2018 is proving to be a strong year for the Vail Resorts community of Beaver Creek. Scott Miller, Business Editor of the Vail Daily recently interviewed local agents regarding the real estate market.
According to Slifer Smith & Frampton managing broker John Pfeiffer, “there have been 15 sales of single-family homes in Beaver Creek this year. There were three such sales in all of 2017.”
"Beaver Creek represents an exceptional value for resort property," said Mark Weinreich, a broker with Berkshire Hathaway HomeServices Colorado Properties, “values in Beaver Creek single-family homes can be half that of comparable properties in Vail.”
Following Vail’s multi-billion dollar investments, Beaver Creek perception is evolving. While the resort is committed to capital improvements, and developments such as The Chateau have undertaken upgrades, Pfeiffer noted that “prices in Beaver Creek have softened somewhat. Prices now make financial sense for buyers who want to buy an older home and renovate it.” Weinreich indicated people who buy homes now and renovate them stand to profit from their investments.
What does this means for Sellers, Buyers and Investors? Interluxe has a decade-plus of experience working with Vail Valley agents to connect Sellers and Buyers, having successfully auctioned close to 30 properties in the area including an estate in the Red Sky Ranch community of Wolcott that sold for over $2.5M last fall. ”Now is an opportune time for Buyers seeking a property in one of the most prestigious ski communities to invest,” Stacy Kirk , Interluxe Director of Client Development shares. “For Sellers, given market trends and considering inventory, now is an ideal time to list.”
Kirk, was recently in Vail for the annual Vail Automotive Classic, which was started in 2009 by several local REALTORS® and caught up with Silfer Smith & Frampton Agent, Doug Landin. When asked about current market conditions, Landin stated that “real estate around the country has seen great improvement with the stronger economy, Vail, Colorado has proven to follow this trend. In the past 12 months, from East to West Vail, there have been 43 home sales, single family and duplexes sold at or above $2M.”
Landin, 2019 Director, Vail Board Of Realtors®, added “On the other hand, Beaver Creek, Bachelor Gulch, and Arrowhead still have great values. With 45 sales in the past year, the price per foot tends to be significantly lower.”
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