Saturday, April 9, 2011
I am going to put my posts on hold for a while ... while I have shoulder surgery. The doctors and therapists estimate a 6-week recovery period. So, I'll see how I do and get back to posting as quickly as I can.
LATEST STATS for all EAGLE COUNTY RESORTS
Saturday, April 9, 2011
February's performance data for all of Eagle County, compiled by Land Title Guarantee Co. Inc., has just been released. Eagle County encompasses all of the resorts of the Vail Valley -- including Vail, Beaver Creek, Lionshead, Arrowhead and Cordillera.
February continues the pace set last January ... 82 transactions compared to January's 90 ... which is a bit disappointing because February numbers typically get a boost from the Presidents' Week holiday. January and February's pace was pretty much the same as 2010's. I guess I have to thank the heavens for March's performance which dramatically picked up the pace ... see my most recent, prior post "Rockin' Out' dated April 5th.
February's 82 transactions had an average price of $1,000,000. While 45% of all transactions are still being sold for under $500,000, there were 5 transactions over $5 million that helped jump our average sales price for Eagle County to the $1 million figure.
Bachelor Gulch had one sale in February selling for $8.9 million. Condominiums at the new SOLARIS in Vail Village continue to sell at an average price of more than $7 million with 3 sales in 2011 totaling $22 million. Condominiums at The Ascent at the foot of Beaver Creek are also playing a large role in the 2011 statistics reporting 19 sales totaling $10 million; the Ascent units are averaging $362 a square foot.
Avon was the area with the most transactions in February with 18. There were 6 sales in Vail Village accounting for 80% of the total dollar volume in Eagle County.
To see a detailed breakdown of the activity behind these stats, please click this link to the Land Title numbers:
Land Title’s February 2011 Market Analysis .
And, of course, contact me with any of your questions, comments or requests at cmiskell@slifer.net. I am here to help.
February's performance data for all of Eagle County, compiled by Land Title Guarantee Co. Inc., has just been released. Eagle County encompasses all of the resorts of the Vail Valley -- including Vail, Beaver Creek, Lionshead, Arrowhead and Cordillera.
February continues the pace set last January ... 82 transactions compared to January's 90 ... which is a bit disappointing because February numbers typically get a boost from the Presidents' Week holiday. January and February's pace was pretty much the same as 2010's. I guess I have to thank the heavens for March's performance which dramatically picked up the pace ... see my most recent, prior post "Rockin' Out' dated April 5th.
February's 82 transactions had an average price of $1,000,000. While 45% of all transactions are still being sold for under $500,000, there were 5 transactions over $5 million that helped jump our average sales price for Eagle County to the $1 million figure.
Bachelor Gulch had one sale in February selling for $8.9 million. Condominiums at the new SOLARIS in Vail Village continue to sell at an average price of more than $7 million with 3 sales in 2011 totaling $22 million. Condominiums at The Ascent at the foot of Beaver Creek are also playing a large role in the 2011 statistics reporting 19 sales totaling $10 million; the Ascent units are averaging $362 a square foot.
Avon was the area with the most transactions in February with 18. There were 6 sales in Vail Village accounting for 80% of the total dollar volume in Eagle County.
To see a detailed breakdown of the activity behind these stats, please click this link to the Land Title numbers:
Land Title’s February 2011 Market Analysis .
And, of course, contact me with any of your questions, comments or requests at cmiskell@slifer.net. I am here to help.
ROCKIN' OUT!!
Tuesday, April 5, 2011
Something was in the air in March, besides all the snow ...
Last month, the brokers of my firm, Slifer, Smith & Frampton (SSF) wrote $130,589,121 worth of new contracts for real estate in the Vail Valley ... and counting both sides (i.e., deals where SSF brokers were involved on both the "buy" and the "sell" side), the total was $197,272,743
Total number of new contracts written was a remarkable 89 deals.
Here are some comparative $ volumes of new written contracts in previous years which you can use as baselines when looking at our current March performance of $130.6 million:
March 2010 = $89.2 million
March 2009 = $31.7 million
March 2008 = $108.3 million
Here's a breakdown of last month's contracts::
BY AREA:
Vail Village = 7 deals
Lionshead = 5 deals
East/West Vail = 8 deals
Avon = 4 deals
Mountain Star = 1 deal
Beaver Creek = 7 deals
Beaver Creek Fractional = 22 deals
Bachelor Gulch = 4 deals
Arrowhead = 4 deals
Edwards = 5 deals
Cordillera = 2 deals
Red Sky/Wolcott = 2 deals
Eagle/Gypsum = 13 deals
Out of Area = 5 deals
AND BY PRICE:
$0 -$275,000 = 36 (includes 22 fractional)
$275K - $500K = 9
$500k - $1Million = 16
$1Million - $3Million = 16
$3Million - $5Million = 5
Over $5Million = 7 (including 3 deals over $10 million)
Remember, you won't know where the "bottom" was until it's past and the opportunity is behind you.
