Second-home owners join downvalley migration
VAIL ” With the valley’s population still growing, Ed Resavage said he thinks his new home at Eagle Ranch will be a good investment.
“(The county is) just going to continue to grow and the investment will grow with it,” he said.
Resavage and his wife, Tura, were looking for value when they sold their smaller second home in Singletree and bought a year-round home at Eagle Ranch.
“There’s more value downvalley,” Ed Resavage said.
Home sales in Eagle helped drive a record year for Vail Valley real estate. The valley saw $2.8 billion in sales for the year, which topped last year’s record of $2.2 billion.
Eagle had the most transactions of any area, with 646. Beaver Creek had the most total sales for the year, with $311 million.
The Resavages have been second-home owners in the Vail Valley since 1982, first in Eagle-Vail and then in Singletree. They recently sold their Denver and Singletree homes and bought a four-bedroom home at Eagle Ranch. Resavage, 63, retired five years ago. The Resavages’ daughter and grandchildren also live in the valley.
Resavage knows several second-home owners who’ve become year-round residents, he said.
“The whole amenity of Vail Mountain and skiing and the summertime activities have been a natural attraction for people to come here for second homes,” Resavage said. “I know a lot of people who moved up here permanently.”
Resavage and his wife were getting tired of the traffic in Denver, and were already spending a lot of time at their second home in Singletree, he said.
Cross-section of buyers
Michael Slevin of Prudential Colorado Properties, the Resavages’ realty company, said he’s seeing more retirees and semi-retirees move downvalley. Technology that allows people to telecommute to work more easily is a factor in that, he said. Elevation is another factor, he said.
“The draw downvalley is the elevation,” he said. “As the population ages, the elevation in Vail and Beaver Creek begins to be a concern. We are seeing more people move west because of that consideration.”
There was a good cross-section of buyers this year, Slevin said, between second-home owners, investors and locals.
“There was no one particular area that was much more active than others,” he said.
December’s sales were $222.4 million. That was down from last December’s $280.0 million ” but was still Eagle County’s seventh-best month ever.
The biggest sale for the month was a four-bedroom, six-and-a-half bathroom home on Hummingbird Lane in Bachelor Gulch that sold for $4 million.
Staff Writer Edward Stoner can be reached at 949-0555, ext. 14623, or email@example.com.
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