Here's some recent proof of the old adage that "all real estate is local".
Nationally, The S&P/Case-Shiller index -- which tracks home prices in 20 major U.S. cities -- reported yesterday that prices in October were down 7.3% from a year ago. That was less of a loss than economists had predicted and was the smallest year-over-year decline since November 2007.
Looking closer to home, Metro Denver reported the number of homes sold in November surged 23% over the same month in 2008. The Denver Post reports that it was not just first-time buyers who were active ... the median sales price for condos and single-family homes increased as well, a sign that more expensive properties were also selling. Prices were up 4.5% for condos and 11.8% for single family homes.
Locally, we are in the midst of what is traditionally one of the busiest weeks of the year for real estate sales ... and I am happy to report that I am BUSY with showings. I not only have several sets of clients in town looking at homes to buy in Vail and Beaver Creek, my listings are getting a lot of showings as well ... 3 showings in 2 days for one of them!
It feels much better here than last Christmas.
WEEKLY VAIL VALLEY REAL ESTATE TRANSACTIONS
December 22nd marked the commencement of the Developer's promotional, public offering of 25 hugely discounted condos at The Westin Riverfront Resort and Spa. Advance word of this offering appeared in my blog post of December 16th.
Even with a time-out for Christmas, 15 of the condos went contract pending -- in addition to the 4 which were previously picked up by existing owners.
Those Westin contract accounted for most of the past week's new written business which totalled 19 contracts.
Breakdown by list price:
Under $1 million: 3 contracts
$1-2 million: 15 contracts
$2-3 million: 1 contract
Breakdown by area:
Avon: 15 contracts
Vail/Lionshead: 1 contract
East Vail: 1 contract
Cordillera Valley Club: 1 contract
Even with a time-out for Christmas, 15 of the condos went contract pending -- in addition to the 4 which were previously picked up by existing owners.
Those Westin contract accounted for most of the past week's new written business which totalled 19 contracts.
Breakdown by list price:
Under $1 million: 3 contracts
$1-2 million: 15 contracts
$2-3 million: 1 contract
Breakdown by area:
Avon: 15 contracts
Vail/Lionshead: 1 contract
East Vail: 1 contract
Cordillera Valley Club: 1 contract
EXISTING HOME SALES BETTER THAN EXPECTED
The National Association of Realtors reports that sales of existing homes in November reached their highest level since the good old days of February 2007.
Sales jumped 7.4% to a seasonally-adjusted rate of 6.5 million units. An increase of 3.3% has been forecast.
Sales are 44% higher than they were a year ago when credit markets were frozen.
First-time home-buyers made up 51% of all sales activity last month, fueled by the 8% tax credit.
Prices remained soft as buyers searched for deals in the short sale and foreclosure markets, however all of this activity has reduced inventory levels nationally by more than 15% to a 6.5 month supply.
Here's how November's sales activity breaks down:
The Northeast: up 6.6% from October; up 52% year over year
The Midwest: up 8.4% from October; up 53% year over year
The South: up 4.8% from October; up 45% year over year
The West: up 10.6% from October; up 28% year over year
Prices remain soft
Sales jumped 7.4% to a seasonally-adjusted rate of 6.5 million units. An increase of 3.3% has been forecast.
Sales are 44% higher than they were a year ago when credit markets were frozen.
First-time home-buyers made up 51% of all sales activity last month, fueled by the 8% tax credit.
Prices remained soft as buyers searched for deals in the short sale and foreclosure markets, however all of this activity has reduced inventory levels nationally by more than 15% to a 6.5 month supply.
Here's how November's sales activity breaks down:
The Northeast: up 6.6% from October; up 52% year over year
The Midwest: up 8.4% from October; up 53% year over year
The South: up 4.8% from October; up 45% year over year
The West: up 10.6% from October; up 28% year over year
Prices remain soft
VAIL VALLEY'S WEEKLY RESIDENTIAL TRANSACTION SUMMARY
In the pre-holiday week, fewer properties went under contract (13 vs. 29 the week prior), but it is interesting to note that 9 of these were listed above $1 million and there was even one whopper at $6.8 million, a condo in the heart of Vail Village with great ski mountain views.
