Vail Valley Real Estate

Can Underwater Homeowners Hope for Refinancing Relief?

2012-02-01T12:03:00.001-07:00

Most major news sources reported a proposal by the current administration to make refinancing possible for homeowners who are underwater or otherwise may not qualify. I believe that most homeowners do want to stay in their homes with affordable mortgages. This may help to reduce the number of short sales in the future which would be good for real estate values across the country.

http://finance.yahoo.com/news/obama-proposes-home-loan-refinancing-181200801.html

Yahoo Blurb on Decreasing Home Prices

2012-01-29T12:00:00.001-07:00

Home sales data released last Thursday showed sales sdeclinign 2.2% in December vs. November. 2011 was the worst year on record for new home sales in the U.S.. Prices declined 12.8% in the last year overall.

The bottom of the Vail real estate market seems to be firming up as there are plenty of renters who would like to own for less than what they currently pay in rent. The $250,000 and under market is doing very well with strong demand and even multiple offer situations. The rest of the market is not faring so well, unfortunately.

Wath this video for more information. http://finance.yahoo.com/blogs/breakout/don-t-buy-home-home-builder-stocks-matter-190758173.html

2012-01-23T13:26:00.000-07:00

HOT LIST: 350 Black Bear
	MLS#: n/a
	Status: Active
	List Price: $349,000
	Address: 350 Black Bear Gypsum, CO 81637
	Area: Cotton Ranch, Gypsum
	Bed Rooms: 5
	Baths: 4
	Square Footage: 3856

Remarks: Great family home in Cotton Ranch, on the golf course. Five total bedrooms, Formal living and dining rooms as well as a family room off the kitchen and an extra large family/media/game room downstairs. Large decks, large 3-car garage, great neighborhood.

Price/SqFt: $90.50

This is a bank owned property. Property sold As-Is. Buyers must pre-qual with Wells Fargo but may use any lender; cash offers require verification of funds.

Listing courtesy of: Coldwell Banker Mason Morse

Exterior

Foyer/Entry

Dining Room

Family Room

Kitchen

Contact Sondra Slappey TODAY to see this property, or to hear about more HOT PROPERTIES in Eagle County and the VAIL / BEAVER CREEK area.

sondra@investinvail.com or 970-376-8000

Vail Real Estate Supply and Demand in Vail Village and Lionshead

2012-01-18T10:03:00.000-07:00

As of December 2011, there were 232 active listings in Vail Village and Lionshead with 72 properties selling in 2011. That suggests a 39 month supply of inventory. Here are inventory numbers for some Vail Valley locations.

Vail Village and Lionshead - 39 months of supply

Beaver Creek, Bachelor's Gulch & Arrowhead - 25 months of supply

Eagle Vail and Avon - 13 month supply of homes

Edwards - 14 month supply of homes

Eagle - 10 month supply of homes

Gypsum - 7 month supply

The point being that there must be continued decline in prices in order to bring our luxury markets back into equilibrium. We still have more sellers than buyers.

Vail Real Estate Statistics 2011 Year End

2012-01-18T09:50:00.000-07:00

Here is a breakdown of all 2011 residential sales in Eagle County by sales proice:

51% of all transactions were for $500,000 or less

74% of all transactions were for $1 million or less

89% of all transactions were for $2 million or less

Only 11% of transactions were for properties for more than $2 million.

The lower end of the Vail Valley real estate market is getting some legs at last. I am specifically talking about properties priced for $250,000 or less. There is especially strong demand for properties priced under $175,000 that don't need much work. Demand from 1st time buyers is strong. As long as there is verifiable income, loans are readily available as well as assistance for 1st time homebuyers. We post the best opportunities on our HOTLIST page which can be found at www.investinvail.com

Who's Moving?

2012-01-18T09:34:00.000-07:00

In a Wall Street Journal article today, it is reported that only 11.6% of Americans moved in 2011. This is the lowest percentage reported since the Census Bureau began tracking in 1948.

Residential Sales 4th Quarter 2011

2012-01-08T12:04:00.000-07:00

To get most recent market information, at anytime, please go to my website and enter the zip code you want more information about: http://www.investinvail.net/mimarket/zip/81657/

Vail Real Estate Update

2011-12-30T20:51:00.000-07:00

Isn’t is nice when we can all agree on something? Suffice it safe to say that 2011 went out with a whimper in the Vail real estate market, especially for the 1254 active sellers currently trying to find buyers for their properties. In total, 886 residential properties (listed in the MLS) sold in the Vail Valley in 2011. This is almost identi-

cal to the number of 2010 sales. The difference is that prices are down another 15% or more from 2010 and are likely to go down further.....there's alot more to this story.