Something was in the air in March, besides all the snow ...
Last month, the brokers of my firm, Slifer, Smith & Frampton (SSF) wrote $130,589,121 worth of new contracts for real estate in the Vail Valley ... and counting both sides (i.e., deals where SSF brokers were involved on both the "buy" and the "sell" side), the total was $197,272,743
Total number of new contracts written was a remarkable 89 deals.
Here are some comparative $ volumes of new written contracts in previous years which you can use as baselines when looking at our current March performance of $130.6 million:
March 2010 = $89.2 million
March 2009 = $31.7 million
March 2008 = $108.3 million
Here's a breakdown of last month's contracts::
BY AREA:
Vail Village = 7 deals
Lionshead = 5 deals
East/West Vail = 8 deals
Avon = 4 deals
Mountain Star = 1 deal
Beaver Creek = 7 deals
Beaver Creek Fractional = 22 deals
Bachelor Gulch = 4 deals
Arrowhead = 4 deals
Edwards = 5 deals
Cordillera = 2 deals
Red Sky/Wolcott = 2 deals
Eagle/Gypsum = 13 deals
Out of Area = 5 deals
AND BY PRICE:
$0 -$275,000 = 36 (includes 22 fractional)
$275K - $500K = 9
$500k - $1Million = 16
$1Million - $3Million = 16
$3Million - $5Million = 5
Over $5Million = 7 (including 3 deals over $10 million)
Remember, you won't know where the "bottom" was until it's past and the opportunity is behind you.
BULLETIN! MAJOR INTERSTATE CLOSURE
Sunday, April 3, 2011
Just in case you'll be heading to/from Vail or just traveling east or west on this major Interstate artery, I want to alert you about an ALL-DAY CLOSURE of the I-70 corridor in BOTH DIRECTIONS which is scheduled for next Tuesday, April 5th and, maybe/probably into Wednesday, April 6th.
Interstate 70 will be closed between Exit 205 (Silverthorne) and Exit 232 (Empire/U.S. 40) for boulder removal near Georgetown, Colorado.
The closure will most likely back traffic up for miles. Contact me at cmiskell@slifer.net and I email you details about the closure together with a perfectly hair-rasing photo of the area to be "fixed".
Plan accordingly! I don't want you to get stuck anywhere near there.
Good thing I didn't post this on Friday (April Fool's Day). No one would have believed me.
Just in case you'll be heading to/from Vail or just traveling east or west on this major Interstate artery, I want to alert you about an ALL-DAY CLOSURE of the I-70 corridor in BOTH DIRECTIONS which is scheduled for next Tuesday, April 5th and, maybe/probably into Wednesday, April 6th.
Interstate 70 will be closed between Exit 205 (Silverthorne) and Exit 232 (Empire/U.S. 40) for boulder removal near Georgetown, Colorado.
The closure will most likely back traffic up for miles. Contact me at cmiskell@slifer.net and I email you details about the closure together with a perfectly hair-rasing photo of the area to be "fixed".
Plan accordingly! I don't want you to get stuck anywhere near there.
Good thing I didn't post this on Friday (April Fool's Day). No one would have believed me.
SLIFER'S 2010 ANNUAL MARKET REVIEW
Saturday, April 2, 2011
The 2010 Annual Market Review prepared and published by my firm, Slifer, Smith & Frampton Real Estate has just been released.
It's a comprehensive overview of the real estate market in the Vail Valley and is the most consistently requested of all of Slifer, Smith & Frampton's publications.
It's a fabulous, informative, good looking piece, and I know you'll enjoy it. Email me at cmiskell@slifer.net and I'll immediately shoot you a copy in PDF format. That's the best I can do today but Monday I will try to obtain a version I can link to and I'll add the link to this blog post.
The 2010 Annual Market Review prepared and published by my firm, Slifer, Smith & Frampton Real Estate has just been released.
It's a comprehensive overview of the real estate market in the Vail Valley and is the most consistently requested of all of Slifer, Smith & Frampton's publications.
