Last week I provided a real estate market update for the whole ownership properties in the Vail Valley. To complete the picture, here’s a review of the fractional property results over the same period–looking back over the last few years and then focusing on the first few months of 2012.
As you probably know Vail and Beaver Creek have a wide selection of high end Private Residence Clubs and fractional homes. Luxury hotel brands including The Ritz Carlton and The Four Seasons run some of the newer clubs and they all offer hotel-like amenities and services. As an owner of a private residence club you can arrive at your Vail home and just relax and enjoy your vacation.
The first graph below shows the number of completed sales for each of the last few years–2009 thru 2011.
The annual transaction numbers for fractional or shared ownership did follow the same general trend for annual sales as the Vail whole ownership properties, with 2009 showing the lowest number of transactions, and the number growing in the last two years.
Now let’s take a look at the first, four months or ski season for each year.
From 2009 to 2011 the fractional market followed the overall trend as the whole ownership market with sales rising in each of the years. For the first four months of 2012, sales of Shared Ownerrship residences are down from last year, whereas whole ownership sales continued to grow through the start of 2012. I won’t read too much into a few months worth of data, but do check back here and sign up to receive our newsletter for updates over the course of the year.
Now let’s take a look at the average sales price of the fractional properties in Vail and Beaver Creek for each year.
Knowing that the whole ownership properties saw a drop in price for calendar year 2011 with an increase in sales price for 2012, the numbers for the shared ownership portion of our market have my interest peaked.
Let’s dig a little deeper and look at both the low and high sales price year for the fractional properties for each year since 2009.
In the Vail and Beaver Creek marketplace it is unusual to have a $1 Million plus sale of a shared ownership property. Further investigation has revealed that the 2011 sale for $1,215,000 was for more than one fractional membership. It was really more the equivalent of three (3) fixed week memberships at The Sebastian. Someone purchased the fixed, prime holiday weeks of Christmas, New Years, President’s Week and the Fourth of July in a three-bedroom penthouse. There was also a sale at One Willow Bridge for $950,000 which was the combination of two, 3-bedroom memberships.
If we were to remove those to sales from the numbers we are left with a high sales price of $655,000 for the fractional properties in 2011.
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Have a great spring and be sure to come join me for some fun in Vail this summer. The events kick off next week on May 31 with the 2012 Teva Mountain Games.
Hope to see you there!