Eagle-Vail Family Home Listed BELOW Appraised Value!

2011-12-18T12:32:00.000-07:00

108 Trout Pond Lane in Eagle-Vail

List Price is BELOW Last Appraised Value! (9/30/11 appraisal)

Enjoy this wonderful family home in an excellent location right next to Trout Pond Park at the end of a quiet cul-de-sac. With lots of living space featuring 4 bedrooms, 3.5 baths and a large sunny deck, there is plenty of room to entertain. Kids will love the large recreation room and living next to a park and playground; there's also a 2-car garage. It's only minutes to the new Eagle-Vail pool, amenities and hiking trails. Avid skiers can ski home from Beaver Creek!

Great family home with lots of space for the family and friends and right next to the park. Click this link for more information: http://www.investinvail.net/listing/mlsid/394/propertyid/913037/

Residential Sales in Eagle County - November 2011

2011-12-09T13:27:00.003-07:00

# of Active Listings (as of 12/4/11): 1183

Total Residential Sales Last Month (Nov): 83

In Vail Village and Lionshead, there are 219 properties listed with just 29 sales in the last 6 months producing a 45+ month inventory of properties in these two areas. SELL NOW or sell for less later.

If you are serious about selling your Vail Valley property and are looking for a serious real estate agent to help, email or call me today and we can discuss your options in today's market.

To search all available properties in the Vail Valley, Beaver Creek and Eagle County, Colorado, please visit my website at: http://www.InvestInVail.net

Investing in Vail Real Estate with Retirement Assets

2011-12-09T09:02:00.000-07:00

I am under contract to buy an investment property that may generate an annual current return of 7%. Are you aware that you can own rental real estate with your retirement funds? If you are of retirement age, take the income, if not, continue to invest. If you don’t have the stomach to weather a volatile stock market, this may be an excellent option for some of your retirement assets. The structure I am suggesting is not the same as an annuity which could permit use of the property by the owner. This is a straight investment play but focuses on the current yield to the investor.

Vail Real Estate Supply and Demand - SELL NOW!

2011-12-09T08:59:00.000-07:00

The price/value equation is the determining factor in whether properties will sell. If buyers do not feel they are getting a bargain, they will move on. Hotel bookings are very strong and up from last year, but the ugly economic paradigm of supply and demand still reigns. In Vail Village and Lionshead, there are 219 properties listed with just 29 sales in the last 6 months producing a 45+ month inventory of properties in these two areas. SELL NOW or sell for less later.

Buying Rental Real Estate with Retirement Funds

2011-12-05T17:53:00.000-07:00

I am under contract to buy an investment property with a partner that may generate an annual current return of 7%. Are you aware that you can own rental real estate with your retirement funds? I also own 46% of a property with an IRA partner that distributes rental income monthly to my partner as he is over 65. My portion of the income goes into an account that I can invest in whatever I wish (stocks, options, money market, more real estate, etc…).

If you don’t have the stomach to weather a volatile stock market, this may be an excellent option for some of your retirement assets. The structure I am suggesting is not the same as an annuity which could permit use of the property by the owner. This is a straight investment play but focuses on the current yield to the investor. Warren Buffet says: “Be Greedy when others are Fearful and Be Fearful when others are Greedy.”

To talk more about options that may work for you with investing in real estate in the Vail Valley, Beaver Creek and Eagle County, Colorado email me at Sondra@InvestInVail.com (please include your contact info). I will visit with you about current real estate investment opportunities that may fit your needs.

To search all available properties for sale in the Vail Valley, go to www.InvestInVail.net.

Market Update: Sell NOW or Sell for Less Later

2011-12-05T14:16:00.000-07:00

Inventory has come down as predicted in the Vail Valley as many rental properties are now off the market for the ski season. Holiday buyers tend to be the most motivated of any buyers, so expect some movement over the holidays this year as well-heeled investors (the 1%) have gotten over the shock of the last year.

