Commercial Real Estate Improving in Vail ??

Commercial Real Estate Prices Show Gains


Green Street Advisors, independent research firm, reported that its commercial property price index rose 2 percent in November and was up 30 percent from the industry low in 2009.


"Half of the decline in values that occurred from 2007 to 2009 has been eradicated. Nevertheless, values remain roughly 20 percent shy of their peak," said Mike Kirby, director of research for Green Street.

Unlike many indexes, which are based on closed transactions, Green Street records transactions as they go under contract.

Source: Green Street Advisors (12/02/2010)

The Gates in Avon is now ..... The Ascent

Word is out.......The Gates Residences at the bottom of Beaver Creek is being remarketed as The Ascent at 50% of the prior prices. The project was purchased in foreclosure by Condo Capital Solutions, Inc. http://www.realcapitalsolutions.com/. There will be 49 units offered for sale from the mid $300,000s to over $1 million and include two, three and four bedroom units , an indoor heated pool, a shuttle to Vail and Beaver Creek, a workout facility and heated underground parking. Call me for a tour of the development or for more information.

Bank of America resuming foreclosures, so does GMAC

The foreclosure hold that was supposed to last for a year and half ended much quicker for Bank of America when they announced Tuesday that they were going to reopen more than 100,000 foreclosure properties in 23 states, claiming that there have not been significant problems found in the preliminary investigations of its files.  GMAC followed suit but would not disclosure the number of foreclosures that it was going to re-open.  Colorado is not one of the states where they are resuming the foreclosure process, so for now Eagle county is still part of the Bank of America halted foreclosure process.

Buying bank-owned or short sale property

Foreclosed,  bank-owned, distressed?  Whatever the term you are using these days, there is a lot of information to process about those types of properties.  Sometimes, these properties can be in xcellent condition and in very desirable locations. Homeowners in every price bracket are affected by the economy. Bidding wars will occur in this type of environment. The key to streamlining the loan process and avoiding surprises is to work with an experienced real estate agent and a lender who regularly handles distressed property transactions. The timeline for short sale transactions is tightening and REO transactions tend to occur within a faster time frame than the traditional home-buying process.
Foreclosures are happening in record numbers and sellers are very motivated to get through this quickly.
 
There are basically two categories:
 
Foreclosures or REOs (real estate owned), which have become the property of the bank due to the
homeowner failing to pay the mortgage for several consecutive months.


Short sales or “pre-foreclosures,” where agents negotiate with banks to accept a sales price and loan payoff that is less than the mortgage amount. Short sales occur in instances where home sellers are “underwater” on their mortgage, which means that the amount of their current mortgage exceeds the market value of the home.

While the average distressed property sold for 20 percent below current market value, the discounted purchase price on short sales and REOs tends to range between 10 and 40 percent.

40 percent of survey respondents indicated that the desire to “stop paying rent” was a prime motivator in the property home purchase. Regardless of the market, a home is a solid investment. Distressed properties have simply lowered the financial barriers to entry.

For more information on programs available for assistance with this difficult task visit http://www.homerescueinstitute.com/.

Vail Epic Pass is Back for 2010 - 2011

Vail Resorts has announced that it will offer the EPIC pass again for next ski season. The cost will be $599 for unrestricted skiing at Vail, Beaver Creek, Breckenridge, Keystone, A Basin and Heavenly. Other less expensive options exist that include limited skiing in Vail and Beaver Creek. The EPIC pass has been a phenomenal success for Vail and certainly encourages visitors to return.

The Extended Homebuyer Tax Credit - Basics for Everyone

The first time homebuyer tax credit of $8000 has been extended to buyers who put a home under contract to purchase by April 30, 2010.

For a complete summary of information including necessary tax filing information, please visit the following website:

http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit

There is also a good chance that teh credits could be extended a third time! I'll keep you posted.

REALTOR® Magazine-Daily News-IRS Clarifies What's Needed to Claim Tax Credit

REALTOR® Magazine-Daily News-IRS Clarifies What's Needed to Claim Tax Credit

Could the Tax Credit Be Extended Again?

REALTOR® Magazine-Daily News-Could the Tax Credit Be Extended Again?

Chateau de Mon Reve - Top Ten Ski Homes - See Article in the Vail Daily

This home was open to the public this weekend, and many interested buyers came to see what one of the "Top Ten Ski Homes " looks like. Here are quotes from the visitors:

-  Impressive and intimate
-  Thoughtfuly designed
-  Caters to every luxury
-  The best master bath I have ever seen
-  Wow - what a home office
-  The most accessible ski-in home I've ever seen
-  Incredible detail
-  Architecturally stunning

These are just a few of the comments from the past weekend. This is truly one of the most refined and impressive homes available in the Rocky Mountains.  Please call to schedule your private tour.

Please see the Vail Daily review by clicking the link above.

