October 2022 Newsletter

Happy October!

Enjoy all the season brings—from changing leaves to pumpkin spice.

We wish you a cozy season of new memories made with friends and family.

Real Estate Update

“Buyers, especially those squeezed by rising rents, may see the time to get a deal done is now, understanding that neither interest rates nor prices are likely to meaningfully decline any time soon, especially as housing supply continues to be inadequate in meeting demand.”

— Neda Navab (President, COMPASS)

Local Update

Residential

Vail Valley | Q3 2022

Although Neda’s quote above was geared towards the national real estate market, she described the current state of Vail Valley real estate market well. Long term residents are continuing to buy and sell as rental inventory is low and a significant drop in home prices is not expected. The market is still strong, but as it stabilizes, precision in pricing has become vital. Averages days on market increased in Q3 compared to Q2. There are numerous factors that have affected this, including increase in inventory, but to get the most of this shifting market, we believe entering the market at the proper price is crucial. Testing the market at an aspirational price will lower initial traffic, leading to higher days on the market which ultimately brings a lower sales price in the end.

Residential $3M+

Vail Valley | Q3 2022

With continual rise of interest rates and other macroeconomic factors, the luxury market has seen a decrease in sales volume similar to that of the broader market. As this season historically is not the busiest for resort markets, we are still seeing interested buyers make offers on homes that fit their needs prior to the upcoming ski season. They are more discerning and their offers reflect an accurate assessment of the value of homes, without inflated escalations that were fueling purchases in 2021. Luxury properties are maintaining their value, but bidding wars are less likely in this current market.

Source: Vail MLS (Avon, Beaver Crk, Bond, Dotsero, Eagle, Eagle-Vail, Edwards, Gypsum, McCoy, Minturn, Red Cliff, Vail, Wolcott)

National Update

Housing Prices Are Dropping —

Yes, A House Is Still A Good Investment

If you’re thinking about buying a new home but have reservations in the current market, don’t be deterred—there’s still good reason to start building home equity. From a hedge against inflation to tax benefits, check out all the advantages of buying today.

Courtesy of Forbes

Follow us on Social Media to get up-to date information on the Vail Valley real estate market and local events in our resort communities.

Featured Listings

Cordillera The Summit

303 Graham Road

3 BD 4BA 4196SF $3,599,000

This home was recently remodeled with new flooring, bathrooms, kitchen and sliders. Mountain modern elegance with big open floor plan. Very private setting on 2 acres, bordering 54 acres of open space.

Mountain Star

1855 Paintbrush

2.57 AC $1,350,000

Edwards

34999 Hwy 6, Unit O 203

2 BD 2BA 877SF $699,000

View All Vail & Beaver Creek Listings

Local Favorites

Local Events

OCTOBER 15-16

Man of the Cliff

Learn More Here

OCTOBER 10th

Speaker Series: Winter Hut Tripping 101

Learn More Here

Local Activities

Get Your Adrenaline Pumping

Horseback riding

4 Eagle Ranch

Learn More Here

Take It Slow And Enjoy The View

Guided Fly Fishing

Black Dog River Guides

Learn More Here

Local Restaurant

Alpine Pizza

Detroit Style Pizza in the heart of Lionshead. This take-out only pizza stand with rotating “Pizza of the Day” has delicious pizzas, wings, salads, sandwiches, and more! Be sure to grab an order of their famous “Normy” wings and a side of Hot Honey Brussels.

Learn More Here

Vail Valley Fun Fact

Arrowhead ski area had the first modern snowmaking fan guns in 1993, prior to both Vail and Beaver Creek Mountains. Beaver Creek has snowmaking on roughly 700 acres & typically operates between October and January. Innovation in snowmaking helped create the perfect “bulletproof” alpine conditions for the famous downhill Birds of Prey World Cup race held at the beginning of each December.

Compass Concierge

If you’re thinking of listing your home for sale this fall, it deserves to look it’s best. With Compass Concierge, Compass covers the upfront cost of select services that can increase your home’s selling price

Here are the home improvement projects with the greatest return on investment:

1. Minor Bathroom Remodel: Returns an average of 102%*

2. Landscaping: Returns an average of 100%*

3. Minor Kitchen Remodel: Returns an average of 98.5%*

By investing in your home’s potential, we aim to provide a swifter, more profitable sale. No hidden fees, no interest charged – ever

By investing in your home’s potential, we aim to provide a swifter, more profitable sale. No hidden fees, no interest charged – ever. Reach out today to learn more!

Are you interested in receiving an estimated property value or an estimated list price of your property?

Click Here

Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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