Gateway Land & Development

Category Archives: Vail Valley Trends and Statistics

Vail real estate

The latest county-wide real estate appraisal found the total market value of Eagle County real estate jumped 12.9 percent, with residential value jumping 11.4 percent compared to the last appraisal numbers from 2015.  According to Eagle County Assessor Mark Chapin, our real estate values are back to where we were pre-recession.  Our market has recovered.

Residential property values are around $1 billion more than the pre-recession peak, with residential property valued at $31.24 billion in 2009 and $32.39 billion in 2017.  The biggest increases are in Gypsum and Eagle where the affordable housing is supposed to be.  If you can find something between $250,000 and $500,000, that is the area where you will find it.  Properties tend to be closer to the half million mark than the lower price.

As property values go up, so do property taxes.  The property valuation notices will come out later this week.  In Eagle County, 45 percent of residential property value is second homes.  Those properties tend to be worth over $2 million each.  Around 60 percent of Eagle County’s property tax burden will be paid by second-home owners.  High end homes did not see the increases that the local markets did but they did not see their values plummet as hard when the recession hit.  A significant part of the overall property value increase was due to the number of local hotels that sold in Vail, which has not happened in many years.  The Park Hyatt sold for $145 million, the Four Seasons sold for $121 million, the Cascade sold for $90 million and the Vail Holiday Inn sold for $22.4 million.

In Colorado, properties are re-appraised every two years in odd numbered year.  This year’s  appraisal is based on market sales that occurred between January 1, 2015 and June 30, 2016.  Under Colorado’s Gallagher Amendment, residential property taxes are limited to 45 percent of all property taxes in Colorado.  Commercial and every other kind of property cover the other 55 percent.  Eagle County voters have seen a property tax hit from the four tax increases approved last year: Eagle County school district, Eagle County ambulance district, Eagle River Fire protection district and Gypsum Fire protection district.

For more information on real estate in the Vail Valley, please visit our website:  www.gatewaytovail.com.

Wild flowers

The Real Estate Market finished strong in 2016 according to Land Title Guarantee Company.  There were 2,048 sales in 2016 which was a 1% decline from 2015.  The total sales volume was $1,957 billion which was also a 1% decline from 2015.  Eagle County has not exceeded $2 billion in a year since 2008.

Inventory remains fairly low especially in the price of $1 million or less and most buyers are local residents.  There is roughly a 6 month inventory in the $1 million or less priced homes which is a sign of a balanced market.  The most expensive home sold in Vail for $23 million which closed in January.  It was on the market for approximately 2 years.  The highest priced overall sale was $121 million which was the Four Seasons Vail.  The average price of a residential sale in Eagle County was $970,184.  Vail Village had the highest price per square foot for a single family home at $1,786 and the state with the most buyers came from Texas.

For more information on real estate in the Vail Valley please feel free to call me:  Betsy Randall at (970) 401-3011 or visit our website:  www.gatewaytovail.com.

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Vail real estate

Property Tax notices will be going out this month and will reflect an increase after Eagle County voters approved four separate taxes increases in 2016.  The four property tax increases this year include:  Eagle County School District, Eagle County Ambulance District, Eagle River Fire Protection District and Gypsum Fire Protection District.

Your property tax increase will depend on where your property is located.  Everyone in the Eagle River Valley from East Vail to Dotsero pay the tax increase for the schools and the ambulance district.  The tax increase for the Eagle River Fire Protection District will be paid by property owners from Tennessee Pass to Wolcott and areas north and south inside that district.  They will also pay the increased school taxes and ambulance district taxes.  The Gypsum property owners will pay the increased school taxes and ambulance district taxes along with the Gypsum Fire District taxes.

Under Colorado’s tax structure, residential property is taxed at 7.9 percent and Commercial property is taxed at 29 percent.  The commercial property owners will pay considerably more in property taxes.

Property values continue to rise but your residential property tax rates will not go up more than the 2017 increase.  According to Mark Chapin, Eagle County assessor, your residential property tax rates may decrease and here is why:  Under Colorado Gallagher Amendment, residential property taxes are limited to 45 percent of all property taxes in Colorado.  Every other kind of property covers the other 55 percent.  To keep that equation balanced, residential property tax rates will likely decline in 2018, according to Mark Chapin.

