Vail’s Summer season is off to a great start the spring snowstorms have resulted in a green and lush Vail Valley. I am writing an update on all of the activity at that has occurred in the Arrabelle this year. Of all the properties in Vail Arrabelle has had the most activity by far with 6 sales so far this year and an additional 1 units under contract at this time. This activity in the current market is a testament to the location and quality of the Arrabelle.

Details of this years sales:

#272 This 2 bedroom is located in the east wing of the building and faces due east  over the Lionshead Mall. This sold for $1,945,000 or $955 per square foot.

#330 This 2 bedroom is located in the north west corner of the building near Montaneros. It sold for $2,160,000 or $1020 per square foot.

#368 This 3 bedroom is located in the north east corner of the building near Bart and Yeti’s. It sold for $2,850,000 or $1,326 per square foot.

#476 This 3 bedroom is located in the east wing with easterly views toward Gold Peak. It sold for $3,090,000 or $1,393 per square foot.

#284 This 4 bedroom is located in the south east section of the building above the Vail Chop House with direct southern views up Vail Mountain. A premiere location sold for $5,750,000

 or $1,714 per square foot.

#201 This is a large 4 bedroom unit that faces inward to Vail Square and the ice rink. It sold for $4,600,000 or $1188 per square foot.

Under Contract Units:

#655 Another large 4 bedroom with views to the south west, one of the premiere 4 bedrooms at the Arrabelle. The list price is $6,950,000.

Analysis:

As mentioned Arrabelle has had good activity relative to the market but the values at the Arrabelle have been impacted  by the slow down in the market place and the large amount of inventory. A case in point is this years sale of  #284 at $5,750,000 the identical unit above #384 sold as a re-sale for $7,400,000 in May of 2008. Which indicates approximatley a 25%  reduction in peak to trough values. My prediction as to values for the immediate future is units that do not have a direct Vail mountain view will have a value range of $1,000sf to $1,400sf and I expect premium view units to have a value between $1,500sf to $1,800sf.

Arrabelle Inventory and Year to Date Solds: