Vail Daily column: Latin American residents, visitors fuel luxury housing
DENVER — The weeks surrounding the Easter holiday and Holy Week, or, Semana Santa, are an especially popular time of year in the Vail Valley for Latin American visitors and residents. Attracted to the safe and secure environment and year ’round recreational and entertainment activities that the valley provides, the resort communities of Vail and Beaver Creek are gaining popularity among Latin American buyers and demonstrating no signs of slowing down.
Latin american flare
“The religious holiday of Semana Santa is a peak time for our Mexican National owners and visitors,” said LIV Sotheby’s International Realty broker, Charley Ford. “The two weeks beginning on Palm Sunday and ending on Pascua, or Easter, are always a time for families to enjoy the mountains, dining and carefree nature of the Vail Valley’s safe communities. Many of my clients comment that it’s the time of year for their extended families to either be in the mountains or on the beach — most choose being here.”
Latin American residents and visitors are drawn to the world-class activities the area provides, including skiing and snowboarding in the winter and music events ranging from Jazz concerts to Bravo!Vail, the annual classical music festival, that is held annually throughout the summer in Vail.
Not only have Latin American residents contributed directly to the overall luxury housing market in the Vail Valley, which has demonstrated an increase year-over-year and month over month in March, they have played a major role in the development and build-out of the Vail Valley as well.
“Northwoods and Pinos Del Norte condos are neighbors to Golden Peak and Chair 6. Both were built in the ’70s by Mexican developers,” Ford said. “The Vail Centre building in front of Lionshead Village’s Eagle Bahn Gondola, was established by nearly all Mexican builders around the same time. Now, a sensational new development in Lionshead Village with super amenities, vast views and ownership opportunities, The Lion, just earned their Certificate of Occupancy in March; The Lion has been developed by a team from Mexico City.”
With Latin American buyers attributing to the growth of Vail Valley’s luxury housing market, numbers demonstrated signs of increase both year-over-year and month-over-month in March. Thirty six homes with a price tag of more than $1 million sold in March 2017, up 124 percent from 29 homes in March 2016. Month-over-month, 36 homes were sold in March 2017, up 64 percent over 22 homes sold in February 2017 (according to the Eagle County Multiple Listing Service). Average days on the market dropped 29 percent year-over-year, from 292 days in March 2016 to 208 days in March 2017 — an improved time frame for the luxury resort market.
With the increased interest in real estate by Latin American visitors and residents currently in town, the local real estate market is projected to rise as the summer selling season approaches.
LIV Sotheby’s International Realty compiles a quarterly luxury market report to help consumers make better real estate decisions, whether purchasing or selling a home. To access current market reports, visit http://www.colorado marketreports.com.
For more information, contact Dan L. Fitchett, Jr., managing broker, LIV Sotheby’s International Realty, Vail, Edwards, Beaver Creek, at 970-471-1208 or go to http://www.livsothebysrealty.com.
Support Local Journalism
Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.
User Legend: Moderator Trusted User