REALTOR® Magazine-Daily News-4 Reasons to Sell Now

This is a short article with some good information.

REALTOR® Magazine-Daily News-4 Reasons to Sell Now

REALTOR® Magazine-Daily News-10 Home Features Buyers Want

REALTOR® Magazine-Daily News-10 Home Features Buyers Want

CNBC picks Vail area home for "America's Most Impressive Ski Homes"

It's official, the Castle of My Dreams at 2195 Cresta Road has officially been named the #6 Most Impressive Ski Home in the US. A true ski-in, ski-out home on the slopes of  Arrowhead, this chateau offers the absolute finest in amenities and craftmanship.

http://www.cnbc.com/id/34977253/site/14081545?slide=6

Intimate spaces are found in this 13,700sf masterpiece including a warm hearth room and a kitchen large enough for the entire family. A wood-fired pizza oven and butler's pantry add to the enjoyment of entertaining as well as two dining area options, a casual area and an impressive, fire-side formal room. The mountain views abound from the expansive living room. Entertain your family and friends in the gaming area on the lower level complete with a lengthy stone bar, a wine tasting room, card area, pool table, living room and movie theater. Of course, no ski day would be complete without stopping in the apres-ski lounge for a cocktail and then taking the elevator down to the private grotto and spa also complete with fireplace.

The master retreat is like no other with his and her closets, water closets, and a dual-sided walk-in shower and generous tub perched high atop the Rocky Mountains. A large private deck, fireplace and intimate reading area complete the suite which is privately located in the home. Six additional bedroom suites and custom bunk areas for children offer a place for everyone to gather and make memories for a lifetime.

http://www.arrowheadskihome.com/

For outdoor living enthusiasts, the 25 foot waterfall crescendos next to the enormous outdoor patio. An entire party could be held outside as the exterior living area wraps around to the front of the house where there is the most incredible, 360 degree view home office or gym. This light-filled, heavily windowed area can also be accessed directly from the master suite.

State of the art efficient systems are in place to reduce maintenance. An oversized 3-car garage and spacious entry area keep everything organized and in place.

The Arrowhead community features the Country Club of the Rockies with a Nicklaus designed golf course and unparalelled social and cultural activites. Ski to Beaver Creek or Bachelor's Gulch right from your back door. Come see why this home was named to "America's Most Impressive Ski Homes." Your private showing can easily be arranged.

Gauging the Vail Real Estate Market with Real Numbers

Buyers and sellers are always asking "How far is the market down?" and "Have we seen the bottom?" Sorry to say folks, but I have to say no. I do have specific statistics on the decline that I would like to share.

I have always used the Sunridge Phase 1 and 2 complexes to guage the lower end of the Vail Valley Real Estate market for these reasons. The complexes are very large with over 200 units, the product is fairly homogenous (I use only the 2 bedrooms which are all 768 square feet), there are always units for sale, and the data is readily accessible. In looking back over the data from the last 5 years, here are the highlights:

•      - 2006 was the best year in terms of volume with 44 units sold
•      - 2007 offered the highest average sold price of $316,70
•      - From 2003 to 2008, the sold price averaged 98% of list price

That was the good news. Now, let's look at the current market environment.

•      - 2009 offered only 4 sales at an average price of $256,375 (down 19% from the 2007 high) 
•      - 2009 showed the average cumulative days on the market to be 110 (up 47% from 2007's      75  days)                                                                                                                                   
•      - Presently there are 11 active listings. Based on the 2009 absorption rate, there is a 33 month supply of Sunridge units.                                                                                                             

Therefore, in order for the supply/demand equation to move toward equilibrium, either the demand must increase or the supply must decrease. Both of these factors lead to substantial price declines in my opinion. Yes, the homebuyer tax credit extension is helping, and yes the low mortgage rates are helping; however, these factors alone will not spur demand enough to prevent further price declines. This same analysis can be used on higher end properties and I will provide something along those lines soon.

Given that my job is to help my clients buy and sell their homes, I want to convey the truth about the market and present viable options for achieving real estate objectives. With sellers, that truth is to lower your price in almost every case and for buyers, it means to take your time and hunt for a bargain because so many exist. Sometimes no one likes to hear the truth, but generally, people do not hold it against you.

Arrowhead Ski Home Makes the Top Ten Most Spectacular Ski Homes

http://www.arrowheadskihome.com/

It's official! Chateau de Mon Reve (The Castle of My Dreams) has officially been named to the Top Ten Most Spectacular Ski Homes. This ski-in / ski-out home in Arrowhead has every amenity imaginable including a large grotto and spa, magnificent kitchen, old-world bar and wine room, theater, apres ski lounge, elevator, home office with 360 degree views, and much more. This is the perfect home for discriminating buyers with refined taste and appreciation for exquisite craftsmanship. See why this home made the Top 10 list. Schedule your private tour today by calling Sondra Slappey at 970-376-8000.