Ask a Broker: New construction or established community?
On Real Estate
I’m interested in buying in the Vail Valley, and am weighing options between buying in a new development versus a home in a more established neighborhood. Thoughts?
That is a great question and one many buyers consider as they look for a new home in our valley. Despite our market shutting down for almost three months last year, Eagle County real estate sales volume was up 57% in 2020 compared to 2019, totaling nearly $3 billion in sales. We are seeing more buyers escape to our valley than ever before, making finding and securing the right home incredibly competitive.
Identifying your top priorities for a home may help pinpoint whether an established home or a new development is a better fit for you. Because of the market’s current competitive nature, knowing what you want and being able to act on a purchase are paramount.
Are amenities important to you? Do you prefer a resort lifestyle or one that blends second-home owners and locals? Are you up for a remodel? Do you want to be within walking distance of skiing, dining and shopping or would you prefer more privacy? Do you need a home now or can you wait for one to be built?
Two overall buyer trends that resulted from COVID-19 are the desire for new construction and community. If new is important to you, a development might be the way to go. Customization may also be an option if you are able to secure a new development property while it is under construction.
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“Community” can come from buying a home in an established neighborhood, or it can come from having access to a gym membership or amenity package. Having ways to safely meet and mingle with people – by shopping, eating, working out and sharing experiences – is so key right now.
We have a variety of new developments in our valley currently, including The Lion in Vail, Basecamp on the Creek in Avon, Haymeadow and Talon Flats in Eagle and Mountain Gateway at Upper Buckhorn Valley in Gypsum. I’m particularly excited about the upcoming Residences at Riverfront, a collection of only four luxurious homes on the Eagle River in the heart of Riverfront Village.
The recent growth of our real estate market is a true testament to the Vail Valley’s desirability. Both new developments and resales serve their places in our market to fit buyers’ needs. I have lived here for 23 years and feel so blessed to be able to work and raise my family in this incredible community and setting. It’s an honor to welcome and assist new buyers and their families to our valley.
Molly Griffin is a consistent top producer in the Vail Valley, including her top 8 ranking in Eagle County in 2020. She has twice earned Slifer Smith and Frampton’s Customer Service Award, which is solely based on client feedback. In addition to working with individual buyers and sellers in the general real estate market, Griffin is the director of sales in the Vail Valley for real estate developer East West Partners. Her previous success launching and managing developments includes The Ascent and Brookside Park Signature Lofts in Avon. An Indiana native and University of Michigan graduate, Griffin’s Midwestern values, and her reputation for integrity and diligence, have brought her great success.