Another encouraging sign is that 8 of these contracts were written for condominiums including several condo-tel properties, suggesting that buyers have been able to find financing for these types of properties. The other 5 contracts were for single family and duplex homes.
The area breakdown for this new written business was as follows:
Vail Village/Lionshead area: 4 contracts
Minturn: 1 contract
Avon: 3 contracts
Edwards: 1 contract
Arrowhead: 2 contracts
Lake Creek: 1 contract
Eagle Ranch: 1 contract
Another encouraging sign is that 8 of these contracts were written for condominiums including several condo-tel properties, suggesting that buyers have been able to find financing for these types of properties. The other 5 contracts were for single family and duplex homes.
The area breakdown for this new written business was as follows:
Vail Village/Lionshead area: 4 contracts
Minturn: 1 contract
Avon: 3 contracts
Edwards: 1 contract
Arrowhead: 2 contracts
Lake Creek: 1 contract
Eagle Ranch: 1 contract
ENCOURAGING SIGNS
Here are November performance stats for my firm, Slifer, Smith & Frampton Real Estate:
$ Volume of New Written Business in November:
2007: $69 million
2008: $18 million
2009: $50 million
#of Closed Transactions related to general brokerage (i.e., no projects) in November:
2008: 23
2009: 37
This is an increase of 62% year over year.
$ Volume of Closed Transactions related to general brokerage in November:
2008: $20 million
2009: $64 million
This is an increase of 220%.
Meanwhile, Eagle County's inventory of properties for sale has dropped from a high of 2,208 units in August of this year to 1,839 last month.
$ Volume of New Written Business in November:
2007: $69 million
2008: $18 million
2009: $50 million
#of Closed Transactions related to general brokerage (i.e., no projects) in November:
2008: 23
2009: 37
This is an increase of 62% year over year.
$ Volume of Closed Transactions related to general brokerage in November:
2008: $20 million
2009: $64 million
This is an increase of 220%.
Meanwhile, Eagle County's inventory of properties for sale has dropped from a high of 2,208 units in August of this year to 1,839 last month.
BULLETIN! DISCOUNTS of 35%-40%!
These people mean business! … and you are getting advance notice.
The developers of The Westin Riverfront Resort and Spa located on the Eagle River at the gateway to Beaver Creek Resort, are offering discounts of 35% on their newly completed studio and "Studio Suites Plus" AND discounts of 40% on their 2 and 3 bedroom condominiums.
This offer is good for the next 25 sales in The Westin.
This means, for example, that studios now start at as little as $214,500, fully furnished.
You can get a 2-bedroom condo there for as little as $585,000 and steal a 3-bedroom for $1,059,000, fully furnished.
NOTE: IF YOU PREFER TO FURNISH THE CONDO YOURSELF, YOU WILL BE ENTITLED TO THE FOLLOWING "FURNISHINGS CREDIT" AT CLOSING: $15,000 for a studio, $45,000 for a 2-bedroom, $55,000 for a 3-bedroom.
Brand new condos, a spa/fitness center, front desk, outdoor swimming pool (with mountain views), multiple hot tubs over looking Eagle River, Avondale Restaurant, and The Westin ski lift to Beaver Creek Mountain.
You can contact me for price lists/site and floor plans. Watch for upcoming photos.
The developers of The Westin Riverfront Resort and Spa located on the Eagle River at the gateway to Beaver Creek Resort, are offering discounts of 35% on their newly completed studio and "Studio Suites Plus" AND discounts of 40% on their 2 and 3 bedroom condominiums.
This offer is good for the next 25 sales in The Westin.
This means, for example, that studios now start at as little as $214,500, fully furnished.
You can get a 2-bedroom condo there for as little as $585,000 and steal a 3-bedroom for $1,059,000, fully furnished.
NOTE: IF YOU PREFER TO FURNISH THE CONDO YOURSELF, YOU WILL BE ENTITLED TO THE FOLLOWING "FURNISHINGS CREDIT" AT CLOSING: $15,000 for a studio, $45,000 for a 2-bedroom, $55,000 for a 3-bedroom.
