Tuesday, December 28, 2010
The first sales were scheduled to begin at 3 p.m. and Peter Wells, co-founder of Condo Capital Solutions, the real estate turnaround company that purchased the project, first called The Gates, was signing contracts by 5 p.m.
“We knew there was tremendous interest and had validation when I received my first contract in the first hour of sales,” said Lissa Tyler, branch broker for Slifer, Smith and Frampton Real Estate. “Our initial launch was 25 of the 49 units. Several had more than one offer with options for second choices from buyers. We haven't seen this much vibrancy in the market in two years.”
In the past two years Condo Capital Solutions has acquired $400 million of condominium projects in Colorado, Arizona, and Florida and has added about $135 million in properties in the past year. The company is now targeting an additional $500 million to recover value lost in non-performing assets and in distressed markets across the country.
Friday, December 10, 2010
Year-to-date through October 2010, we’ve averaged $127,497,632 in dollar volume each month and 104 transactions for an average sales price of $1,224,761.
The month of October sales volume of $134 million was slightly above the average monthly dollar volume in 2010. October was also slightly above the annual average transaction numbers with 115 for the month.
Lionshead continues to be the area with the highest dollar volume and accounts for more than 25% of the overall market. Eagle has the highest transaction number for the month with 15.
In October there were 7 properties that sold for more than $4 million; the highest was a Village Walk property with a sales price of $6.65 million. This was one of two Village Walk properties that sold for more than $5 million in October; the other had a sales price of $5 million.
With the sale of the Village Walk properties, the total number of properties that have sold for over $4 million in 2010 is 51. In 2009 there were just 23 properties for the entire year.
The property that sold for the highest price per square foot in October was a Ritz Carlton unit at $2,042 per square foot. The single family home that sold with the highest dollar volume per square foot was a Skywatch property at $979 per square foot.
Another area of our market that has continued to grow is bank-sales. Eagle County had 16 bank-sales in October bringing the year to date total to 82 transactions. To help put this in perspective: in 2008 there were 4 bank sales and in 2009 there were 17.
- The average price per square foot for all residential units is 503.
- Nearly one-half of all transactions have been multifamily homes accounting for 48% of the market.
- Forty percent of all transactions in the county were under $500,000.
Friday, December 3, 2010
Wednesday, November 17, 2010
“The recent storms have been a huge help to our snowmaking and grooming crews who have been hard at work to provide our guests with the best opening day and early-season terrain offering we’ve seen in the last few years,” said Chris Jarnot, senior vice president and chief operating officer of Vail Mountain. “We’re looking forward to getting the 2010-2011 season started and will provide additional updates over the next few days.”
Beginning at 9 a.m. on Friday, Nov. 19, guests to Vail will be able to access the mountain from both the Vail Village and Lionshead base areas through the Vista Bahn Express Lift (#16), the Born Free Express Lift (#8) and the Eagle Bahn Gondola (#19). Skiers and riders will also have access to the following lifts and portions of terrain in these areas:
Avanti Express Lift (#2)
Wildwood Express Lift (#3)
Mountaintop Express Lift (#4)
Little Eagle Lift (#15)
Wednesday, November 10, 2010
September’s dollar volume of $235 million is the 2nd highest volume month in three years (since September of 2007). This large volume month is the result of 2 large sales:
1) The Ritz Carlton had 45 units in Lionshead that sold for $110,890,000
2) Stratton Flats in Gypsum sold for $18,000,000
Without these two large-volume sales we would have remained consistent with the previous months of 2010 with $106,805,303 in dollar volume, which is up 6% over September 2009.
*Eagle County has had 66 bank sales so far through 2010
*Two Strawberry Park homes sold; the highest priced was $7.8 million
*Of all properties sold, 40% are for less than $500,000
Tuesday, October 26, 2010
Economic slowdowns hit even the wealthy, and this latest one has dealt a serious blow to markets in places such as Aspen, Vail and Telluride, where home prices often are measured in millions of dollars.
Last year was a year to remember, or possibly better off to forget, as transactions and dollar volumes in many resort areas continued a sharp decline also experienced in 2008.
“Even people who are affluent may say, ‘Well, I’m down to my last $15 million or $10 million or half million, so I’m going to cut back,’ ” Aspen Mayor Mick Ireland said earlier this year.
