The Vail Valley real estate market continues to show sluggish sales, although June 2008 saw the most transactions year-to-date.
The first half of the year concludes with 172 transactions in June, the highest number of transactions so far this year. Eagle had the most transactions with 24 followed by Lionshead with 17. Sixteen of those transactions in Lionshead were Arrabelle units which sold for more than $67 million; 8 of the Arrabelle?? transactions?were over $4 million in price.
Year to date, Eagle County topped the $1 billion mark and has an overall average sales price of $1,345,476. Lionshead has been the main contributor thus far with 68 transactions and more than $228 million in dollar volume. This is nearly twice the volume as Beaver Creek, the area with the second highest dollar volume.
Vail's?North Day Lot will be the location of the New 18 Million Dollar Bus Station
Despite, pleas from neighbors at the Landmark Condominiums and Rob Katz, Vail Associates CEO,?the Vail Town Council approved the new ground level bus station for the North Day lot in Lionshead.? Council members?were concerned about future growth and the new station will?include room for town buses, county buses, hotel shuttles and skier drop off.?
Vail is counting on $5 million in federal grants, $1 million in state grants, and $3 million from Eagle county, yet to be secured.? The majority of the $18 million would come from tax-increment financing funding.? A TIF district in Lionshead allows taxes generated from redevelopment to be used for public improvements in the district, like transportation.
With Vail Resorts set to?open Arrabelle this winter, 12 whole ownership condos are currently available for sale.? This brand new property will truly be one of the nicest in any ski town, with the all important ski in, ski out location?plus the?world class amenities we have come to expect.
Prices range from $2.78 million for a 2 bedroom unit to $14.5 million, for a 5 bedroom penthouse.? The median price of those listed is right around $5 million.? While not inexpensive by any means, the Arrabelle seems poised to become an iconic residence for the lucky few that own here.
To learn more about this project and the chance to own a property for the ages, please call or email anytime.
Yes, the long awaited Arrabelle project in Lionshead is set to open this winter.? Over the next few months, various commercial parts will open, with the condos coming on-line from January to May, 2008.
The Vail Resorts marketing machine is pumping this up, as this is slated to be their flagship property.? And as the Vail Daily has reported frequently in recent issues, Vail Resorts has yet to resolve its requirement with the Town of Vail to provide 140 or so employee beds.? I fully expect some last minute negotiation will appear?and resolve this issue, as it is unlikely Vail Resorts will tolerate bad press on this one.
The Arrabelle truly has transformed the feel of Lionshead already, and once open, expect it to continue.? Gone are the days of the Great Race, and locals feeling as if this is their town.? It's not anymore.? Vail has turned the corner and has become?the nation's?HIGH END SKI RESORT.? (sorry Aspen)?
Stay tuned over the next 5-10 years and we'll see if I'm right.? Feel free to call or email anytime to discuss in more detail.
The high end real estate market here in the Vail Valley has shown continued strength as we enter into 2007.? Looking at recent sales in Vail, 6 of the new Gore Creek Place duplexes closed with prices ranging from $3.55M to $4.65M.? That works out to about $1050/square foot, a virtual steal in today's high priced market.? These fortunate buyers had the foresight, or good luck, to get under contract?during construction,?when $1000/sf was still pushing the envelope.?
"Instant Equity" is something anyone buying real estate wants to hear.? And all the buyers at the Arrabelle?at Vail Square?now have equity like you read about.? Some of the fortunate few who are under contract in this new project, are re-listing their condo units for over $1 million?more than the original contract price.? Not bad for a few years time.
One smart seller cashed in on the current demand for high end property by selling their Vail Rowhouse condo, on Gore Creek in the heart of Vail Village, for $8.75M, or about $2930/square foot.
To learn more about the Vail Valley real estate market, contact