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.
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