June 28, 20181,073 Views
Low-hanging fruit seeing most activity at the moment
by Mark Reaman
Call it the Vail bump. While not out of the stratosphere, the local real estate market appears to have had at least a mild jolt since the June 4 announcement that Vail Resorts was under contract to purchase Crested Butte Mountain Resort later this summer. The deal is expected to close sometime in August. Local real estate professionals have seen more inquiries than normal since the Vail news was released but they expect the big bump to come after the deal is closed and improvements to the ski product are implemented.
“There most definitely has been an uptick in interest from buyers who are obviously motivated by the Vail announcement,” said Dan McElroy of Coldwell Banker Bighorn Realty. “In the last two and a half weeks we put 11 properties under contract. The downside to that is that it appears that sellers are seeing stars in their eyes and are either inclined to ‘jack up’ the price or stay firm on their list price. Keep in mind, while all sellers want to maximize their net proceeds, some sellers have more urgency in a sale and may be motivated to sell because of other factors and see this as an opportunity to have their property sell without having to reduce the price.”
Bud Bush of Bluebird Real Estate agrees. “There has been an impact especially in undervalued sectors, $250,000 [more...]