www.searchinvail.com
This article was posted in Jan 2006, how did it pan out come July?
Vail Colorado Real Estate
Beaver Creek Real Estate
As per www.industryreport.com
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January 09, 2006
On your mark...get set....go?
Real estate agents at mountain resort communities in the Rockies are looking to keep riding the winning streak of climbing prices and sales that kicked into a gallop in 2005, according to a spot check of representative resort professionals.
"Our economic future for the next six months looks good," Jed Gray, owner and associate broker at Sun Valley Associates told Industry Report. He said he was expecting "strong business" to continue in the middle range of homes and condos (those between $1- and $3-million) and upper range (over $3-million).
Because of very low availability of vacant land, he said, older homes have become tear-downs. Gray said he was "optimistic" about price gains in the middle-range single-family home market, where there is not much inventory, and also in the upper range where there is good inventory.
The condominium market, especially for older units, should be strong, according to Gray. "Those are very difficult to find. When one comes on the market, it's definitely jumping up in price over what previous ones have sold for." New high-end condos (those over $2-million) are "moving a little more slowly."
In some major Colorado and Utah markets, 2005 was a gangbuster year and 2006 promises to continue the party.
Sales in counties that include Vail, Beaver Creek and Aspen shattered records, according to county records. The total haul: $2.2-billion in Pitkin County (Aspen and Snowmass) as of Dec. 12, $2.4-billion in Eagle County (Vail, Beaver Creek, Bachelor Gulch.) But the president of Aspen's Board of Realtors cautioned against expecting the same pace in 2006. "I see continuing demand," Ed Foran told the Rocky Mountain News, but he added that a shortage of inventory would limit sales.
Steamboat in 2005 saw "a substantial increase in real estate activity across the board," according to Doug Labor, broker/owner at Buyers Resource. "We're up 24 percent in transactions and 31 percent in dollar volume over 2004. The bar just keeps on being raised."
Labor said he looked for "more of the same in 2006 although sales might be slowed a bit by a lack of inventory." Steamboat has been under a building moratorium for a year, Labor said, with the Steamboat City Council finally lifting the ban last November.
Nevertheless, said Labor, Steamboat remains the "best value" among the 11 resort areas that comprise the Rocky Mountain Resort Alliance, an association of real estate agents.
Dennis Hanlon, head of the Alliance, said of his home area, Park City, Utah, "barring economic crises that we have no control over, it's looking like 2006 is going to be another phenomenal year for us."
Ticking off high-end condo developments in Deer Valley that had sold all their new units, Hanlon told IR: "Buyers are still here; we are not seeing prices flatten or come down at all." In fact, he said that "prices are increasing, but not at the pace of last year."
It's a different story in the North Lake Tahoe region. Sales are sputtering.
Ellen Grace of Coldwell Banker said prices in the Tahoe/Truckee market had jumped 30 percent last year -- "not sustainable growth" -- and some sellers were getting unrealistic in their demands. "It has shifted from a sellers market to a buyers market and the sellers are sometimes the last to get the message," she said.
At places like Tahoe/Donner, she said, buyers were beginning to see properties withdrawn because they had no takers. "It was like somebody flipped the switch; reality started creeping in," she said. The outlook for 2006: "The return to a more normal market."
Another North Tahoe agent, Charles White, blamed the bad weather over the Christmas holiday, when it rained. Since Tahoe relies primarily on buyers from the San Francisco Bay and Sacramento areas, "if people aren't up here to look for property they won't be buying."
At Whistler in Canada, one agent, Ray Longmuir, projected a mixed bag for 2006.
The region's high-water mark for real estate sales was 2002, explained Longmuir, of ReMax Sea to Sky Real Estate Ltd. Last year, the area registered the best sales since that record year.
And now? "We have a fair amount of inventory," he said. "I don't see any quick price appreciation over the next 10-12 months." But he did see a strengthening of the market, to judge by increased e-mails and queries. "As the inventory starts to dry up, I expect to see some moderate price gains across the board."
In the Whistler region, a single-family home priced at $675,000 CAD (approximately $582,000 US) is a tear-down, Longmuir said. And although one spectacular ski-in ski-out home, The Couloir, is on the market for an eye-popping $20-million CAD ($16.5-million US) most single family dwellings in the middle to high-end range are far less costly.
In the condo market, Longmuir pointed out that there are two categories. Those considered primarily tourist rentals (they can be occupied by owners for up to 56 days a year) are not likely to see any price appreciation in 2006. They run from $122,000 CAD ($105,200 US) for a studio to $1.2 million CAD (1.035-million US) for a two-bedroom unit at the Four Seasons.
He has greater hopes for condos that are not restricted in the same way and are ski-in ski-out. "I see the market starting to turn, a higher volume of sales" with very moderate price gains. Prices for these begin at about $350,000 CAD ($302,000 US) for a studio to $600,000 CAD ($517,000 US) for two-bedroom units.
In the hottest markets, even the sales of very expensive fractional-ownership shares have not impacted sales of whole-ownership homes or condos.
Beaver Creek Real Estate
Vail Real Estate
Edwards Real Estate
Arrowhead Colorado Real Estate
www.searchinvail.com
This article was posted in Jan 2006, how did it pan out come July?
