Eagle Vail Floodplain Information

Recently, about 350 homeowners in Eagle Vail received a somewhat confusing notice about the new floodplain mapping project. Most of the affected residences lie in what is being referred to as "shaded zone X." This type of an area is one that has been identified as having an increased risk of flooding. In this case, the projected flooding is 1' or less. These zones do not require any additional homeowner insurance or that you even contact your insurance company. This map is preliminary until its acceptance by FEMA, likely to occur in the next 90 days. For more information, please come to the community meeting on June 15, 2009 from 6:00pm to 8:00pm at the Eagle Vail Pavilion.

Got Water???

"Water....Colorado's 21st Century Gold".....that was the name of a class I took last year which clearly spelled out why 21 different states are fighting over water which originates in Colorado, a headwater state. Did you know that all of the water that will ever be found on our planet Earth is already here? It just changes shapes and location. I do not frequently promote my own listings on my blog, but I feel compelled to share with you the incredible opportunity that awaits in the following listing which carries water rights appropriated in 1918,1884 and 1903 and adjudicated in 1936, 1901 and 1919. If you want 35 acres suitable for horses, cattle or organic farming, this is your chance. The owner has also agreed to finance up to 100% of the purchase price for qualified buyers. Here are the details:
35 acres in the exclusive, gated community of Sorrell Hills just 5 minutes from Eagle, Colorado. Flat parcel with speactacular views to the New York Mountains and plenty of water. 98% fenced and a well in place in addition to electrical, phone and cable services. Please visit www.investinvail.com or call me at 970-376-8000.

Vail Colorado Tax Valuation Notices - Yikes!

Tax valuation notices were mailed to all Eagle County property owners this week and many property owners are not happy. You may be surprised at the increase in your assessed value for tax purposes. Remember that the new value is based on the value of your home between January 2007 and June 2008 (before the big financial melt down and ensuing real estate crash). Now is a great time to call your realtor. A real estate professional can look up comparable sales for you and give you some ammunition for an appeal or let you know if the new value is reasonable. You have until June 1st to appeal the valuation, so pick up the phone and try to save your self some money! More information available at the county assessor's website at: http://www.eaglecounty.us/uploadedFiles/Assessor/News/News_Items/Valuation%20Notices%2004%2020.pdf

FASB loosens asset valuation terms

The independent Financial Accounting Standards Board decided today that assets on the books of banks can be valued in an "orderly" manner. According to Reuters " FASB says the objective of mark-to-market accounting is to set a price that would be received by a bank in an "orderly" transaction in the current, inactive market. It says an "orderly" transaction for accounting purposes does not include the forced liquidation or a distressed sale of an asset." There is mixed emotion to this ruling but some analysts predict this could help battered bank shares rise as much as 20%. Critics claim this will decrease the transparency of evaluating assets potentially leading to more problems down the road in the troubled asset classes (at least I didn't say toxic). The effect could be very positive for real estate markets as this may help to loosen the credit markets as banks possibly can decrease the necessary reserves if the value of their assets rises feasibly allowing them more money to lend.

Vail Property Inventory and Parking for Fancy Cars

Every day I look at the Vail MLS and watch what is going on in our valley in the real estate markets - that's my job. Lately, I've been paying more attention to what is actually going "under contract" and what is actually "selling" than the hot new listings. It is not uncommon on any given day to see 30 different listings with drastic price reductions. Often, this is accompanied by an email from the listing agent who points out that the price has been reduced another $37,000 on a $2 million dollar listing - BIG DEAL is what I say. Just today, I saw prices being reduced by up to 20%! The Vail Valley currently has about 2051 active listings for property (commercial, residential and land). In January of this year, 22 deals closed and 32 transactions closed in February. My math figures that we have a 76 month supply of inventory or just over 6 years. So, I think the sellers need to get real and offer something unique. This could include a great property at a great price, owner financing or other innovative incentives. By the way, a Founders garage parking space in Vail Village just closed today for $250,000, so people are still spending money in Vail.

1st Time Homebuyer Tax Credit

Last fall, the Federal Government introduced a financial incentive to prospective first-time homebuyers — an income tax credit of up to $7,500. The rules were simple: you must have been a first-time homebuyer (as defined by not owning a home in the previous three years) and you met certain income restrictions.
The new $8,000 tax credit is available to those who buy between January 1, 2009 and December 1, 2009. It’s not a deduction, it’s an actual credit. Unlike the $7,500 first-time homebuyer tax credit introduced last summer; this does not need to be repaid.
First timers who qualify can make no more than $75,000 in adjusted gross income if they’re single or $150,000 if filing jointly. The maximum tax credit is $8,000 or 10 percent of the sales price of the home, whichever is less. Three years residence in the property are required. As always, check with your accountant for details and be sure to submit IRS form 5405 when you file your taxes.

If you are Thinking of Selling Your Home in Vail, be sure it will Stand Out among its competitors

Since there are fewer buyers looking at properties, what will it take to make your home the #1 choice of those searching? Pricing, condition, marketing and finishes are all controllable variables. Remember that first impressions are LASTING impressions. Do everything you can to make your home stand out and by all means keep it accessible to potential buyers. Other options include offering owner financing, paying closing costs or buying down the buyer’s interest rate. Call me for more creative strategies and a free market analysis. http://www.investinvail.com/