One very large transaction — and a lot of more normal activity — has pushed the local real estate market to a place it hasn’t been in nearly a decade.
Thanks to the April sale of the Park Hyatt Beaver Creek — a $145 million deal — real estate sales for the first half of 2017 exceeded $1 billion. The last time the county’s sales volume exceeded $1 billion in the first half of the year was 2008.
That puts the local real estate market well on track to crack the $2 billion mark, another milestone that dates to the previous decade.
Besides that very large sale in April, sales of high-end residential property have also been strong this year. There were 26 sales of $5 million or more in the first six months of this year. There have been another 25 sales this year between $3 million and $5 million. The highest price seen in June was $12.6 million.
According to Mark Bergman, association director at the Vail Board of Realtors, sales at that end of the market can drive other transactions.
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