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.
Wednesday, February 23, 2011
Sunday, February 20, 2011
Vail Real Estate and Beaver Creek Real Estate Statistics for 2010
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.
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.
Friday, February 18, 2011
What is a deal in Vail Real Estate?
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
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
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