The price of the penthouse in Gravity Haus, which is located at 352 E. Meadow Dr., has been set at $15,500,000 by Jeffrey Morgan, a broker working for LIV Sotheby’s International Realty.
Is it worth it to make a home there?
People who decide to make the elevation their permanent home can take advantage of the numerous real estate options available during the summer months in the vacation town of Vail Valley. The town is also filled with sunlight and crisp, clean mountain air. People who are interested in buying a mountain home or selling a luxury property this year may find that the market has shifted in a way that gives them access to new options.
What do the stats show?
In its Monthly Market Report for the month of July, LIV Sotheby’s International Realty stated that the total number of properties sold dropped by 25% during the month. This decrease was seen across all price ranges. Now that there are fewer houses available for sale, buyers in the Vail Valley have more power to negotiate favorable terms when purchasing their next piece of real estate. In spite of this, sellers continue to benefit from rising prices, with the median transaction price reaching $2,106,550 in July 2020, which is a 23% year-over-year increase from July 2020’s median transaction price.
Are people still buying property there?
Homebuying activity in the premium segment of the Vail Valley real estate market has been relatively stable when compared to the same time last year. The total number of luxury home transactions that took place in this area through July of this year increased by 1%, reaching 133. The average price of luxury real estate sold increased by 9 percent from the previous year to reach $6,006,319. These numbers make it abundantly clear that living in a resort-style setting is still very desirable, which makes investing in luxury real estate a desirable option.
Why are people choosing the area?
Because of the resort atmosphere in the area, homebuyers and sellers in the Vail Valley have access to a wide variety of resources in the local real estate market. On the website ColoradoMarketReports.com, you will find the complete Monthly Market Report for the Vail Valley, which you can read.