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2010 finishes the year well above 2009
Eagle County ended the year with 1,250 transactions, a 33% increase over 2009. Eagle County had nearly $1.5 billion in dollar volume in 2010, a 67% increase over last year. While 41% of all transactions had a sales price of less than $500,000, there were 60 sales over $4 million which helped create the second highest average price-per-sale ever at $1,197,738; only 2008 was higher with an average price of $1,391,605. New developments made a large contribution to the overall numbers in 2010. The following is a summary of sales in some of the larger new projects in the county:
$47,375,600 Gross Volume, $570,790 AVG PPU, $650 AVG PPSF, with 83 Sales in 2010
$124,821,800 Gross Volume, $6,934,544 AVG PPU, $2,462 AVG PPSF, with 18 Sales in 2010
$38,830,000 Gross Volume, $3,530,000 AVG PPU, $1,351 AVG PPSF, with 11 Sales in 2010
$42,486,000 Gross Volume, $3,034,714 AVG PPU, $1,379 AVG PPSF, with 14 Sales in 2010 (This does not include the bulk sale of 45 Units for $110,890,000)
Single Family homes accounted for 34% of all transactions in 2010. The average price went down 4% from 2009 to $1.26 million in 2010. There were 599 high-end condominium projects/multifamily homes that sold in 2010 accounting for 48% of the total sales, with an average sales price of $1.15 million. This is up $250,000 per sale over 2009.
Our real estate market is also off to a good start, with much stronger sales than expected.
Vail Village and Lionshead have experienced strong sales, with over 30 sales durning the last quarter of 2010. Other big news is the re-introduction of The Ascent, a 49 unit condominium development located on Hwy 6, next to the entrance to Beaver Creek. Approximately 30 of these properties have gone under contract in the past four weeks. These represent very good values and several beautiful properties are still available.
The three largest and last development projects in Vail have now been completed. These are Solaris (the old Crossroads Center), The Four Seasons and The Ritz Carlton Residences and each has turned out beautifully. Our market has definitely changed from a speculative buy and flip mentality to a end user buyer and many attractive properties within these developments are still available.
I've been getting lots of questions about our real estate market, and to say the least, it's been challenging for the past 24 months. We've been seeing more interest since September 2010, with very strong interest in Vail Village and Lionshead. There has also been renewed interest in the Eagle-Vail neighborhood. The big bargains can still be found "down valley" in Eagle and Gypsum. In many neighborhoods, values have dropped an average of 30%, and many have returned to 2002-2003 levels. Inventory remains good, interest rates are still low, so it's a great time to buy.
All my best in 2011!
Bill