Arrabelle, Lionshead lead Eagle County in sales

A Florida family didn’t mind paying  a more than 1 million $ premium for a 4 bedroom penthouse in the new Arrabelle at Vail square condos in Lionshead. After coming to Vail for christmas for the last 2 or 3 years, the family wanted to buy something where they would make memories with their 4 kids. Eventhough the condo origionally sold for 4.4 million before construction was complete, the family was happy to pay 5.6 million for a one of a kind place.

SixteenArrabelle transactions were recorded in June, selling for an average of 4.1 million a piece, according to Land Tittle. Of the 67 condos at Arrabelle, 21 have been resold so far.

The Arrabelle has condos, hotel rooms,a  spa, restaurants and stores like Burton, Vail sports and Patagonia.

For information on new development opportunities in the Vail valley call or email Gerlinde Debie at 970.926.6777

or gerlinde@gatewayland.com

www.gerlindevail.com

Eagle County transactions and sales volume running behind last years record breaking year!

Eagle County real estate continues to run behind last years record numbers with May being the second slowest month since 1996.  There were 107 tranactions for the month, which translates to $158,543,900 in dollar volume, according to Land Title Guarantee Company.  Keeping the sales volume boosted were the closings of 13 units at Lionhead’s Arrabelle at Vail Square and 3 properties selling for more than $10 million.  The highest selling single residential property was in Bachelor Gulch, which sold for $11,875,000.  Due to the continuing sales of high end properties, our average sales price has increased to $1,417,166 or 32% higher than last year.  Currently there are 1,607 listings on the market, 51% are priced over $1 million and 10% are priced under $400,000.

For information on real estate in the Vail Valley please call:  Betsy Randall at (970) 401-3011 or email: betsy@gatewayland.com.

Strata is a new condominium-timeshare development in Vail

It seems in Vail, what was up, must now either be remodeled or come down to keep up with the new Vail.  The Lionshead Inn and the Lionshead Inn Annex are the new location for Strata in Lionshead. 

The Strata plans have been approved by the Town of Vail, and the developer will add 12,405 square feet of affordable housing to Vail.  According to the new developer guidelines, developers must add 350 square feet per employee.  With Strata, this equates to housing for about 35 employees.  One of the units will be in the new structure, and the developer will buy condos throughout Vail to satisfy the employee-housing requirements. 

The Town of Vail expects to see the new rules generate more housing over the next several years as big projects move forward.  Ever Vail, the $1 Billion Dollar Vail Resorts project planned for West Lionshead, will be subject to the new rules.  So far, studios, 1,2, and 3 bedroom units are planned, totalling 123 beds for Ever Vail. 

Vail’s rules included a 10 per cent inclusion-zoning requirement and a 20 per cent commercial-linkage requirement.

Meeting these strict employee-housing rules is challenging for developers.  Strata was able to deal with the challenges necessary to be able to comply with the rules.  With the cost of materials up so high, energy costs, and stricter building requirements, some developers may just keep going down I-70 to Rifle or Silt, Colorado, which apparently is booming.

For more information on Strata condominiums and other property in Vail, contact Teri Lester, Eco-Broker 970-376-0779 or tlester@gatewayland.com

Town of Vail gives permission for Arrabelle at Vail Square to Open

ARRABELLE AT VAIL SQUARE

Vail Town Council OK’s the opening of Arrabelle at Vail Square.  This $250 Million Dollar Hotel and Condominium complex will open next month as long as Vail Resorts puts up a $17.3 Million letter of credit for employee housing.  Vail Resorts has until Feb. 25, 2008, to come up with a plan for 120 employee housing beds near Lionshead.  Under the new plan, Vail Resorts would have to start the housing project by May 1, 2009.  The Town of Vail could collect the $17.3 million line of credit if Vail Resorts doesn’t live up to its housing promises. 

Starbucks, Vail Sports, Haagen-Dazs, Patagonia, and Quiksilver shops are set to open later this month. 