The price/value equation is the determining factor in whether properties are selling or not. If the ever savvy buyer does not feel that they are getting a bargain, they just will not buy. I expect some more turbulence for the local real estate markets coming into the 1st quarter of 2012. While hotel bookings are very strong and better than last year, the ugly economic paradigm of supply and demand still reigns.

In Vail Village and Lionshead, there are currently 219 properties for sale with just 29 sales in the last 6 months. You can do the math, but I did it for you and the quotient reads that we have a 45+ month inventory of properties in these two areas. So, sell now or sell for less later.

If you are serious about selling your Vail Valley property and are looking for a serious real estate agent to help, email me today with your contact info and I will call you to discuss your options in today's market. -Sondra Slappey sondra@investinvail.com

To search all available properties in the Vail Valley, Beaver Creek and Eagle County, Colorado, please visit my website at: www.InvestInVail.net

Vail Real Estate and Foreclosures

2011-12-02T15:19:00.000-07:00

The Thursday Vail Daily is where we see which Vail homeowners are quite delinquent in paying their mortgages. I read the Thursday paper every week to get a sense of our real estate environment as it relates to the number of homes in foreclosure and their location and potential re marketed listing price.

Today there were a few more homes in the paper in areas where we don't usually see delinquencies. Arrowhead was included as was East Vail. Again, the majority of the pending foreclosures are homes in the Eagle and Gypsum areas with loans attached that originated between 2005 and 2007.

Sunridge always makes an appearance as there are so man units in the two complexes. I will write about Sunridge as a barometer to the market again shortly.

Expect prices to decline through the winter and even more so for luxury homes.

Getting Excited about Vail Real Estate

2011-11-18T18:32:00.001-07:00

Steals and Deals! Check out our VAIL / BEAVER CREEK HOT LIST which features only properties that I would sell to my mother.

I am adding a Sunridge property to the list because:
   1. It is a short sale so who knows how low it could be obtained.
   2. You need not lift a finger as the remodel is IMMACULATE.
   3. This will always be a wonderful rental property.
   4. This is so nice you could live in it and Like it!
   5. As always, this is right across from the Beaver Creek parking lots.

http://www.investinvail.com/hot_list.php

Call me for the scoop!

Vail Valley Real Estate Statistics October 2011

2011-11-18T18:22:00.003-07:00

Click on Graph to Open a Larger View

Look for this to be published every month to out blog. You can also sign up for our newsletter to receive lots of interesting information about the Vail Valley Real Estate Market at www.investinvail.net

Commentary on Vail Real Estate September Statistics

2011-10-22T16:31:00.000-06:00

The Vail valley real estate market saw a nice uptick in business in the later part of the summer and into the fall with 89 closings valley wide in September. As expected during a recession or depression or whatever you want to call this cycle, the majority of activity continues to be in the under $500,000 price range. Because there are more, lower priced listings in the Eagle and Gypsum areas, those markets continue to see somewhat brisk sales activity. Short sales and foreclosures still dominate the down valley markets and will continue to do so for quite some time. Luxury buyers are striking bargains in the resort areas as most sellers are highly motivated to make deals. Regardless of whether or not we are at the bottom, it is still a good time to buy in this valley. Reservations are looking very strong for the ski season which is a good indicator that Vail is likely to have a strong winter season.

September Vail Real Estate Statistics

2011-10-22T16:28:00.000-06:00

Total Residential Sales in September: 89		Number of Active Listings: 1302

Area Highlights	# transactions	avg. sales price	$Avg price/sf

East Vail	3	709,500	$473
Vail Village	1	950,000	$1051
Lionshead *	2	3,077,500	$1370
W. Vail N&S	4	597,250	$297
Eagle Vail	5	444,430	$214
Avon	6	361500	$269
Beaver Creek	6	1,021,667	$550
Arrowhead	2	3,962,500	$581
Singletree	3	1,024,000	$271
Homestead	4	544,050	$187
Eagle Ranch	6	479,583	$153
Eagle	7	281,768	$147
Gypsum	14	223,064	$101

* both sales at the Ritz Carlton Residences

Ritz Carlton Vail - Something to Consider

2011-09-28T22:46:00.000-06:00

Reasons why I think this project offers value in the Vail Real Estate market:

1. Vail Resorts is offering discounts and tremendous incentives to buyers right now. Previous incentives included lifetime ski passes, social memberships to the Arrabelle Club in Lionshead, Red Sky Ranch Golf memberships, etc....

