Vail Update from Diane Meehan

VAIL VALLEY NEWS AND VIEWS FOR OCTOBER
Presented By:
Diana Meehan, Global Luxury Specialist
VAIL’S BACK BOWLS GET A NEW QUAD CHAIRLIFT
Ever wanted to lap Sun Down Bowl with only one lift ride? Vail Resorts announced Thursday an unprecedented number of on-mountain projects planned for the 2022-23 North American season in what will be the company’s largest single-year investment in its resorts.
The sweeping set of 19 new chairlifts, including 12 high-speed lifts, a new eight-person, high-speed gondola and six new fixed-grip lifts, is part of Vail Resorts’ $315 million to $325 million capital investment plan for 2022. Each of the upgrades is designed to reduce wait times, increase uphill capacity and create more lift-served terrain. The projects outlined span 14 resorts including Vail Mountain, Keystone Resort and Breckenridge Ski Resort in Colorado.
At Vail Mountain, the installation of a new high-speed four-person chair from the base of Chair 5 (High Noon Express) to the Wildwood restaurant will reduce wait times on peak days at Chair 5 and create the opportunity for skiers and riders to conveniently access the trails in Sun Down Bowl.
THE REAL ESTATE BOOM CONTINUES
The Vail Valley real estate market is going to surpass $3 billion in sales for the second consecutive year.
That being said, after spending the first half of the year ahead of 2020 figures, our August sales show a bit of a slowdown. Not surprising, as inventory has never been lower, especially for homes priced at $1.5 million and less, and the $1.5 million and below portion of the market accounts for 75% of all transactions.
Lower than $500,000? The $500,000 and below market continues to shrink. For this year through August 31, only 20% of all transactions fell into this range.
What about the High End? Residential sales on the High End (e.g. $3 million and higher), show the same low inventory problem, as Residential sales for year to date August 2021 are down 22% from same time period of 2020. However, units sold in the High End are actually up 19% for year to date over same time August 2020. This shows increasing Big Buyer Interest in the High End of our market.
Transactions have dipped for the most part and prices continue to rise. Demand remains solid. Economics theory shows us that High Demand and Low Supply cause prices to appreciate. Of course, low interest rates are contributing to this demand and continued appreciation.
Sellers should expect prices to remain strong and the window to maximize their return is still open. Significant buyer demand should keep inventory low and thus it remains a “good time” to sell in the market.
For buyers, they are now accustomed to the market and it’s speed. For those prepared to move quickly, opportunities will arise. They must be ready to move quickly year-round when the “right” property comes on the market.
Expect the market appreciation to continue. Low interest rates, high demand, and a strong stock market are bringing many more buyers into the Vail real estate market.
VAIL VALLEY MARKET STATS
LOCAL NEIGHBORHOOD STATS
LOCAL EVENTS
Pumpkin Fun and Costume Contest October 30th
This Fall will kick off $20.21 Vail–Beaver Creek Restaurant Week! With participating restaurants spanning across two neighboring World Class Mountain Resorts, Vail and Beaver Creek, this culinary celebration takes dining to new heights, literally! The events will feature a wide variety of specials all starting at $20.21.
GET READY FOR SKI SEASON!
Opening Dates are now public. Time to break out the skis and get tuned up for Vail’s opening Day!
Vail – November 12
Beaver Creek – November 24
FEATURED PROPERTIES
000654 Stone Creek Drive # 28
$1,300,000 – SOLD
4 Bed / 4 Bath / 2,769 Sq Ft
205 Granada Hill
$2,742,500 – SOLD
4 Bed / 6 Bath / 5,206 Sq Ft
DI’S TOP LISTING PICKS
104 Elk Lane 2
Eagle-Vail
An exceptional Eagle-Vail property situated directly on the 14th tee box of the golf course, 104 Elk Lane #2 provides a rare opportunity to own a 2-story townhome in a stunning mountain location on a desirable cul-de-sac tucked back in the neighborhood.
3BD 2BA 1,324 SQFT
$950,000
111 Scott Hill Road 8
Beaver Creek
Tastefully designed and maintained, Pines Townhome #8 represents Beaver Creek luxury at its finest. Entering the home on the main level you’re welcomed by a light and airy living area featuring oak plank vaulted ceilings and views to the northern mountains.
3BD 4BA 2,478 SQFT
$3,450,000
610 W Lionshead Cir. 212
Vail
Spectacular mountain ambiance and ski slope views from this completely remodeled 3 bedroom, 3 bath plus laundry room at the desirable Landmark in Lionshead. Watch skiers descend the slopes of Vail from the comfort of your own living room.
3BD 3BA 1,594 SQFT
$2,750,000
REMODEL YOUR HOME FOR
MAXIMUM VALUE WITH REALVITALIZE
The RealVitalize program provides home sellers with home improvement resources prior to or during the home listing period with no up-front or hidden costs or interest fees. Seller pays back only the amount of services utilized at time of closing.
Diana Meehan, CRS, RSPS
Global Luxury Specialist,
Coldwell Banker Mountain Properties
2111 N Frontage Road #C1, Vail, CO 81657
Cell: 970-376-1202
Web: DianaMeehan.com
You Matter To Me
Your business and your referrals are the cornerstone of my success. Contact me today to learn your home’s value and how Coldwell Banker will market your home with 360 DEGREE EXPOSURE – so important in today’s global, social network savvy world.
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