Success Beyond the Races; LIV SIR in Vail Valley Sees Biggest Real Estate Boom Since 07’LIV Sotheby's
While the exceptional execution of the recent 2015 FIS Alpine World Ski Championships has Beaver Creek and the Vail Valley basking in the limelight, one recognition- perhaps even more impactful to the resort area, is that for the first time since 2007, real estate numbers are at their highest.
“The real estate market is reaching equilibrium after 5 years of reduced sales and lower prices,” said Dan L. Fitchett Jr., managing broker, LIV Sotheby’s International Realty, Vail Valley office. “Buyers and sellers are coming to terms in realizing that today’s prices are just now, in some cases, coming closer to reaching the high prices of those in 2007 and 2008.”
The proof is in the pudding, according to LIV Sotheby’s International Realty, the luxury brokerage whose company-wide sales volume totaled nearly $2 billion 2014. In the Vail Valley, total sales volume for 2014 reached nearly $1.78 billion — the largest total sales volume reached in the Valley since 2007, according to Land Title Guarantee Co.
With the market reaching a long-awaited equilibrium, available inventory has been reduced and well priced properties are selling quickly, commanding sale prices within four or five percent of listing prices.
With little new construction in the past seven to eight years, buyers have sought well-located properties that offered potential to refurbish with new appliances and finishes. Today, updated homes tend to sell quicker than those in need of rehab.
“Buyers are realizing that the sellers in today’s market have lasted through the depressed market and are not as hurried to sell,” said Fitchett. “As a result, properties are listed at realistic values and buyers are no longer expecting the unrealistic sales prices of the past 7 or 8 years.”
With an increase of 25% more dollar volume generated in 2014, compared to the total revenue generated in 2013, the Eagle County market appears to be on the rise, and with results lasting far longer than takes a ski racer to reach the finish line.
“I’ve been in the Vail Valley for over 30 years and seen several swings in the real estate market and I prefer a stabilized market on an upward trend as we are starting to experience now,” said Fitchett.
LIV Sotheby’s International Realty, which encompasses 10 offices throughout metropolitan Denver, Boulder, Breckenridge, and the Vail Valley, serves as a resource to the real estate community by providing up-to-date micro-market and luxury market statistics, which can be found at www.coloradomarketreports.com.
For more information, contact Dan L. Fitchett Jr., managing broker, LIV Sotheby’s International Realty, Vail Valley, at 970.845.0400. To service all of your real estate needs visit www.livsothebysrealty.com.