2. While the present location may be only a "B," the future development of EverVail will turn this into an A++ location.

3. The amenities and service level are unbeatable and meet the discriminating expectations of a true luxury buyer.

4. The potential to generate rental income which may offset fixed expenses such as dues and taxes in substantial.

Vail Foreclosures and Short Sales

2011-08-29T11:08:00.002-06:00

The Colorado 30 day delinquency rate on home mortgages is between 2-3%. Across the country, 12.87% of mortgage loans are 30+ days delinquent for a total of 16.3 million households BEHIND ON MORTGAGE PAYMENTS. Florida leads the nation with a 14.4% delinquency rate. Unfortunately, there is a large amount of "Shadow Inventory," which are homes that will hit the market for sale after they go through the foreclosure process and become bank-owned. As far as how this will affect our local Vail Real Estate market, we too will see shadow inventory but most noticeably in the lower price points. Our Vail and Beaver Creek real estate inventory is still very top-heavy which continues to push prices lower and will for some time to come.

Reasons to Buy Vail Real Estate #1 and #2

2011-08-14T15:44:00.000-06:00

I just read the most recent Barron's which prompted me to again write about the REASONS TO BUY VAIL real estate. Interest rates are nearly guaranteed to stay low for another 2 years, and 15 year mortgages are available at 3.5%. I just recalculated my monthly house payment and deduced that for an extra $600 per month, we can refi and have our house paid off in 15 years! This is exciting to me as we struggle to find the bright side of lost investments, try to remain calm amid certain political and economic futures and continually digest a skepticism regarding the financial markets. With interest rates this low and expected to fall further, financing an investment property may be easier than ever.

Reason #2 is more subjective but revolves around the expected volatility of housing prices in Vail and Beaver Creek for the next few years. No one knows when we will find the bottom but given the positive demographics for our area and the fact that the first baby boomer just retired, I think the prospect for continued precipitous declines in value is negligible. Certainly real estate values have room to fall further, but echoing the sentiments of dividend-paying stock investors, why not invest in real estate that can generate a positive current return from rental income?

In the words of the famous Warren Buffet, "Be greedy when others are fearful and be fearful when others are greedy."

Buying Resort Real Estate in Vail and Beaver Creek with Retirement Funds

2011-08-10T17:35:00.000-06:00

What if you want to invest in real estate in Vail or Beaver Creek but all of your money is in your IRA or 401k rollover account? Did you know that you can use your retirement funds to buy real estate? Self-directed IRAs are becoming more and more popular with savvy investors. The process is relatively simple and allows you to actually receive the income from rental properties if you are of retirement age. If you are not yet of age to withdraw from your retirement account, you can invest the proceeds any way you see fit in your self-directed account or move those funds back to another investment. The IRS does have strict rules in place regarding the personal use of real estate held in an IRA. If use of a property is paramount in your decision making, then there are other alternatives available for you involving annuities which we can discuss. The benefits of buying rental real estate in your IRA are numerous and include the possibility of predictable monthly cash flow (with long-term rentals), price appreciation and less volatility than the stock market. You can also form an investment partnership with others and combine your IRA investment if you want to buy but either wants to limit your exposure or do not have enough money of your own to buy the right property. I have recommendations for selecting an appropriate rental property for this type of investment as well as suggestions for administrators of self-directed retirement accounts.

2011-08-10T17:32:00.000-06:00

Is Resort Real Estate in Vail and Beaver Creek a Timely Alternative Investment?

With the Dow see-sawing on a daily basis and global headlines predicting another economic meltdown, why not consider investing in something that can generate current income? The price declines in Vail and Beaver Creek real estate have generated some outstanding opportunities to acquire properties that serve the dual purpose of vacation home and income producer. Recent resort sales of platinum rental properties have demonstrated gross current income of 5-8% before taxes and expenses. Owners typically pay 55-60% to the management company which markets to and books the renters, provides housekeeping, check in services, etc… Owners can come and stay at their chosen times and still enjoy the benefits of strong rental income to offset expenses and taxes while typically enjoying substantial tax deductions. Ask your accountant if your travel expenses could be deductible as well. Investors also benefit from likely future price appreciation in the Vail and Beaver Creek real estate markets.

