Property getting harder to find
EAGLE COUNTY – If you own property in Eagle County, you’ve probably received an inquiry in the mail from real estate brokers who want to sell it.The mailed inquiries typically state “Would you consider selling your property? Currently there is no inventory of this type of the market.”It’s one of the latest signs of how competitive the market has become for local brokers as the number of homes available shrinks before strong demand. As of last week there were a little more than 600 residences on the Vail Board of Realtors’ Multilist and more than 650 brokers seeking properties to buy and sell.It’s also a sign the escalation of prices will continue. The average sales price of properties sold in February was $772,059, according to Land Title, which tracks such transactions.”We’re seeing properties going under contract within hours or days of hitting the market,” said Michael Slevin of Prudential Gore Range Properties. “What does work is getting out in front of people and saying ‘I do have a buyer’ and now is the time to sell.”That demand pushed sales to a February record of $172.6 million on 209 sales. Last February sales totaled $138.3 million. If you did sell your property, and needed another place to live, you probably very quickly found out just how tight the market is, Slevin said.”You jump into the same situation as the buyer,” he said. “It’s a seller’s market.”Driving the demand are Baby Boomers reaching the peak of their spending power and using it to purchase second homes, said Led Gardner of Sonnenlap Real Estate, who expects the buying to continue.”I project the coming summer selling season should be one of our best ever,” he said.The largest number of properties selling are those priced at $500,000 or less, Slevin said, as locals cash in on continued low mortgage interest rates. A total of 99 properties in that price range sold last month with another 35 priced between $500,000 and $1 million. Total sales volume of that market segment was $54.4 million.Two- and three-bedroom condos in Vail Village that are priced at $1 million or more are also moving quickly, he said. Seventeen properties changed hands in that price segment.The most expensive properties sold last month were a $5.4 million 2,600 square-foot condo at One Vail Place in Vail Village and a 3,800 square-foot Greystone condo in Beaver Creek that sold for $4.6 million.Based on the number of properties currently under contract according to the multilisting – 482 – the coming months should remain busy.Fourteen of those properties are priced at $5 million or higher; 39 are priced at $3 million to $5 million; 117 at $3 million or less; 145 at under $1 million and 176 priced at $500,000 or less.The supply of exclusive resort properties will grow a bit as a $1 billion renovation in Vail over the next five years adds properties. Additional development is planned in Avon, and in Minturn, where 875 or more units could be built on 5,400-acres of Battle Mountain.Staff Writer Cliff Thompson can be reached at 949-0555, ext. 450, or email@example.comVail, Colorado
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