Vail Announcement is Starting to Impact Local Real Estate
The summer sales activity so far shows that the Vail announcement is starting to impact local real estate. Though we usually see sales pick up in the summer months, local real estate seems to have had an extra jolt this year. It was announced on June 4th that Vail Resorts intends to purchase Crested Butte Mountain Resort, is under contract and expected to close sometime in August. This announcement got the real estate world buzzing. Agents are seeing more inquiries from motivated buyers, prices are on the rise and more homeowners are considering selling.
Bud Bush of Bluebird Real Estate agrees. “There has been an impact especially in undervalued sectors, $250,000 to $500,000 properties like condos and Pitchfork homes,” he said. “The lower the price, the higher the impact but it is too early to have statistics. But since inventory is low, prices are certainly firming.” Bush said buyers are more interested in local real estate as a result of the news but aren’t overreacting. “Since our economy is mostly driven by the resort, the depth of experience and financial strength of Vail resorts can only help all of us, at every level of employment in the valley,” Bush concluded.
While the Vail announcement is starting to impact local real estate and we are seeing a slight uptick early on, more activity is expected once the sale of the ski area is finalized and Vail begins to implement some much needed improvements to the resort.
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