Vail Valley Real Estate Market Report March 2015
In March the Vail Valley market reports 129 real estate transactions totaling $139,865,116 in sales volume as compared to March of last year at 118 transactions totaling $104,055,895. This contributed to Eagle County ending the first quarter 14% above last year’s year-to-date sales volume and up 8% in transactions. The highest residential sale in March was a single family home in Bachelor Gulch which sold for $10.25 million.
The single largest contributor to the sales volume in March was the sale of Adam’s Rib development in Eagle. The sales price was only $21 million compared to the estimated 100 million invested in the property by Fred Kummer. Included in this 2,655 acre sale was an 18-hole championship golf course, a 40,000 square foot clubhouse with pool, tennis court and sport court,16,000 square foot golf maintenance facility, five newer construction speculative homes ranging from 2,838 to 6,405 square feet, five member cottages at 2,260 square feet each, 91 finished residential lots ranging from 3.6 to 9.9 acres each with all the necessary infrastructure for immediate development and a fully operational 1,553 acre ranch which includes future development rights for up to 114 additional residential units. Fred Kummer is best known as founder of Adams Mark Hotels & Resorts. Although this may sound like a “steal” there is much to be done and much taken on by the new owners of the development.
If you remove the 21 million dollar Adam’s Rib sale then the sales volume increase this year was less impressive in the first quarter with almost all the impressive numbers being turned in for January. I have mentioned in my previous blog posts that I believe there was a bit of a slump in the otherwise strong luxury market during the middle of the ski season this past winter. Many luxury brokers agreed that this was due to the FIS World Ski Championship event and the subsequent unseasonable mid-season weather. The good news was the late season buyers came out in force helping perk up the very end of the season luxury numbers which will trickle in mostly through the months of April, May and June.
The primary homeowner luxury market and the summer focused luxury markets are seeing strong activity in the “off season” for properties under 3.5 million dollars. This strong showing is hopefully a sign of continued strong summer luxury sales throughout the Vail Valley once the summer season begins. Typically the summer season is in full swing right around the 4th of July and just after. Please contact me if you would like more information about the market or are considering buying and/or selling property. I would love to help!
Click below for full report in Issuu Magazine format or here for the full report in pdf.