Blog: 2006

Real estate sales data for Eagle County, for the month of October 2006,?show the high end market has significant strength.? The total number of transactions in the Vail Valley has decreased, driving the average home price up considerably.

October saw 4 transactions at a sales price of over $5 million. This brings the year-to-date total number of transactions over $5 million to 31, with an average sales price of $6,760,639 in this category. Last year?s total for the number of transactions in this category for the entire 12 month period was 23, putting the county ahead of 2005 by 8 transactions.

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While the national trend of declining home prices continues, the market is staying strong throughout the Vail Valley.? Recent articles in the national news media paint a picture of a significant housing slump.? And this is true in many parts of the United States, especially urban centers in the Northeast and Midwest. (as many of you know better than I.)

The Vail Valley, however, continues to see a highly competetive marketplace for residential real estate.? Inventories here?grew this summer (2006), balancing the playing field and returning some?power to the buyer.? Since then, inventories have levelled, demand has continued for appropriately priced properties, and a healthy market exisits.?

With the ski season upon us, the Vail Valley will again host hundreds of thousands of mountain visitors this winter. And, as always,?many?will decide to purchase?a vacation home or even relocate to this wonderful mountain valley.?

The Vail Valley real estate scene has been dominated by luxurious mountain retreats for years.? Lots of stone, timber and natural materials have been the norm in new constructions.? But it seems a more modern approach may be coming to Edwards in the near future.

Renowned architect Daniel Libeskind has been retained by a pair of local developers in the hopes to build an urban styled condominum project.? Rick Mueller and Bobby Hernreich of Remonov &?Co. feel that its time for a more modern feel for architecture in the mountains.

While most of the second home owners in the valley desire the mountain feel (ski lodge or national park grand lodge), it may be that urban design has a market here.? (glass and steel)? Many home owners do express a need for a slightly smaller home, as they no longer need 6+ bedrooms and 8000+ square feet.