It's a fabulous, informative, good looking piece, and I know you'll enjoy it. Email me at cmiskell@slifer.net and I'll immediately shoot you a copy in PDF format. That's the best I can do today but Monday I will try to obtain a version I can link to and I'll add the link to this blog post.
PICKING UP THE PACE
Tuesday, March 29, 2011
The pace of activity this month continues to pick up in the Vail Valley, after a February that was a little below brokers' hopes here but not the disaster reported nation-wide when sales dropped 17% and prices dropped 14%.
Here are the latest stats for new business written by the brokers of my firm, Slifer Smith & Frampton (SSF) during the last two weeks ... a nice jump over February's range which was in the $13-$19 million range and a BIG improvement over most of January, when numbers ranged largely in the $8-$9 millions.
March 18th - 24th:
$34,685,800 (SSF represented either the buyer or the seller)
$63,212,100 (counting contracts where SSF represented buyer + seller)
March 11th - 17th:
$25,074,211 (SSF represented either the buyer or the seller)
$39,067,343 (counting contracts where SSF represented buyer + seller)
The pace of activity this month continues to pick up in the Vail Valley, after a February that was a little below brokers' hopes here but not the disaster reported nation-wide when sales dropped 17% and prices dropped 14%.
Here are the latest stats for new business written by the brokers of my firm, Slifer Smith & Frampton (SSF) during the last two weeks ... a nice jump over February's range which was in the $13-$19 million range and a BIG improvement over most of January, when numbers ranged largely in the $8-$9 millions.
March 18th - 24th:
$34,685,800 (SSF represented either the buyer or the seller)
$63,212,100 (counting contracts where SSF represented buyer + seller)
March 11th - 17th:
$25,074,211 (SSF represented either the buyer or the seller)
$39,067,343 (counting contracts where SSF represented buyer + seller)
NOW'S THE TIME
Saturday, March 26, 2011
Now's the time to get an early start on next season's rentals, especially if you've decided to put off buying a home or condo here until you see how the Middle East, Japan and the global economy shake out.
East/West Luxury Home Rentals, a newcomer to the scene last year, has already increased its inventory to an impressive 16 luxury homes. Their level of service is outstanding and their inspections of their homes' readiness is impressive in their rigor. I know many of these homes and can attest to their quality. Keep in mind, too, that Luxury Home Rentals is an arm of long-time local developers East/West Resorts which is responsible for creating and building most of the multi-family residential product in Beaver Creek and Bachelor Gulch and which has a formidable presence in the Vail deveopment market as well.
Here's the link to the Luxury Home Rentals website: http://www.eastwestluxuryhomerentals.com/
If it's condos you're looking for here's a link to East West in Beaver Creek ... where they dominate the market: http://www.eastwestbeavercreek.com/
If you want my recommendations on rental listings at other Vail Valley resorts, please contact me at cmiskell@slifer.net.
Now's the time to get an early start on next season's rentals, especially if you've decided to put off buying a home or condo here until you see how the Middle East, Japan and the global economy shake out.
East/West Luxury Home Rentals, a newcomer to the scene last year, has already increased its inventory to an impressive 16 luxury homes. Their level of service is outstanding and their inspections of their homes' readiness is impressive in their rigor. I know many of these homes and can attest to their quality. Keep in mind, too, that Luxury Home Rentals is an arm of long-time local developers East/West Resorts which is responsible for creating and building most of the multi-family residential product in Beaver Creek and Bachelor Gulch and which has a formidable presence in the Vail deveopment market as well.
Here's the link to the Luxury Home Rentals website: http://www.eastwestluxuryhomerentals.com/
If it's condos you're looking for here's a link to East West in Beaver Creek ... where they dominate the market: http://www.eastwestbeavercreek.com/
If you want my recommendations on rental listings at other Vail Valley resorts, please contact me at cmiskell@slifer.net.
LATEST STATS
Tuesday, March 22, 2011
January's performance data for all of Eagle County, compiled by Land Title Guarantee Co. Inc., has just been released. Eagle County encompasses all of the resorts of the Vail Valley -- including Vail, Beaver Creek, Lionshead, Arrowhead and Cordillera.
Eagle County real estate purchase/sale activity began the year comparable to 2010. With $86,162,658 in dollar volume and 90 transactions, activity in this first month of 2011 is 1% less in dollar volume and 11 transactions less than January of 2010.
