NEWS

December Vail Valley real estate sales top $225 million

Date: Feb. 7th, 2009
Contact: Scott N. Miller Vail Daily

The Vail Valley ended the year with $225 million in real estat sales in December, bringing the year end total to more than $2.2 billion for 2008, a 25 percent decline from 2007.

According to the year-end report from Land Title Guarantee Company, high end property sales accounted for most of the county’s dollar volume. For the year, 71 properties sold for $5 million or more, more than 2007. A dozen of those high-dollar sales came in December. The high-end sales boosted the average price paid above $2 million for December.

Through most of the year, sales at new projects helped boost the county’s statistics and December continued that trend. New project closings in December included:

• 16 closings at the Westin Riverfront Resort & Spa. Those sales totaled $17 million.

• Another 16 units closed at the Vail Mountain View Residences. Those sales averaged $3.4 million each.

• Five sales closed at the Chalets at the Lodge at Vail. Those sales averaged $12 million per unit, or nearly $2,700 per square foot.

• Manor Vail had 2 closings totaling $28.7 million.

While sales were above $2 billion for the fifth consecutive year, the number transactions declined to 1,606 for 2008, a 40 drop from 2007. The number of transactions in December, 102, were the fewest transactions in a given month since Land Title started tracking them in 1996.

While Eagle County real estate was down, it did better than other the market in neighboring counties.

Eagle County’s sales were nearly double that of Pitkin County, and the drop from 2007 to 2008 was the least among Eagle, Summit, Pitkin, Garfield and Routt counties.