Ski Season Finishes Strong!

The 2013/2014 ski season recently wrapped up in fine style, with a 62" base and lots of smiles and high-fives here in Vail Village. The annual World Pond Skimming Championships, concerts and mountaintop celebrations were all a fitting end to one of the most enjoyable seasons of the past few years.  Here's hoping you and your family have tons of great memories of your time in Vail!

Photo Courtesy of Vail Resorts, Thomas H. Green Photographer

Real Estate Market shows continued improvement

SOLD - 100 Vail Road

Photo Courtesy of Ric Stovall, Stovall Studio

Vail's real estate market has also enjoyed one of its most noteworthy seasons in years, and the bar has been set for a strong summer season ahead. Pricing in Vail Village and Lionshead is, in many cases, reflective of the peak of the market in 2007.  

While most other sub-markets in the Vail Valley have yet to follow suit, the general consensus is that we have clearly bounced from the bottom of the market.  A recent vote at a company meeting was reflective of this.  When the question was asked "How many of you believe we have seen the bottom?", most every hand in the room rose to the affirmative.  Time will certainly tell, and there are many variables in the economy and world events that could cause another hiccup in our market.  Yet if the current trends hold true, I believe we are poised for a solid summer season.

View from newly-listed Lion Square Lodge #750

Beautifully renovated penthouse overlooking Gore Creek and Vail Mountain

What are some of the notable sales from the season just passed?

100 Vail Road, aka "The Webster Dictionary House", closed last week at $14.5M. I am told that the new owners plan to invest another $10M over the next two years in a major renovation.

446 Forest Road, a recently completed 10,000 square foot spec home, also closed just last week at $19M.  I am told that this beautiful home had two buyers actively pursuing it at the end.

One Willow Bridge Road, Solaris and The Willows all had closings between $2,500 - $2,900/square foot.

The Four Seasons closed on three more residences, and currently has a fourth under contract.  Out of sixteen total, there are but four developer residences still available, two of which currently have very strong buyer interest.

The Ritz-Carlton in Lionshead had another good season, too, closing on three properties.  Four more are currently under contract, including a $9.5M penthouse. 

Of additional interest, land prices have demonstrated continued strength. Recent sales include a $7.75M site on Rockledge Road, and a $5.25M site on the Vail Golf Course.  Two more homesites are currently under contract, including an $8.25M creekside listing on Meadow Drive, and a $4.95M listing on the Vail Golf Course.  Prices such as these equate to finished projects that are likely to end up in the range of $12M to $20M or more.  

Several significant custom developments are also under way or in the planning stages, all of which demonstrate deep confidence in the Vail market.  Based upon what was paid for the various homesites (oftentimes teardowns of older homes) along with "word on the street" about the new owners' plans, many of these will end up representing total investments of $20M - $30M.

What does all of this mean to you?  

It appears that a new bar is being set in Vail Village, one which should help elevate the market valley-wide.  Our high end niche was the last to be impacted by the downturn of 2008/09, and is now leading us out.  As a result of this confidence in the market, along with continued low inventory levels, we expect a gradual rise in pricing to impact select market niches over the remainder of the year.  The emphasis here is on "gradual"!

If you are a buyer, know that there are still solid values and very attractive properties available throughout the valley. Yet inventory levels remain low, and the most desirable of these properties will be sold.  Be patient as you seek the perfect property, and be prepared to act when you find the right one.

If you are a seller, pricing your property with a fair perspective of the market, along with taking every measure to "buff and polish" everything in preparation for coming on-line, will position you to accomplish a timely sale.  Most likely at a price with which you will be pleased.  

In summary, the Vail Valley market is transitioning from the challenging days of but a few years ago, and is now beginning to seek a fair balance point.  I welcome your call or email to further discuss what this means to you as we look ahead. Stay tuned... as always, it will be interesting!

P.S.  With snow falling outside our window at the moment, we are all getting very excited about all of the summer activities ahead, and hope you are making plans now to be here!  Can't wait!

 Dirt biking at 11,000 feet last summer... awesome!