Sweet…..Thank you Jessica Silver-Greenberg from the WSJ. Her article from July 23, 2011, Vacation Homes: Why It May Be Time to Buy, discusses that now may be the time to buy a vacation home. Although she doesn’t mention luxury vacation homes, the markets all mentioned are luxury markets.
I am glad that she found my friend Josh Lautenberg in Vail to discuss the Vail Valley real estate market. Now according to Jessica, Vail is one of the markets that there are deals on luxury vacation homes to be had. Can’t disagree with her on that one. We are currently marketing a Vail real estate luxury property in Arrowhead.. The property is ski-in/ski-out, with over 13,000 square feet of living space. According to market statistics provided to us for 2011 there have been 17 properties sold in the Vail Valley over $5M. I think that Jessica was quite right on this market. Slifer, Smith & Frampton’s website shows 139 properties on the market between $5M and $30M. My math says that there is an 8 year inventory in the Vail Valley above $5M.
The article also mentions my town of Aspen, CO. The market is healthier there compared to Vail, but it is far from frothy. I haven’t run the numbers in a few months, but the $5M and up market had a 5 year inventory at the beginning of 2011. I would bet that the market hasn’t really changed from that number.
Now, where I am not sure that Jessica’s numbers are correct are the median price numbers for these markets. I haven’t checked all of them, but I know Vail and definitely know the Aspen real estate market. The article states that the median price is Aspen, CO is $781,000.
I thought I would show our blog readers what $781,000 or there abouts will buy you in Aspen.
The photo shows a property being marketed by another friend, Chris Klug with Morris & Fyrwald Sotheby’s International Realty. The property is listed for $759,000 and is located in a great in-town location at the Aspen Square. It is a studio with one bathroom and 496 square feet. Believe me properties in Aspen don’t really come any lower than this, so I find it hard to believe that this is the median for the market.
At Concierge Auctions, we strive to bring to market the best opportunities available in the luxury home market. We are currently marketing properties in Vail, Hawaii, and New York’s Adirondack’s to name a few. Our upcoming properties section shows all of our inventory.