When will the Vail real estate market see its first home sale of $30M or more?

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  • October 11, 2017

EAGLE COUNTY — Some records last a long time — Roger Maris’ 61 home runs in 1961 was a record that stood for 37 years.

Some records fall more quickly.

In January, the $23 million sale of a home on Vail’s Rockledge Road was touted as a new residential record sale for the town. In August, a home on Mill Creek Circle sold for $28.7 million. That’s believed to be a new record for the town, but the record may not stand for long.

A handful of homes in Vail’s ultra-exclusive slopeside areas — Forest Road, Rockledge Road, Beaver Dam Road and a few others — are listed for $30 million or more.

A home on Beaver Dam Road is listed at $34 million, as is a home on Forest Road, and a pair of new homes on Vail Road are listed at $30 million each.

BIG, QUIET SALES

Ron Byrne and Associates Real Estate in Vail has the listing on Forest Road. Company founder Ron Byrne said he believes it won’t be long until one of those homes sets yet another high-sale record.

When one of those sales does happen, Byrne said he expects it to happen quickly, and relatively quietly.

Many of the most expensive homes for sale in Vail aren’t listed in the local Multiple Listing Service, Byrne said. Instead, they’re marketed more discretely. It can take some time for the right buyer to sign a contract on a very expensive home, but once that contract is signed, the deal closes quickly.

Byrne said the August sale on Mill Creek Circle closed quickly, and the buyer paid cash. The sale wasn’t reported in the Multiple Listing Service. While seeking the right person for one of these homes, Byrne said he’s shown homes to several potential buyers.

“I’d say it’s a quiet but strong market,” Byrne said.

As is the case in many businesses, the prices in Vail’s top-end neighborhoods are a matter of supply and demand.

“These are very rare, exclusive sites,” Byrne said. Buyers, he added, are people who see Vail itself as a “very rare” place.

Supply and demand are also contributing to strength at the other end of the market.

While those few, high-dollar sales put a lot into the overall sales volume for any given month — the top five August sales accounted for $67 million of the month’s $240.4 million overall volume — the bulk of sales are transactions of $1 million or less. A bit more than one-third of the month’s 226 sales were for $500,000 or less.

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Vail Daily Business Editor Scott Miller can be reached at 970-748-2930, smiller@vaildaily.com or @scottnmiller.

Originally posted by: Vail Daily Newspaper On October 11, 2017