A few days ago, I worked with a couple who would like to buy a home in the Vail Valley. Actually they were thinking on the Beaver Creek Mountain, in Bachelor Gulch Village or Arrowhead. They have owned here before. They started by owning a large home in Beaver Creek, then purchased a ski condominium (pre-construction) in Bachelor Gulch and finally a beautiful home in Cordillera which is a spectacular golf community in this area.
Because they have stopped skiing in the past couple of years, they would use it as a summer home and then their family, children and grandchildren, would use it as a ski home. And, when not in use, they may decide to rent it on a short-term basis. So we were looking to satisfy three needs in one home. As often happens right now, they were on-line and picked out several homes to see and then asked me to select a couple of other homes. While they quickly decided what would work for them, and they were able to eliminate others, they came to the conclusion he preferred one on the ski slopes and she found one in a beautiful neighborhood, which is 5 to 7 minutes walking distant from the ski lift.
While thinking about their options, they had the very normal and often heard question, "IS IT TIME TO BUY?" They have the normal concerns we have been hearing for the past four years, are the homes prices stable? Are there still deals in the market? And what will happen in the last three months of this year? He asked "where will I get the best appreciation and make the best investment?" She said to her husband and me, "Oh you two, discussing investment and appreciation... I want a home which is fun to live in and a beautiful neighborhood which is going to be comfortable for us to spend our summers." She then asked her husband, "Aren't we old enough not to have to worry about a good investment, can't we just LIVE in it and enjoy it?"
I've given her comment a great deal of thought. And, of course thought to myself, aren't we finally beyond worrying about the real estate market further depreciating? I really don't have sage advice. I simply believe with all my being that the Buyers I have dealt with in the past four years, are VERY happy with their homes, are thrilled to be in our Valley, and they haven't given the price they've paid much thought since they closed on their homes. They believe they got everything and much more than they hoped for in the homes they purchased.
The Sellers I have worked with in the past four years, are usually sad they sold; they miss their Vail Valley homes, and a few are thinking of buying here, again. So what do I deduce from this? I believe that we currently have some great deal for Buyers. Ski Season 2012/2013 is 6 weeks away. And, I believe the world is on an upswing. I also believe most of the Buyers and Sellers I work with are optimistic abut the next few years, but are afraid to be the first to say it.
Here are a few simple facts, the very exclusive, high-end estate homes, in the Vail Valley, have sold well in 2011 and 2012. Our high-end sales usually begin first during a recovery, and interest rates are so low I think we may have to go back over 50 years to match another period in history with rates this low. And, finally, life is short...what is your QTR? That simply means many what is your "Quality of Time Remaining". Today's Buyers are buying because they want to make memories with their spouses, children, grandchildren, and friends. They are here to enjoy as who knows what amount of time is left to any of us. And, as a dear friend says, the last suit we all wear does not have pockets.
It is normal to have questions when buying a vacation home, as it is never a necessity, and often pure luxury. However, how fortunate to have the ability to make this choice in life, AND, to be able to give not only the tangible, but also intangible gift to your family and selves. It really is time to buy your dreams...6 weeks and counting until Ski Season....whoohoo!
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