The 13 Condominiums available from $2,780,000 to $13,600,000 are due to be completed by summer, 2008.  For more information on Arrabelle condominiums for sale, contact: Teri Lester, Luxury Home Specialist  970-376-0779 or tlester@gatewayland.com

One Firm Remains For Potential Project

East West Partners just announced they are dropping out of the running to redevelop the entryway to Lionshead, i.e., the Lionshead Parking Structure.  Open Hospitality Partners-Hillwood Capital Group is now the lone developer in the hunt to re-do this highly valuable location in Lionshead.

The Vail Town Council will likely decide the fate of this 6+ acre parcel within the next month or so.  They may proceed with the redevelopment process (select Open Hospitality Partners), or do nothing at this time.  East West Partners stated too many unknowns and costly public benefits were too much to overcome, and thus, they pulled out.

Pretty soon the speculation will be over and we’ll know the true future of the Lionshead parking structure.  Stay tuned!

For (some of the) answers to your questions about the Vail Valley, please contact Doug Schwartz at dougs@gatewayland.com or at 970-926-6777

Vail Town Council to Decide Soon

I know Vail hasn’t been quaint in many, many years; some would say not since a highway was built through this small valley.  But for many folks, it still has the appeal of a small mountain town: albeit one that is flush with high-end boutiques, world class restaurants, world renowned performers etc., and some of the best skiing anywhere.

The 2 proposals in front of the Vail Town Council are very similar, and both would require continued construction in a small area that has seen years of recent construction.  Some locals and business owners say enough is enough: let’s jsut wait awhile.

Now I know that there is no turning back the clock, but upon seeing the rendering above, I guess it finally hit home that Vail will now be Big and New: all the way from Ford Park (who knows what will become of it down the road) to West Lionshead to West Vail (its redevelopment is only a matter of time).

Quaint no more.  Big is Here to stay!

To learn more about the Vail real estate market or about Vail’s new developments, please contact Doug Schwartz of Gateway Land and Development at (970)926-6777 or at dougs@gatewayland.com

71 Whole-ownership Units Available

After much delay, the pricing for the Ritz-Carlton Residences, Vail has been released.  And after much speculation, these prices appear to be somewhat reasonable.  (That is, if reason can apply to the high-end real estate market here in the Vail Valley.)

Prices range from $1.838M (for a first floor 2 bedroom) to $9.995M (for a penthouse 6 bedroom) with the bulk of the units in the mid $2 million to mid $4 million range.  Location within the building, and desirability of floorplans seem to be the main reason for the range in relative pricing:  prices per square foot range from below $1300/sf to aproxiamtely $2400/sf.  The prices mentioned above include a developer pricing discount of 3%.

To learn more about this project located in West Lionshead, please contact Doug Schwartz at (970)926-6777 or at dougs@gatewayland.com.

Please visit the links below as well to see floorplans and learn about the new high end pricing we are seeing in the Vail Valley.

Instant Equity for Some Lucky Buyers

The high end real estate market here in the Vail Valley has shown continued strength as we enter into 2007.  Looking at recent sales in Vail, 6 of the new Gore Creek Place duplexes closed with prices ranging from $3.55M to $4.65M.  That works out to about $1050/square foot, a virtual steal in today’s high priced market.  These fortunate buyers had the foresight, or good luck, to get under contract during construction, when $1000/sf was still pushing the envelope. 

“Instant Equity” is something anyone buying real estate wants to hear.  And all the buyers at the Arrabelle at Vail Square now have equity like you read about.  Some of the fortunate few who are under contract in this new project, are re-listing their condo units for over $1 million more than the original contract price.  Not bad for a few years time.

One smart seller cashed in on the current demand for high end property by selling their Vail Rowhouse condo, on Gore Creek in the heart of Vail Village, for $8.75M, or about $2930/square foot.

To learn more about the Vail Valley real estate market, contact

Doug Schwartz with Gateway Land and Development at dougs@gatewayland.com or (970)926-6777  or visit www.vailpropertysearch.com