2015 q1 the ascent report extracted pgs€¦ · ascent sotheby’s realty is proud to represent...

MARKET TRENDS FROM THE LEAD ING BOUT IQUE REAL ESTATE F IRM IN THE VA I L VALLEY

FIRST QUARTER︱2015

ASCENT REPORT

FIRST QUARTER 2015 - MARKET RECAP

Total dollar volume of sales topped $100M for the first quarter of 2015, marking three straight years of increases for the first quarter, both in the Townof Vail and Eagle County. This comes on the heels of over $170M in total sales volume in the fourth quarter of 2014. Notable sales in the first quarterinclude 37 sales over $1M with a top sale of $9.4M for a completely renovated private residence on Beaver Dam Circle in the core of Vail Village. The

majority of sales came from condos, with sale prices ranging from just under $400,000 for a 2-bedroom in East Vail up to $7.2M for a completelyremodeled 5-bedroom in the heart of Vail Village. Watch for an active second quarter as buyers and sellers continue to get back into the market.

Ascent Sotheby’s Realty is proud to represent some of Vail’s most exclusive real estate listings, from luxury condominiums, private single-familyhomes, estate properties and private land parcels. Contact us for more Vail Valley real estate information, and let our past achievements inspire your

future ones.

*Statistics are based on residential Vail Board of Realtors MLS data for Eagle County

for the period of 1/1/14-3/31/14 and 1/1/15-3/31/15.

CLICK YOUR NEIGHBORHOOD OF INTEREST If you would like data on an area not listed here, please fill out the form and one of our brokers will gladly contact you.

(click to view details):

East VailTown of Vail (East Vail to West Vail)Vail VillageLionshead VillageWest VailMinturn

EagleVailAvonMountain StarWildwood/WildridgeBeaver CreekBachelor Gulch

ArrowheadEdwards/ScottsvilleSingletreeHomesteadLake Creek ValleyCordillera & Cordillera Valley Club

Also in this issue (click to view details):

Trends for Eagle County and the Town of VailSignificant SalesFeatured ListingsNew Developments

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TRENDS FOR EAGLE COUNTY AND THE TOWN OF VAIL BY YEAR

292 E. Meadow Drive, Suite 101, Vail, Colorado 81657 | o 970.476.7944 | f 970.470.620 | [email protected] | ascentsir.com


ASCENT REPORT

292 E. Meadow Drive, Suite 101, Vail, Colorado 81658︱o 970.476.7944︱f 970.470.6220︱[email protected]︱AscentSIR.com

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EAST VAIL REAL ESTATE SUMMARY

East Vail had a strong first quarter of 2015 with total dollar volume of sales up more than 50% over the same time period last year. Transaction volumeremained constant year-over-year while prices crept upwards across all property types. Notable sales in the quarter include a large single family onBridge Road that sold for $3.45M and a new construction half-duplex on Gore Creek that sold for $2.8M. There are a couple of new construction

projects underway in East Vail that will be coming on the market shortly under $3M. Contact your broker for details.

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TOWN OF VAIL REAL ESTATE SUMMARY

The Town of Vail had a healthy First Quarter of 2015 with over $100M in sales, an increase of nearly 30% over the same time period last year.Transaction volume was up slightly with the majority of sales coming from condos and town homes where average sale prices were up just over 20%.Average days-on-market was down significantly for condos and townhomes as buyers are moving more quickly to take advantage of perceived deals

in the marketplace. We anticipate an active second quarter as many buyers seek to capitalize on end-of-the- ski-season deals in the Town of Vail.

