Vail Valley’s luxury housing market shines
VAIL — In the resort mountain areas of Eagle County and the Vail Valley, the luxury market remains robust and competitive with a steady influx of buyers continuing to relocate to Colorado, seeking to purchase homes in areas offering an abundance of outdoor recreational opportunities and proximity to world-class ski resorts. On Jan. 19, LIV Sotheby’s International Realty released a Residential Luxury Report, which compares year-end 2016 (January-December) statistics, to that of 2015, for single family homes and condos priced $1 million and above in communities throughout Eagle County and Vail. Undoubtedly, the Eagle and Vail markets are demonstrating signs of growth with nearly a 10 percent increase in luxury home sales over the previous year at year-end 2016.
A December luxury report, also released by LIV Sotheby’s International Realty, similarly demonstrates an increase in Vail’s growth, with a 26 percent increase in sales volume year-over-year and 48 percent increase month-over-month from December 2015 and November 2016, respectively.
“In general, the last two months have brought increased activity at the high-end of the market, notably in the resort locations,” said LIV Sotheby’s International Realty broker Matthew Blake. “The local, under $1.5 million market, has been exceptionally strong all year, but we are really seeing a return of the high-end luxury buyer in the fourth quarter of 2016. It should be noted that while our market is very seasonal and a few large transactions can seriously alter the data, I do expect that we will see very strong numbers for the 1st quarter of 2017 in the high-end market too.”
Solid first week
The first week of 2017 alone resulted in impressive statistics for LIV Sotheby’s International Realty, which has two offices in Vail, located at 292 E. Meadow Drive and 228 Bridge Street, and an office in Beaver Creek. The firm is credited with achieving multiple record sales, including the sale of 107 Rockledge Road, an 11,509 square foot ski-in, ski-out residence that has set a record high for the sale of a single-family home in the Vail Valley at $23 million.
“The sale of this historic modern home located directly on Vail Mountain represents the most significant sale in Vail’s storied history of magnificent homes,” said LIV Sotheby’s International Realty buyer’s agent, Tye Stockton. “The new owners made the lifestyle choice to relocate to Vail full time and to take advantage of all of the healthy outdoor options Colorado and the Vail Valley have to offer.”
The property at 107 Rockledge Road was once home to Denver socialites, Vernon “Moose” Taylor and his wife Ann Bonfoey Taylor, known for putting Vail on the map as the iconic, world-renowned Colorado resort town it is today. The sale is indicative of the Vail Valley’s market growth, which is often dotted with eye-popping significant sales throughout the year.
Strong fourth quarter
At year-end 2016, average price per square foot in the Vail Valley held at $789. Eagle County saw a higher volume of activity, with number of properties sold up 9.5 percent, and average days on the market decreased slightly to 289, demonstrating a slightly improved average time on market for home buying in the resort luxury sector.
“The high-end of the market in Vail and Beaver Creek has really heated up in the fourth quarter and since the election,” Blake said. “The ultra-wealthy buyers are our target demographic and these people are quite certain that their taxes are only going to go down over the next four-year cycle. Several other high-end properties have gone pending and we look forward to carrying this momentum throughout the upcoming year.”
The luxury real estate market in Vail is seeing a return of the domestic luxury buyer given the recent election results and the surge in the stock market. Additionally, there has been an uptick in activity of Latin American buyers seeking to invest in a quality and luxury safe haven in the Vail and Beaver Creek areas. Given these factors, the resort luxury market in Eagle County (Vail, Avon, Beaver Creek), is expected to see continued positive growth.
LIV Sotheby’s International Realty compiles monthly, quarterly and year-end reports to help consumers make better real estate decisions, whether purchasing or selling a home. To access current market reports, visit http://www.coloradomarketreports.com or call 970-476-7944. For more information, call 303-893-3200 or visit http://www.livsothebysrealty.com.
According to Land Title Guarantee Company, October was the best month of this year for real estate sales. In October alone, there were 230 transactions, with a dollar value of more than $261 million. Both are high marks for the year so far.