Recently, the Wall Street Journal published an article, “Bidding Wars Return to the Home Market.” Sellers in major markets like Denver and San Francisco are having to pay well over asking price in markets with limited supply. What does this mean for Eagle County and the luxury home seller? You can’t compare the two.
The second-home niche market is shining with 2014 national vacation home sales at the highest ever, a 57% increase from the previous year according to NAR’s 2015 Investment & Vacation Home Buyers Survey. However, the Vail Valley has yet to see bidding wars that some other major markets are experiencing. Even within the Valley, certain pockets are seeing a great increase in value and greater competition between Buyers while other neighborhoods are slower to respond to the recovered market place.
Properties that are either new or updated and turn-key are attracting Buyers at a fast pace. Unique to our brokers and consultants, the team at Ron Byrne and Associates has a great deal of experience and are able make recommendations with an unbiased eye on how to enhance your property prior to going to market for a sale that maximizes your investment.
“The customers we work for are high-end, and it’s our feeling to reposition a condo or house can be the magic that makes something sell.” – Ron Byrne
In the past few months we have analyzed several properties and investments and found that staging your home successfully and in some cases, making an investment back into your home before it goes on the market, makes the difference in selling your home more quickly and at the optimal price.
Recently a home was on the market for almost a year. It was being sold in it’s current state and probably would have been purchased and torn down. The property sat on the market. Then our team came in and suggested a redesign and putting a few hundred thousand dollars back into the property. It sold in 6 months for 15.7 million dollars.
On a larger scale, Ron Byrne & Associates saw an investment opportunity and purchased a home on Forest Road. We paid 6.6 million for the property. Our team was able to easily recognize it needed to be gutted on both floors and we also added square footage to the home. The investment was well worthwhile selling for 11.2 million.
Ron Byrne & Associates has a strong reputation for assisting Buyers in locating, purchasing and developing exclusive properties in the Vail Valley. When it comes time to finding a property to meet your needs or even custom-building the family estate of your dreams, we will put our experience and wisdom to work.