The Wall Street Journal says it may be time to Invest in Vail

2011-07-31T23:08:00.001-06:00

Resort real estate is looking ripe for many second home owners, in particular, Vail and Aspen are mentioned in a recent Wall Street journal article. After two years of steeply declining values, traffic has accelerated and savvy purchasers are scoring great real estate deals in Vail and Beaver Creek. Short sales and foreclosures continue to be a drag on the market but less so in the upscale markets of Vail and Beaver Creek. Local communities such as Singletree and Eagle Ranch are faring the worst as many residents have lost construction-related employment which will likely be slow to recover. Opportunity is knocking in Vail and Beaver Creek Colorado!

National Housing Trends are Improving Slightly - How about Vail's Housing Market?

2011-07-26T12:59:00.000-06:00

The Daily Ticker with Aaron Gross and Daniel Gross has some interesting data and projections to share regarding the national housing market. While the inventory of new homes continues to decline and interest rates remain historically very low, the psychology for an immediate recovery is not yet in place. Lenders continue to require verification of solid income and a good credit score to lend and many buyers are sitting on the sidelines wondering and waiting to see if the housing market has bottomed. Check out this short video:
http://finance.yahoo.com/blogs/daily-ticker/housing-still-groping-bottom-170749370.html?sec=topStories&pos=1&asset=&ccode=

Part of the ongoing trouble is continued high rates of unemployment with minimal job prospects for many folks. Consumer confidence has recently showed some signs of improvement but one has to wonder if that may be a seasonal disorder. If Congress can't come together to raise the debt ceiling level and the US defaults on its debut and loses its AAA credit rating, you can kiss any housing recovery goodbye. This is an opportune time to call your Senators and Congress persons and ask them to move forward, regardless of which side of the aisle you sit.

The Vail valley's real estate market is still struggling. The majority of the homes that are selling are priced below $ 1million. It seems that many buyers who may have previously spent $2-$5 million are settling for a little less and keeping their expenses down. Savvy buyers and investors are here in full force and the volume of transactions is somewhat surprising. It is not surprising that the majority of the inventory is still overpriced. There is a clear differentiation in this market between sellers and optimists.Competing with REOs and short sales is not an easy task. As many of those properties tend to be in bad shape, traditional sellers have the advantage of presenting a "ready-to buy" product to buyers. As additional capital for fixing up is not readily available anymore or more correctly almost never available, buyers are tending to purchase homes that require little maintenance and upgrading. The days of the HEQ are over for new purchasers.

It is much easier to feel optimistic about the market improving with a flurry of activity. My personal feeling is that we still have too much inventory which will put further downward pressure on prices into next summer at which time I would call for a bottom. Maybe I am right, maybe I am wrong. Time will tell. To search all Vail listings, visit www.investinvail.net

Vail Real Estate Not Looking Bright

2011-05-31T22:06:00.000-06:00

The Vail real estate market continues to trend downward with very few buyers and a large number of sellers. Sellers are having to compete with the ever growing inventory of foreclosure and short sale properties on the market. While these distressed properties uised to make up only a tiny portion of the luxury market, those numbers continue to grow. As the Vail valley enters one of the busier selling seasons of the year, the absorption rate of the current supply will help predict the winter and summer 2012 markets. With rental rates down, construction almost at a halt and very demanding buyers, I am predicting another 10-20% decline in prices. The truth hurts but there, I said it.

Commercial Real Estate Improving in Vail ??

2010-12-03T13:35:00.000-07:00

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

2010-12-01T12:38:00.001-07:00

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

2010-10-26T21:31:00.000-06:00

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

2010-10-16T15:38:00.000-06:00

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

2010-03-20T22:04:00.000-06:00

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

2010-03-01T20:14:00.000-07:00

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

2010-03-01T20:07:00.001-07:00

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

Could the Tax Credit Be Extended Again?

2010-03-01T20:07:00.000-07:00

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

2010-02-16T16:48:00.000-07:00

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

2010-02-12T11:52:00.000-07:00

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

2010-02-05T18:20:00.001-07:00

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

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

2010-01-28T12:23:00.005-07:00

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

2010-01-28T12:01:00.001-07:00

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

2010-01-21T10:11:00.002-07:00

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.

