W A N T E D :DREAM HOMES

WHEN LOOKING FOR A PROPERTY, VAIL VALLEY

BUYERS FOCUS ON LOCATION AND STYLE

B Y K I M B E R L Y N I C O L E T T I

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<<PQs>>“That seems to be the driving force in

architecture and design … using traditional materials in new and interesting ways that are driven by a younger demographic.”

“Buyers are focused on the ‘perfect location’ — ski in and out, or in the core (of the village).”

In recent years, the main age demographic purchasing luxury properties comprised retirees in their 60s or so. But now, in addition to the retiree demographic, a larger number of buyers in their 40s and 50s are moving into the valley, and they’re coming with a taste for a more modern, or at least mountain contemporary, look, since they live in urban areas such as New York City, San Francisco, Dallas, Miami, and progressive cities in Mexico and Latin America, says Led Gardner Realtor at Slifer, Smith & Frampton Real Estate.

“(They want) more mountain modern and sometimes very contemporary, versus the traditional Vail image — clean lines and a bit more edgy (styles) are frequently much more in demand,” Gardner says.

Today’s buyers also want new

homes in turn-key condition — much more than they have in the past. Professional interior design showcasing luxury condos and homes goes a long way to sell a property, and buyers are willing to spend top dollar for those.

“Simple staging won’t cut it,” says Matthew Blake, a Realtor at Ascent Sotheby’s International Realty. “You have to provide a turn-key experience with clean lines and contemporary furniture … No matter how sophisticated the buyer, a high-end furniture package can really sell the property.”

While buyers tend to turn a blind eye to most properties older than those built in the 2000s because they don’t want to renovate them, buyers are willing to purchase an older home in a premier location, says Malia Nobrega, Realtor at Fuller Sotheby’s International

it ’ s a n i n t e r e s t i n g t i m e i n t h e va i l

real estate market, according

to many long-time Realtors. The

market is experiencing shifts in buyers’

attitudes, due to both a changing

age demographic, as well as the fact

that so many properties in the Vail

area were built several decades ago.

Modern applications of steel, concrete, and large spans of glass are softened by faces of warm stone and wood, while a curving facade complements the otherwise linear appeal of the Squaw Creek home, listed with Matthew Blake of Ascent Sotheby’s International Realty.

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Realty. One client recently purchased a $4.4 million, 6,200-square-foot home on Vail Golf Club, only to tear it down to build an approximately $14 million, 11,000 square-foot home.

“The lot itself is valuable enough (to justify the tear-down,)” Nobrega says. “Aging single-family homes are being valued more as lots versus as a home. This is why you may see a very old single-family home in a prime location being priced at a very high price per square foot despite its age and deterioration.”

“Buyers are focused on the ‘perfect location’ — ski in and out, or in the core (of the village),” Gardner says.

Though buyers are willing to pay premium prices for older homes in prime locations, they tend to shy away from aging duplexes, which tend to be priced lower per square foot than homes and new duplexes, because of the challenges of having another party (the neighbors) agree to renovations.

“There’s more pushback from buyers than ever before to update, remodel and furnish older properties,” says Page Slevin, of Berkshire

Hathaway HomeServices Colorado Properties. “In the past, buyers had a tolerance and possibly a desire to remodel and redesign a home. Now buyers have less time and interest in having to manage a remodel. Buyers want new and nice. Sometimes even if furnishings are outdated, it could disqualify a property. However, if a home is updated and furnished well, buyers will pay top dollar to have a turn-key property.”

Overall, real estate agents are seeing more and more buyers with specific demands, and those buyers don’t particularly want to compromise.

Of course, needs and desires vary somewhat, depending upon the client, but here are some of the top priorities in today’s buyers’ minds:• New, contemporary and

mountain contemporary design: a clean, minimalist look with

Many of today’s buyers are seeking private, quiet and more secluded locales for their families, such as this Cordillera home listed by Led Gardner with Slifer Smith & Frampton. Interesting uses of old and new materials, combined with unique architecture and intelligent design, are appealing to the younger demographic.

76 VAIL VALLEY HOME | FEBRUARY 2015

hardwood, tile or stone floors, little (if any) carpet, deep gray tones throughout the home.

• Master bedroom on main level. (Slevin is noticing that “if the master bedroom is not on the main level, it disqualifies the home.”)

• Windows opening to mountain, river and golf course views and outdoor living spaces, with folding glass walls like the Nanawall, to bring the outdoors in, and built-in

barbecues, kitchen systems, fire pits and powerful heat lamps on patios. As Nobrega points out: “People are here to be in touch with the beauty of the mountain environment to the greatest extent possible.”

• Open floor plans with large kitchens; multiple islands with trendier materials like limestone and stainless steel, rather than granite; vaulted ceilings; and a multifunctional main-level room, which can flexibly be used as an office or an extra guest bedroom.

• Open, multi-use, highly tech-nologically advanced recreation rooms, as opposed to specifical-ly-designated, closed-off theaters.

• Technologically advanced homes, which allow owners to control elements such as blinds, lighting, security, heat, music, television and more both long distance and when they inhabit the home.

• Shed roofs as opposed to gable,

incorporating metal rather than shake composite; wider exterior stone patterns; heated driveways and flagstone paths; and incorporation of copper.

• Amenities, such as pools, spas, and even club memberships that provide features like ski valets and free parking. Air conditioning is also something “people expect,” Blake says.Buyers are also trending

toward larger homes again, while, during the economic downturn, they leaded toward more scaled-down square footage.

“People are no longer avoiding larger square footage homes again, when needed to meet all their goals, such as a home office, study, family room, game rooms and a wine room,” Nobrega says.

In tandem, green built isn’t such a priority or as trendy in buyers’ minds as it was in, say 2007, Slevin says.

OVERALL, REAL ESTATE AGENTS ARE SEEING MORE

AND MORE BUYERS WITH SPECIFIC DEMANDS, AND THOSE

BUYERS DON’T PARTICULARLY WANT TO COMPROMISE.”

An open layout, such as the one in this Vail Golf Course home listed with Malia Nobrega with Fuller Sotheby’s International Realty, is an ongoing trend in the luxury real estate market.

77FEBRUARY 2015 | VAIL VALLEY HOME

“It doesn’t seem to be a buzzword,” she says, “but I think it’ll be more prevalent (in the future).”

In general, luxury buyers simply want the convenience of newer construction that they can enjoy immediately, with updated styles that reflect their more urban lifestyle.

“The general, overriding (desire) is a mountain contempo-rary feel — a mix of traditional stone and wood with a lot more glass,” Gardner says. “That seems to be the driving force in architecture and design … using traditional materials in new and interesting ways that are driven by a younger demographic.”

Mountain contemporary is a popular style, as shown in this home recently sold by Page Slevin with Berkshire Hathaway HomeServices Colorado Properties. Natural materials such as stone and hard wood are key.