292 E. Meadow Drive, Suite 101, Vail, Colorado 81657 | o 970.476.7944 | f 970.470.620 | [email protected] | ascentsir.com292 E. Meadow Drive, Suite 101, Vail, Colorado 81658︱o 970.476.7944︱f 970.470.6220︱[email protected]︱AscentSIR.com

VAIL VILLAGE REAL ESTATE SUMMARY

Vail Village saw a very strong first quarter of 2015 with transaction volume more than double what it was during the same time period last year. Totaldollar volume of sales was up nearly 40% with 15 of the 17 total sales over $1M and a top sale of $9.4M for a fully renovated, 6,200 sq. ft. private home

on Beaver Dam Circle. The majority of the sales were renovated older condos that sold for between $923 - $2,643 per square foot. The surge intransaction volume was the story for the First Quarter in Vail Village with buyers moving quickly to secure coveted locations with turnkey new remodels

at attractive prices.


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LIONSHEAD REAL ESTATE SUMMARY

Lionshead saw dollar volume up 13% through the first quarter of 2015 compared to the same time period last year. This increase comes on the sameamount of transactions as the prior year, all 11 of which were condos and town homes. Notable sales in the quarter include a fully renovated Arrabelle4-bedroom residence with design furnishings by Worth Interiors that sold for $7M, and another Ritz-Carlton Residences, Vail 3-bedroom that sold for

$3.33M. Eight of the 11 sales were over $1M and included several remodeled older condos. Ascent Sotheby’s Realty is proud to represent TheRitz-Carlton Residences, Vail - the best selling new address, which now has only 9 private residences remaining. Contact your broker for more details.

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WEST VAIL REAL ESTATE SUMMARY

West Vail had an exceptional first quarter with $11.8M in total sales volume on 8 transactions. This is an increase of more than 350% over the sametime period last year. The story here was several single family and duplex properties that sold at an average sale price of $1.7M, including 3 salesover $2M. Contributing to this increase were several of the properties that sold were on the market over 200 days, which is a sign that buyers are

feeling a sense of urgency in the current market as inventory levels remain relatively low.

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MINTURN REAL ESTATE SUMMARY

There were no sales in Minturn in Q1 2015, although the market was active with 4 properties placed under contract. The highlight of these pendingsales is a 2-bedroom penthouse in the heart of Minturn, proudly listed by Ascent Sotheby's International Realty. Upon closing, this will be the highest

price-per-square-foot condo sale in the history of Minturn.

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EAGLEVAIL REAL ESTATE SUMMARY

The EagleVail neighborhood located directly between Vail and Beaver Creek had a slower start to 2015 compared to the same period last year. Thesingle family home and duplex market did not perform as well as Q1 2014 with only one sale; however, the sales price-per-square- foot was 2% higherthan the average PPSF in 2014. Condominium properties in this desirable community experienced a 53% increase in total sales volume as well as anincrease in price-per-square-foot. Watch for a strong second quarter as there are currently 13 properties under contract in EagleVail ranging in price

from $299,000 up to $1,475,000.

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AVON REAL ESTATE SUMMARY

Sales volume was up in Avon for Q1 2015 while the number of transactions remained relatively stable. The increase in dollar volume was fueled by twocondo sales at The Ascent Residences, located just outside the gates of Beaver Creek. These sales closed at $845K and $875K respectively, making

them two of the highest sales in the development's history. One of those listings closed at $541/sf, a new record for The Ascent.



MOUNTAIN STAR REAL ESTATE SUMMARY

There were no sales in Mountain Star in the first quarter, which was the same as in 2014. However, this exclusive gated community is seeingincreased activity with two homes recently placed under contract, listed at $4.99M and $6.49M. Mountain Star consists of only 90 secluded sites over1,300 acres, surrounded by White River National Forest and offering panoramic views of Beaver Creek. There is significant new construction ongoing

and very limited inventory, which will continue to make Mountain Star one of the most desirable luxury neighborhoods in the Vail Valley.


WILDWOOD/WILDRIDGE REAL ESTATE SUMMARY

The communities of Wildridge and Wildwood saw 4 sales in the first quarter of 2015, which is about half of the single family home sales from the sameperiod last year. This quarter, 3 of the 4 sales were under $1M which tells us that these buyers were not as focused on the big views of Beaver Creekand the surrounding mountains. With 4 properties currently under contract and considering Wildridge/Wildwood is primarily being a stronger spring and

summer market - we anticipate a strong second quarter for this neighborhood.