Brand new condos, a spa/fitness center, front desk, outdoor swimming pool (with mountain views), multiple hot tubs over looking Eagle River, Avondale Restaurant, and The Westin ski lift to Beaver Creek Mountain.
You can contact me for price lists/site and floor plans. Watch for upcoming photos.
VAIL RESORTS REPORTS EARNINGS
Vail Resorts reported a loss of $42.1 million in its first quarter -- which is usually its weakest quarter because ski mountains are closed during those months. The company typically reports a loss in this quarter which comprises August, September and October.
Vail Resorts owns Vail, Beaver Creek, Breckenridge, Keystone in Colorado, and Heavenly in California.
Although lodging bookings were down 13% compared with last year, ski pass sales were 11% higher for the same period. And in another piece of encouraging news, advance airline bookings at Eagle County Airport are up about 4% from last year.
CEO Rob Katz predicts that lodging guests are waiting until closer to their trips to book their vacations, a pattern of guest behavior that has become more the norm in the past 5 to 7 years.
Vail Resorts owns Vail, Beaver Creek, Breckenridge, Keystone in Colorado, and Heavenly in California.
Although lodging bookings were down 13% compared with last year, ski pass sales were 11% higher for the same period. And in another piece of encouraging news, advance airline bookings at Eagle County Airport are up about 4% from last year.
CEO Rob Katz predicts that lodging guests are waiting until closer to their trips to book their vacations, a pattern of guest behavior that has become more the norm in the past 5 to 7 years.
VAIL VALLEY'S WEEKLY TRANSACTION SUMMARY
One home site and 29 homes went contract pending this week.
14 of them were listed under $1 million. Of those 14 -- which included the home site -- 4 were condominiums.
The big winner in the $1 million and above category was Cordillera Resort which saw four single family homes go under contract: 2 of them listed around $1.8 million; 1 listed for $4.1 million and 1 for $5.5 million.
A beautiful home listed for $4.9 million on 5 acres with creek frontage went to contract in Lake Creek.
Finally a 3-bedroom condo at the newly completed Westin Riverfront Resort, listed at $2,250,000, was taken by a buyer.
No activity this week in Vail/Lionshead, Beaver Creek or Bachelor Gulch.
14 of them were listed under $1 million. Of those 14 -- which included the home site -- 4 were condominiums.
The big winner in the $1 million and above category was Cordillera Resort which saw four single family homes go under contract: 2 of them listed around $1.8 million; 1 listed for $4.1 million and 1 for $5.5 million.
A beautiful home listed for $4.9 million on 5 acres with creek frontage went to contract in Lake Creek.
Finally a 3-bedroom condo at the newly completed Westin Riverfront Resort, listed at $2,250,000, was taken by a buyer.
No activity this week in Vail/Lionshead, Beaver Creek or Bachelor Gulch.
BEST SHOWING IN THREE YEARS
The American Land Title Association has reported that -- for the first time in more than three years -- title insurance premiums written during the 3rd quarter of 2009 increased when compared to equivalent prior year quarters.
Of the 32 states that saw increases in written premiums in the most recent quarter, COLORADO was one of the stand-outs with a 40% increase.
Nationally, the increase was more modest -- 1.4% -- but it follows 13 consecutive quarters in which written title premiums declined from the prior year's equivalent quarter.
Kurt Pfotenhauer, CEO of ALTA, describes it as "a clear signal that market conditions are beginning to improve."
Of the 32 states that saw increases in written premiums in the most recent quarter, COLORADO was one of the stand-outs with a 40% increase.
Nationally, the increase was more modest -- 1.4% -- but it follows 13 consecutive quarters in which written title premiums declined from the prior year's equivalent quarter.
Kurt Pfotenhauer, CEO of ALTA, describes it as "a clear signal that market conditions are beginning to improve."
