Vail Valley Real Estate

Why Buy Vail Real Estate Today, March 11, 2011

2011-03-11T10:43:00.000-08:00

Unlike two years ago, or even last year, we now have real buyers wanting to buy vacation homes in Vail and Beaver Creek, Colorado...home of two of the world's finest ski resorts. But, we find few who are ready to throw caution to the wind and buy their homes. Most Buyers are very reluctant, and are concerned that they either are not buying at the bottom of the market OR they are buying a home which will continue to depreciate.

There are reasons for the Buyers concern. They may live in an area of the Country where the real estate market has not begun to recover, there are huge inventory back logs, and/or the Buyers are wondering how long it will be before their new Property appreciates. Well, here's a GREAT piece of real estate news, over 50% of the real estate markets in this Country are seeing price appreciation, according to Barbara Corcoran, real estate expert and contributor to the Today Show.

I can't banish any of these worries or fears. But, I can tell my Buyers that we are seeing the signs of spring, both literally and figuretively. The Buyers are back and when they find a deal, a huge deal, we now have multiple offers. And, they are skiing the slopes with their loved ones and find that this is a wonderful place to share time, fun, and sunshine. They realize that not everything in life has to make total fiscal sense. And, I DO applaud those of you wanting to be fiscally smart and savvy. But when does the fun and emotion come into it? It isn't always about getting the best of someone on a buy. Some of winning is getting what you want, which means a home your family, friends, and perhaps rental "guests" will love and enjoy as much or almost as much as you.

Life has so many wonderful intangibles and sometimes your vacation/second home is just that an intangible experience. An experience which crosses your mind when you are sitting at your office working long hours at a job you probably love, but you give much of your all to because you do love it. But, you work hard, and you are often exhausted, and need a respite. As they say home is where the heart is, but it is also the place you can relax and reflect and some of it is spiritual. It is about finding yourself and those you love in a place which emotionally becomes home.

So what are you really waiting for, permission to buy something which in the end will have more value not only tangibly but intangibly? Why not buy that family/generational home where your children and grandchildren will treasure the wonderful memories and experiences they had with you, and will share with their children and grandchildren? It's all about the Quality Time Remaining...the snow is great, and we have at least 6 weeks of skiing left...come join us! Life is Wonderful in Vail and Beaver Creek!!

Home Sales in the US and Vail Valley; Vail Real Estate

2011-02-23T15:32:00.000-08:00

While much of the United States has a quieter housing market in the winter, Resort Real Estate is typically busy in the winter, whether it is a warm weather or cold weather Resort. Those of us in the Vail Real Estate Market work very hard during ski season. We are always quite happy to do so. And, from looking at the numbers which NAR (National Association of REALTORS)just sent out to its Membership, that is true throughout the Country. NAR's Economist, Dr. Yun, just provided Membership with the following:

Existing-Home Sales Rise Again in January
The uptrend in existing-home sales continues, with January sales rising for the third consecutive month with a pace that is now above year-ago levels, NAR says. Existing-home sales increased 2.7 percent to a seasonally adjusted annual rate of 5.36 million in January from a downwardly revised 5.22 million in December, and are 5.3 percent above the 5.09 million level in January 2010. This is the first time in seven months that sales activity was higher than a year earlier. “The uptrend in home sales is consistent with improvements in the economy and jobs, which are helping boost consumer confidence,” NAR Chief Economist Lawrence Yun says. “The extremely favorable housing affordability conditions are a big factor, but buyers have been constrained by unnecessarily tight credit. As a result, there are abnormally high levels of all-cash purchases, along with rising investor activity.”

We have deals in our market, some of which are fabulous deals. Having sait that, in the end it is still about your home whether it be your first, second or third home, it is still your safe haven. It is the place you build memories with your family and friends, and are safe from the storms whether they be snow or emotional. Living in the Vail Valley for most is an amazingly wonderful life. And, now is a great time to buy. Happy House Hunting.

Vail Real Estate and Beaver Creek Real Estate Statistics for 2010

2011-02-20T12:16:00.000-08:00

While I often talk about the emotional part of buying Vail and Beaver Creek Real Estate, I know many of you would like the cold hard facts. It is difficult to go against the norm. There have been several books written about the power of masses or crowds, and their influence on our psyches. At times it is almost impossible to go against conventional wisdom, of the moment. Therefore, buying real estate in today's Buyers' Market, is going against the instinct of the masses.

Real Estate sales slowed considerably during the economic dramas of the past two years. And, although we began to have incredible deals the fear outweighed opportunism. However, for those that buy now, they ARE, getting incredible deals, and ARE BUYING RIGHT. One can sell well if he/she buys right. And, one should "buy when there is blood in the street..." as Baron Rothschild said in the early 1800s. That advise has proven to be true over and over again throughout the ages of investment.

However for those who run the numbers in order to understand today's real estate market and get comfortable, perhaps the statistics for Eagle County aka Vail Valley Real Estate for 2010 will be helpful. Please see the details below. I can also send you the numbers by neighborhood if you would want them. These numbers were computed by Land Title.

