May 2011 News

After a week of snow and rain and cold temperatures, today has turned out to be beautiful. For those who would like to see ski season as a tiny dot in their rearview mirrors, this has been a difficult May. But for those who feel like they could use a bit more time on skis, you will have your choice of three ski areas to enjoy this coming weekend! Arapahoe Basin has historically always been open this time of year. In years past, the mountain has stayed open until July 4th. This year, two other ski areas are joining the "Basin" to offer die-hard skiers a chance to get a few more runs in. Keystone and Aspen Mountain will be open Memorial Day Weekend with limited terrain. Since little of the snow on the mountains has melted, the skiing could be as good as it was in March!

Memorial Day Activities
As the official kick-off to summer in the Vail Valley, Memorial Day weekend offers plenty of fun events and activities to visitors. Come to Beaver Creek for the Blue, Brews and Barbecue event on both Saturday and Sunday this weekend. At the event, chefs from the Vail Valley, Kansas City, Oklahoma, Arkansas, New Mexico and more serve up delicious barbeque, live entertainment rocks the Village, and of course, microbrews from across the country all for your sampling pleasure. Click here to see more information. If great food and entertainment are of interest to you, you can also enjoy the Beaver Creek Culinary Demonstration Series. Chefs from local restaurants give free culinary demonstrations at the Bon Appétit tent in Beaver Creek Plaza Saturday afternoons at 5:00pm. Multiple demonstrations will take place each day on festival weekends. Please click here for more information. Also, don't forget about the upcoming Teva Mountain Games. Come and watch the world's best athletes compete in rock climbing, mountain biking, kayaking and more. Or sign up for the citizen's events and have some fun yourself! The Teva Games is easily one of the best events all year.

Market Activity – 1st Quarter
According to Land Title Guarantee Company, the first quarter of 2011 ended with the highest number of transactions in 3 years. March real estate in Eagle County showed the highest number of transactions – 129 - since October 2008. For the last 29 months, Eagle County has averaged 92 transactions per month. With nearly $132 million, March also had the 4th highest dollar volume in the last 27 consecutive months. The driving force through the 1st quarter of 2011 has been the two diametrical spectrums of our real estate market - the high end and the lower end. The high end, including residential properties over $4 million, has accounted for 38% of our total dollar volume. The lower end of the residential range, properties under $500,000, accounted for 50% of all transactions. March had 5 properties that sold over $4 million; the highest residential property sold at $10,350,000 in Vail (Sonnenalp Real Estate's listing). Solaris had the highest price per square foot in March at $2,526.Through the 1st quarter of 2011, Eagle County has had 54 bank owned properties sell. This means that 19% of our total transactions had a bank as the seller. These sales averaged $354,820, equivalent to $172 per square foot. For the detailed market analysis, click here.

Spring is a wonderful time to come to Vail. Most of the top restaurants are open and offering incredible discounts. And the crowds are minimal so reservations are typically not needed.