Haute Residence hosted its tenth and latest edition of “Coast to Coast”, the industry-leading real estate webinar series, featuring four of the top agents in their respective markets: Heidi Bintz (Vail Valley, CO), Darin Marques (Las Vegas, NV), Mark Salmon (South Tahoe, CA), and Joel Schemmel (Sarasota, FL).
They were hosted by Haute Living's Erik Haase. Watch the full webinar below.
Highlight quotes from the webinar:
Heidi Bintz: "Tourists have been coming in all winter, and it's been getting busier. Because of Spring Break and Spring skiing, we're anticipating a busy March. Our restaurants do have limited indoor dining, but that has been slowly increasing. Bars and restaurants have put tables outside and further space, and you can now drink or roam Vail Village and Beaver Creek... The market is tight. Some properties are going under contract instantly. However, inventory does depend on varying locations and price points, and I anticipate it to continue this way. We are limited in where we can build because we're surrounded by a national forest... We get a lot of what we call the Front Range, which is Denver, north and south, and it's about a two-hour drive, give or take, for those people. So I've seen more people wanting to either relocate or spend more time up here. We have a big market from Texas, and from southern Florida. There's Chicago, New York, Europe, and south of the border; we have a pretty large Mexico City clientele. They're here now, and they and they love Vail and the mountains."
Darin Marques: "The biggest thing I probably help my clients with is especially land purchases. They're buying a new development and looking to buy land to build. Most of them don't understand the process of what it takes to go through hiring the architect and general contractor and going through the permitting process and design review. With my relationships and background that I have in new construction, I've been able to help a lot of the clients navigate through that much quicker. It also helps me understanding luxury properties better. You can go with a basic window package and a home that could be $50,000, or a really high-end custom window package and a house that can be $300,000. As an agent representing luxury properties, having that understanding is really important. I just sold a property that was for the highest in the community in Southern Highlands at $725 per square foot. And we were about $200 a square foot higher than the next property. I was able to convey to the client, because they asked, why [the price was] so much higher. When I broke down the cost of land, permitting architectural engineering, and then the cost of construction, he was fine with it. He understood, he just wanted to see the details.
Mark Salmon: "Covid certainly has driven the market. Obviously, everybody's heard about how strict California has been with regard to Covid and travel. People are vacating the city, especially in the tech industry where they're able to work from home, and we're so close to all that in Silicon Valley and San Francisco. There's obviously a lot of money that comes with that as well, so for those guys, it's really been a second home destination for years and years, but now it's more primaries that I'm seeing. Young techies escaping the city, escaping Covid and all these restrictions to come to Tahoe. They have Bay area wages and pretty inexpensive real estate compared to what they're used to [there]. It's the same problem is I'm hearing in Florida, just that lack of inventory. It's almost scary frankly to a list of property right now because you know what your next three days are going to look like. It's 50 showings and 20 plus offers, and it's very time-consuming at that point... Buying in Tahoe is something you can have for generations and I think will never lose really long-term values. "
Joel Schemmel: "Our market has been kind of insane. Inventory is the biggest challenge because we have such huge buyer demand and very limited inventory. I think we've gone through a cycle that used to be some price points. Now it's pretty much across the board, as far as inventory shortages. I get five calls a day from realtors looking for anything that might be coming up in the near future. Anything under a million dollars, if it lasts more than 48 hours in the MLS, then there's something wrong with it. We've been very fortunate. Last year, we had a record year with over 100 hundred million that we closed, and we are already $51 million for this year... We have the fundamental population growth. We had the traditional Midwest, buyer pool, and that is now significantly expanded to the Northeast, and California is our new kind of crazy source of buyers. And even Texas, it's been interesting. We've never had Texas or California. They both appeared in the last year as heavy-duty buyers. Covid has really just kind of fueled the market to a certain extent... We will definitely break some records, this year, as far as price points
To watch more real estate webinars curated by Haute Residence, visit www.hauteresidence.com.