September 2010 News

It's almost October and yesterday it was 80 degrees in the Vail Valley. The leaves are starting to change but very slowly. The trees just aren't sure what time of year it is! No one is complaining, that's for sure. Tons of people are out on their bikes, rafting the Colorado and kids are playing at the parks. Based on the incredible amount of snowfall we're expecting this winter (meteorologists are saying La Nina will bring huge snowfall to the Rocky Mountains this year), we locals are thrilled with this Indian Summer. In fact, it is common to hear people say “let it be warm until November 1, then dump snow like there's no tomorrow.” It would be nice if we could control the weather to that degree.

We had a great summer at Sonnenalp Real Estate. We recently launched our brand new mobile site (go to srevail.com on your mobile device and bookmark it for one-click access to the entire Vail Valley MLS), and we met our sales goals! As expected, we have put several properties under contract this fall. If things go as we hope for the remainder of 2010, we should reach half of what we sold at the peak in 2007. That would be a great achievement in this still troubled market.

Around town, we saw some incredible deals this summer. Manor Vail has finally had some closings on the remaining brand new penthouses. The most recent 4 bedroom to close sold for $5,340,000. It was listed for $8,900,000! Two of the 2 bedroom penthouses also sold well below list at $2,600,000 (list was $4,250,000) and $2,162,000 (list was $3,400,000). These sales represent an average of about $1,400 per square foot, well below the $2,500 per square foot sales that occurred on the first several penthouses. There are still 3 of the largest 4 bedroom penthouses available and at 40% off!

At the Ritz Carlton 45 destination/fractional club units just closed through Marriot International, the parent company for the Ritz Carlton. And a whole ownership residence just closed at $2,881,000 or $1,441 per square foot. This was a 3 bedroom with 2,000 square feet.

At the Austria Haus Club, our fractional ownership club listing next door, prices are as low as they have been in a very long time. Two bedrooms, which were selling up to $265,000 in 2007 are now listed as low as $219,000. And three bedrooms, which were selling up to $325,000 are now as low as $290,000. Three bedroom penthouses are listed at $340,000 and had sold as high as $395,000. Owners at the Austria Haus Club will enjoy a minimum of 5 weeks use of a residence per year, 2 weeks during winter and 2 during summer with one floating week. Owners can also book rooms on a space-available basis at a tremendous discount. A wonderful breakfast is included in your stay and owners and guests have access to the Vail Athletic Club's gym and spa. The Austria Haus front desk will also store all of your ski gear lift-side and personal belongings year-round. The Austria Haus provides exceptional boutique, personal service unmatched at any other hotel in the area. This is a wonderful value for a spectacular residence in one of the finest locations in Vail. For more information, call our office at 970-477-5305.

Please come on up and visit Vail to see the fall colors. I would be happy to give you a personal tour of the best places to see the yellows and the reds. The peak should be in about 2 weeks. And now is the best time to buy real estate!