Further Evidence of a Solid Real Estate Market in the Vail Valley
While questions abound for many metropolitan areas, Vail Valley real estate figures continue to support the contention that we remain one of the most solid markets in the country. Recently tabulated figures show that our real estate market is up over 20% in sales dollar volume, and we are taking aim on the $3 billion mark for the first time in history.
Year-to-date through early September, sales of properties listed at $1 million and greater are up a whopping 28%, with 406 closed transactions this year versus 317 in 2006. These sales are dispersed up and down the Vail Valley, led by Beaver Creek and Vail, and followed by Bachelor Gulch, Arrowhead and Cordillera. All-in-all, a balanced and active high end market.
Also noteable is the 41% increase in transactions of properties listed at $5 million and greater, with 38 such deals this year versus 27 a year ago.
Looking ahead, there are currently 326 properties listed at $1 million and greater that are under contract, representing approximately $1.17 billion in new sales and an average price tag of $3.56 million.
Each of these statistics are certainly impressive unto themselves, particularly given the uncertainties in the financial and housing markets nationwide. Taken together, they represent a ringing endorsement of both the present and future of Vail Valley luxury real estate by an astute, discerning clientele.
In closing, the future of the Vail Valley real estate market remains bright, both in the short and long term. It is a good time to call this "home"!
July Numbers Confirm Suspicions About the Market
July sales numbers are hot-off-the-press, and confirm the continued momentum in our market. Year-to-date total dollar volume remained strong, totaling $1.75 billion through July, approximately 20% above last year. Though down about 6%, the overall number of transactions continues to set a solid pace. Should this strong sales activity continue over the next five months, the Eagle County market will surpass the $3 billion dollar mark for the first time in history.
Landmark sales in our ski areas continue to set the pace. Three more substantial properties have recently been placed under contract or closed.
Vail Village - The Willows #303 - Under Contract - Listed at $8,500,000 / $2,715 sf
Beaver Creek - 872 Strawberry Park Rd - Under Contract - Listed at $11,500,000 / $1,260 sf
Beaver Creek - 66 Village Walk - Sold - $4,945,000 / $1,125 sf
August and September are historically very strong months, and we can expect to see several more significant properties placed under contract and closed. Stay tuned for the latest!
