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Housing Prices Down, but so is Housing Glut
9 years ago
Showing posts with label Resort Sales. Show all posts
Showing posts with label Resort Sales. Show all posts
Friday, March 4, 2011
Friday, January 28, 2011
Vail Valley Real Estate News
Read this article in yesterday's Vail Daily and wanted to share with you!
Vail Valley luxury real estate shows improvement
Enjoy!
George
TheHarveyTeam.net
Telluride, Colorado
Friday, April 30, 2010
Vail Real Estate Sales Booming
First quarter real estate sales continue upward path
Positive first quarter real estate figures in Eagle County
March saw the highest dollar volume month in over a year with $131 million in sales. This brings 2010 first quarter total to $318,726,934 which is more than twice the numbers of first quarter in 2009.
There were 102 transactions in March bringing the first quarter to 276; again nearly twice that of 2009 through the same period. Fourteen of these transactions were Westin Riverfront sales, totaling more than $6 million.
The high end market continues to move in March. There were 9 properties that each sold for over $5 million totaling $57,669,800.
Three contributing factors for the quick start to the year:
- Westin Riverfront: 64 sales totaling $37,229,400
- High end sales: 16 sales have sold for over $4 million, totaling $94,475,000
- Bank owned sales: 17 totaling $13,578,900
March Highlights:
- 53 Multi-family homes sold for an average sales price of $990,296
- Properties over $2 million accounted for 62% of the total dollar volume
Aspen Real Estate Market Booming
The Telluride real estate market has historically followed the Aspen
Summary for the month of March
- $103,247,244 total dollar volume, up 120% from March 2009
- 84 total transactions, an increase of 105% from March 2009
- Year to date, through March, dollar volume totals $207,733,603 – a decrease of 23% from the same time period last year
- Through March, transactions total 179, a decrease of 7.25% from the same time last year
- There were two notable residential sales for the month, both in Snowmass – one for $10 million and another for $9.04 million
- There were no sales in the month of March with a bank listed as the grantor, there have been 2 thus far in 2010
- The average single family sold price through the month of March is $3,712,121, a decrease of 24% from full year 2009
- The median single family sold price through the month of March is $4,100,000, an increase of 30% from full year 2009
- Please see page 4 of the PDF for additional information by specific area of the county
- Please see page 4 of the PDF for additional information by specific area of the county
- Interval dollar volume totaled $2.642 million, a decrease of 81% from March 2009
- Interval transactions totaled 14, a decrease of 39% from March 2009
- Hyatt Grand Aspen led with $918,000, followed by Timbers with $705,000, Ritz Carlton reported $470,000, St. Regis $350,000, and Sanctuary $199,000
- Hyatt led transactions with 6, Ritz Carlton reported 4, Timbers had 2, St. Regis and Sanctuary rounded out the total, each reporting 1
- Through March, interval dollars total $18,643,975, a decrease of 84% from the same time period last year
- Though March, interval transactions total 37, a decrease of 68% from the same time period last year
- Recall that in early 2009 there was a lot of activity with both The Residences at Little Nell and Dancing Bear. Through March of last year, the Nell had a total of 67 transactions and Dancing Bear had 25
- Recall that in early 2009 there was a lot of activity with both The Residences at Little Nell and Dancing Bear. Through March of last year, the Nell had a total of 67 transactions and Dancing Bear had 25
Wednesday, March 24, 2010
Beach Front Luxury Properties Hit Hardest in Downturn
ublished: 24th March 2010
Beach-front property hit hardest by global downturn
Beach-front property hit hardest by global downturn
Prices of coastal second homes were hit hardest by the global downturn in 2009, according to new data from Knight Frank.
In their annual Wealth Report published yesterday, Knight Frank reveal an uneven picture of house price performance both by geographical market and property type.
Overall, high-end residential house prices fell 5.5% in 2009 but prices in city centres rose by 0.4% while coastal second homes and ski property prices fell 13.9% and 12% respectively.
The divurgance is explained partly by the strong performance of a small number of city centre markets in the second half of 2009, most notably Shanghai (up 52%), Beijing (up up 47%) and Hong Kong (up 40.5%).
Super-rich buy up “cheap” property in capital cities
In the uncertain economic environment and with a supply of cheap credit, the super-rich have been flocking to buy super-prime property in capital cities. The trend was no doubt enhanced by the sharp drop in prices in 2008 which led to a perception that property was cheap by historical standards.