Properties selling for less than $500,000 accounted for 59% of all transactions, while properties over $2 million accounted for 63% of the dollar volume. This includes 5 transactions which were each over $4 million. Two properties sold for more than $10 million: one in Beaver Creek for $10.5 million, and one in Bachelor Gulch for $10.3 million.
Interestingly, vacant land seems to be off to a good start in 2011 with 10 homesites selling in January (equal to an annual rate of 120). For all of 2010 there were a total of 79 lots sold. It takes some optimism and some confidence in the future to buy land, hire an architect, hire a contractor, and build a home.
Click on this link to see complete statistics broken down by resort, area, and by price point:
Land Title’s January 2011 Market Analysis
January's performance data for all of Eagle County, compiled by Land Title Guarantee Co. Inc., has just been released. Eagle County encompasses all of the resorts of the Vail Valley -- including Vail, Beaver Creek, Lionshead, Arrowhead and Cordillera.
Eagle County real estate purchase/sale activity began the year comparable to 2010. With $86,162,658 in dollar volume and 90 transactions, activity in this first month of 2011 is 1% less in dollar volume and 11 transactions less than January of 2010.
Properties selling for less than $500,000 accounted for 59% of all transactions, while properties over $2 million accounted for 63% of the dollar volume. This includes 5 transactions which were each over $4 million. Two properties sold for more than $10 million: one in Beaver Creek for $10.5 million, and one in Bachelor Gulch for $10.3 million.
Interestingly, vacant land seems to be off to a good start in 2011 with 10 homesites selling in January (equal to an annual rate of 120). For all of 2010 there were a total of 79 lots sold. It takes some optimism and some confidence in the future to buy land, hire an architect, hire a contractor, and build a home.
Click on this link to see complete statistics broken down by resort, area, and by price point:
Land Title’s January 2011 Market Analysis
LOCAL DEVELOPERS DANGLE CARROTS AS END OF SKI SEASON APPROACHES
Saturday, March 19, 2011
It will come as news to no one that the Vail Valley has not been immune from the downturn in the housing market.
At the time the global economy went in the tank, there were seven huge construction cranes in Vail. The cranes are now gone, the buildings have been completed, and their developers are using different methods to sell their remaining inventory.
The developers of the Penthouses at Manor Vail at the foot of Vail Mountain -- and also of The Westin Riverfront Resort & Spa near Beaver Creek Resort in Avon -- decided to cut right to the chase, reducing their prices by 40% across the board. The condos at The Westin sold out in record time, while at Manor Vail, where the price point for a condo was millions of dollars higher, only one penthouse remains.
Other local developers have chosen to preserve market value -- preferring to keep their prices the same but offering concessions to buyers in lieu of a price reduction. For example, concessions might include waiving Homeowners' Association dues for a year ... or years.
At The Ritz-Carlton Residences in Vail, the development company is an arm of Vail Resorts, Inc. which operates the ski mountain. They are currently offering VIP (for "Vail Incentive Package") for the next 5 sales. The Package consists of:
-- four (4) Lifetime Ski Passes for each 2-bedroom condo and six (6) passes for any 3, 4 or 5 bedroom residence that a buyer puts under contract;
-- 30 Private Ski School lessons at Vail;
-- three (3) 5-night stays at any Rock Resort .. to see a list visit www.rockresorts.com/resort-locations;
-- a private dinner party for up to 50 people at Game Creek Club, their on-mountain facility;
-- a "First Tracks" experience where up to 50 people can ski Vail Mountain one hour before the lifts open to the public.
There's a lot you can offer when you run the ski mountain.
For more information about any of these incentives, just email me at cmiskell@slifer.net.
It will come as news to no one that the Vail Valley has not been immune from the downturn in the housing market.
At the time the global economy went in the tank, there were seven huge construction cranes in Vail. The cranes are now gone, the buildings have been completed, and their developers are using different methods to sell their remaining inventory.
The developers of the Penthouses at Manor Vail at the foot of Vail Mountain -- and also of The Westin Riverfront Resort & Spa near Beaver Creek Resort in Avon -- decided to cut right to the chase, reducing their prices by 40% across the board. The condos at The Westin sold out in record time, while at Manor Vail, where the price point for a condo was millions of dollars higher, only one penthouse remains.
Other local developers have chosen to preserve market value -- preferring to keep their prices the same but offering concessions to buyers in lieu of a price reduction. For example, concessions might include waiving Homeowners' Association dues for a year ... or years.
