Vail Snow and Real Estate Update!

Greetings from (snowy!) Vail! Winter has returned to the mountains, in a big way, with over two feet of snow piling up last week to get the season rolling!  Conditions are terrific, and everyone is excited that the Back Bowls and China Bowl are open for business!  Hot off the press... Blue Sky Basin had a surprise opening yesterday morning!  My favorite snow forecasting site, www.OpenSnow.com, has two more storms in the forecast for this week, and if this continues, it looks like almost 100% of the mountain will be open for the holidays! The image below tells the story better than I ever could!  So pull your powder skis out of storage, and get ready for some terrific skiing! From the cover of the Vail Daily, December 8, 2016 (With even more snow in the forecast for the week ahead, there are bound to be more pictures like this soon!) How’s the Market? 82 W Meadow Drive Beautiful in-town home on the banks of Gore Creek Listed @ $15,950,000 Our real estate market in the Town of Vail continues to reflect a solid, balanced state as we approach the end of the year.  As of December 1, sales in all price niches ranging up to $5M were comparable to or above those of 2015.  And while the upper end of our market has taken a bit of a breather, just as it has in other luxury markets such as Aspen and Telluride, we have witnessed several notable transactions come together as the year winds down.  Five homes listed between $14.8M - $26M have been sold or placed under contract in 2016, and of note, four of them were speculative projects.  And there are more “in the works”… stay tuned! These trends are clearly visible in the charts below, with year-to-date Transaction Volume reflecting steady growth, and Sales Dollar Volume dropping in 2016.  The lack of sales in the $5M+ category has had a visible impact on overall volume.  Yet with a contentious election now behind us, the stock market doing well, and the economy reflecting good numbers, we sense that the tide is turning in this price niche, and optimism is high as we look ahead the new year. Pricing trends are reflective of the overall balanced state of the market in Vail, too.  Prime properties located in the core resort areas of Vail Village and Lionshead are currently selling at prices that are often similar to those of the peak in 2006/07.  One-of-a-kind condominium properties have traded as high as $2,500/square foot this year, and homes located in the Forest Road/Beaver Dam Road area have frequently ranged from $1,800 - $2,200/sf.  Of note, there are several private single family/duplex developments under construction which, according to “word on the street”, reflect investments of $30M-plus.  My sense is that a new bar is being established in our market, and it will be fascinating to watch where it goes from here. This pricing trend tends to vary significantly the further you go from the core resort areas, however, and depends heavily upon the specific property and location.  Beautiful new developments in the Cascade Village/Glen Lyon area are now trading at $1,000 - $1,200+/square foot, and in East and West Vail,$600 - $700 is more the norm. Overall, sellers have generally been pleased with the prices they are receiving, and our buyers are very happy with their new property.  Just as it should be. Where do our buyers come from? Approximately 70% of our buyers in Eagle County come from within the state, with 55% already residing in Eagle County, and another 15% from the front range and other areas of Colorado.  29% of our buyers are from out-of-state. Perhaps surprisingly, international buyers historically make up 1% of our overall market, with Mexico and Latin America leading the way. In reality, this number is likely a tad higher, perhaps 2% - 3%, as many of our international clientele maintain residence in the US. Yet this number goes against the common perception that the international market plays a larger part in Vail Valley real estate. What does this mean to you, as we look to the new year ahead? If you are seeking to acquire a new property priced under $5M, don’t hesitate if you find the perfect fit.  Based on current market activity and trends, the odds are very good that it will sell. Buyers likely have a bit more time to mull over their options if considering properties in our upper pricing niche.  Yet again, it will behoove them to move decisively once they find “the one” which meets their family’s needs. If looking to sell, today’s market conditions reflecting lower inventory levels and solid demand will make the new ski season a strategic time to bring your property to market.  Homes that are well-located, in good condition, and properly priced will attract the attention of buyers, and the odds are good that you will accomplish the sale. Whether buying or selling, it is wise to secure the services of an experienced, savvy broker in serving your family’s needs.  Whether helping you uncover a property that might not yet be on the market, assisting in fairly pricing your home, or quarterbacking a sales campaign on your behalf, it is important to team up with a professional, and a company, who knows the territory. My Current “Top Picks” Lodge Chalet #3 A rare slopeside offering with perfect ski access and spectacular views Listed @ $13,850,000 There are currently a number of unique, one-of-a-kind properties on the market in Vail as we approach the holiday season.  Whether a hideaway in the heart of Vail Village or a larger home on Forest Road, there is an interesting mix of special opportunities available for the discerning aficionado of resort real estate.  Please click on the following links to view some of my current Top Picks here in town.  I welcome your call should you wish to discuss these, or any other property in Vail. Top Picks in Vail Top Picks in Lionshead In Closing… An abundance of fresh snow… the upcoming holiday season…  and another fun ski season in Vail are all reminders of why we are so grateful to live, work and share time with our friends in this beautiful place.  I hope you are making plans to be here soon, and in the meantime, welcome the opportunity to share my observations on everything from the real estate market to the most recent ski conditions.  Please feel free to email or give me a call whenever I may be of service.  Thank you for the opportunity to be a valued resource here in Vail.  Cheers!

from DIYS http://ift.tt/2huSDBD