Our recent ski season ended up with a bang... both in a fun-filled final weekend, and in our real estate market! Throngs of revelers celebrated another fun-filled ski season, with our infamous World Pond Skimming Championships followed by a packed outdoor concert on Meadow Drive. It was a fun and fitting tribute to a season filled with powder and great memories... made all the more so by the great uncertainty that stared us in the face back in December!

One of the great misperceptions of the season past is that the Vail Valley real estate market came to a screeching stop... and that noone was buying property. While our transaction velocity and sales dollar volume have clearly taken pause since the events of last September, savvy buyers are beginning to return to the market. Since just the first of April, a $7.3 million condominium at Solaris was placed under contract. This was followed by what will likely be the largest transaction of the year when it closes, a $21.95 million home in Mountain Star!

The following list highlights properties listed at $3 million and above which have been placed under contract and in most cases closed since late February.

Bachelor Gulch - Skywatch single family - originally listed at $6,975,000 - sold at $5,800,000 / $904 sf
Bachelor Gulch - Daybreak Ridge single family - originally listed at $10,900,000 - sold at $6,750,000 / $985 sf

Beaver Creek - Market Square condominium - originally listed at $3,475,000 - sold at $3,100,000 / $1,016 sf
Beaver Creek - Greystone Townhome - Originally listed at $3,850,000 - Sold at $3,500,000 / $960 sf
Beaver Creek - Village Walk townhome - Originally listed at $7,250,000 - Sold at $6,100,000 / $1,336 sf

Cordillera (Ranch) - Graham Road single family - Originally listed at $3,200,000 - Sold at $2,920,000 / $399 sf
Cordillera (Valley Club) - Spring Creek Lane single family - Originally listed at $8,750,000 - Sold at $6,100,000 / $620 sf

Lake Creek/Pilgrim Downs - Pilgrim Drive single family - Originally listed at $5,000,000 - Sold at $4,000,000 / $446 sf

Lionshead - Arrabelle penthouse - Originally listed at $14,250,000 - Sold at $9,150,000 / $1,697 sf

Mountain Star - Wildwood single family - Originally lised at $21,950,000 / $2,195 sf - Under Contract

Vail Village - Solaris condominium - Listed at $7,300,000 / $2,889 sf - Under Contract
Vail Village - Vail Mountain View condominium - Originally listed at $3,795,000 - Sold at $3,200,000 / $1,678 sf

Red Sky Ranch - the introduction of a new project on Juniper Trail resulted in nine single family homes being reserved within the first three weeks, generally priced in the $1mm - $1.4mm range. More are sure to follow the arrival of the summer golf season.

Notable sales over the ski season most often reflected unique, one-of-a-kind properties... very motivated sellers... or both. The above activity bodes well for the summer selling season which is soon to arrive.

Looking ahead, the general concensus is that we may be witnessing a gradual turn in the national economy, as investors and consumers adjust to the new realities of the market. The same can be said in the Vail Valley, as more and more sellers come to grips with the fact that they must price their property for today's market, versus that of two years ago. With many buyers still waiting on the sidelines, and the "disconnect" which has existed between sellers and buyers gradually dissipating, we are well-positioned to have a solid second half to the year. Stay tuned!