Property sales setting records
EAGLE COUNTY – Real estate sales in Eagle County have been on a 12-month-long binge that may actually be accelerating as it takes aim on an the all-time, single-year sales record of $1.7 billion.In July the purchase and sales activity was absolutely torrid, with heavy activity in properties prices at $1 million or less and those priced at $2 million or more. There was less sales activity in properties in the middle of the market.
There were 328 separate transactions in July totaling $188.9 million in sales. That’s 188 percent of the $103.5 million logged in July 2003 and 19 percent better than June’s $158.7 million. There were 255 residential transactions and 73 involving land or commercial properties.Forty-five percent of July’s transactions involved properties priced at $1 million or less, indicating heavy local residential sales activity. Forty-five percent of all transactions occurred in Edwards, Avon, Eagle and Gypsum. But purchases and sales of properties at the very top of the heap – slopeside and at other prime locations – continue to show strength.Sales of property priced at $2 million or better generated $102.9 million, or 54 percent, of all sales on just 34 transactions. Two slopeside properties in Vail sold for a combined $13.5 million. A condominium near the Vista Bahn sold for $6 million and a home on Forest Road sold for $7.62 million.
“August is normally a big month for us,” said Jim Flaum of Slifer, Smith & Frampton. “The high-quality resort are doing well right now. That includes Aspen, Sun Valley, Telluride, Hawaii and West Palm Beach. It’s not just Vail by any means.”Led Gardner at Sonnenalp Real Estate said he thinks sales activity will continue strong through the fall.”Stand by for what is sure to be a fast and furious end to the summer selling season,” he said.But Flaum wasn’t as sure. He said the rainy summer and an early start to schools had people leaving the hills early, possibly negatively affecting sales. He predicts August’s sales won’t be as strong as some of the other months, but that sales figures will continue to exceed last year numbers.
Entry-level properties sold for an average price of $287,621. Those include a number of affordable housing developments in Eagle, Gypsum and Edwards. The overall average price of property purchased in July was $575,794.Property sales in Vail Village topped the geographical market analysis provided by Land Title Company. Sales in the Village topped $26 million followed by $21 million in sales at Arrowhead. Sales in Eagle amounted to $10.5 million.Flaum said the year-long buying and selling surge in real estate stems from demographic and geopolitical events.”We’re coming into the Baby Boomer’s time,” he said. “The money has always been there but people did not want to travel (last year) during the war and when the economy was bad. People are taking money out of the stock market as it goes up and down.”
Staff Writer Cliff Thompson can be reached at 949-0555, ext. 450, or email@example.comVail, Colorado