Vail Colorado: The Ritz-Carlton™ may be coming out of the ground but they are digging a hole with prices.There is some good news for those looking to get a new piece of the Vail real estate market. The Ritz Carlton ResidencesTM in Vail Colorado which is currently under construction, announced that they have dropped their prices and are giving a 20% discount. The Real Estate project which is scheduled to be completed by fall of 2010 has 24 unsold residences with some now selling at about $1,624 per square foot. As an added bonus, all buyers will receive a social membership to the beautiful Arrabelle Club, which will include lockers, ski storage, access to the spa and dining services at the base of the mountain in Lionshead near the Gondola.
The question is will this be enough to get any sales? The banner name is not really represented in the product. No spa, no restaurant on site, mixing fractional ownership with whole owner ship with no barriers of access to either part. If and that is an (if) the proposed lift happens, it is across the street near the water treatment plant.
For those buyers already having purchased one of the new residences, a 15% discount will be given on the property as well as an Arrabelle social membership. But you can buy in the Arrabelle which is steps from two lifts with some selling for less than $1,624 per square foot with tons of shopping and amenities including room service for food. See all the Arrabelle listings at www.AllVailListings.com under Lionshead as well as all the Ritz-CarltonTM properties.
The Ritz-CarltonTM Residences are 71 whole-ownership residences that range in size from two-bedroom homes to a six-bedroom penthouse; plus fractional ownership opportunities.
If you want more information on this property let us know, or information on where the best buys currently are and get the facts and stats on the market.
Vail Resorts revenue takes a pole plant: So does the real estate market.
Both retail shops and rental agencies reported similar experiences seeing some slight decline over the normal numbers for end of March. Guest bookings for the entire 2008-2009 ski season were down around 12.8 percent compared to last year. And while Vail resorts also saw a 6.2% decline in skier visits compared with last year, despite the incredible sales of the popular Epic pass, the shortfall still seems relatively minor compared to what is happening in the rest of the country. Next years Epic pass sales have already started, a small amount of money down is required.
Some of the most important Real Estate in the Vail Valley gets upgraded this Summer.While the discussion of which destinations have yet to be determined, the new runway upgrade is scheduled to start this summer. During that time the airport will be closed for about four months. The runway will be lengthened by 1,000 feet to allow for certain aircrafts to carry more fuel and still be able to take off. Because of the altitude in the Vail Valley, in summer the runway is not long enough for the big planes to take off. Analysis is still being done on the cost effectiveness to fly longer distances and to which locations.
Direct flights to the Vail Valley from the top cities in the U.S. will make Vail more attractive to those people who are looking for ease of travel. Let’s face it, air travel is not quite like a visit to the dentist, but it is getting close to it. The more painless it is to get here, the higher up on people’s vacation list Vail will rise.
Meetings are being held to decide the next steps for the Eagle County Airport. Does the current situation provide ample needs for the Vail Valley or is expansion and growth going to become a necessity? Are international destinations to Vail something that is a worthwhile venture to look into? Going international not only poses the question of fuel and capacity but also of the need for a customs booth which is a big obstacle to overcome. But boy would that be a big plus to our Real Estate sales. As of right now we get foreign visitors but not so many foreign buyers of our Vail Real Estate.
There is also the forever on going talks of adding a special exit off of I-70 to make the airport more accessible. Currently, the drive time to the town of Vail from the Airport is about 30 minutes. Direct access to the highway may not take a huge amount of time off that trip, but certainly will make it easier.
You can come visit us by flying through Denver this summer and then taking a really scenic drive up here. It is worth the drive and you will see what the locals say about what brought them here to begin with and why they are still here. “You come for the snow but stay because of the Summers”.
