Roughly 170 homes for sale in all of Vail. A wave of new construction is about to change that.

I want to explain something I have been watching develop over the past few years, because most buyers do not fully understand what it means for this market right now.

Vail has had almost no new construction for a long time. That has created a kind of gridlock at the top of the market. The people who own the most desirable properties have nowhere to move up to, so they do not list. And because they do not list, the buyers below them have nothing to move into either. That condition runs all the way down the price ladder.

Right now there are roughly 170 market-rate homes for sale in all of Vail. The range runs from about $485,000 for a small condo to $38 million for a single-family home. Even the deed-restricted workforce studios, the most affordable thing in town, start near $400,000. For a resort of Vail's stature, that is a very thin market.

That is about to change.

Another Billion-Dollar Renaissance

Several major redevelopment projects are moving through the town approval process right now, spread across all three of Vail's base areas. Together they represent well over a billion dollars of new construction.

At Cascade, the Cornerstone project has its town approvals and is working toward the market. In Vail Village, redevelopment is in the pipeline at the Red Lion, Apollo Park, and Prima. And in Lionshead, the Apogean, Evergreen, and Lionshead Circle are all in motion. Beyond those, there are several more projects being talked about that are not yet public.

I am one of the listing agents on the Apogean at Concert Hall Plaza, the first of the new Lionshead projects to reach the market. Walk to the slopes, A-plus location, A-plus finishes, and a level of privacy that is rare even by Vail standards. Pre-sales have been open for a while, and the building is already about 80 percent sold. That is not a forecast. That is the demand I am describing, showing up in real time. The appetite for new product in this market is real and it has been building for years.

Beyond Lionshead, there is a whole new base area being planned directly to the west, currently working under the name West Lionshead. A new gondola, new parking, a new village. The specifics are still being worked out, but the direction is set.

What This Means If You Are Thinking About Buying

Here is the dynamic I want you to understand. When new product comes online at the top of the market, it creates movement all the way through. The owners who have been sitting on their current properties, waiting for something to move into, finally have options. Their properties come to market. That opens up inventory in the next tier down. And so on down the ladder.

We have been waiting for this cycle to start for a while. It is starting now. Buyers who get in before the new product lands will benefit from the movement it creates. Buyers who wait to see how the new developments look risk paying more for less.

I have been in this market since 2008. I have watched multiple cycles. The window between when something is clearly happening and when the pricing fully reflects it is the best time to move. That window is open right now.

If you want to talk through where you fit in this picture, reach out. I am happy to walk through what is in the pipeline and what it means for your specific situation.

Mark Gordon, Vail Realtor Broker/Owner, Christiania Realty 970-331-5821

Disclosure: Mark Gordon is one of the listing agents on the Apogean at Concert Hall Plaza.