Luxury real estate market continues its strength, according to Vail’s Slifer Smith & Frampton Real Estate
March 23, 2018
VAIL — Sales of legacy ranches, luxury homes and the remodeling of classic properties indicate a trend of robust activity in high-end sales in the Vail Valley according to John Pfeiffer, president and managing broker of Vail's Slifer Smith & Frampton Real Estate.
As of Feb. 28, eight homes listed for more than $5 million have sold year-to-date throughout the Vail Valley, with an average sales price of $9.3 million and total sales volume of $75 million. There are currently 12 homes and homesites under contract for more than $5 million.
"We are seeing the market reflect very knowledgeable, informed and motivated buyers who appreciate some special properties throughout the Valley," Pfeiffer said. "From the sale of a $17 million legacy ranch that last sold 28 years ago to some incredible activity in Bachelor Gulch, where we sold 10 houses in one year in the $6 to $10 million range, to incredible activity of older homes being remodeled and refreshed, we are seeing tremendous interest in the luxury sector throughout the valley."
Dick Kesler, ranch broker for Slifer Smith & Frampton, recently sold part of the Upper Horn and Perry Olson ranch, 10 minutes off of Interstate 70 at Wolcott. The 5,280-acre parcel sold for $17 million.
"With the uptick of the economy, there has been a definite change in buyer attitudes and the cycle is very good right now," Kesler said. "Ranch inquiries are up and that trend tends to be both cyclical and generational."
Similarly, Catherine Jones Coburn, Branch Broker for the Slifer Smith & Frampton Bachelor Gulch office, has had several high-end sales of late and is optimistic about the valley's luxury market.
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"Inventory is low and sellers are motivated," Jones Coburn said. "We are thrilled to see this resurgence of interest as buyers are appreciating what on-mountain living is all about."
Broker Tina Vardaman recently sold a $13.5 million property in Beaver Creek's Strawberry Park neighborhood.
"Vail remains a world-class community with a top ski area operator," Vardaman said. "The priority of our buyers is to be with their families, and the home is where they gather to enjoy the mountain lifestyle. While many buyers prefer turn-key properties in excellent condition, we also have others who purchase homes with fantastic locations, then proceed with renovations to fit their needs. Another trend we have seen with long-time residents is a desire to downsize, often to a different neighborhood in Eagle County. They want to maintain their roots in our community, but prefer lower-maintenance living."
For more information, go to http://www.vail realestate.com.
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