Tuesday, February 22, 2011
So far, there's anecdotal evidence from local retailers and restauranteurs that Presidents' Weekend business was up from last year, but that people are still being "careful" about their spending. We should know more about this important week in our resort business by this coming weekend.
While we wait to see what kind of real estate business gets written this week, I've done a search to see what's happened in our real estate market in the past 30 days.
72 residential properties either went contract pending or closed in that time. Here's a breakdown:
VALUE of CONTRACTS CLOSED OR WRITTEN:
$1,000,000 or above: 16
$500,000 to $999,000: 20
Under $500,000: 36
Notable contracts/closings included:
Ritz-Carlton Residence #615/Vail, listed for $9,195,000
Solaris Residence #3H E/Vail, listed for $7,700,000
102 So. Fairway Drive/Beaver Creek, listed for $5,750,000
39 St. Andrews/Arrowhead, listed for $4,950,000
Quartermoon #13/Bachelor Gulch, listed for $3,950,000
A BULLETIN! and SOME PERFORMANCE NUMBERS
Saturday, February 19, 2011
BULLETIN: Beaver Creek Resort has received 14” of new snow since early Thursday morning bringing season-to-date snowfall totals up to twenty feet. More powder is forecast heading into the holiday weekend, providing fantastic conditions for skiers and snowboarders resort-wide ... among the skiers enjoying our premier conditions this weekend will be Michelle Obama and daughters, Sasha and Malia.
Here are some tallies of new business written by the brokers of my firm, Slifer Smith & Frampton (SSF):
February 11 – 17:
$8,404,000 (SSF represented either the buyer or the seller)
$9,720,000 (counting contracts where SSF represented buyer + seller)
February 4 – 10:
$10,268,500 (SSF represented either the buyer or the seller)
$16,348,000 (counting contracts where SSF represented buyer + seller)
January 28 – February 6:
$8,914,000 (SSF represented either the buyer or the seller)
$14,379,500 (counting contracts where SSF represented buyer + seller)
This coming week, the Presidents' Holiday Week, should bring a lot of visitors, owners, and hopefully buyers to the Vail Valley. It will also mark the start of our Spring high-season/busy season which should run at least through the end of March and perhaps longer because of this year's late Easter (April 22nd). From the looks of things, we should have plenty of snow to last 'til the mountain closes.
BULLETIN: Beaver Creek Resort has received 14” of new snow since early Thursday morning bringing season-to-date snowfall totals up to twenty feet. More powder is forecast heading into the holiday weekend, providing fantastic conditions for skiers and snowboarders resort-wide ... among the skiers enjoying our premier conditions this weekend will be Michelle Obama and daughters, Sasha and Malia.
Here are some tallies of new business written by the brokers of my firm, Slifer Smith & Frampton (SSF):
February 11 – 17:
$8,404,000 (SSF represented either the buyer or the seller)
$9,720,000 (counting contracts where SSF represented buyer + seller)
February 4 – 10:
$10,268,500 (SSF represented either the buyer or the seller)
$16,348,000 (counting contracts where SSF represented buyer + seller)
January 28 – February 6:
$8,914,000 (SSF represented either the buyer or the seller)
$14,379,500 (counting contracts where SSF represented buyer + seller)
This coming week, the Presidents' Holiday Week, should bring a lot of visitors, owners, and hopefully buyers to the Vail Valley. It will also mark the start of our Spring high-season/busy season which should run at least through the end of March and perhaps longer because of this year's late Easter (April 22nd). From the looks of things, we should have plenty of snow to last 'til the mountain closes.
MOTIVATED SELLERS
Tuesday, February 15, 2011
As the resorts that make up the Vail Valley head toward the last weeks ... usually the busiest weeks ... of the ski season, sellers are reducing prices to capture buyers before the ski mountain closes and things slow down.
I've did some research and selected a few properties that combine significant price reductions (to an attractive price per square foot) with a high number of "days on market" (DOM). These are good properties forced to pay the price of bad economic times.
For you bargain-hunters, keep in mind I can easily shoot you an email with fact sheets, photos/virtual tours, price histories, site locations, etc. Just email me at cmiskell@slifer.net with your request re price point, area, type of property, # bedrooms, etc.