Said Aspen real estate broker Greg Hunter, “I think everybody was affected by the downturn in the U.S. economy. The rich people are still rich. They’re just less rich. It certainly affects their mindset and their investment in real estate as a place to park their cash, park their money.”
Now, the wealthy are helping lead resort markets back from a dismal 2009. But generally it’s because they see an opportunity to buy for less than during the market peaks of 2007 or so, and they expect sellers to be willing to drop prices.
“These buyers are very sophisticated. There’s a reason they have this kind of money,” said Jon Wade, a real estate agent in Steamboat Springs.
Hunter said that although higher-end sales in the Aspen area have been fairly strong, the market midvalley in places like Carbondale and Basalt has yet to respond.
Aspen prices have come down probably one-third from their peak as buying has picked up.
“That’s probably a fair place for them to be. I think prices just got out of control for a while,” Hunter said.
But he believes midvalley prices may have to fall as much as 50 percent from peak levels to attract buyers. Unlike second-home owners who are common in Aspen, people in places such as Carbondale tend to work locally and are more affected by the economy, which impacts prices, he said.
Another challenge for sellers of midrange properties is buyers are less frequently able to buy with cash the way some luxury home purchasers do. And with today’s tighter credit market, it can be hard to obtain loans of several hundred thousand dollars to be able to meet asking prices.
‘Stuck here in paradise’
Eric Auer has been experiencing the challenges of selling in today’s market. He and his wife live less than 10 miles downvalley from Aspen in Aspen Village, a mixture of stick-built, modular and trailer homes. They first put their home up for sale two years ago for close to $1 million, hoping to cash in on the then-higher resort-property prices and move somewhere cheaper.
It didn’t sell, and this spring they put it back on the market for $775,000. They later dropped the price to $750,000, before giving up for the time being and pulling the house off the market in hopes the market will improve later.
“The market hasn’t turned around to get someone to buy it, I think,” Auer said.
It would have been nice to sell, but for now, “We’re stuck here in paradise,” he said. “I’m OK if we just stay here for a while anyway.”
Hunter said he thinks the best policy for property owners in places such as Basalt and Carbondale is “to wait and hope things get better” if they can, particularly if they bought during the market peak and could otherwise be looking at a 50 percent loss on their investment.
Ed Foran, broker associate at Mason Morse in Aspen and past president of the Aspen Board of Realtors, said it has been hard to watch friends who worked in hard-hit construction and related industries face the possible sale of their midvalley homes at half-price after buying them during the market peak.
“From what I understand there is a wave of foreclosures coming to the midvalley,” he said.
Even with the lingering effects of the recession on resort markets, Hunter said things have improved a lot since last year, when people were so worried about the nation’s real estate woes that they weren’t buying at any price.
Despite poor overall 2009 results in resort towns, sales later in the year actually began to show improvement over the same months in 2008, even if they still paled in comparison to the real estate boom of previous years.
Ireland, the Aspen mayor, welcomes the signs of recovery in the local real estate market. But there is less speculative investing than during the time of market excesses, he said.
“The market was unrealistic, and people were paying more than the market returns justified. But they were doing that for all kinds of markets,” Ireland said.
Hunter said earlier this year the Aspen market was seeing investor interest from Russia, Brazil, the Far East and Europe, possibly prompted by a weaker U.S. dollar.
“There are lots of international buyers that want to own property here. The prices that we have seen recently have let a lot of people back into our market that weren’t able to buy here a couple of years ago,” Hunter said.
Foran said certain niches of the Aspen-area market, such as the city’s popular west end, have experienced strong sales.
“I think with the price reductions we’re seeing going on, we’ll see a continued resurgence of people with money recognizing it’s a great time to buy in Aspen,” he said.
He doesn’t expect the Aspen market to come roaring back the way it has from other recent slowdowns, but instead thinks it may recover at a pace resulting in more sustainable growth in the community.
A buyer’s market
Park City, Utah, real estate agent Dennis Hanlon is president and founder of the Western Mountain Resort Alliance, made up of real estate boards from numerous resort areas. He said the general consensus he hears is transactions are picking up, but not prices. Investors are looking to take advantage of the buying opportunities the recession created, but sellers are having to be competitive in their pricing, he said. Prospective purchasers of high-end properties are shopping because they can get bargains right now, he said.
