VANCOUVER, B.C. – (Jan. 18, 2008) –
A dozen members of the Slifer Smith & Frampton
team attended a recent conference in Vancouver, British Columbia, where the continued strength and momentum of the luxury real estate market was a key topic of discussion. Hosted by the Luxury Real Estate Board of Regents, an exclusive network of the world’s most elite luxury real estate brokers, the conference addressed the continued health of this segment of the real estate market.According to John Brian Losh, publisher of LuxuryRealEstate.com and host of the Vancouver conference, the luxury market is robust.“The luxury market is strong for a number of reasons, including the rising ‘baby boomer’ market and interest in the U.S. market by international investors,” said Losh. “People are also more interested in the fun of a real estate investment opposed to buying a bond. You can’t enjoy two weeks of vacation in a bond investment!”This demand for resort real estate is evident based on the strength of the market across Colorado, primarily in Eagle County and Summit County where each county is on track to beat record sales from 2006.At the time of print and through October 2007, Eagle County total dollar sales volume was approximately $2.5 billion for the calendar year. Last year Eagle County closed $2.75 billion in sales. Summit County figures show total dollar sales volume through October 2007 of nearly $1.4 billion and 2006 end of year closed sales volume was approximately $1.6 billion.Slifer Smith & Frampton Real Estate set record numbers of their own for fiscal year 2007. Eagle County closed sales volume for fiscal year 2007 was nearly $1.5 billion and Summit County closed sales volume was $293 million. Slifer Smith & Frampton’s Eagle County and Summit County offices have been major contributors to the local real estate market, proving that the local market is not slowing down.“The mountain real estate market remains strong, even in light of the downturn that is occurring in other metropolitan areas,” said Jim Flaum, President and Managing Broker of Slifer Smith & Frampton. “Our sales figures show that Eagle and Summit Counties are not only conducting steady transactions, but sales prices are still rising with average prices in Eagle County exceeding $1 million, a 26% increase from 2006, and Summit County nearly at $500,000, up 11% from 2006. It’s a strong market in the high country.”The average sales prices of properties sold by Slifer Smith & Frampton also mirrors the county averages in both Eagle and Summit counties this year. The 2007 average closed price of $1,075,871 in Eagle County for deals done by Slifer Smith & Frampton brokers is up almost 8% from the company’s $847,000 average last year. Summit County’s Slifer Smith & Frampton brokers’ closed properties averaged $598,000 this year, up from $464,000 last year.Eric Thompson, who heads Slifer Smith & Frampton’s Summit County division added: “The fundamentals that have driven our market for the last 20 years are still at work today. We have world-class, year-round resorts located a short drive from a major city and a small supply of land that could ever be built upon.”Another fact supporting a robust market, is the low amount of inventory in Eagle and Summit Counties. Summit County currently shows 750 active listings, which represents only five months worth of inventory for the county. In Eagle County, there are currently 1,400 active listings, which represent approximately one year worth of inventory at current sales rates.At the Vancouver conference, Losh continued, “While some US markets have slipped from the high prices and record number of sales in 2005, many members of the Board of Regents are performing above expectations.”“The market is moving at a steady pace, and all of our offices are doing a great job of providing buyers and sellers with all of the services they need,” said Flaum. “We’re very proud of our strong history, and we’re looking forward to maintaining our outstanding reputation now and well into the future.”Based on the feedback from these experts, the luxury market will continue to flourish as long as buyers get the quality, comfort and location they so strongly desire.