Vail Daily column: Report shows good news for luxury real estate in Vail
May 19, 2017
Sotheby's International Realty recently announced the release of its Global Affluence: The Emerging Luxury Consumer report examining the confidence, spending habits and purchasing interests of emerging luxury consumers from around the world, defined as those with $250,000 to $1 million in investable assets.
The survey reveals that 85 percent of emerging luxury consumers plan to buy a home within the next three years, which is good news for the Vail resort real estate market, with its high concentration of luxury homes and buyers interested in purchasing second homes.
The report, which is based on a survey that focused on luxury consumers in the United States, United Kingdom, India, United Arab Emirates and China, found that this emerging luxury consumer demographic is confident when it comes to personal economy and the economy of their respective countries.
Key findings from the Global Affluence: The Emerging Luxury Consumer report include: 85 percent of emerging luxury consumers are confident in the housing market in their respective countries and are ready to purchase a home within the next three years; 93 percent of emerging luxury consumers are looking to purchase homes with luxury components; and emerging luxury consumers are interested in waterfront, ski, metropolitan and historic homes.
"The luxury residential real estate market is ever evolving," said Philip White, president and CEO of Sotheby's International Realty Affiliates LLC. "As a global leader in this arena, the Sotheby's International Realty brand commissioned this research survey to unveil emerging trends with luxury residential real estate consumers around the world.
"We are always looking to the future and our focus is to keep a pulse on the state of the real estate market and the homebuyers of tomorrow."
vail valley a good option
In April, the luxury market in the Vail Valley (Vail, Edwards, Beaver Creek, Avon) showed signs of balance year-over-year, with 35 homes with a price tag of more than $1 million sold that month. Total sales volume rose 14 percent from $82,995,275 in April 2016 to $94,239,998 in April 2017, according to statistics pulled from Vail Board of Realtors, MLS, and average price per square foot also increased year-over-year, from $688 in April 2016 to $873 in April 2017.
"The Vail Valley continues to provide an excellent option for the resort buyer because of the many well-developed social and recreational opportunities available throughout the year," said Dan L. Fitchett, Jr., Vail Valley managing broker for LIV Sotheby's International Realty. "Events range from skiing in the winter to performances of the New York Philharmonic Orchestra in the summer. Activities are available for the entire family year-round."
Brittanny Havard is public relations manager for LIV Sotheby's International Realty. For more information, call 303-893-3200 or visit http://www.livsothebysrealty.com.