Vail Area Ski Home Soon to be Included in a story entitled Top Ten Ski Homes

2009-12-23T16:38:00.001-07:00

If you are looking for the finest craftsmanship in a home worthy of being called the "Castle of My Dreams," look no further. This is the most magnificent home offered for sale in the Vail Valley and offers such distinguished features as a spa-sized stone grotto, a true ski in-ski out location, a 30' outdoor waterfall, a wine tasting room, an elevator, an apres ski lounge and bar and truly intimate spaces. The location is high atop the gated community of Arrowhead in a peaceful and natural setting. The home offers 7 bedroom suites and 8 baths, numerous cozy fireplaces, stunning views and a smashing kitchen with a wood-burning pizza oven. The master bath is one of a kind, and no detail has been overlooked anywhere in this meticulous property. Perfect for a family or anyone who requires a special place for entertaining, this is a must see residence worthy of the most discriminating buyer. Call for a private tour or for more information on the Castle of your Dreams! This home has been chosen as one of the top ten ski homes in the U.S. and will appear soon in a featured story on the web.

Vail Valley Foreclosure Assistance - You Can Get Help

2009-12-14T14:08:00.003-07:00

According to the Colorado foreclosure hotline website, four out of five homeowners who met with a foreclosure counselor avoided the process. This statistic is hard to believe but encouraging nonetheless for anyone in trouble with their home mortgage. If you need help, please call:

1-877-601-4673 (HOPE) It's free! or visit: http://www.coloradoforeclosurehotline.org/index.cfm

It is a very scary prospect to think of losing your home. Loan modification progrmas have been unsuccessful for many, but the government is insisting that uncooperative lenders take action to prevent more foreclosures. Here is another informative website with lots of questions and answers: Here is a good website with lots of Q&As that may help or at least explain some things:

http://portal.hud.gov/portal/page/portal/HUD/topics/avoiding_foreclosure

So, even if you think you have exhausted all possibilities, I bet you haven't. You can call me too. I will be happy to assist you and try to help you keep your home. I can be reached at http://www.investinvail.com/

October Home Sales Rise - Largest Monthly Increase in 10 years

2009-11-23T11:40:00.000-07:00

The National Association of Realtors said home resales rose 10.1 percent to a seasonally adjusted annual rate of 6.1 million in October, from a downwardly revised pace of 5.54 million in September. It was the biggest monthly increase in a decade. This is certainly good news for the real estate industry as well as for the overall economy.

Many of these purchasers were rushing to close before the original deadline of November 30th to be eligible for the $8000 first-time buyer tax credit. I would expect that November numbers will be just as good, if not better.

Now that the credit has been extended to April 30th, the frantic pace may slow down somewhat; however, in many resort areas, which tend to lag the national economy by 18-24 months, buyers are enjoying a terrific market in which they can pick and choose and bottom fish for deals. Those opportunistic days are already over in places like San Diego and Las Vegas where sellers are receiving multiple offers and prices have started to stabilize and even rise.

Vail Valley buyers are wise to consider getting into the market now for several reasons: the supply is still enormous which truly provides a great opportunity to find the perfect home, interest rates are historically low, many sellers are in trouble and will accept much less than they are asking and the tax credit has been extended for those wishing to trade up or buy for the first time (in the last 3 years).

While we may not be at the very bottom of the market, we are well into the trenches and opportunities abound!

Reverse Mortgages

2009-11-09T13:02:00.003-07:00

Times are a changing, and the US population continues to age bringing more and more people closer to retirement. Many hopeful retirees have a substantial portion of their net worth tied up in their homes. What if you are unable to make your mortgage payment comfortably and want to stay in your home?

You may want to consider a reverse mortgage, which could allow you to stop making mortgage payments and even receive a monthly income. Instead, the amount you would owe in the form of a payment in addition to a hefty "fee," would be accrued and added to your principal balance (negative amortization). When you pass on or sell the house, your mortgage would be paid off.

Currently, only FHA is offering this program, and it is not right for everyone and should be thoroughly understood. AARP has valuable information on this topic.
There are many options available, and some people may need to tap into the equity in their home without having to make monthly payments common when drawing on a HEQ line of credit.

How do you spell RELIEF?...... FNMA - do you hold my loan?

