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.