Vail Valley Luxury Market Report, Oct. 29

The Rocky Mountain Home Team was proud to be a part of October’s biggest sale to date, an Arrabelle condo selling for $9,350,000. Congratulations to the new owners.

The Vail Valley Luxury Real Estate market continued to gain strength through the first three weeks of October. Twelve homes sold for over two million dollars through Oct 24, with an average sale price per square foot of $1,194.

The month’s highest-priced sale was an Arrabelle at Vail Squarecondo priced at $9,350,000, making it the top condo sale – and the seventh highest-priced sale overall – year to date. That sale was one of Arrabelle condos that sold this month to make October 2014 the first month with two sales at the Arrabelle since June of 2010. One more unit is currently under contract, set for a November closing.

Visit our Market Report Center for more information on  Vail Valley Real Estate Market Conditions.

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On the national real estate market, pending home sales rose slightly in September, and are now above year-over-year levels for the first time in 11 months. One motivation for buyers on the fence is the near inevitability that low interest rates will increase.

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National Association of Realtors Chief Economist Lawrence Yun notes that this eventuality may not have the extreme effects many fear it will:  “Sooner or later, though, interest rates will have to rise. From the low 4 percent rate that prevailed for most of this year, the average mortgage rate will likely cross over the 5 percent threshold sometime in 2015 and probably rise to near 6 percent by 2016. Such a change makes homes less affordable, a clear negative for residential sales. But job creation and the accompanying rise in consumer confidence, along with some loosening of underwriting standards, might more than compensate for the rising rates.”

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Meanwhile in the Vail Valley, Monday’s light snowfall had locals dreaming of the start of Ski Season. Unfortunately, with temperatures forecast to remain on the higher side going into November, most of this week’s chills will be limited to Halloween festivities.

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