2009-11-09T12:44:00.006-07:00

FNMA (Fannie Mae) announced a new program last week aimed at helping home owners stay in their homes. FNMA announced the D4L (deed for lease) program which may allow homeowners or renters to stay in their homes by signing a 12-month lease and turning the deed over to FNMA. Second liens need to be forgiven and the rent payments can't exceed more than 31% of the family's gross income. This program is designed for people who do not qualify for loan modification and are facing foreclosure.

How do you tell if your loan is owned by FNMA (Fannie Mae) or FHLMC (Freddie Mac)?
Check these sites:

http://loanlookup.fanniemae.com

https://ww3.freddiemac.com/corporate/

Homebuyer Tax Credit Extended

2009-11-06T16:38:00.003-07:00

Obama signed an extension to the home buyers $8000 tax credit. The credit will extend to buyers who close on or before April 30,2010 and includes buyers who wish to purchase a more expensive home. The credit applies to homes with a purchase price under $800,000. The income limits were raised to $125,000 for single taxpayers and to $225,000 for those filing jointly. The previous income limits were $75,000 / $150,000. An estimated 2 million buyers will take advantage of this tax credit extension.

The real estate markets need all of the help they can get. This is a boost and will certainly help what will likely be a soft 2010.

Vail Valley Real Estate Statistics - Higher Volume - Lower Prices - Big Increase in Properties Under Contract

2009-10-30T09:35:00.004-06:00

Here are some statistics that will probably not surprise most of us in the real estate markets. Volume is up and prices are declining. Basic math provides the following insights:

Since January 1, 2009 there have been 417 residential real estate closings *
The average sold price has decreased by 17%
The average days on market has increased by 19%
The sold price as a percentage of the list price is 86%

In the last 30 days:

The number of active listings is 1621, down about 10% from August (as one would expect from properties being placed back into the rental pool for the ski season).
65 sales in the last 30 days, a 40% increase from the month of August.
The average sold price is $1,012,854, down 6% from August
Homes are still selling at 86% of list price
The average sold price per square foot is $417
The average cumulative days on the market is 277.

The statistical data above refers only to properties listed in the MLS and are believed to be accurate with no guarantees.

Of great note is that in the last 30 days, 165 properties have been put under contract. This is an increase of 165% from August. My personal take on this uplifting statistic is that many people believe we are nearing the bottom of the real estate meltdown in this Valley. While there is still tremendous downward pressure on prices, an increase in volume is a leading indicator of a recovery, even if it is 1-2 years away.

First Time Homebuyer Tax Credit Extended?

2009-10-27T16:05:00.005-06:00

The US Senate will vote tonight on the Dodd - Lieberman - Isakson Amendment to Extend and Expand the $8,000 First Time Homebuyer Tax Credit. If passed, not only would first-time buyers who have not owned a home in the last 3 years be included, but so would existing homeowners looking to upgrade their home. A sliding scale is being proposed with a greater credit being offered to those homeowners who have lived int heir current residence for at least 7 years. Income limitations will apply and are being suggested at $150,000 for a single taxpayer and up to $300,000 for those filing jointly.

Vail Real Estate Statistics - the market is improving!

2009-08-13T10:24:00.007-06:00

Although the number of active residential listings in the Vail Valley is still hovering around 1800, the number of properties which have gone under contract or sold has jumped dramatically in the last 30 days. 46 properties have closed in the last 30 days which represents an increase of 24% from the preceding 30 days. Additional good news can be found when evaluating the number of properties which have gone under contract. Int eh last 30 days 70 properties have gone under contract representing an increase of 52% from the previous 30 days.

Of interest in the sales data for the last 30 days and last 46 sales:
The average sold price was $1,072,482
The average list price as a percentage of the sold price was 89.47%
The average cumulative days on the market was 253 days.
The average sold price per square foot was $454.

I have personally put two properties under contract in the last two weeks and submitted offers for clients on others. I feel that although the sentiment has begun to turn, this is the summer spike we usually see in Vail real estate sales. Nonetheless, we will take any good news in the real estate market these days.