Eagle County ended the year with 1,250 transactions, a 33% increase over 2009. Eagle County had nearly $1.5 billion in dollar volume in 2010, a 67% increase over last year.

While 41% of all transactions had a sales price of less than $500,000, there were 60 sales over $4 million which helped create the second highest average price-per-sale ever at $1,197,738; only 2008 was higher with an average price of $1,391,605.

New developments made a large contribution to the overall numbers in 2010. The following is a summary of sales in some of the larger new projects in the county:

• Westin:
$47,375,600 Gross Volume, $570,790 AVG PPU, $650 AVG PPSF, with 83 Sales in 2010

• Solaris:
$124,821,800 Gross Volume, $6,934,544 AVG PPU, $2,462 AVG PPSF, with 18 Sales in 2010

• Arrabelle:
$38,830,000 Gross Volume, $3,530,000 AVG PPU, $1,351 AVG PPSF, with 11 Sales in 2010

• Ritz:
$42,486,000 Gross Volume, $3,034,714 AVG PPU, $1,379 AVG PPSF, with 14 Sales in 2010 (This does not include the bulk sale of 45 Units for $110,890,000)

Single Family homes accounted for 34% of all transactions in 2010. The average price went down 4% from 2009 to $1.26 million in 2010.

There were 599 high-end condominium projects/multifamily homes that sold in 2010 accounting for 48% of the total sales, with an average sales price of $1.15 million. This is up $250,000 per sale over 2009.

Average Prices & Price Per Square Foot:

The average sales price of single-family homes countywide in 2010 decreased an average of 4% over 2009 year, while multifamily homes increased 28%. The large increase in the sales price in multifamily homes is primarily due to the large sales in the new development projects previously mentioned.

The average price per square foot for single-family homes throughout Eagle County in 2010 was $321; and the area with the highest PPSF average was Vail Village at $1,348.

The average PPSF for multifamily homes had the greatest increase over 2009 with an average increase of 21%. Lionshead (PPSF average $1,277) and Vail Village (PPSF average $1,643) were the areas that had the highest PPSF averages.

What is a deal in Vail Real Estate?

2011-02-18T16:27:00.000-08:00

Cliches in Vail Real Estate and What is a Deal?

I am constantly asked what a deal is in Vail Real Estate. Though, I wouldn't, I am often tempted to say whatever YOU think is a deal. However, there are some real deals, based solely on price. There are also some deals which are based on location, condition, and price. Or there are deals, because a VERY SPECIAL Property has been listed for sale.

While it used to be that our real estate in the Vail/Beaver Creek Valley was simply about location, location, location, it is now all about price, price, price...everyone is looking at the price. We suddenly sell real estate at the price per pound, or so it seems. A few years ago, if a residence in certain markets was listed, it lasted less than a few weeks, and would have multiple offers. Now, that same special beautiful home is listed and sits there. Yes, many many people will look at it on the web-site. But, they will run the numbers and determine it isn't a deal, so why look at it? And, they then miss out on an amazing home. So, here is my one piece of advice, today...Buy a home, first, second, third, or fourth home because you LOVE it, can imagine having wonderful times in that home with your family, and because it is a special home in a great location, in our beautiful community of Vail and Beaver Creek.

Most of the time those cliches we hear prove to be oh so true. So, remember sometimes you do "ONLY GET WHAT YOU PAY FOR", and you will, I promise you this, you will sell it again someday, and it may have been a deal "too good to be true". It will be difficult to sell even in a "hot market aka Seller's Market".

But yes, we have some incredibly well priced homes, condominiums, and homesites. That other cliche is very true, "it is a great time to buy". Interest rates are low, we have motivated to extremely motivated Sellers, and these homes and prices may not be here next year! I believe life is constantly getting better, as well as this economy. And, I believe next year I will have some of my very favorite Buyers saying, "shoulda, coulda, woulda"..."I should have bought that wonderful home last year". Here's the very very best part of it all, our snow is incredible, and ski conditions are amazing. Come see us in the Vail Valley and look at our Vail Real Estate. Kindest regards to you all, Amy

Holidays in the Vail Valley

2010-12-26T12:23:00.000-08:00

Happy New Year...it is now the day after Christmas, and I keep hearing people tell me how glad they are Christmas is over for another year. Well, yes, I guess. I do understnad the Holidays are stressful, busy, expensive, and sometimes difficult. But, I believe as it says in one of my favorite Christmas Carols, it is the most wonderful time of the year. And, as I say that, when another holiday and/or season rolls around that too will be the most wonderful time of the year. My mother competed for the title of Queen of Christmas. She LOVED the holiday and worked on it for months so that we all had a wonderful time. And, she had a gift for EVERYONE from the man who plowed the lane to their house, to the postman and the unknown person who delivered their newspaper. She simply put an edible gift in the newspaper and mail boxes and not only wished them the happiness of the season but also thanked them.

