I remember when, just a couple of years ago, we had only 49 sales at Copper Mountain in a year, and about 170 units on the market. Times were tough and people were selling for less than they paid for the condos just a couple of years prior. Today the market has competely turned around, and as of today, May 5, 2007, we have 37 active listings and 155 units either sold or under contract in the last year. That means that right now we only have about a four month supply of condos to sell, and prices are escalating.
What has made the difference? Copper Mountain has always had a very loyal group of homeowners. Many people owned more than one condo. When Intrawest bought Copper and built a whole new Center Village, speculators came in and bought up many of the condos, expecting to be able to turn them pretty quickly and make some easy money. However, the economy softened, 9/11 happened, and we got stuck with depreciation of 7 to 15%. The speculators who couldn't stick it out sold at a loss, and everyone else hung in there. Homeowners who bought as second homes enjoyed their condos and really didn't care much. Today they are still enjoying them, and not selling unless they are moving up to bigger condos. The market is tight, and prices are heading up. Everyone is happy and you can still buy a one bedroom, walk to the lifts condo at Copper for under $250,000. Can't find any of those at Vail!
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