Vail April 2008 Housing Statistics

According to Land Title of Vail's monthly analysis of the housing market, April sales were down to just 59% of the April 2007 sales volume. April saw 117 total transactions. The summer is typically a strong season for home sellers, so everyone will anxiously be awaiting the most recent statistics. The average price of a single family home in the Vail Valley is now $1.6mm and the average price of a condo/townhouse is just over $1mm. Now is a great time for buyers to be searching for DEALS!

May Existing Home Sales Data

On a national level, May home sales showed an increase of 2% from April's numbers but are still down 15.9% from May of 2007. The Existing-home sales statistics are released on or about the 25th of each month and are considered an important indicator of the national housing picture. According to Walter Moloney at the National Association of Realtors "The national median existing-home price for all housing types was $208,600 in May, down 6.3 percent from a year ago when the median was $222,700.The average price of a home increased in May with buyers responding to lower home prices, according to the National Association of Realtors®." Saavy buyers are starting to take advantage of opportunities in the market, and summer is often one of the strongest seasons for real estate transactions.

Timing the Real Esate market Cycles in Vail

With mortgage rates climbing about 1/4% in the last week, investors are wondering "when should I pull the trigger and buy real estate?" Many sellers are accepting offers far below the asking price of their properties. If you could accurately time the real estate market, chances are you'd be retired now and not reading this blog. So, prices have already dropped from 5-10% or more on many homes in the Vail Valley. Now is a great time to be considering a real estate investment in the premiere resort area of Vail and Beaver Creek. International investors should be especially interested in light of the very weak US Dollar. Eagle County Colorado is the 2nd fastest growing county in the state. Retirees are moving here in droves and we are still the Number #1 Ski Resort in the world. Vail Valley real estate is a great place to invest. Why not use your 401k rollover or your IRA funds to invest in real estate in the Vail Valley? I can help you throughout the entire process of using your IRA to buy real estate. More of your questions can be answered at http://www.newdirectionira.com/. I have personally used Entrust New Direction IRA for the last 3 years to administrate my IRA's ownership of investment property here in Vail. This is a great investment vehicle and meets all IRS guidelines.

Vail Real Estate Market Under Pressure

Why It Matters How Low your neighbors Go…………………….

Hardly a day goes by when you don’t see another story about the sad state of the nation’s real estate markets. From major newspapers such as the New York Times and the Wall Street Journal to your local small town rag, everyone seems to be lamenting the current and future state of the real estate markets. Leaving behind the arguments and blame for our current situation, let’s assess the effect that your neighbors have on you when they get ready to sell their home.

Let’s say that in Anytown USA there are 3 homes of similar size, location and condition available for $300,000 in the same neighborhood. Seller A is not highly motivated to sell but is thinking of a bigger home for the family, Seller B is getting transferred and needs to sell but is not desperate and Seller C has racked up $35,000 in credit card debt and is about to enter foreclosure because they can’t make the payments on the first and second mortgages on their home and keep up with the mounting car payments and credit card debt. Seller C decides to list their home at $285,000 to be sure that if an interested buyer enters the neighborhood, Seller C’s home will be the first to go. Three months go by and none of the sellers have had any offers, and Seller C is getting panicky about making payments on next months bills. Seller C drops their price to $250,000 and feels confident the property will move quickly. Another month goes by and still the home has not received any offers. Seller C misses a car payment and is late on the mortgage and then decides to lower the price to $225,000 in hope of a cash buyer and a quick close. Two weeks go by and finally a buyer appears. The buyer offer $199,000 and the seller accepts the offer out of desperation. How does this affect the value of the properties of Sellers A and B? Even if they do procure buyers at or near their current list price of $300,000, the property will likely not appraise since the last sale in the neighborhood was for $199,000. It can be said that there were extreme circumstances surrounding the sale of Seller C’s home but the negative pressure it placed on the market and the amount of time that it took to sell now affects everyone in the neighborhood who is looking to sell. If a foreclosure is eminent, the picture only looks worse. Check out Eagle County Public Trustee’s website for the latest foreclosure information in the county at http://www.eaglecounty.us/publicTrustee/foreclosure.cfm.