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BEAVER CREEK REAL ESTATE SUMMARY

Beaver Creek continued its trend of strong dollar volume sales from the end of 2014 into the first quarter of 2015, with a 40% increase over the sameperiod last year. This increase was driven by twice the number of single family/duplex home sales, coupled with a significant jump in single

family/duplex sales price per square foot. The number of overall transactions held steady in the first three months of this year with 24 sales. Despitefewer condo sales this quarter, year-over-year condo sales dollar volume increased slightly. We are starting to see inventory of single family homes

move, as buyers are seizing opportunities in a well-supplied market.


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BACHELOR GULCH REAL ESTATE SUMMARY

Bachelor Gulch saw a drop in total sales volume year-over-year for the second straight quarter, as total sales were down 27% to approximately $24M inthe first quarter. The number of transactions held steady at 12, of which all but one were condo sales. The increase in average sale

price-per-square-foot and fewer days on market indicate the condo inventory in the $1M-$2M range continues to move quickly, while inventory amongthe larger condos and single family homes continues to be high, creating an opportunity for buyers in this market.

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ARROWHEAD REAL ESTATE SUMMARY

Arrowhead had a strong first quarter, with prices continuing their upward momentum. Despite a decrease in overall sales volume year-over-year, thisski-in/ski-out and golf course community posted an increase in average sales price-per-square-foot in both condo and single family homes sales. Older

inventory began to sell this quarter, as overall inventory tightened up after increased activity in this popular gated community.

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EDWARDS/SCOTTSVILLE REAL ESTATE SUMMARY

Edwards/Scottsville saw a 66% increase in sales volume, thanks in large part to a 26% increase in average condo sales price. This popular mid-valleylocation continues to show strong appeal, especially in the lower price points where there is very limited inventory. We do anticipate more properties

coming on the market soon, since the summer is typically the best selling season.

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SINGLETREE REAL ESTATE SUMMARY

Singletree had a great start to 2015, with a 20% increase in sales volume from Q1 last year. Average price-per-square-foot also increased 27%, whichis a positive sign as most sales here occur during the summer. The area is seeing strong demand in the upper price ranges as well, including an under

contract single family home priced at $1.82M. Singletree also has plans to break ground this fall on a new expansion of the club facilities, along withoffering new membership options. This should only enhance the appeal of one of the Vail Valley's best golf communities.

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HOMESTEAD REAL ESTATE SUMMARY

Homestead closed three sales in the first quarter of 2015, down from five sales in Q1 2014. Despite fewer transactions, total sales dollar volume was up8% to $2.1M, driven by a single family home sale for $1.3M. Overall, price-per-square-foot in this locals' neighborhood has increased since last year.

Homestead is historically more active in the spring and summer. As the market has continued to improve and inventory remains low, we expectincreased activity in Q2.

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LAKE CREEK REAL ESTATE SUMMARY

Lake Creek saw only one sale during Q1 2015, as the area sees the most activity during summer months. Lake Creek offers large private home sitesand a secluded atmosphere in close proximity to the resort areas. The sale was a $2.4M home in the gated Pilgrim Downs neighborhood. This is a

noteworthy closing, as it was the highest Q1 sale in Lake Creek since 2010.

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CORDILLERA REAL ESTATE SUMMARY

It appears that the extended management contract with Troon Golf continues to increase activity in the Cordillera neighborhoods. The averageprice-per-square-foot is continuing to increase. This quarter, it increased by 12%. Watch for an active second quarter as there are currently 6

properties under contract ranging in price from $875,000 up to $3.95M.

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CORDILLERA VALLEY CLUB REAL ESTATE SUMMARY

With one sale and two properties under contract in the Cordillera Valley Club, this market proves to have some good demand. There are homes underconstruction in this neighborhood showing the demand for new product.


2015 q1 the ascent report extracted pgs€¦ · ascent sotheby’s realty is proud to represent...

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