To her, it was a time to thank everyone and wish them not only the best of Christmas Holiday but a Happy New Year. She believed in the wonders of the Universe. And, although she left us 9 years ago, I still understand her deep reverence for the Holidays. Since then, I have not replicated the holidays as we spent them when she was alive, instead I think it is OK to mix them up...and I find them especially wonderful here in Vail and Beaver Creek. We have wonderful times at Christmas and New Year's with spectacular skiing, snow boarding, ice-skating, food, families, fireworks, shopping and just plain FUN!

And, so often our Visitors to the Valley fall in love with our area and decide perhaps, they too should have a home here. So, they venture on to the proverbial world wide web...and then walk through our doors or call us. And the question, today is about the Real Estate Market and DEALS...well, the Real Estate Market in Vail, Beaver Creek, and surrounding areas is ALIVE and WELL...and yes there are some Deals, as well as new exciting nbsp;product in both Vail and outside of Beaver Creek.

So, to move to the subject at hand, we have a new project called The Ascent formerly known as The Gates. It was a completed project, but the original Developer never closed on any of the Residences. There are 49 Residences at The Ascent, it sits right outside of the main Beaver Creek Welcome Gate, and prices for two bedrooms begin at $399,000...YES, I did type it correctly, $399,000. The building has shuttles to both Beaver Creek and Vail for skiing.

Vail Village also witnessed the opening of the Front Doors of a Fours Seasons Hotel, Club, and Private Residences. The private Residences, of which there are currently 13 for sale, are priced from $2,700,000 to $10,700,000. They have a wonderful hotel, gorgeous dining facilties, and spectacular spa. The spa currrently is only available for guests and owners at The Four Seasons. So, one may have to check into the hotel for a night to enjoy the spa.

Lionshead also saw the doors open on private residences of Ritz Carlton Residences. It too is a beautiful building with Club as well as Private Residences. Their prices are more likely to mirror those of the Four Seasons rather than The Ascent. But, we have several price points in between in Vail Village, Lionshead, and Beaver Creek. If a deal is what one is looking for, we have those. I am afraid we don't have private residences and homes selling at 50 cents on the dollar, as our Valley has never had the over building or many desperate Sellers. However, this is a great time to buy since we have both low interest rates and motivated Sellers. If you want a home to share with your family, friends, and to make memories in, then this is the place to be and buy. You won't steal anything, but IF you are understanding and wanting to enjoy all of your QTR, aka quality time remaining with your children and/or grandchildren, then NOW is the time to buy.

Our Valley is a magical place and at times the ONLY place to be with your family, friends and perhaps alone by yourself. So if you understand it isn't always about the deal, but is about the time and place, NOW is a great time to buy in the Vail Valley. I wish you a Happy, Healthy, and Prosperous New Year! Amy

Snow and Resort Real Estate

2010-12-07T17:59:00.001-08:00

I woke up this morning to a beautiful 6 or 7 inches of fresh snow. My dogs were thrilled with the prospect of running outside to race through the untracked field of white. It continued to snow all morning with a huge accumulation by the time the sun peaked through around 2:30 p.m.

Because I grew up in Colorado and was born in the dead of winter, I have ALWAYS LOVED winter, or so I believe. So, it is not difficult for me to want snow all winter long. But, more importantly, for those of us who live and work in a resort market, we understand that we need cooperation from Mother Nature, to make the business wheels go round....and round...and round. I sell resort real estate in one of North America's BEST ski resorts, Vail and Beaver Creek Mountains. Yes, I love to snowboard and look forward to the winters because it affords me the wonders of slipping down a mountain on a snowboard.

However, I also am in the real estate industry. I sell real estate. So, unless you have been living in a cave for the past two or three years, you realize that the real estate market and industry have been brutalized by economic events, the press, and the public. As one of my Clients recently told me, YOU, the real estate "people" caused this economic downturn. While I know many people throughout the Country bought homes they could not afford, I do know that most to all of the people I have sold real estate aka homes to in the past several years could more than afford them. And, because we have the beautiful "white gold" and incredible mountain and Valley, we attract the obsessed skiers and snowboarders as well as the wealthy/affluent families who seek beauty, relaxation, and fun.

Snow is what attracts the vast majority of our resort guests and homeowners. They come for our incredibly fun and beautiful winters of snow, sunshine, and crisp, dry, air....we live at the top of the world. And our Valley is finite as it is mostly public land which is part of the Forestry Service or Bureau of Land Management. And, so with anything that has precious few acres, miles, or square footage, the prices escalate. And, while our real estate prices aka market still seems quite high, many will tell you that we have some of the best values in our market that we have had in the past 20 years. And for the Buyer pondering a purchase this feels like the year, rates are great, the snow is sensational, and we are feeling that many of the Buyers are ready to buy. Winters tend to be our best selling seasons in the ski resorts. Our summers are outstanding...we ALL LOVE them. But, this winter is feeling different from the past few, it just seems like the mood and temperaments have changed. And, you can only keep people down for a period of time. My thoughts are this is going to be a fabulous ski season and year. Snow makes this Resort Market go round....and round...and round. Happy Holidays! Amy