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The Vail Valley has evolved over the past forty years into far more than just a ski resort community, and is now widely recognized as a recreational and cultural mecca. Whether a powder day in the Back Bowls, eighteen holes of golf at Red Sky Ranch, a performance by the New York Philharmonic on a cool summer's eve, or yet another fantastic dining experience at Larkspur or Splendido's, the Vail Valley has become a treasured escape for generations of families who have chosen to make this their Colorado home. Each community within the Vail Valley has its own unique personality, and experience shows that our buyers find one which immediately feels like home. I encourage your visit to each one, in order to find where your "heart is happy", and within which you and your family will create priceless memories for years to come. As with the rest of the country, however, our world changed in the fall of 2008. Since that time, we have seen an overall drop in prices in the range of 25% - 30% from the peak, and many sellers simply deciding not to put their property on the market "until things get better". Yet in the minds of many, we may now be establishing a "new norm" when it comes to pricing and transaction volume... one which we will all have to become accustomed to. Yet to quote a long term local who has been in the real estate development business here for many, many years... "No matter the economy, three things never change. The beauty of our surroundings. The unmatched quality of our ski mountain. And the desire of so many to be here, and to make this a part of their lives." Truly, we are all blessed to spend time in Vail, and to build life-long memories here with our families and friends... a fact that bodes well for the future of Vail Valley real estate.
Founded over forty years ago on little more than a dream, Vail is where it all got started... an charming mountain village surrounded by soaring peaks, pastoral meadows, rushing streams, and one of the world's premiere ski mountains. Known for its wealth of recreational opportunities, intimate pedestrian streets, superb dining, renowned shopping and exciting nightlife, Vail is perennially recognized as the top ski destination in North America.
The old saying, "location… location… location" has never been more apt than in Vail. Luxury properties enjoying "beach-front", slopeside locations in Vail Village command prices similar to those of the most exclusive markets in the world. Most recently (Winter 2010/2011) contracts on the new projects in Vail Village are coming in between $1,200 - $2,000/sf, and on occasion, slightly more. While certainly down from the peak, when we often saw prices at $2,500 - $3,000/sf, this is still a solid number. Luxury single family and duplex homes in Vail's most sought after locations are generally priced from $8 - $12 million, and topping out at $15 million and more. Older Vail Village properties have risen with the tide, and now command prices of $1,000 - $1,300/sf or so, with some exceptions on the higher end based on location. In the past seen as an economical alternative to the Vail Village, Lionshead has quickly coming into its own with the addition of Gore Creek Place, Arrabelle at Vail Square and the recently-opened Ritz-Carlton Residences. Located a three-minute ride from the village core, Lionshead is completing a breathtaking transformation. The Spring of 2005 saw 573 buyers line up the new Arrabelle at Vail Square, resulting in an immediate, precedent-setting sellout at at average price of over $1,100/square foot. This was preceeded by the equally successful offering of Gore Creek Place, a beautiful development consisting of sixteen townhomes located on the banks of Gore Creek that sold for $1,000/square foot. Given the extraordinarily strong demand, lotteries were held for both properties, and successful buyers' names were literally drawn out of a box. Keep in mind that this was a time when Lionshead was a $500 - $600/square foot market. The brand-new Ritz-Carlton Residences, Lionshead's most recent development, are now complete and feature listing prices averaging around $1,574/square foot. The new Landmark Residences, featuring fantastic views of the ski mountain and a great location on the Lionshead Mall, are also selling well, with prices similar to those of the Ritz. Resales at Arrabelle peaked at over $2,000/square foot, and over the past year have settled down into the general range of $1,200 - $1,500/square, and sometimes more. Older, resale properties in Lionshead are now most often selling in the range of $900 - $1,100/square foot, depending upon location and level of finish.
Single family and duplex homes in the Lionshead/West Forest Road area have historically sold in the $2.5 - $5 million range, though there have been few sales in this niche over the past year or two. A dramatic change occurred with the arrival of Forest Place, initially offered in 2004/2005. This private, gated enclave of 4 magnificent single family homes is situated directly on the Lionshead skiway and Gore Creek. Owners enjoy big views of the surrounding mountains and newly renovated Vail Square in Lionshead, and one of the best ski-in, ski-out locations in snow country. Importantly, they offered a much larger size than is typical in Vail's most coveted neighborhoods, addressing the need for both space and location for larger families. Moving further out from the beachfront location of the village core results in pricing adjustments accordingly. The desirable Vail Golf Course area has been holding its own, with prices for single family homes most recently going for $1,000-plus/square foot. Homes in the desirable Cascade Village/Glen Lyon area, served by its own ski lift and a host of amenities, have most recently been selling in the general range of $650 - $750/sf. The East and West Vail areas, located just a five minute drive to Vail Village, most often see pricing for single family homes now in the range of $375 - $500/sf, with East Vail historically commanding a higher price than homes in West Vail. One bedroom condominiums located in East and West Vail may be purchased for $300 - $350,000 in most cases, many of which enjoy beautiful locations and a wealth of amenities. Two bedroom condos in these same areas are more frequently in the $400 - $600,000 range.