At The Ritz-Carlton Residences in Vail, the development company is an arm of Vail Resorts, Inc. which operates the ski mountain. They are currently offering VIP (for "Vail Incentive Package") for the next 5 sales. The Package consists of:
-- four (4) Lifetime Ski Passes for each 2-bedroom condo and six (6) passes for any 3, 4 or 5 bedroom residence that a buyer puts under contract;
-- 30 Private Ski School lessons at Vail;
-- three (3) 5-night stays at any Rock Resort .. to see a list visit www.rockresorts.com/resort-locations;
-- a private dinner party for up to 50 people at Game Creek Club, their on-mountain facility;
-- a "First Tracks" experience where up to 50 people can ski Vail Mountain one hour before the lifts open to the public.
There's a lot you can offer when you run the ski mountain.
For more information about any of these incentives, just email me at cmiskell@slifer.net.
QUICK TAKES
Tuesday, March 15, 2011
1.) VAIL'S IMPROVING ECONOMY: Sales tax collections are up. Following record-setting sales tax collections last December, The Town of Vail reports that January 2011 sales tax collections are up 10% over budget and more than 8% over January 2010.
2.) SKI PASS BARGAINS: Vail Resorts, Inc. today kicked off its spring pass sales period for the 2011-2012 ski/snowboard season. Skiers and snowboarders who buy their passes this spring will also receive special SUMMER benefits including access for sightseeing and gondola rides. I'll give you a couple of highlights but you really need to go to http://www.coloradopass.com/ to see all of your options and to make your purchases.
- The Epic Pass(TM): unrestricted, unlimited skiing at Vail, Beaver Creek, Breckenridge, Keystone, Heavenly, Northstar-at-Tahoe and Arapahoe Basin ... for $649.
- Epic Local Pass(TM): 7 unrestricted days of skiing/riding at any one of Vail Resorts' six mountain resorts plus Arapahoe Basin anytime during next season ... for $499.
3.) A DIFFERENT KIND OF REAL ESTATE: I did some checking ... do you know how many nuclear power stations we have here in Colorado? None. There is, as far as I can find, only one nuclear reactor in the entire state, a 1 MW (megawatt) research reactor owned by the U.S. Geological Survey. One megawatt (1MW) is a million watts of power. Wikipedia says that a single large residential or commercial building may consume several megawatts in electric power and heat ... and that U.S. nuclear plants have net summer capacities between 500 and 1,300 MWs. The Massachusetts Insitute of Technology in Cambridge has its own 5 MW research reactor. Not much nuclear going on in Colorado.
4.) CORPORATE TAX DEADLINE: a thought for you taxpayers whose corporation tax forms (or extensions) need to be filed today ... Did you realize that if you combine "The" with "IRS", it spells "THEIRS"?
1.) VAIL'S IMPROVING ECONOMY: Sales tax collections are up. Following record-setting sales tax collections last December, The Town of Vail reports that January 2011 sales tax collections are up 10% over budget and more than 8% over January 2010.
2.) SKI PASS BARGAINS: Vail Resorts, Inc. today kicked off its spring pass sales period for the 2011-2012 ski/snowboard season. Skiers and snowboarders who buy their passes this spring will also receive special SUMMER benefits including access for sightseeing and gondola rides. I'll give you a couple of highlights but you really need to go to http://www.coloradopass.com/ to see all of your options and to make your purchases.
- The Epic Pass(TM): unrestricted, unlimited skiing at Vail, Beaver Creek, Breckenridge, Keystone, Heavenly, Northstar-at-Tahoe and Arapahoe Basin ... for $649.
- Epic Local Pass(TM): 7 unrestricted days of skiing/riding at any one of Vail Resorts' six mountain resorts plus Arapahoe Basin anytime during next season ... for $499.
3.) A DIFFERENT KIND OF REAL ESTATE: I did some checking ... do you know how many nuclear power stations we have here in Colorado? None. There is, as far as I can find, only one nuclear reactor in the entire state, a 1 MW (megawatt) research reactor owned by the U.S. Geological Survey. One megawatt (1MW) is a million watts of power. Wikipedia says that a single large residential or commercial building may consume several megawatts in electric power and heat ... and that U.S. nuclear plants have net summer capacities between 500 and 1,300 MWs. The Massachusetts Insitute of Technology in Cambridge has its own 5 MW research reactor. Not much nuclear going on in Colorado.
4.) CORPORATE TAX DEADLINE: a thought for you taxpayers whose corporation tax forms (or extensions) need to be filed today ... Did you realize that if you combine "The" with "IRS", it spells "THEIRS"?
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