As we reach the halfway point of summer, our season has been bustling with clients finalizing deals, securing tee times, and immersing themselves in a variety of summer activities. While real estate transactions maintain a steady pace comparable to the past three months of 2024 versus 2023, we have observed an uptick in inventory, with approximately 100 more properties available compared to last year. Despite this increase, inventory levels remain significantly lower than pre-pandemic levels. This trend highlights the significance of pricing properties appropriately and executing effective marketing strategies to capture buyer interest. While there are exceptions, this shift towards a more balanced market bodes well for both buyers and sellers.
Be sure to check out the selection of unique properties featured below, this reinforces why partnering with a knowledgeable advisor is crucial in exploring properties and uncovering hidden opportunities that you might not have noticed otherwise.
It’s no surprise that home prices and mortgage rates have increased across the country over the last 4 years. According to the latest data published by the Zillow Home Value Index, national home prices ended June 2024 up +45% above March 2020 levels. Edwards, Colorado was tapped as the “metro area housing market” that has seen the highest price increase since 2020.
The first takeaway to note here is that our markets here remain in high demand. Buyers flock to our area because of the lifestyle that living here provides. For seller’s, this news is viewed positively because it indicates that they could potentially receive a higher sale price than perhaps 5 years ago.
From a buyer’s perspective, this information is important to understand may feel discouraging when wanting to entering ANY real estate market. My advice for buyers remains consistent – it is critical to have a competent broker working alongside buyers to navigate the nuances of each micro market as they differ vastly from neighborhood to neighborhood. For example, let’s look at two micro market neighborhoods within “Edwards”.
- The Cordillera Summit neighborhood has seen a 91.5% increase in sales price from 2019 to 2023 and a 108.1% increase in price per square foot.
- The Singletree neighborhood has seen just a 71.2% increase in sales price from 2019 to 2023 and a 88.6% increase in price per square foot.
This is just one example of how different various micro markets can be within one “area”. This story can be found in each town – from Vail to Gypsum – which is why it is crucial to have a broker who knows the fair market values of each neighborhood or in some cases, down to each street and each home due to variances in location, views, finishes etc.
My job is to have a watchful eye on the market every single day and talk to my fellow brokers in the community to get detailed information about what they are experiencing as well as any new listings coming to market.
Fastest Growing Home Prices In Colorado
Stacker also recently compiled a list of cities with the fastest-growing home prices in Colorado using data from Zillow. Cities are ranked by the dollar change in the Zillow Home Values Index for all homes from the 12 months ending May 2024.
The charts in this story were created automatically using Matplotlib. Data was available for 50 cities and towns in Colorado.
The summer season has brought a surge in new inventory, contracts, and sales, creating an exciting atmosphere. The market continues to provide several unique opportunities which cater to a diverse range of interests. Whether you’re interested in capitalizing on a property, investing in a new development, or discovering a serene retreat for your family and friends, there are options out there! Here are three opportunities that I believe are worth exploring.
#1. “Sweetwater Perch”
‘Sweetwater Perch” is a lakefront oasis tucked away on top of a noll for sweeping 360-degree views in the quiet Sweetwater Ranch area. This delightful 3-bedroom 2.5 bath home truly boasts some of the best views in the county. The generously sized bedrooms and easy floorplan add to the peaceful ambiance of this retreat setting.
3400 Sweetwater Road | Gypsum
$1,275,000
SweetwaterPerch.com
Rare Outdoor Enthusiast Opportunity
This unique property is just 30 miles from the Eagle County Regional Airport and the only privately owned property that borders the lake. All other land surrounding the lake is either BLM or White River National Forest land. Paddle boarding, fishing, hiking, bird watching, hunting, and more are literally minutes away. This home was previously listed as a vacation rental and it’s views and access to outdoor activities make it an ideal retreat for anyone looking to embrace the mountain lifestyle.
The area of Sweetwater is currently recognized as a national park and is managed as such. The US Forest Service has introduced a joint proposal with the State of Colorado to establish Sweetwater Lake as a state park. The plan includes:
- Authorizing a 20-year special use permit to Colorado Parks and Wildlife for improvements and management of the 832-acre site.
- Redesigning the current site to promote recreational opportunities compatible with capacity, historic use, resources, and the surrounding area.
- Evaluating existing structures for retention with an emphasis on those buildings that provide the best opportunity to interpret the history at Sweetwater.
- Potentially restoring retained buildings to the historic character of their 1920-to-1940 construction if feasible.
- Developing a new campground with 15 to 20 primitive or semi-primitive sites in an area known as the lower pasture.
- Converting the existing nine-site Forest Service campground to day-use picnic sites.
- Constructing up to 12 new primitive or semi-primitive cabins to retain the historic opportunity that existed at the ranch for many decades.
- Moving the current equestrian area, providing new barn and stables, and creating up to seven overnight equestrian camping sites.
Creating several new access points to the lake, likely near the existing Forest Service campground and on the northeastern shore, and improving the current access points and boat dock. - Constructing a new lodge building with administrative, educational, and interpretive spaces to enhance the visitor experience through site amenities and services.