There is more to selling a home than the price, although most professionals would argue that price is the most important factor. For information about how to possibly avoid the foreclosure process, please call me or visit my website at http://www.investinvail.com/

FHA Loan options in Vail Real Estate

The neglected FHA loans are making a come back, even in the upscale Vail Valley. The current FHA loan limit is $729,750.

"Only borrowers who can make at least a 3 percent down payment or have at least
3 percent equity in their homes and who can document their income can qualify
for FHA loans,"

says the Washington Post in a recent article. To read more about FHA loans, you can read the full article at http://www.washingtonpost.com/wp-dyn/content/article/2008/06/09/AR2008060902645_pf.html

Buyers who thought that they may not be eligible can check with a local lender to see if they qualify for the FHA loan program or call me for a list of local lenders who can help.

Eagle Vail Real Estate

The Eagle-Vail neighborhood in the Vail Valley has it all. A diverse community with approximately 1500 residences, Eagle-Vail is conveniently located between Beaver Creek and Vail resorts. Enjoy the award-winning public 18 hole golf course http://www.eaglevailgolfclub.com/golf/proto/eaglevailgolfclub/ , the pool , the Par 3 golf course, tennis facility and the numerous hiking trails and neighborhood parks. Prices range from $400,000 to over $3 million dollars. Many homes are located on the golf course with lovely views. As a local resident of this community, I can help you find a great residence or vacation home here in the wonderful neighborhood of Eagle Vail. Our annual dues for all of these amenities and more is $100! If you are looking for an experienced realtor to sell your property, you have found the right person for the job. Call for a free listing consultation or to find out what your home is worth and Visit my website to search for property in Eagle Vail at http://www.investinvail.com/

Buying Vail Real Estate with your IRA

I was skeptical about the legality of owning investment property with my IRA money. After spending 11 years as a stock broker and bond trader, I had never heard of such. The reason is that most larger IRA administrators do not offer any options to own real estate except for investing in a REIT. Fortunately, I found a professional, knowledgeable and reliable administrator in Entrust New Direction IRA, Inc. http://www.newdirectionira.com/
I purchased my first real estate holding with another investor using my 401k rollover in December 2005. We set up an LLC to hold title to the property. My partner is of the age where he can take income distributions on a monthly basis. The income generated for my IRA is reinvested in assets of my choice. Our property has appreciated approximately 18% annually. While we paid cash for the Singletree investment, loans are available through several lenders for this type of purchase. Please contact me to learn more about purchasing real estate using your IRA or 401k money and visit my website: http://www.investinvail.com/ .

Bobby Gin gets the Go Ahead! for Minturn Development

Florida developer, Bobby Ginn, has won a ballot initiative to annex 4300 acres of his property into the town of Minturn. Ginn's development company, Ginn Resorts, is planning to build 1700 homes and condominiums in a private ski area on Battle Mountain. The development will also have an 18-hold golf course. Ginn wooed the Minturnites with $162 million worth of benefits to the town including a new recreation center, a new library, sidewalks, educational scholarships for residents and a very important water and wastewater treatment facility. Many locals who support the project felt that Ginn's proposed use of the land was a better bet than other possibilities. The site was rumored to be considered for a prison in the not too distant past. This is a winning situation for Minturn residents. For more information on Ginn Resorts, visit their website at: http://www.ginnresorts.com/ For details of the plan, please visit the Town of Minturn's website at: http://www.minturn.org/

More Affordable Housing coming to Vail

Local developer, Rick Hermes, has entered into an agreement with the Jouflas family of Wolcott to develop approximately 2600 acres into a master planned community for locals. Wolcott is located midway in the Eagle Valley corridor between Vail and Eagle and has long been a popular spot for locals to gather on Fridays at the Yacht Club. To read more details about this subject, visit the Vail Daily article http://www.vaildaily.com/article/20080521/NEWS/737377630