Here's a short list ... there are lots of others that fit these parameters as well:
VAIL/LIONSHEAD:
- Village Center Condo #6-F - 3 BRs, fully furnished
WAS $2,600,000; NOW $1,695,000; (DOM = 930)
- Manor Vail #260 - 1 BR, unfurnished
WAS $1,150,000; NOW $725,000; (DOM = 1,154)
- Mountain Haus #670 - 3 BRs, fully furnished
WAS $3,690,000; NOW $2,595,000; (DOM = 799)
- 716 Forest Rd. - 5 BRs, fully furnished
WAS $6,800,000; NOW $5,500,000; (DOM = 209)
BEAVER CREEK:
- Meadows Townhome #E-4 - 3 BRs, fully furnished
WAS $1,595,000; NOW $1,075,000 (listed Aug '08)
- Chateau Terrace #1402 - 4 BRs, fully furnished
WAS $3,600,000; NOW $2,299,000; (DOM = 940)
- 369 Holden Road - 6 BRs, unfurnished
WAS $9,900,000; NOW $5,995,000; (DOM = 939)
BACHELOR GULCH:
- Bear Paw Lodge #C-202 - 3 BRs, fully furnished
WAS $1,999,750; NOW $1,595,000; (DOM = 821)
- Horizon Pass Lodge #114 - 4 BRs, unfurnished
WAS $2,700,000; NOW $2,400,000; (DOM = 98)
- 1245 Bachelor Ridge - 5 BRs, fully furnished
WAS $6,195,000; NOW $5,195,000; (DOM = 605)
ARROWHEAD:
- One Arrowhead Place #A100 - 3 BRs, unfurnished
WAS $1,795,000; NOW $1,199,000; (DOM = 500)
- Clubhouse at Arowhead #8 - 3 BRs, unfurnished
WAS $1,075,000; NOW $749,000; (DOM = 671)
- 28 Ambleside Place - 6 BRs, unfurnished
WAS $4,370,000; NOW $2,150,000; (DOM = 1,142)
- 328 Arrowhead Drive - 4 BRs, unfurnished
WAS $5,750,000; NOW $4,495,000: (DOM = 1,094)
CORDILLERA:
- 486 Kensington Drive, 4 BRs, partially furnished
WAS $1,195,000; NOW $899,000; (DOM = 704)
- Les Pyrenees TH #1, 5 BRs, fully furnished
WAS $1,500,000; NOW $1,200,000; (DOM = 344)
- 1425 Red Draw - 4 BRs, unfurnished
WAS $2,850,000; NOW $1,750,000; (DOM = 1,158)
- 336 El Mirador - 7 BRs, unfurnished
WAS $4,850,000; NOW $3,995,000; (DOM = 989)
I've done the work for you (a lot of it)... and I've amassed a collection of value properties I can share with you. Just contact me at cmiskell@slifer.net for more information.
As the resorts that make up the Vail Valley head toward the last weeks ... usually the busiest weeks ... of the ski season, sellers are reducing prices to capture buyers before the ski mountain closes and things slow down.
I've did some research and selected a few properties that combine significant price reductions (to an attractive price per square foot) with a high number of "days on market" (DOM). These are good properties forced to pay the price of bad economic times.
For you bargain-hunters, keep in mind I can easily shoot you an email with fact sheets, photos/virtual tours, price histories, site locations, etc. Just email me at cmiskell@slifer.net with your request re price point, area, type of property, # bedrooms, etc.
Here's a short list ... there are lots of others that fit these parameters as well:
VAIL/LIONSHEAD:
- Village Center Condo #6-F - 3 BRs, fully furnished
WAS $2,600,000; NOW $1,695,000; (DOM = 930)
- Manor Vail #260 - 1 BR, unfurnished
WAS $1,150,000; NOW $725,000; (DOM = 1,154)
- Mountain Haus #670 - 3 BRs, fully furnished
WAS $3,690,000; NOW $2,595,000; (DOM = 799)
- 716 Forest Rd. - 5 BRs, fully furnished
WAS $6,800,000; NOW $5,500,000; (DOM = 209)
BEAVER CREEK:
- Meadows Townhome #E-4 - 3 BRs, fully furnished
WAS $1,595,000; NOW $1,075,000 (listed Aug '08)
- Chateau Terrace #1402 - 4 BRs, fully furnished
WAS $3,600,000; NOW $2,299,000; (DOM = 940)
- 369 Holden Road - 6 BRs, unfurnished
WAS $9,900,000; NOW $5,995,000; (DOM = 939)
BACHELOR GULCH:
- Bear Paw Lodge #C-202 - 3 BRs, fully furnished
WAS $1,999,750; NOW $1,595,000; (DOM = 821)
- Horizon Pass Lodge #114 - 4 BRs, unfurnished
WAS $2,700,000; NOW $2,400,000; (DOM = 98)
- 1245 Bachelor Ridge - 5 BRs, fully furnished
WAS $6,195,000; NOW $5,195,000; (DOM = 605)
ARROWHEAD:
- One Arrowhead Place #A100 - 3 BRs, unfurnished
WAS $1,795,000; NOW $1,199,000; (DOM = 500)
- Clubhouse at Arowhead #8 - 3 BRs, unfurnished
WAS $1,075,000; NOW $749,000; (DOM = 671)
- 28 Ambleside Place - 6 BRs, unfurnished
WAS $4,370,000; NOW $2,150,000; (DOM = 1,142)
- 328 Arrowhead Drive - 4 BRs, unfurnished
WAS $5,750,000; NOW $4,495,000: (DOM = 1,094)
CORDILLERA:
- 486 Kensington Drive, 4 BRs, partially furnished
WAS $1,195,000; NOW $899,000; (DOM = 704)
- Les Pyrenees TH #1, 5 BRs, fully furnished
WAS $1,500,000; NOW $1,200,000; (DOM = 344)
- 1425 Red Draw - 4 BRs, unfurnished
WAS $2,850,000; NOW $1,750,000; (DOM = 1,158)
- 336 El Mirador - 7 BRs, unfurnished
WAS $4,850,000; NOW $3,995,000; (DOM = 989)
I've done the work for you (a lot of it)... and I've amassed a collection of value properties I can share with you. Just contact me at cmiskell@slifer.net for more information.
