As we say goodbye to the fall colors and welcome the approaching 2011-2012 ski season, many people are asking, what will this winter bring for the luxury real estate market in the Vail Valley? Looking at 2011 sales thus far, the number of residential property sales in the luxury market is down a bit from the number of sales during this time period in 2010, but has definitely increased since the lowest point we’ve seen in 2009.
Highlights from the 2011 YTD Vail Valley Luxury Real Estate Sales Report:
· 115 property sales between $1m-$2.5m. This number is up from the 97 sales in 2009. Beaver Creek has had the most sales in this category with 24 property sales.· 42 property sales between $2.5m-$5m, up from 33 sales in 2009. Included in these 42 are 10 closings at the new Ritz-Carlton in Vail. Where many of the new properties that closed in 2009-‘10 were contracted back in the height of the market in 2006-‘08, most of the sales in this category thus far in 2011 are sales contracted in 2011. This is great news for the luxury real estate market.· 20 property sales over $5m, up from 14 in 2009. Bachelor Gulch Village dominated this category with 5 of the 20 sales. All five sales were single family homes ranging from $6,250,000-$10,950,000 in closing prices.
The snowfall last ski season set a record in Vail, clocking in at 511 inches, beating the previous record of 505 inches set in the 1977-78 season. Due to the epic snow conditions, many skiers and snowboarders flocked to the valley. We hope to see heavy snow fall again this winter and reservations are already up at the resorts for the upcoming season. This is always great news for the real estate market.
The newly constructed luxury properties in Vail located at The Four Seasons, Solaris Residences and The Ritz-Carlton in Lionshead have drawn much anticipated attention since their completion last year. These new properties provide a fresh look to Vail and plenty of new luxury properties within close proximity to the slopes for buyers to choose from.
According to sales statistics for the whole of Eagle County, the dollar volume for real estate sales in 2011 is on pace to reach the $1billion mark at year’s end. With interest rates at all-time lows, and many great values in the Vail luxury real estate market, now is a great time to buy a home in the Vail Valley.
See luxury Vail real estate auctions from my friends at Concierge Auctions.
Guest Blogger Didi Doolittle is your Vail Valley Realtor. She has been with Slifer, Smith, & Frampton Real Estate in the Vail since 2006. Specializing in the mountain resort areas of Vail and Beaver Creek, Didi promises to provide the highest level of service and market knowledge. To view all of Didi’s properties in the Vail Valley, please visit www.VailRealEstateInfo.com.