Vail Valley Real Estate Blog

Who said there is a recession? With all the sub prime fears, the real estate market in Vail is booming.  2007 saw record sales in The Vail Valley, especially in both Vail and Beaver Creek ski resorts.  Overall sales were higher than the previous record set in 2005 at a whopping $2.96 billion.  The Arrabelle at Vail Square, a new luxury property comprising hotel rooms and condominiums near the Gondola in Lionshead, is a contributing factor.

Vail is seeing ever higher sales of the units. Arrabelle began at $973 a square foot and are re-selling, before completion, for between $1,500 and $2,300 @ square foot. The really good news is that we have two 3 bedroom listings in the project at $1,850 for residence 576 and $1,750 @ sq.ft. for residence 476. Both face towards the Gore Range and can be seen as featured properties on our website www.allvaillistings.com. Other Vail new development properties have developer incentive prices at $3,000 @sq.ft.

 The high-end market is staying strong due to all the re-development projects in Vail. The lower end market, which in Vail is under $1 million, was slower than it has been in the past, down by about 14%.  Our 2 bedroom listing in this section of the market just got a price reduction to spur on interest in this high traffic time in the Vail Valley. The sub prime fiasco, the declining stock market and election year, have some people wanting to wait and see what will happen with the economy.  But on the other side of things, 70 million baby boomers are still wealthy and are at the point in their lives where buying a second home is right for them.  Second home sales were up 14% last year. They are looking for prime places and Vail ski-in ski-out property is considered prime. 

Besides the Baby Boomers, investors from Europe, Russia and Latin America are taking advantage of the weak dollar.  They are looking for high quality, luxury property and they are finding it in the ski resorts of Vail and Beaver Creek Colorado.