INVENTORY OVERHANG
Friday, February 11, 2011
After hearing so much recently about the threat of inventory overhang potentially doing further harm to the nationwide housing market, I took a look at the inventory situation here in the Vail Valley.
So far we seem to be holding up pretty well ... further proof of the axiom that all real estate is "local".
TOTAL # of ACTIVE LISTINGS (RESIDENTIAL and LAND) AS OF:
December 2010: 1,720 ... (2010 high = 2,090)
December 2009: 1,899 ... (2009 high = 2,208)
December 2008: 1,974
---------------
Eagle County is really a tale of two "cities", so to speak, only here it's divided into the resort communities "up-valley" and the locals' communities "down-valley". There is more softness in the down-valley communities where sales are being made, for sure, but foreclosure rates have climbed significantly. Even with that startling statement, Eagle County saw a total of 248 homes foreclosed countywide in 2010, out its estimated 23,000 homes ... about 1/100 of the inventory.
And, in a bit of a silver lining to the foreclosure story ... lower prices and short sale opportunities down-valley are enabling young people and young families -- who were in boom years shut out of the market -- to purchase homes and get off the "renting" treadmill.
After hearing so much recently about the threat of inventory overhang potentially doing further harm to the nationwide housing market, I took a look at the inventory situation here in the Vail Valley.
So far we seem to be holding up pretty well ... further proof of the axiom that all real estate is "local".
TOTAL # of ACTIVE LISTINGS (RESIDENTIAL and LAND) AS OF:
December 2010: 1,720 ... (2010 high = 2,090)
December 2009: 1,899 ... (2009 high = 2,208)
December 2008: 1,974
---------------
Eagle County is really a tale of two "cities", so to speak, only here it's divided into the resort communities "up-valley" and the locals' communities "down-valley". There is more softness in the down-valley communities where sales are being made, for sure, but foreclosure rates have climbed significantly. Even with that startling statement, Eagle County saw a total of 248 homes foreclosed countywide in 2010, out its estimated 23,000 homes ... about 1/100 of the inventory.
And, in a bit of a silver lining to the foreclosure story ... lower prices and short sale opportunities down-valley are enabling young people and young families -- who were in boom years shut out of the market -- to purchase homes and get off the "renting" treadmill.
2010 FINISHES THE YEAR WELL ABOVE 2009
Monday, February 7, 2011
Eagle County, home to the resorts of Vail/Beaver Creek and their sister resorts, ended the year with 1,250 real estate 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:
• THE WESTIN RIVERFRONT RESORT (Avon, base of Beaver Creek):
$47,375,600 Total value of 83 closed transactions
$570,790 Average price per unit
$650 Average price per square foot
• SOLARIS (Vail Village):
$124,821,800 Total value of 18 closed transactions
$6,934,544 Average price per unit
$2,462 Average price per square foot
• ARRABELLE AT VAIL SQUARE (Lionshead):
$38,830,000 Total value of 11 closed transactions
$3,530,000 Average price per unit
$1,351 Average price per square foot
• THE RITZ-CARLTON (Lionshead):
$42,486,000 Total value of 14 closed transactions (does not include 45 pre-construction contracts written in the amount of $110,890,000 2-3 years ago that closed in 2010)
$3,034,714 Average price per unit
$1,379 Average price per square foot
Single Family home sales accounted for 34% of all transactions in 2010. The average price declined 4% from 2009 to $1.26 million in 2010.
