Real estate cuisine from the Vail region, despite a low official inventory
The valley’s official real estate inventory is quite low, but the local real estate market is at another all-time high. How is it going ?
The answer may vary depending on the district, the price and sometimes depending on the broker concerned.
Ron Byrne & Associates operates in the upper end of the market. Many homes listed by the company do not pass the county’s multiple listing service.
Company owner Ron Byrne said his company’s approach was “a little more focused” than that of some other companies.
Finding the right buyer for a property in Vail often requires contacting people at destination markets, upscale boat shows and other resorts, Byrne said.
“We are working to reach as many potential buyers as possible,” said Byrne.
Move quickly
Steffan Mehnert is the Team Leader for Keller Williams Mountain Properties in Eagle County.
Mehnert said he recently checked the Multiple Listing Service and found 283 listings. 18 other announcements arrived the next day, as well as 10 pending sales.
The service hovers around 275 units available in recent months, Mehnert said. This represents about a month of inventory. A six month supply is considered a “balanced” market.
Part of what keeps the market moving is word of mouth about new homes for sale, sometimes before they are officially on the market. This conversation is often between brokers, but sometimes between neighbors, Mehnert said.
Although stocks are tight, units for sale appear to be holding up as some people appear ready to sell.
Michael Slevin, owner and chairman of Berkshire Hathaway HomeServices Mountain Properties, said if history is any indication, the valley is likely entering its peak season, which lasts around until September in most years.
The difference is the time to market, Slevin said. A traditional market will see the houses last on the market for 30 to 90 days. In this market, many homes sell in one day to two weeks, Slevin said.
Inventory is “so fluid,” Slevin said, and changes every day.
“On some levels you have to throw the story out the window; on others, you hope it will hold up, ”he added.
Everything does not sell quickly
Not everything sells out in a flash, with multiple bids and selling prices exceeding asking prices.
Matt Fitzgerald, the Eagle County chairman of Slifer Smith & Frampton Real Estate, noted that a pair of Vail penthouses had recently been contracted.
One, a penthouse at Solaris in the village of Vail, was on the market for 277 days before being sold. The other, at l’Arrabelle in Vail, was for sale for 229 days.
With units in the “ultra luxury” segment of the market, “you never know when a buyer is going to show up,” Fitzgerald said.
These recent sales “bode well for the summer,” he added.
With a market valued at $ 1.5 million or less still changing rapidly, there are still opportunities for sellers who are well supported.
Brokers interviewed for this story recommended interviewing at least two brokers before signing with one.
“The right brokers really help make the process easier,” Fitzgerald said.
Mehnert added that interviewing two or three brokers can help a potential seller understand the process and its potential pitfalls.
“It’s extremely competitive right now,” Mehnert. “There is a lot of work for (a sale). “
Slevin said it’s also important for a broker to have a lot of knowledge about the location of a house.
“Buyers and sellers really need to rely on their brokers for advice,” Slevin said. “Going back six months is not a good indicator. “