For more information on real estate in the Vail Valley, please feel free to call:  Betsy Randall at (970) 401-3011 or visit our website:  www.gatewaytovail.com

Four Seasons Vail

The Four Seasons Resort and Residences sold for a record $121 million.  The sales price of $902,985 per room for the 134-room luxury hotel sets a new price standard, according to CBRE Hotels, the company that put the deal together. The average price in the luxury hotel market was $851,000 per room in 2015.  The record price reflects both the market’s stature and the product’s premium.  New York-based Extell Development Company and Chinese firm Parkland Holdings partnered to buy the Four Seasons.  Barclays had owned the resort since 2009, when it took control of the project when it was still under construction.

The Four Seasons is known for their world-class service, luxury finishes and robust amenity package.  The AAA Four Diamond hotel features 121 hotel guestrooms and 13 two-to-four bedroom condominiums that are currently operating as hotel inventory.  Amenities include a 14,935 square foot space, 7,000 square feet of meeting and event space, Flame restaurant and The Remedy Bar.  The resort also has ski valet facilities near the base of Vail’s Gondola One.

For Vail, the Four Seasons deal marks the second major resort transaction in the past 12 months.  Last December, Los Angeles-based Laurus Corporation purchased the 292-room Vail Cascade Resort and Spa for approximately $90 million and almost immediately announced plans for a $35 million renovation during the off-season. Holiday Inn Vail also traded hands in January for $22.4 million.  A private East Coast group purchased the hotel is renovating and re-positioning the hotel as a Double Tree, according to CBRE.

For more information on real estate in the Vail Valley, please feel free to contact:  Betsy Randall at (970) 401-3011 or email:  betsy@gatewayland.com.  Please visit our website:  www.gatewaytovail.com

Good morning and welcome to the last weekend in October!

Following are the stats provided on the Vail Valley MLS this morning…

NEW LISTING – Six new, 3 residential, 2 land, & 1 rental, pricing range from $2900-/mo to $999K.  Listings are in several areas, call for details.

PRICE REDUCTIONS – There are only two decreases from list price, one of $24,100- on a residential, & a price drop on a commercial building lease, call for details.

UNDER CONTRACT – Five properties have come UNDER CONTRACT with pricing ranging from $233,100 to $829K with one of those a partial ownership for $169K.

Finally, the SOLDS, Eleven new owners in the Valley. These SOLDS were purchased for $280K – $1.565M.  They are located in Avon, Edwards, Eagle, & Gypsum.

If you may be interested in any additional info, call me, 313 600 8330.

Thx  dean

Good morning…

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Trick or Treat day @ Riverwalk in Edwards for 10a-1p come on by for your TREAT!

Here are the stats as of this morning…

NEW LISTINGS – One new, a time share @ Four Seasons in Vail, about 3 weeks/yr…list price $280K

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PRICE REDUCTIONS – Four price reductions, 2 residential & 2 time share…2 residential are $20K & $54K…the 2 time shares $20K & $6500-

UNDER CONTRACT – Seven properties are now under contract, list prices range from $250K-$499K for improved properties and $65K-$269K for vacant land

FINALLY, SOLDS…Eleven are now sold…residential improved sold prices are from $367,500- thru $9.5M…land which has sold ranges from $180K to $360,500-

If you have any questions or would like more info…

CALL ME @ 313 600 8330

Enjoy your day!

dean quint

Gateway Land and Development Real Estate

Good morning, here is what is showing up in the Vail MLS STATS this morning…

SOLDS – 13 properties have closed and now have new owners, 12 residential ranging in price from $177K in Leadville to $9.375M in Vail.  One vacant parcel in Red Cliff has sold for $220K.

As for UNDER CONTRACT, there are 10 Listings which offers presented have been accepted and now will continue through the process and likely become solds.  All are residential and they range in Listed Price from $315K to $3.795M.

PRICE REDUCTIONS number only 3, two have decreased the asking/Listing price by $20K and another by $8K.