Vail Colorado Real Estate
Beaver Creek Real Estate
As per www.industryreport.com
« Previous Story | The Industry Report Home Page | Next Story »
January 09, 2006
On your mark...get set....go?
Real estate agents at mountain resort communities in the Rockies are looking to keep riding the winning streak of climbing prices and sales that kicked into a gallop in 2005, according to a spot check of representative resort professionals.
"Our economic future for the next six months looks good," Jed Gray, owner and associate broker at Sun Valley Associates told Industry Report. He said he was expecting "strong business" to continue in the middle range of homes and condos (those between $1- and $3-million) and upper range (over $3-million).
Because of very low availability of vacant land, he said, older homes have become tear-downs. Gray said he was "optimistic" about price gains in the middle-range single-family home market, where there is not much inventory, and also in the upper range where there is good inventory.
The condominium market, especially for older units, should be strong, according to Gray. "Those are very difficult to find. When one comes on the market, it's definitely jumping up in price over what previous ones have sold for." New high-end condos (those over $2-million) are "moving a little more slowly."
In some major Colorado and Utah markets, 2005 was a gangbuster year and 2006 promises to continue the party.
Sales in counties that include Vail, Beaver Creek and Aspen shattered records, according to county records. The total haul: $2.2-billion in Pitkin County (Aspen and Snowmass) as of Dec. 12, $2.4-billion in Eagle County (Vail, Beaver Creek, Bachelor Gulch.) But the president of Aspen's Board of Realtors cautioned against expecting the same pace in 2006. "I see continuing demand," Ed Foran told the Rocky Mountain News, but he added that a shortage of inventory would limit sales.
Steamboat in 2005 saw "a substantial increase in real estate activity across the board," according to Doug Labor, broker/owner at Buyers Resource. "We're up 24 percent in transactions and 31 percent in dollar volume over 2004. The bar just keeps on being raised."
Labor said he looked for "more of the same in 2006 although sales might be slowed a bit by a lack of inventory." Steamboat has been under a building moratorium for a year, Labor said, with the Steamboat City Council finally lifting the ban last November.
Nevertheless, said Labor, Steamboat remains the "best value" among the 11 resort areas that comprise the Rocky Mountain Resort Alliance, an association of real estate agents.
Dennis Hanlon, head of the Alliance, said of his home area, Park City, Utah, "barring economic crises that we have no control over, it's looking like 2006 is going to be another phenomenal year for us."
Ticking off high-end condo developments in Deer Valley that had sold all their new units, Hanlon told IR: "Buyers are still here; we are not seeing prices flatten or come down at all." In fact, he said that "prices are increasing, but not at the pace of last year."
It's a different story in the North Lake Tahoe region. Sales are sputtering.
Ellen Grace of Coldwell Banker said prices in the Tahoe/Truckee market had jumped 30 percent last year -- "not sustainable growth" -- and some sellers were getting unrealistic in their demands. "It has shifted from a sellers market to a buyers market and the sellers are sometimes the last to get the message," she said.
At places like Tahoe/Donner, she said, buyers were beginning to see properties withdrawn because they had no takers. "It was like somebody flipped the switch; reality started creeping in," she said. The outlook for 2006: "The return to a more normal market."
Another North Tahoe agent, Charles White, blamed the bad weather over the Christmas holiday, when it rained. Since Tahoe relies primarily on buyers from the San Francisco Bay and Sacramento areas, "if people aren't up here to look for property they won't be buying."
At Whistler in Canada, one agent, Ray Longmuir, projected a mixed bag for 2006.
The region's high-water mark for real estate sales was 2002, explained Longmuir, of ReMax Sea to Sky Real Estate Ltd. Last year, the area registered the best sales since that record year.
And now? "We have a fair amount of inventory," he said. "I don't see any quick price appreciation over the next 10-12 months." But he did see a strengthening of the market, to judge by increased e-mails and queries. "As the inventory starts to dry up, I expect to see some moderate price gains across the board."
In the Whistler region, a single-family home priced at $675,000 CAD (approximately $582,000 US) is a tear-down, Longmuir said. And although one spectacular ski-in ski-out home, The Couloir, is on the market for an eye-popping $20-million CAD ($16.5-million US) most single family dwellings in the middle to high-end range are far less costly.
In the condo market, Longmuir pointed out that there are two categories. Those considered primarily tourist rentals (they can be occupied by owners for up to 56 days a year) are not likely to see any price appreciation in 2006. They run from $122,000 CAD ($105,200 US) for a studio to $1.2 million CAD (1.035-million US) for a two-bedroom unit at the Four Seasons.
He has greater hopes for condos that are not restricted in the same way and are ski-in ski-out. "I see the market starting to turn, a higher volume of sales" with very moderate price gains. Prices for these begin at about $350,000 CAD ($302,000 US) for a studio to $600,000 CAD ($517,000 US) for two-bedroom units.
In the hottest markets, even the sales of very expensive fractional-ownership shares have not impacted sales of whole-ownership homes or condos.
Beaver Creek Real Estate
Vail Real Estate
Edwards Real Estate
Arrowhead Colorado Real Estate
www.searchinvail.com
posted by Vail Local at 9:54 AM
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