Cooking food from real estate in the Veila area despite low official inventory



Ron Byrne & Associates has an ad for the sale of this home at 1000 Spraddle Creek Road in Vail.
Ron Byrne & Associates / exclusively for the Daily

The official stock of real estate in the valley is quite low, but the local real estate market is showing a record pace. How did it happen?

The answer may vary depending on the area, price and sometimes broker.

Ron Byrne & Associates operates in the upper strata of the market. Many of the homes listed by the company do not make it to the District’s Multiple Listing Service.

Owner Ron Byrne said his firm’s approach was “slightly more targeted” than some other companies.

Finding the right buyer for a property in Vail often requires reaching out to people in target markets, luxury boat shows and other resorts, Byrne said.

“We are working to attract as many potential buyers as possible,” Byrne said.

Moving fast

Steffan Meert is the head of the Keller Williams Mountain Properties group in Eagle County.

Meert said that he recently looked through the Multiple Listing Service and found 283 ads. The next day, there were 18 more listings, as well as 10 more pending sales.

The service had about 275 devices available over the past few months, Mehnert said. This is about a month’s inventory. A six month supply is considered a “balanced” market.

Part of what keeps the market moving is word of mouth that new homes are being sold, sometimes before they are officially on the market. This conversation often takes place between brokers, but sometimes between neighbors, Meert said.

While stocks are limited, the number of units for sale appears to be stable as some people seem willing to sell them.

Michael Slevin, owner and president of Berkshire Hathaway HomeServices Mountain Properties, said history suggests that the valley is likely to have a peak season, which lasts until around September in most years.

“The time difference in the market,” said Slevin. In the traditional market, houses will be on sale for 30 to 90 days. In this market, Slevin says, many homes sell from one day to two weeks.

According to Slevin, the inventory is “so mobile” and it changes every day.

“At some levels, you need to throw the story out the window; with others, you hope it will, ”he added.

Not everything sells quickly

Not everything is sold overnight, as several offers and sales prices are higher than the offer prices.

Matt Fitzgerald, president of Slifer Smith & Frampton Real Estate of Eagle County, noted that a pair of penthouses in Vail recently signed a contract.

One, a penthouse at Solaris in Vail Village, was sold on the market 277 days before it was sold. Another, at Arrabelle in Vail, sold for 229 days.

“You never know when a buyer will show up,” Fitzgerald said.

These recent sales “bode well for the summer,” he added.

With the market valued at $ 1.5 million or less and still growing rapidly, sellers still have room for good help.

Brokers interviewed for this article recommended interviewing at least a couple of brokers before signing with one.

“Good brokers really help make this process easier,” Fitzgerald said.

Meert added that interviewing two or three brokers can help a potential salesperson understand the process and its potential pitfalls.

“There is a very competitive struggle now,” says Meert. “There is a lot of work to be done on (the sale).”

Slevin said it is also important for the broker to have a good understanding of the whereabouts of the house.

“Buyers and sellers should really rely on their brokers for advice,” Slevin said. “Going back six months is not the best indicator.”


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