Finally, NEW LISTINGS on the market are a huge, 1.  It’s one you may want to see, a $2.265M in Vail!

Whether your looking for a better deal with taking advantage of a PRICE REDUCTION, ready to LIST your property, or just looking and want to see a Newly Listed home or some other Listing still on the market, CALL ME TODAY.  I’ll help you through the process and get you into your next property in the Vail Valley.

DEAN QUINT  313 600 8330

WOW!   12/5/6/5  This morning shows 12 new SOLD properties, 5 UNDER CONTRACT, 6 PRICE REDUCTIONS & 5 NEW LISTINGS.  In recent days the market continues to move along with plenty of properties available whether it be for land, a permanent primary residence, second home or time share for summer/winter fun.

Vail Colorado Real Estate for sale

Vail Colorado Real Estate for sale, 115 Alhambra Place

SOLDS are for the past several days and range from around $285,000- up to over $14,000,000-.  It is quite a range of property values for sure.  What is important simply is there is a property out there for you most likely at a price which is affordable for you.

UNDER CONTRACT properties are those pending with an accepted offer by the seller from a buyer and they are now working through the process to meet all of the contractual terms, be it an inspection, financing, or it could be one or more of many other terms to yet be fulfilled.  Some meet all the requirements and move to the SOLD category others do not and may then return to LISTINGS back on the market.  The range of listed properties UNDER CONTRACT are from $275K to over $2.2M.

PRICE REDUCTIONS on average is $42,650- of Listed properties.  Keep in mind the spread of Listing prices are from the $400K to over $2.4M.  Regardless, there are motivated sellers and is this the time for you to make your move?

NEW LISTINGS on the market are located from East Vail to Gypsum.  They range in listing price from $465K up to $3.2M.  Is this in your price range?  Could this be one of the areas you are considering?

59 Jacksons Path, Vail Real Estate

Vail Colorado Real Estate for sale, 59 Jacksons Path

Give me a call or stop by the office today in Edwards.  I’ll be happy to assist you whether you are interested in buying or selling in the Vail Real Estate market.  My number is 313.600.8330 and I will be in the office today until 5pm.

Have a delightful day!

Dean Quint

Wild flowers

Real Estate in the Vail Valley is known to be expensive but the real action is taking place at the lower-end of the market, in the $500,000 and under price range according to Land Title Guarantee Company which uses the data from the Eagle County Clerk and Recorder’s Office.

Sales in the Eagle and Gypsum area made up a good portion of the real estate sales for May.  There were 178 transactions for the month of May and 67 of the transactions were in Eagle and Gypsum.  56 percent of the transactions were priced under $500,000. You can now buy for less than you can rent and the lack of rental inventory is driving those quick sales under $500,000. The highest priced sale in May was a Bachelor Gulch home which sold for $8.35 million.

For more information on real estate in the Vail Valley, please contact:  Betsy Randall at (970) 401-3011 or email:  betsy@gatewayland.com.  Please visit our website:  www.gatewaytovail.com.

 

 

Beaver Creek Village

Eagle County real estate continues to get back on track after a sluggish start to 2016 according to Land Title Guarantee Company.  April’s sales volume of $125 million is 10% higher than April of last year at $114 million.  Sales volume year to date is almost $460 million which is just 6% shy of year to date sales volume in 2016.

There were 130 transactions in April. The April 130 transactions average sales price was $969,023.  Eagle and Gypsum had the majority of these transactions with 21 and 13 respectively.  East Vail had a strong showing with 9 transactions, and Arrowhead with 8 transactions.  Beaver Creek had 7 transactions with more than $16 million in sales volume with the highest home sale of $8,475 million.

47% of the real estate buyers were local buyers, 19% of the buyers were from the front range and 77% of the April sales were priced at a $1 million or less.  The inventory is still low in the range of under $1 million and most homes are selling within 30 days of coming on the market.  The market of $5 million and above is still a little slow.

For more information on Vail Real Estate, please feel free to call Betsy Randall at (970) 401-3011 or email:  betsy@gatewayland.com.  Please visit our website:  www.gatewaytovail.com