Years ago known as "Vail's little sister," Beaver Creek Resort has come into its own over the past decade and developed it's unique personality, style and reputation as one of the world's most luxurious resort communities. Strict architectural guidelines guided its growth into a resort renowned for luxury, elegance and European charm. Of late, it has also become known as one of the most challenging venues in men's World Cup Downhill racing... a well-earned reputation that has led to Beaver Creek being named as the host venue for the 2015 World Ski Championships!
Beaver Creek Mountain features one of North America's only European-style, Village-to-Village skiing experiences. Skiers and snowboarders now relish in skiing champaigne powder on the interconnected mountains of Beaver Creek, Bachelor Gulch Village and Arrowhead, each with its own distinct personality and ski slopes of varying challenge. Beaver Creek Resort offers a rare collection of single-family homes, duplexes, condominiums and townhomes. While most of these properties still serve as second-homes, a growing number of owners have become year 'round residents of the resort. One of the Vail Valley's most prestigious addresses, Beaver Creek attracts the discriminating buyer desiring the finest in year-round amenities, services, security and privacy. Single family homes in Beaver Creek most often sell in the $3 million to $6 million range, though it is not uncommon for residences on upper Borders Road to sell for notably higher... the benchmark being the $15.5 million sale of 16,000 square foot 473 Borders Road in November of 2009. Exclusive Strawberry Park, a gated community within the resort, most often sets the bar for Beaver Creek single family homes, with the most recent sales in the range of $10 - $13 million. Condominiums in Beaver Creek generally range from around $800,000 - $1.2 million for a two bedroom residence, $1 - $2 million for a three bedroom, and $2 - $4 million for larger residences. Price/square foot most often runs in the $700 - $900 range, depending upon the property and location, and over $1,000/square foot at McCoy Peak Lodge, The Chateau, and other top tier properties. Beaver Creek is fully built-out, a fact which should help ensure long term stability in pricing as we look to the future. When combined with a fantastic ski mountain, beautiful architecture and design, and a wealth of amenities, the resort truly is one of the "jewels" of the Rocky Mountains. 
In but a few short years, Bachelor Gulch has quickly established itself as one of the most desirable resort communities in the world, much less the Vail Valley. Home to many of the area's most impressive properties, the resort is further anchored by the spectacular 237-room Ritz-Carlton hotel, and offers huge views, pastoral meadows, and rolling ski terrain that is perfect for the whole family. Joined to Beaver Creek Resort and Arrowhead via the ski interconnect, it offers a unique village-to-village ski adventure for the whole family. The renowned architecture within Bachelor Gulch Village was inspired by the grand lodges of national parks like Zion, Yellowstone and Yosemite, and features a variety of natural materials including massive logs, rustic timbers, and highly-crafted stonework. Almost 85% of the properties within the resort are ski-in, ski-out, a key reason behind its resounding success. Bachelor Gulch features an amazing selection of unique single family homes, condominiums and townhomes. Homes of 8,000 - 10,000 sf are the norm, most featuring rare, ski-to-your-door convenience. Luxury condominiums and townhomes are spread throughout the resort, offering perfect ski access and beautiful settings. The resort also features vacation ownership opportunities at The Ritz-Carlton Club® , rumored to be the most successful fractional ownership property within The Ritz-Carlton® chain. Pricing within Bachelor Gulch Resort is reflective of its popularity and perfect ski access. Single family homes now sell most frequently in the range of $900 - $1,000/sf, and from $8 - $10 million and more. Having peaked a few years ago at $1,000/square foot and more, condominiums and townhomes now typically sell in the $800 - $900/sf range, with the notable exception of penthouses at the Ritz-Carlton, which will always command a premium.
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Owning a home in Vail is a dream held by many, one that can be as simple as studio condominium along the banks of Gore Creek or as spectacular as a slopeside, ski-in ski-out mansion. Now in the midst of a wildly successful, billion-dollar renaissance (see our Vail Renaissance link for more information), Vail and Lionshead are literally changing daily before our eyes. I encourage your call to discuss the ever-evolving opportunities in one of the world's most dynamic real estate markets.
For the rest of us skiers, Beaver Creek Resort has earned numerous national and international awards, ranging from guest service, to grooming, to ski school, to its wealth of restaurants, and the resort regularly enjoys a Top 10 ranking by each of the major ski publications. Among the Beaver Creek's many highlights is the renowned Vilar Center for the Arts, a year 'round, state-of-the-art performing arts venue featuring everything from classical music to children's theater. Other popular attractions include Beaver Creek's year 'round outdoor ice skating rink, terrific hiking and mountain biking trails, an enticing variety of shopping promenades and several of the Vail Valley's most renowned restaurants.
