Eagle-Vail Entering into a Renaissance Phase

Eagle Vail, the oldest of the down valley neighborhoods from Vail is in the beginnings of a renaissance.  Fresh off a continuation of the current mil levy and a just completed Urban Land Institute Study, Eagle-Vail is moving forward with long range planning for the neighborhood.  Eagle-Vail is comprised of some 1,500 homes located between two world class resorts, Vail and Beaver Creek.

With the mil levy continuation, (Phase I) the Metro District will be able to shore up the balance sheet, begin deferred maintenance on the recreation facilities and build a new swim facility.  Phase II will be Master Planning for the neighborhood going forward for the next several years which will include identifying new funding sources to complete the Master Plan.

With that being said, Eagle-Vail is a buy right now.  Look for prices to continue to rise as the renaissance unfolds.  Today sales of duplexes are averaging $323/sq ft.  There are currently homes priced well below the $323 number. 

For instance there is a 5bd, 4,000 sq ft home with a rare and I mean rare 3 car garage listed at $284/sqft.  That’s $39/ft below the average selling price.  Lets say you wanted to make changes to the home (update it) and you spend $100K (very generous) doing it.  You would then “be all in” at $309/ft which is $14/below the average selling price of $323/ft.  Assuming you did make changes, the home would now be at the high end of sold price per ft, which would be in the $380/ft range.  

So, you buy at $284/ft, spend a generous $100K and end up with a home worth $1.5mm; sounds like a smart buy to me.        

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