2195 Cresta Road - Auction September 6th

This month I am pleased to offer a beautiful property – The Courtyard Villas of Wildridge – it is an unbelievable value (the seller just reduced the price).

We all know that in Vail, even more than in other places, it’s about location, location, location.  And this villa has it.  It is located just minutes from Vail, a short drive to the gondola in Vail Village, three miles from the center of Beaver Creek,  and offer quick access to Bachelor Gulch and Arrowhead’s ski mountain. The Villa boasts panoramic views of Cordillera, Beaver Creek and Vail from almost every room.  It features two master suites, a  media room, and office, EcoSmart fireplaces, white oak floors, and 10′ glass pocket doors.

If vaulted ceilings are your taste, Villa C offers 20′ high windows with breathtaking views of Game Creek Bowl, Beaver Creek, Bachelor Gulch, Arrowhead and the New York Mountain.  In addition to 4,545 square feet of living space, Villa C has a 10′ basement that could be finished to add over 2,000 square feet.  Priced at $1,450,000, Villa C is a steal.

As is always the case, this amazing property must really be seen in person.  To schedule your private viewing, give me a call at (970) 331- 1806 or email lleeds@slifer.net.

The State of the International Luxury Real Estate Market (an annual report of surveyed global luxury market experts put out by Christie’s International Real Estate) has some optimistic news for the luxury home market. Activity in the real estate market is up and recovery is on track.  Globally, at least one home valued at $1 million or above has sold every 24 hours for the past 130 days.

The report opened with the truism of real estate: “There is no such thing as a good market or a bad market – only the market.” Adaptability to the current market is the key. According to Christie’s, “sellers worldwide are adapting to the new reality in luxury housing and slowly accepting that their residence is not going to command the same price it may have in 2007.”

Consequently, marketing activity is up as is optimism about a housing recovery.  The Washington Post also recently highlighted this trend, indicating that “bargains” are encouraging luxury buyers to commit to more deals. The current real estate market offers smart buyers the following things: excellent home values throughout the Vail Valley, a broad selection of inventory, favorable interest rates and a resilient local market. A recent Fannie Mae survey from August 2011 which found that, nationally, nearly three-quarters of Americans think now is the right time to buy a house, with a majority believing prices will be the same or higher over the next year.

Essentially, the window of opportunity for homebuyers has opened – inventory is good, home prices remain competitive and if you’re interested in financing, rates are at a record low. Vail Valley buyers are realizing that there are a number of reasons to take advantage of current market conditions and are purchasing their mountain homes.

Both hard data and anecdotal evidence supports the fact that the market is on the up-tick with sales – beating out the last couple of years. However, the window to snatch up a luxury property at bargain basement prices is narrowing.  While homes priced under $1 million have fallen more than 1.5 percent since February, homes priced over $1 million-plus properties have actually risen .7 percent. (For information specific to the Vail Valley, check out this report.)

Here in Vail, we have not seen the mushrooming of inventory experienced by other markets around the country (we have under 2,000 units). This is largely because foreclosures in our area – which have risen a bit in the past year - still remain very low (below 1 percent in Eagle County). What is great for buyers is that the market has shifted in their favor – smart buyers are finding that sellers are more willing to negotiate in order to sell their Vail Valley home.

Executive summary: there hasn’t been a better time to buy a Vail Valley mountain home. There is plenty of inventory and the area is stable. Home prices are competitive and record-low financing is available. And for foreign investors, current exchange rates are favorable.  It’s a great time to invest – not only in a piece of real estate but also in your vacation home. It’ll provide a lifetime of memories for you and your family.

If you’re in the market for a home in Vail, there are bargains to be had, even on some of the highest- end luxury properties.  Let’s set up a private showing of the top listings.  Contact me at (970) 331-1806 or lleeds@slifer.net.

After almost two years on the market, Aaron Spelling’s palatial estate on five acres is rumored to have been sold.  Built in 1980, the house is located in the Holmby Hills area of Los Angeles and boasts over 100 rooms including one specifically designated for gift wrapping.

Aaron Spelling’s widow put the house on the market in 2009 for $150 million.  Rumor has it the home recently sold for $85 million to Formula One heiress Petra Ecclestone. A high price, yes, but a relative bargain considering the size of the home and its location.

The Spelling mansion is not the only luxury “bargain” available these days.  From the Hamptons to Vail, the luxury real estate market is demonstrating signs of improvement.  So, while there are still bargains to be had, the window of opportunity for snatching up properties at half their former asking price is dwindling.

According to the Vail Daily News, the real estate market in both Eagle and Pitkin counties (home to Vail and Aspen, respectively), are strengthening.  In a direct comparison of total dollar volume of real estate sold, Eagle County sold $1.5 billion in 2010 over 2009, an increase of 67%.  Pitkin County sold $1.3 billion, a 17.75% rise over 2009.

Nevertheless, bargains are still available.  The average sale price of single family homes has dropped 4% in Eagle County.  Sale numbers continue to be on par with last year and inventory is still relatively high.  In short, reasonably priced properties are available.  But as the market continues its upward trajectory, property prices will follow and inventory will drop.  Now is the time to snap up your bargain.

And don’t feel bad for Candy Spelling.  While she had to accept a bargain price in selling her house, she was also the beneficiary of falling prices.  In 2010, she purchased an apartment in Century City, CA for $35 million.  The original asking price was $47 million.

If you’re in the market for a home in Vail, there are bargains to be had, even on some of the highest-end luxury properties.  Let’s set up a private showing of the top listings.  Contact me at (970) 331-1806 orlleeds@slifer.net.

This month I’m featuring a gorgeous home at 1100 Hornsilver Circle. Imagine the epitome of privacy and luxury and you’ll begin to get a sense of this home. One of the only single family properties listed in the area, this elegant residence is perched at the end of a private cul-de-sac, on the Vail Golf course, within walking distance to Vail Village and the Ford Amphitheater. This house offers a quiet location with very little I-70 impact.  In Vail, where it really is about location, location, location, you can’t get better than this.

If unbelievable views are not enough for you, the outstanding finishes in this home will win you over. At approximately 3,832 square feet, this 4-bedroom, 4.5-bath home has a wood burning fireplace, vaulted ceilings and high-end finishes in every room.

The gourmet kitchen will make you want to cook.  With custom built-in shelving and ample drawer space, there is a place for everything. An oversized two-car garage and finished mudroom allow plenty of room for ski storage. Styled with European flair, this home and all its furnishing are available for $4,695,000.

Reports are beginning to indicate that the recent decline in housing prices is coming to an end. In fact, average U.S. home prices are expected to stabilize by Labor Day. Here’s the rationale according to Moody’s Analytics and Fiserv, Inc. (which produces the Case-Shiller report): home prices have fallen to pre-bubble levels, so that in many cases homes are now considered “affordable” relative to income. That generates demand – a new pool of homebuyers who can once again afford home ownership.

To read more about the market rebound, click here.

If you’re in the market for a home in Vail, now’s the time. I’m here to help. Contact me at (970) 331-1806 or lleeds@slifer.net.