Year to date indicates record breaking year for 2007

Total dollar volume through November, with one month remaining, is just $42 million shy of our record setting year in 2005, with $2.8 billion in real estate sales. Year to date, Beaver Creek has more than doubled any area in dollar volumewith over $527 million in sales. Again this month , the high end market continues to be strong, year to date with 90 residential transactions over $4 million, 8 of those this month. November’s highest dollar sale was a Strawberry Park residence closing at $10,550,000. This month’s dollar volume of $216,475.00 includes two new projects : five closings in One Willow Bridge totaling $22 .5 million and 10 hotel suite sales at the Ritz Carlton in Bachelor Gulch totaling $17.5 million.

Having read the most recent numbers, our readers should also realize that many of the projects now being closed are based on contracts signed as much as two years ago. Today’s market is certainly showing signs of being affected by the demise of real estate in other parts of the country. We are seeing a larger than normal build up of inventory based mainly on Sellers who think prices will continue to go up forever. Anyone familiar with real estate investing knows the cycle of pricing will correct itself about every seven years. We are now seeing that ‘peak’ in prices, which will now mean there is potential for bargains in the market. For those in the market for real estate in Vail, the experienced brokers in town are more important than ever in finding the best prices for both out of town visitors and the  local businessman who is too busy to shop around. Call Judd Babcock at Gateway for more insight into the local opportunities that are becoming available.

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