There were 599 high-end condominium projects/multi-family homes sold in 2010 accounting for 48% of 2010 total sales, with an average sales price of $1.15 million, up $250,000 per sale over 2009.
This information is provided and copyrighted by Land Title Guarantee located in Avon, Colorado.
If you'd like to receive an emailable copy of Land Title's complete report, including all statistical tables, please contact me at cmiskell@slifer.net and I'll send it off to you right away.
Eagle County, home to the resorts of Vail/Beaver Creek and their sister resorts, ended the year with 1,250 real estate 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:
• THE WESTIN RIVERFRONT RESORT (Avon, base of Beaver Creek):
$47,375,600 Total value of 83 closed transactions
$570,790 Average price per unit
$650 Average price per square foot
• SOLARIS (Vail Village):
$124,821,800 Total value of 18 closed transactions
$6,934,544 Average price per unit
$2,462 Average price per square foot
• ARRABELLE AT VAIL SQUARE (Lionshead):
$38,830,000 Total value of 11 closed transactions
$3,530,000 Average price per unit
$1,351 Average price per square foot
• THE RITZ-CARLTON (Lionshead):
$42,486,000 Total value of 14 closed transactions (does not include 45 pre-construction contracts written in the amount of $110,890,000 2-3 years ago that closed in 2010)
$3,034,714 Average price per unit
$1,379 Average price per square foot
Single Family home sales accounted for 34% of all transactions in 2010. The average price declined 4% from 2009 to $1.26 million in 2010.
There were 599 high-end condominium projects/multi-family homes sold in 2010 accounting for 48% of 2010 total sales, with an average sales price of $1.15 million, up $250,000 per sale over 2009.
This information is provided and copyrighted by Land Title Guarantee located in Avon, Colorado.
If you'd like to receive an emailable copy of Land Title's complete report, including all statistical tables, please contact me at cmiskell@slifer.net and I'll send it off to you right away.
TOWN of VAIL REPORTS SIGNIFICANTLY IMPROVED REVENUE for DECEMBER
Friday, February 4, 2010
Following a strong November, Town of Vail sales tax revenues achieved an all-time record last December with collections reaching nearly $3 million. These numbers are largely attributed to a large number of international visitors over the holidays and, of course, the resort's outstanding early season snow conditions.
Vail and Lionshead both saw increases of 15 to 20% in all business sectors ... retail, lodging as well as food and beverage sales.
The December figures follow reports for the month of November in which revenues were up 20% over the same month in 2009.
Total Town of Vail sales tax collections for 2010 are back to 2006 levels, according to Kathleen Halloran, the town's Manager of Budgets and Financial Reporting.
Following a strong November, Town of Vail sales tax revenues achieved an all-time record last December with collections reaching nearly $3 million. These numbers are largely attributed to a large number of international visitors over the holidays and, of course, the resort's outstanding early season snow conditions.
Vail and Lionshead both saw increases of 15 to 20% in all business sectors ... retail, lodging as well as food and beverage sales.
The December figures follow reports for the month of November in which revenues were up 20% over the same month in 2009.
Total Town of Vail sales tax collections for 2010 are back to 2006 levels, according to Kathleen Halloran, the town's Manager of Budgets and Financial Reporting.
TALK ABOUT AN IMPROVEMENT!
Monday, January 31, 2010
Look what's happened to the amount of new business written by the brokers of my Company, Slifer Smith & Frampton Real Estate, over the past two weeks:
$ VALUE of NEW WRITTEN CONTRACTS IN WHICH SSF BROKER REPRESENTED ONE SIDE OF THE TRANSACTION (EITHER BUYER OR SELLER):
January 14th - 20th:
$7,949,500
January 21st - 27th:
$19.067,175
$ VALUE of NEW WRITTEN CONTRACTS IN WHICH SSF BROKER(S) REPRESENTED BOTH SIDES OF THE TRANSACTION (BOTH BUYER AND SELLER):
January 14th - 20th:
$9,875,000
January 21st - 27th:
$26,511,325
Look what's happened to the amount of new business written by the brokers of my Company, Slifer Smith & Frampton Real Estate, over the past two weeks:
$ VALUE of NEW WRITTEN CONTRACTS IN WHICH SSF BROKER REPRESENTED ONE SIDE OF THE TRANSACTION (EITHER BUYER OR SELLER):
January 14th - 20th:
$7,949,500
January 21st - 27th:
$19.067,175
$ VALUE of NEW WRITTEN CONTRACTS IN WHICH SSF BROKER(S) REPRESENTED BOTH SIDES OF THE TRANSACTION (BOTH BUYER AND SELLER):
January 14th - 20th:
$9,875,000
January 21st - 27th:
$26,511,325
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