Resort Luxury Housing Market Shows Signs of Growth in September 2015
Posted by Brittanny Havard — October 20, 2015
DENVER, CO - The number of luxury homes sold (sales over $1 million) in the resort markets of Eagle County (Vail Valley and Beaver Creek) and Summit County (Breckenridge, Copper, Keystone) showed signs of increase according to a September 2015, luxury market report by LIV Sotheby’s International Realty.
In September, the resort communities of Eagle and Summit County saw an especially high volume of activity, due to an increased number of foreign visitors and second home owners in town, seeking to purchase luxury residences in lieu of renting during impending winter months, prime for ski season.
Resort communities offer a relatively stable luxury market, due to their abundance of top tier dining, shopping and year-round activities that rival major metropolises. In addition, there have been emerging job opportunities where young professions can find jobs in small private finance firms, non-profits and have the ability to work remotely with today’s global technology.
“Even though September showed an increase in number of sales over September of the previous year, the price per square foot declined,” said Dan L. Fitchett, Jr., managing broker, LIV Sotheby’s International Realty, Vail Valley. “This is attributed to more sales out of the resort’s core area, where the over-a-million dollar homes were larger in square foot size. We expect this trend to change with more purchases closer to the ski areas where the prices per square foot are much higher as we get closer to the ski season.”
In Eagle County, 44 homes with a price tag of more than $1 million sold in September, 2015, up 29% over 34 homes in September, 2014, according to LIV Sotheby’s International Realty’s year over year comparison, based on information from Vail Board of Realtors/MLS. Average price per square foot decreased slightly, 26% from $823 in September 2014 to $610 in September 2015.
In Summit County, 25 homes with a price tag of more than $1 million sold in September 2015, compared to18 in September 2014, a 39% increase, according to Summit County’s SAR MLS. Average price per square foot in Summit County rose 28% from $400 in September 2014, to $510 in September 2015.
“With four world class ski resorts, hiking, biking and close proximity to Denver, lifestyle continues to be the driving factor for our Luxury Buyers in Summit County,” said LIV Sotheby’s International Realty managing broker, Melanie Frank, Breckenridge. “They aspire to enjoy the mountain beauty and to create a family destination that can be enjoyed by all generations.”
The proximity to the famous Colorado Rocky Mountains that living in Eagle and Summit County affords, continues to position Colorado as one of the leading resort community destinations worldwide. With the increasing desire for lifestyle-inspired home purchases, the resort market will continue to rise.
LIV Sotheby's International Realty compiles a quarterly luxury market report to help consumers make better real estate decisions, whether purchasing or selling a home.
To access current market reports, visit www.coloradomarketreports.com. For more information, contact Brittanny Havard, public relations manager, LIV Sotheby’s International Realty at 303.486.3738. To service all of your real estate needs visit www.livsothebysrealty.com.
About LIV Sotheby’s International Realty
LIV Sotheby’s International Realty, the exclusive Board of Regent for the Who’s Who in Luxury Real Estate, has 10 office locations in the Denver Metro and surrounding areas, including Boulder, Castle Pines Village, Cherry Creek, Clayton Street, Denver Tech Center, Downtown Denver, Evergreen and the resort communities of Breckenridge and the Vail Valley. For more information call 303.893.3200. To service all of your real estate needs visit www.livsothebysrealty.com.