Ask a broker: Why do property values in Vail Village continue to appreciate so much?
On real estate
Dear Donna: I am interested in learning more about the valley’s high-end real estate market. It seems the market is ever-changing and values, particularly in Vail Village, continue to rise. Why is this?
— Curious About Vail
Dear Curious About Vail: A great question, and one we get often. It’s important to remember that Vail Village and Vail Mountain are the nucleus of our market. There is no more land left in Vail Village and yet it continues to be the most sought-after area to own in. Price reflects this!
From reports I see, Vail prices are comparable to Aspen, particularly when it comes to price per square foot. Areas like Beaver Creek and Bachelor Gulch offer great opportunities, such as large homes with stunning views and wonderful amenities. But due to the fact that there are more homes in these areas overall, the values are not appreciating the way they are in Vail.
Several homes currently on the market in Vail Village are historical gems offering timeless, traditional finishes in locations that can’t be duplicated. Between the land value and high building costs, it would be expensive to build the homes currently on the market in Vail Village. In fact, there are several custom homes in Vail that have exceeded $3,000 per square foot in build costs alone — confirming the confidence that our affluent owners have in this part of our valley. Many of these home are, in fact, architectural masterpieces.
Vail is unique because we offer easy access to more than 5,300 acres of skiing. The town of Vail and the Vail Valley Foundation put a great deal of money and effort into providing experiences for visitors throughout the year — we almost have no offseason. The quality of our shopping and restaurants is consistent and often cutting-edge. Our accessibility is critical due to our proximity to I-70 and the flights into the Eagle County airport. We’re no longer just a resort, we’re a real community, a place where families want to raise their children and where people want to spend their later years in life. I feel fortunate to be part of Vail’s record-breaking and breathtaking transformation.
Donna Caynoski has worked in high-end real estate in Vail Village for over 32 years. Her experiences vary from sales to property management, as well as acting as vice president of two boutique real estate firms, implementing business plans, sophisticated marketing plans and management of top brokers. She’s consistently one of the top-producing brokers in Vail, obtaining record prices for homes in precious locations that are often irreplaceable.
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