Eagle County real estate has slowly recovered from the real estate collapse following the 2005 to 2007 real estate bubble. In fact, the real estate market in Eagle County saw its best year since 2007 — for the number of transactions and sales volume. It’s been a long road to recovery, and Eagle County is finally there.
One large boost to the real estate economy related to a large sales transaction worth $145.5 million, when the Park Hyatt Beaver Creek was sold last year. The residential market has also shown signs of strength across the entire stretch of the valley.
High demand and tight inventories have driven sales higher than ever. Nevertheless, real estate brokers claim that sales figures are different from 10 years ago. It’s all about inventory and fundamentals, they say. In 2007, numerous residences were being constructed because of the ease of securing money through mortgage loans. These days, construction activity has largely dried up across the nation due to tighter lending practices by banks. As a result, real estate suffered.
Although the ski resort real estate market was hit hard as a result of the bursting financial bubble, the market is better today. Demand is growing as the population grows. Hopefully, the trend continues to move in the direction of profit for all.
If you’re planning to carry out a real estate transaction in Colorado, there are certain things you will want to learn about real estate law to ensure you get the best deal possible — whether you’re buying or selling. Know your rights, know the law and you’ll be well on your way to a successful and fair transaction.
Source: Vail Daily, “Eagle County’s 2017 real estate year its best since 2007 boom days,” Scott Miller, Feb. 01, 2018