The public comment deadline is Aug. 5 for the Environmental Impact Statement on the U.S. Forest Service – Colorado Parks and Wildlife proposal for Sweetwater Lake.
#2. Westhaven Sleeper (Shhh…)
Currently the only single family home priced under $9M in Cascade, this grand estate is the gateway to experiencing the ultimate mountain lifestyle. Set near the Chairlift 20 in Cascade Village and less than 4 miles to the Vail Golf Course, this residence is surrounded by the mountains and gardens of Vail with six bedrooms, a lock-off, an elevator, and heated parking – plenty of space for your hosting dreams.
After a quiet few years in the higher end luxury market in Cascade, we’re seeing an uptick of activity in the $8M+ range. Two properties recently closed for $9.7M and $12.6M respectively, and a duplex listed for $9.995M recently went under contract after a multiple offer scenario. I’ve heard there’s also been a transfer of ownership on a developer, new construction duplex of which the sides were recently listed at $10.250M and $12.750M, respectively. If you’d like more details on any of these or this area, give me a call.
1306 Westhaven Circle, Vail
$8,499,000
LuxuryVailHome.com
In my opinion, 10 years ago, Arrowhead was once the sleeper neighborhood for the popular Beaver Creek/Bachelor Gulch areas. In the last few years, Arrowhead has become a hot commodity – now on par with it’s sister villages. What I’m seeing in Cascade is potentially the same scenario. It is the sleeper neighborhood for Vail Village/Lionshead, which means the Cascade neighborhood is plum for opportunity. Below are several reasons why my instincts tell me it may be better to be the leader of the pack on this one, rather than one who follows the herd…
The Cascade Neighborhood’s New & Future Upgrades
There is talk around town about some exciting new upgrades that are happening to the Cascade neighborhood, and specifically, involving the Grand Hyatt Vail which is located just 0.5 mile from the property. Owners at the Grand Hyatt enjoy a variety of amenities including: door-to-door pickup to and from The Grand Hyatt, exclusive ski storage at Venture Sports by the Cascade chairlift during their stay, and 20% off treatments at the Spa at the Grand Hyatt. Keep reading to learn about the other potential new upgrades coming to the area soon.
NEW CHAIRLIFT
In February 2024, Vail announced it’s revised master plan for the resort, which includes a number of upgrades and replacements to various chairlifts and gondolas. Among those is Chairlift 20 in Cascade Village which is set to be replaced with a high-speed six-passenger lift with a mid-station. While we don’t have a specific timeline yet on this specific upgrade, we will keep you posted when we do.
A HIDDEN GEM: MAKOTO VAIL
I’m a little hesitant to tell everyone about this spot because it’s THAT good, but I’ll share it with you! Makoto is an unbelievable restaurant in the Grand Hyatt that is truly a 5-star experience. World renowned Chef Makoto Okuwa showcases his signature blend of contemporary Japanese cuisine and curated recipes from his twenty-five years of culinary experience. From bright sushi platters and the freshest sashimi to a decadent selection of Wagyu beef, creatively unique desserts, and a breathtaking selection of specialty Japanese spirits and sake, Makoto Vail offers the freshest and highest quality ingredients to create an unparalleled dining experience.
POTENTIAL NEW EVENT VENUE
There is discussion about a brand new event space that will be adjacent to the Grand Hyatt Vail and is poised to be the “it” destination for events in Vail. This is in the planning stages and not yet confirmed, so we will keep you in the loop on this update as well.
THE CORNERSTONE DEVELOPMENT
The Town of Vail Planning is also in the midst of a new development project called Cornerstone in the vacant lot area adjacent to the Grand Hyatt near the Cascade chairlift. The mixed use project will include: 30 residences, 2 on-site employee housing units, a 22-bed dorm style unit within the CMC building, 67 on-site parking spaces, 3,500 square feet of retail and restaurant space, a covered escalator and public elevator for skier access, new ticket office, public restrooms and lockers, and a retail plaza, paseo and courtyard area with summer and winter programming.
#3. “Singletree Canvas”
With lots of recent activity, 31 Appaloosa presents a rare opportunity for those who have time, money, patience and vision to bring this incredible home back to life. The property is perched at the top of the 4th filing of the Singletree neighborhood at the end of a tranquil cul de sac with stunning mountain views. It is currently a single family home on a 0.60-acre, duplex-zoned lot with an eclectic infusion of Santa Fe style. The bonus is that this property backs up to BLM land where there is a trail directly accessed from the primary suite private patio.
With this property, there is the option to create a residence of up to approximately 6,500 square feet. This property enjoys abundant sunshine and breathtaking views to the south and west. With three patios and a deck off the upstairs bedroom, outdoor living is a delight.
Known as the “Sunbelt of the Vail Valley”, Singletree is perhaps one of the most sought-after neighborhoods in the Vail Valley. Home to the Sonnenalp Golf Course and Harvest restaurant, this neighborhood is known for it’s sense of community, amazing ski mountain views and access to a plethora of outdoor activities.
31 Appaloosa | Edwards
$2,000,000 (Originally $2,500,000)
31Appaloosa.com
