spend more time in due diligence,” says MaryKay Shumway of Wisconsin’s Properties of Door County, “they are still extremely eager to purchase second homes in this area.”
Mountain Resorts: In Vail, Sonnenalp Real Estate participated in seven transactions ranging between $5.3 million and $12.7 million in the past three months alone. These include two new records in January for the Beaver Creek and Bachelor Gulch resort areas. The first was for the highest price per square foot ($2,124) for any type of property in the history of the two resorts. The second was the highest aggregate price ever for a condominium or a townhouse ($9.37 million) in the same area. Telluride Real Estate found that Telluride, Mountain Village, and surrounding San Miguel County posted an all-time high for dollar volume, surpassing the record set in 2005. In Telluride Mountain Village, the company’s sales of single-family homes increased 32 percent over 2006, while gross dollar volume rose 46 percent. The average price of a home in Mountain Village was $3,825,907, an 11-percent increase over 2006.Telluride Real Estate closed on a $13.5-million mountain estate.
Hawaii: “Due to the weakening U.S. dollar, Hawaii is attracting more international buyers,” says Caron Broederdorf-Hill, owner of Caron B. Realty in Honolulu. “During the last quarter of 2007, two of the four most expensive properties on Oahu sold to Japanese nationals.” On Maui, there have been 20 closed residential, land, and condominium sales since January 1, 2008, priced at $900,000 and above for a total of $43,852,000.
Caribbean: “The high-end market is definitely the strongest performer of the island property market at this time, with both European and American buyers,” says owner Christian Wattiau of Sibarth Real Estate on St. Barths, who sold a US$22 million home at the end of 2007. Cap Cana, the exclusive Dominican Republic resort represented by Provaltur International, sold 75 percent of beachfront condominium inventory for US$68 million in December of 2007. Cap Cana achieved a record sale last month for a beachfront lot that traded for US$5.8 million. In the Virgin Islands, Peter Briggs of John Foster Real Estate reports: “Our clients have been pleased to find turnkey properties available for immediate occupancy, evidenced by our successful closings in December and January in the $2-4 million price range.”
Europe: “The fine homes and luxury apartment market is an international market,” says Marie-Hélène Lundgreen of Daniel Feau Counseil Immobilier in Paris, France. “The steady increase in the number of millionaires worldwide is acting as a demand accelerator.” In her market, Lundgreen saw a rise in the number of total transactions, and the higher the category, the greater the number of transactions recorded: a 50-percent increase between US$1.5 and $3 million; an 80-percent rise for properties valued between US$3 and $6 million; and a 450-percent leap for properties valued at US$6 million and above. From Cannes, France, Sylvain Boichut of John Taylor says, “In the best parts of Cannes, there’s no drop in prices or activity. Demand is steady and the stock of