Vail, Colorado is a world-renowned ski resort town, and has evolved into a year-round resort destination. And nearby sister resort Beaver Creek has also come into its own.

The Vail ski resort was developed in the 1960s by former servicemen who had done their survival training in the mountains, and returned there to live and enjoy the rich beauty of Eagle County. In the eighties, golf courses were added.

Vail Valley consists of nine separate communities including Vail, Minturn, Eagle-Vail, Beaver Creek, Avon, Arrowhead, Edwards, Cordillera Resort, Wolcott, and Eagle, but the two most populated towns are Vail and Beaver Creek.

But this vacation home, and seasonal visitor destination market area has slowed over the past year, say local Realtors, inviting bargains for mountain-loving buyers.

Explains Realtor Michael Thompson, "The heart of Vail is comprised of the Tyrolean-inspired Vail Village concept and the more contemporary Lionshead. A blend of American and European cultures, Vail is a relaxed cosmopolitan town. Perhaps best known as a winter resort, Vail in reality is a dynamic year-round community.

"In winter, it boasts the largest single ski mountain in the country," continues Thompson. "In summer, a mild climate, abundant sunshine and spectacular scenery create the perfect setting for an endless array of activities, including golf on Vail Valley's landmark course that borders the village and Gore Creek. The addition of 800 additional skiable acres with Blue Sky Basin and a new kayaking park which opened in the heart of the village is setting the standards."

"East Vail, possibly the most alpine and intimate of the area's communities, hugs the Gore Range at the base of Vail Pass. Strictly a residential neighborhood, it is a favorite with long-time locals and second homeowners from the front range," says Thompson. "The free Vail bus system, which loops around East Vail, makes commuting to town a snap. Best of all, property prices are moderate compared to Vail Village, even though the village is just four miles away."

"West Vail occupies a slightly wider section of the Valley than Vail Village and East Vail," says Thompson. "It's northern and southern hillsides offer distinctly different but equally attractive residential environments. The south side features lushly wooded, alpine-like terrain interspersed with broad, rolling meadows. The north side, while more exposed, offers dramatic views and an abundance of sunshine throughout the year. Popular with locals and second homeowners alike, West Vail is divided into a number of close-knit neighborhoods that share a common sense of community. Within these neighborhoods is a rich variety of properties, from condominiums to elegant single-family homes. Also priced considerably less than Vail Village, yet only five minutes away, and the free bus system offers easy access."

Says Realtor Jim Green, "What a unique market we have right now! Activity cooled appreciably in the last 12 months and although there have been plenty of sales, it wasn't the robust pace of previous years.

"This has resulted in a significant number of price reductions," says Green, "as well as a wider spread between list price and contract price. Two price ranges remain more energetic than the majority of the market... those properties under about $400k and those over about $4 million seem to be the least effected."

"If there is to be an ideal opportunity for buyers to negotiate a good price and take advantage of historically low interest rates, it's now," advises Green. "Sellers want to get as much as they can for their property- just as buyers are trying to pay as little as possible- but sometimes the momentum shifts. Right now I suspect there are some anxious sellers. One complicating factor is the relative financial strength of the owners in our market with many owners having the luxury of taking their property off the market rather than selling for less. Even so, there are some nice things for sale."

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Published: July 3, 2002

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