All-time monthly and yearly records broken

Second homes and downvalley residences remain hot properties, Realtors say

Click to Enlarge Browse Vail Daily Photos Two roofers work to attach copper sheets in Vail while the third cleans snow away from the next section to be covered. Chad Owsley/ Vail Daily

Edward Stoner
January 3, 2006

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EAGLE COUNTY - Local real estate has broken its own records in a big way.

Sales in November were $361 million, almost $80 million higher than any previous month. The county has now surpassed its previous record year with sales of $2.57 billion - and December totals are yet to be tallied.

The county may come close to doubling its annual sales in a matter of two years. Sales in 2003 were a mere $1.47 billion. RE/MAX owner and managing broker Bill Wilto said a big reason for the increase is the growth of the valley.

While some workers shoveled the new snowfall from the delicate construction of the roof of this Vail development, others worked on crafting the new roof before the next snowfall. Chad Owsley/ Vail Daily Browse Vail Daily Photos

"The pie is simply getting bigger," he said.

The county's population is expected to grow 59 percent by 2025, according to the state demographer's office. Wilto said you redevelopment in Vail and elsewhere upvalley also is a major factor in the record-setting sales.

"If you were just talking Vail and looking at those numbers, that would be phenomenal," he said.



Upvalley and downvalley action

The big ones

Here are the largest transactions for the month of November: $8.5 million: Six bedroom, seven and a half bath on Forest Road in Vail. $9.7 million: Seven bedroom, eight bath on Daybreak Ridge in Bachelor Gulch. $4.695 million: Six bedroom, six and a half bath on Cresta Road in Arrowhead. $4.475 million: Three bedroom, three and a half bath on Beaver Dam Circle. Source: Land Title Guarantee Co.

Demand remains strong for both high-priced second homes and cheaper downvalley homes, Realtors said.

"I think the real estate market is still very strong," Wilto said. "There's always going to be demand for properties in areas that people perceive to be safe and have a strong tourism economy as we do here."

Bachelor Gulch and Arrowhead had the most dollar sales - $61.6 million and $57.0 million, respectively.

Kurt Davis, owner/partner at Amsden Davis and Fowler real estate, said second-home owners are putting money into what they think is a good investment. And Realtors are seeing second-home owners paying more than ever, Davis said.

"They still believe they can make money," he said.

Meanwhile, Eagle and Gypsum had the most transactions - 61 and 60, respectively.

Davis said interest rates continue to be attractive, and people are spending more money than they're saving. And Wilto added though he's concerned about speculation and overly optimistic Realtors, he said he doesn't think the market will burst soon.

"I don't think there's a bubble," he said.



Staff Writer Edward Stoner can be reached at 949-0555, ext. 14623, or estoner@vaildaily.com.



Vail, Colorado