In January, there was a large vacant lot sale in Mountain Village - Lot 104 & Lot 89-2C sold as a package for $3.975M. This represented the highest price paid in the vacant land market segment. The neighboring lot 89-2B also sold at the same time - price paid was $1.5M. These lots were purchased by a neighbor who wished to control any future development on the properties.
The condominium market in Mountain Village was the true bright spot in the first quarter, accounting for over $27M in gross dollar sales, translating into a very good payday for the Owners’ Association via the 3% transfer assessment. The top price paid for a condominium in the first quarter was $3.7M for Penthouse 135 at See Forever Village.
Activity in the single-family home market was restrained with only three sales.
Here is a quick breakdown of the 1Q results for the Town of Mountain Village:
MAJOR MARKET SEGMENTS
Single-Family Condo/Townhome Vacant Land
# OF TRANSACTIONS 3 21 4
$ OF TRANSACTIONS $8M $27.2M $6M
AVERAGE SALE PRICE $2,675,000 $1,296,599 $1,581,250
MAX SALE PRICE $4,025,000 $3,700,000 $3,975,000
# OF PENDING TRANSACTIONS 0 8 2