NOVEMBER NEW WRITTEN BUSINESS
Here are the latest performance statistics for my firm, Slifer, Smith & Frampton Real Estate (SSF):
Last month (November 2009), SSF wrote $44,021,000 in New Written Business – the total amount of written business including transactions in which SSF brokers participated in both sides was $64,980,500
A year ago (November 2008), SSF wrote $18,116,570 in New Written Business – the total for both sides was $29,777,570
Here’s how the deals break down … by price range and area:
$0 - $275,000 = 4
$275,000 - $500,000 = 9
$500,000 - $1million = 4
$1million - $3million = 4
Over $3 million = 4
Vail (from East Vail thru West Vail) = 8
Beaver Creek = 5
Bachelor Gulch = 1
Edwards (incl. Arrowhead) = 5
Avon/Wildridge/Mountain Star = 3
Eagle/Gypsum = 3
Last month (November 2009), SSF wrote $44,021,000 in New Written Business – the total amount of written business including transactions in which SSF brokers participated in both sides was $64,980,500
A year ago (November 2008), SSF wrote $18,116,570 in New Written Business – the total for both sides was $29,777,570
Here’s how the deals break down … by price range and area:
$0 - $275,000 = 4
$275,000 - $500,000 = 9
$500,000 - $1million = 4
$1million - $3million = 4
Over $3 million = 4
Vail (from East Vail thru West Vail) = 8
Beaver Creek = 5
Bachelor Gulch = 1
Edwards (incl. Arrowhead) = 5
Avon/Wildridge/Mountain Star = 3
Eagle/Gypsum = 3
OCTOBER SALES for EAGLE COUNTY, COLORADO
My colleague, Trevor Thelke at Land Title Guarantee Co., tells me that Eagle County real estate saw triple-digit transactions for the second straight month. Eagle County includes Vail, Beaver Creek, and the other resorts that make up The Vail Valley.
There were 106 transactions in October and this, combined with a dollar volume of over $96 million, produced the 2nd best month in real estate this year. This brings year-to-date totals for the area to $729 million for 759 transactions at an average sales price of $960,592.
There were two transactions that sold for over $6 million, both in Vail Village where a single family home sold for $7.6 million, and a condo sold for $6.45 million.
However, it's not just the high-end market that deserves the spotlight. Residential transactions under $1 million have accounted for 69% of the market activity in the first 10 months of 2009.
There were 106 transactions in October and this, combined with a dollar volume of over $96 million, produced the 2nd best month in real estate this year. This brings year-to-date totals for the area to $729 million for 759 transactions at an average sales price of $960,592.
There were two transactions that sold for over $6 million, both in Vail Village where a single family home sold for $7.6 million, and a condo sold for $6.45 million.
However, it's not just the high-end market that deserves the spotlight. Residential transactions under $1 million have accounted for 69% of the market activity in the first 10 months of 2009.
If you would like to see the data behind these summary numbers, just contact me at cmiskell@slifer.net and I'll email them right to you.
BRIEFS
1. The National Association of Realtors has reported a 3.7% increase in pending home sales … compared to the 1% decrease economists had predicted. Pending home sales activity is now 31.8% higher than it was a year ago … and has reached its highest level since March 2006.
2. The sale of a 7-bedroom/15,900 square foot estate at the top of Borders Road in Beaver Creek Resort closed the other day for $15,500,000, furnished. The buyer is an American entrepreneur and one-time Vail-area property owner.
3. This coming Friday, December 4th, marks the start of World Cup Race Week in Beaver Creek. Over the weekend, ski racers from all over the world will compete in the Super Combined (December 4th), Downhill (December 5th), and Giant Slalom (December 6th) events … heart-stopping stuff and great spectating. Find more info at http://www.bcworldcup.com/.
2. The sale of a 7-bedroom/15,900 square foot estate at the top of Borders Road in Beaver Creek Resort closed the other day for $15,500,000, furnished. The buyer is an American entrepreneur and one-time Vail-area property owner.
3. This coming Friday, December 4th, marks the start of World Cup Race Week in Beaver Creek. Over the weekend, ski racers from all over the world will compete in the Super Combined (December 4th), Downhill (December 5th), and Giant Slalom (December 6th) events … heart-stopping stuff and great spectating. Find more info at http://www.bcworldcup.com/.
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