“The high-end prices are not what they were two years ago,” he said.
In Steamboat Springs, Wade saw a case earlier this year of a seller who agreed on a $2.85 million price. “They turned down a $4.25 million offer a little over a year (earlier),” he said.
Real estate agents are hesitant to predict whether resort prices have bottomed out and the markets have turned the corner toward a recovery. Concerns about a possible “double-dip” recession make the future harder to forecast, including in resort markets that have shown themselves to be plenty susceptible to national economic trends.
Hanlon said the consensus he hears is “that we’re probably at the bottom and just bouncing around. We’re going to bounce around at this level for a while, but with interest rates where they are right now and plenty of inventory, it’s a fabulous time to be a buyer.”
Article provided by:GJSentinel
Monday, October 18, 2010
Privately situated in a gated community and on the rushing waters of Gore Creek, this authentic log home has 5 bedrooms and an attached caretakers apartment. An open great room for entertaining makes this true Colorado home a joy to visit. Great use of space and the location of this home are truly irreplaceable. Ski in/out from the Cascade lift.
1210 Westhaven Lane
For more information contact me
Tuesday, October 12, 2010
Sunday, October 10, 2010
An old-fashioned family vacation, remixed for today! Family activities, dining and just plain fun... Featuring "Little Foodies in the Kitchen" cooking classes, parties, and special events.
For a list of events click here
Tuesday, September 28, 2010
The development features a 121-room hotel as well as 16 whole-ownership residences and 19 fractional-ownership residences.
• A dedicated “ski concierge” service at the base of the Vista Bahn lift featuring private lockers, a lounge and ski and snowboard equipment.
• An 11,000-square-foot, full-service spa with 13 indoor/outdoor treatment rooms, a hair and nail salon and “relaxation lounge.”
• Courtyard with 75-foot-long all-season outdoor pool, whirlpools and fireplace.
• Fitness center
• Flame Restaurant.
• Fireside Bar and Lounge.
• 24-hour concierge services.
• Four Seasons signature Kids for All Seasons program plus Children's Activity Centre with childcare services and a Young Adult Center.
Owners have access to a Four Seasons Vail Owner Services team member who, prior to the owner's arrival, “stocks the pantry with personal favorites and displays treasured mementos to welcome owners home.”
Four Seasons Residence Club Vail includes 19 fractional residences sold in 1/12 deeded interests with annual usage throughout all seasons. The residences are one-, two-, three- and four-bedroom condominiums ranging in size from 1,835 to 3,500 square feet. Prices range from $299,900 to $528,900.
Four Seasons Private Residences Vail offers 16 whole-ownership private residences including one-, two-, three-, four- and five-bedroom homes that range in size from 1,625 to 5,700 square feet. Prices start at $2.7 million for a one-bedroom.
Saturday, September 25, 2010
September 27th-October 3rd
Biking, running, yoga, golf, rafting, hiking, flyfishing, ballooning... Vail in fall is the perfect season for outdoor adventures, beer & food pairings, and unforgettable dining!
For a complete list of events click here.
Monday, September 20, 2010
Healthy living and fresh foods
Each night of week 1 will feature a variety of inspirational events, dining specials, and instructional affair focusing on farming and fresh foods. Participating resturants will dazzle you with their menus. Learn to preserve, pickle, and can at Sweet Basil on the 20th and 26th.
Click here for a complete list of events
Wednesday, September 15, 2010
Friday, Saturday and Sunday
Vail Oktoberfest returns for three more days of Bavarian fun this weekend in Vail Village. Dust off the lederhosen, throw on the dirndls and grab your steins because it's time to celebrate the most most popular party in the world - Vail style!
The weekend's festivities will include oom-pah parties, lively activities and traditional German fare in world-famous Vail, Colorado.
Bavarian tunes will be ever present along with crowd favorites like the Klement's bratwurst eating contests, Beck's keg bowling, yodeling and alpenhorn blowing.
For more information and the full schedule of events, visit vail-oktoberfest.com.
