VAIL — — Vail luxury real estate sales that seemed nearly dormant after the Great Recession have picked up enough that local brokers feel an optimism and confidence they haven’t felt in a while.
Vail’s Billion Dollar Renewal — a renaissance of development that included new projects such as the Four Seasons, Solaris and the Ritz-Carlton Residences — ended just in time for the worst national recession since the Great Depression. Luxury projects opened at a time when buyers were scarce — it was a major shift from the Vail luxury real estate market of years past.
Fast forward to today, and agents are feeling optimistic because not only are there more interested buyers inquiring about high-dollar properties — $5 million and above — but those buyers are also more qualified and seem serious about investing in the Vail lifestyle, said Tye Stockton, of Ascent Sotheby’s International Realty, which handles sales at the Ritz.
The Ritz has had 38 closings on its 71 whole-ownership units, with an average list price of $1,368 per square foot, Stockton said.
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