Indeed many of 2008’s worst performers, were the top performers of 2009. London moved from 53 to 9 in the rankings and Hong Kong moved from 55 to 3 for example.
Coastal properties could buck the trend in 2010 and 2011
The evidence suggests that there is merit in investing in good quality property in locations that have fallen the most in value. After all, markets tend to over-correct on the way up and under-shoot on the way down. In markets with strong demand and limited supply, price reversals can happen quite quickly as price falls result in construction projects being put on hold which puts upward pressure on prices.
Although holiday home markets tend be more fickle than city centres, don’t be surprised if some of holiday home destinations at the bottom of the list appear towards the top in next years figures. Now could be the time for your clients to invest.
Beach-front property hit hardest by global downturn
Beach-front property hit hardest by global downturn
Prices of coastal second homes were hit hardest by the global downturn in 2009, according to new data from Knight Frank.
In their annual Wealth Report published yesterday, Knight Frank reveal an uneven picture of house price performance both by geographical market and property type.
Overall, high-end residential house prices fell 5.5% in 2009 but prices in city centres rose by 0.4% while coastal second homes and ski property prices fell 13.9% and 12% respectively.
The divurgance is explained partly by the strong performance of a small number of city centre markets in the second half of 2009, most notably Shanghai (up 52%), Beijing (up up 47%) and Hong Kong (up 40.5%).
Super-rich buy up “cheap” property in capital cities
In the uncertain economic environment and with a supply of cheap credit, the super-rich have been flocking to buy super-prime property in capital cities. The trend was no doubt enhanced by the sharp drop in prices in 2008 which led to a perception that property was cheap by historical standards.
Indeed many of 2008’s worst performers, were the top performers of 2009. London moved from 53 to 9 in the rankings and Hong Kong moved from 55 to 3 for example.
Coastal properties could buck the trend in 2010 and 2011
The evidence suggests that there is merit in investing in good quality property in locations that have fallen the most in value. After all, markets tend to over-correct on the way up and under-shoot on the way down. In markets with strong demand and limited supply, price reversals can happen quite quickly as price falls result in construction projects being put on hold which puts upward pressure on prices.
Although holiday home markets tend be more fickle than city centres, don’t be surprised if some of holiday home destinations at the bottom of the list appear towards the top in next years figures. Now could be the time for your clients to invest.
Thursday, March 11, 2010
Resort Sells Out in Six Weeks
Resort sells out in six weeks
Resort sells out in six weeks
Alpine Homes International, Savills’s ski property partner has sold its 14 unit ski resort in Austria within six weeks of launch.
The speed of sale is reminiscent of the good old days of 2006 and 2007 says Managing Director Jeremy Rollason:
“At the peak of the market we were selling this many properties every month. It’s unusual for this market. It’s nice to put all the ingredients together and have this level of success”.
He attributes the success to a time and energy invested in finding the right product.
“We spent a long time planning the project and ripped up the original designs. We eventually went for modern interiors with more traditional exteriors which appeals to the British market. The fact that is was ski-in, ski-out also made a big difference.”
The price of the development and strong rental potential also played a part in the sales success. “Prices started at €196,000 for 2 bed apartments. At 70% loan-to-value and with gross rental yields of around 6%, the properties wash their face in terms of the mortgage and running costs. It was a nine out of ten product”.
So what would make a ten out of ten product? “Cutting the price by 50%”, jokes Rollason. It seems nine out of ten is the best most of us can hope for in this market.
You can view the development here.
Resort sells out in six weeks
Alpine Homes International, Savills’s ski property partner has sold its 14 unit ski resort in Austria within six weeks of launch.
The speed of sale is reminiscent of the good old days of 2006 and 2007 says Managing Director Jeremy Rollason:
“At the peak of the market we were selling this many properties every month. It’s unusual for this market. It’s nice to put all the ingredients together and have this level of success”.
He attributes the success to a time and energy invested in finding the right product.
“We spent a long time planning the project and ripped up the original designs. We eventually went for modern interiors with more traditional exteriors which appeals to the British market. The fact that is was ski-in, ski-out also made a big difference.”
The price of the development and strong rental potential also played a part in the sales success. “Prices started at €196,000 for 2 bed apartments. At 70% loan-to-value and with gross rental yields of around 6%, the properties wash their face in terms of the mortgage and running costs. It was a nine out of ten product”.
So what would make a ten out of ten product? “Cutting the price by 50%”, jokes Rollason. It seems nine out of ten is the best most of us can hope for in this market.
You can view the development here.
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