Tuesday, September 7, 2010
Real estate numbers for July were $88 million in dollar volume with 92 transactions, both exceeding the July numbers for 2009.
Vail Village was the main contributor to the dollar volume with more than 30% of the overall total with $27 million over 7 transactions. Four of these transactions were properties that sold for over $5 million, including 3 Solaris units. Solaris now has sold a total of 12 units at an average sales price of $7.6 million.
Beyond the scope of these high end properties, almost 75% of all transactions have sold for less than $1 million in July and nearly 70% year to date. However, 75% of the total dollar volume is accumulated through properties selling for more than $1 million.
Multifamily homes have been the most prevalent selling residential property type thus far in 2010, with 57% of all transactions. These transactions have an average sales price of nearly $1.2 million, an increase of 29% over 2009. They also host a price per square foot of $568 compared to $343 for a single family home.
Wednesday, September 1, 2010
Lovely family home on the 14th fairway with south facing views, beautiful landscaping, and Stone Creek flowing by. Entertain family and friends on your private creek side covered patio after preparing a meal in your spacious, airy kitchen featuring a generous granite slab island. This 5-bedroom, 4-bath home offers a separate formal dining room, a bright, cozy living room with wood burning stone fireplace, main floor bedroom or study, and spacious upstairs bedrooms. The lower level gives you flexibility as a separate one-bedroom apartment or additional living space.
Offered at $998,900
Contact me for more information
Thursday, August 5, 2010
Eagle County has nearly doubled the transactions and real estate dollar volume over the figures from 2009. Transactions are 74% and the dollar volume is at 88% over the 2009 numbers.
June had approximately $142 million in dollar volume; the largest month since 2008. June also had 121 transactions which is the second highest in a given month since October, 2008.
A big contributor to these large numbers in June were the 9 transactions that sold for $4 million or more. The property reflecting the largest sale was a Solaris penthouse selling for $14.8 million.
Tuesday, July 27, 2010
From January 1st through June 30th a total of 443 residential and land transactions have occurred representing a total sales volume of $557M.
- Some highlights:
- *Average single family home sold price $1,437,877
- *Average condo sold price $1,169,062
- *Average sold price per square foot $558
- *Highest sales price $14,817,600
Monday, July 19, 2010
The New York Philharmonic begins its performance at the Ford Ampitheater on July 23 and is in residence through July 30. The Vail International Dance festival kicks off on July 27 and ends on August 10. The annual Beaver Creek Arts festival takes place on July 31st and August 1st.
Looking for family fun? Every Thursday through Aug. 19th the Beaver Creek Rodeo showcases local cowboys and cowgirls.
Just want to take a hike? Both Vail and Beaver Creek Mountains offer a variety of trails for you to enjoy nature.
Need help planning your next trip? Give me a call and I would be happy to help!
Sunday, June 27, 2010
Tuesday, June 22, 2010
Thursday, June 10, 2010
mariachi band will stroll through Lionshead.
Salsa Tasting & Competition
Top Model Fashion Show
Live Music by DJ Wild Bill
Beer, Margaritas, and Wine
Strolling Mariachi Band
Tuesday, June 8, 2010
Vail and Beaver Creek Resorts have been supporting and hosting international ski racing events and World Cups since the circuit began in 1967. Today, the Birds of Prey World Cup at Beaver Creek stands as one of the most highly respected and most difficult stops on the men’s World Cup tour and it is the only men’s event held in the U.S. The course was built during the summer of 1997 in preparation for the 1999 World Championships. The first men’s World Cup took place in December 1997 and speed and technical events are held annually at Beaver Creek each December.
With the 2015 announcement, Beaver Creek plans to upgrade the Birds of Prey venue, increasing the finish area for the men’s events, building a new Red Tail Camp Restaurant and building a new women’s speed course which will rival the men’s course. This run also will serve the combined events and the nation’s team event during the 2015 Championships. The women’s technical events, including the giant slalom and slalom will be held at Vail which will have a new, dramatic stadium located in the heart of Vail Village. Opening and closing ceremonies also will take place in Vail.
Plans for the 2015 World Championships will begin immediately as World Cup racing action returns to the Vail Valley Dec. 3-5, 2010 for the Men’s Birds of Prey World Cup