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It's beginning to snow in the Vail Valley - although we've had a few storms, nothing has begun to accumulate until this last week. The skies are gray and the conditions are now right for ski season to officially begin in a couple of weeks! As is typical this time of year, the real estate market is on the slow side. Factor in the economy, and it's slower than usual right now. But that doesn't mean the market is completely dead. There has been some activity. In the last 30 days, there have been 38 sales of homes over $1,000,000. In the same period of time, there have been 65 sales of homes under $1,000,000. Most of the under $1M sales occurred in the brand new Westin Hotel in Avon - the mega hotel and resort that has its own gondola taking skiers up to Beaver Creek Mountain. The other sales have mostly been of properties in Gypsum and Leadville - areas where prices are much more affordable than up Valley regions like Avon and Edwards. Sales up Valley do exist and have been made possible by willing Sellers recognizing it's time to price their homes accordingly. Sales over $1M have mostly occurred also in the Westin and other new developments where buyers went under contract last year or earlier and have only recently been allowed to close now that construction has been completed. Properties such as the brand new Willows at Vail in Vail Village are now finished and ready for owners to occupy. Prices ranged between $3M and $9M. In other areas, such as Cordillera (west of Edwards), people are beginning to find great deals on homes that have seen price reductions, which in turn, has increased homebuyer demand. I bet you're wondering which house sold at the top of the $1M and higher list? It was a house on Beaver Dam road in Vail Village - a spectacular ski in/ski out Villa with 10 bedrooms and over 6,000 square feet. The sale price was $8,750,000. So although the market is softer than it's been here in many years, we still see the mega-home sale once in a while. It just goes to show that even in a slow economy, there can be great wealth. I hope to see you here for ski season - please give me a call anytime if you would like to make a few runs! |
Vail Village  $3,995,000 |
Lionshead $3,500,000 |
Avon $1,899,000 |
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