Vail HOTLIST - fish in your back yard

2009-07-14T23:49:00.006-06:00

Put this on the HOTLIST!!! Single family home on the Eagle River which has been meticulously maintained has $196,000 price drop. Enjoy superb views and the sounds of the rushing river from the large entertaining deck. Fish in your back yard. Just minutes to all of the conveniences of Avon. Four bedrooms and 3 1/2 baths in this private hideaway built in 1990. Plenty of space for the family and beautiful landscaping. Don't miss this. Two duplexes sold in 2007 for over $1.4 million just down the street. Located right between Vail and Beaver Creek ski resorts. Call for a showing at any time and see more photos at www.investinvail.com

Auctions versus New Marketing Strategies

2009-07-14T23:33:00.004-06:00

The latest craze in the real estate markets in the Vail area are for properties to go to auction. Suggesting an auction tends to create a buzz around a property as the word auction usually suggests that a property may be sold well under air market value. The term auction, according to wikipedia, reads as follows: "An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder." This is not necessarily true of all auctions but is true for an absolute auction.

Typically, real estate firms who want to move their listings and generate interest in properties will put together an auction which requires a reserve or minimum bid. So, the seller knows the downside going into the auction, and if their minimum price is not achieved, the home does not sell. In both types of auctions, prospective buyers are invited to come and tour the property before it goes to auction. Savvy and interested buyers will perform necessary due diligence, usually with the assistance of a qualified realtor, and make an informed decision as to their intent to bid. Buyers are required to be pre-qualified and must show up with a substantial amount of liquid funds to participate. At an absolute auction, like a foreclosure auction, the highest bidder wins, no matter how low the price.

So, next time you see an advertisement for an "auction." Pay attention and take notice as to whether or not this is a group of properties for sale with minimum bids or an absolute auction. For more information on local properties going to auction, call or email me.

Vail Real Estate Inventory Still Rising

2009-07-14T23:22:00.004-06:00

There are officially 1806 active residential listings in the Vail Valley as of today. That represents an increase of 25% since the first quarter of 2009 and an 8% increase in the last month. My phone is ringing off the hook with people wanting to sell their properties. I am still taking listings if the sellers are serious and willing to price aggressively. Many real estate professionals I know have decided to decline new listings as they are simply not seeing any buyer traffic. The rental market is not faring much better but there is hope for that segment as we head into the next ski season. We are still on the slippery down slide here. Hang on to your hats, and buyers take notice. Commercial properties and new developments will be the next big hit to the market - mark my words. It does not cost me a thing to be optimistic but I am also realistic and the numbers just don't lie.

Eagle Vail Floodplain Information

2009-06-08T13:57:00.003-06:00

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???

2009-05-28T22:15:00.005-06:00

"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!

2009-05-05T15:43:00.005-06:00

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

2009-04-02T10:20:00.003-06:00

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

2009-03-16T20:32:00.005-06:00

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

2009-03-16T20:16:00.002-06:00

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

2009-02-18T13:22:00.004-07:00

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/

The $1 million dollar question? Is it time to buy real estate in Vail yet?

2009-02-18T13:11:00.004-07:00

The answer is yes, but very selectively, and it is getting ever harder to sniff out a good deal. Homeowners with $500,000 properties and those with $5 million homes are riddled with debt problems and loss of income. The trick is figuring out which ones and who is really ready to make a deal.
According to Barron’s (11/24/08) the price of luxury homes (greater than $5million) is down 20% since peaking in 2007 and is expected to drop another 10-15% before bottoming out in 2010. Without further belaboring the dismal economic news and statistics from the last 3 months or so, we are nearing the worst recession since the Great Depression. In 2008 the S&P 500 returned a distressing negative 37% wiping out trillions of dollars of paper wealth (which seems to equal real wealth in the minds of many.) Our resort valley, which has been so immune to the pressures belying the rest of the country or world has finally succumbed to outside influ-ences. Short sales and foreclosures are rising at an alarming pace, and we have even seen absolute auctions taking place in Beaver Creek and Arrowhead. To read the rest of the newsletter, please visit my website at http://www.investinvail.com/

Macro Trends Facing the Vail Valley

2008-12-08T11:25:00.004-07:00

I wrote in a longer article last month about the predominant changes facing the Vail Valley and its real estate market and the Macro Trends facing the valley as a whole. To read the article in full, visit http://www.investinvail.com/newsletter/ In summation, real estate prices have dropped 10-20% thus far and are projected to continue to fall over the next 12-24 months. The western areas of the valley have impacted more severely and continue to experience the most significant price declines. Construction and real estate employers have begun to layoff employees and further staff reductions are likely. Lack of growth will be the biggest problem facing the valley, and Vail Resorts positioning, marketing and response to changing demographics will be crucial moving forward. Young, metropolitan women are earning more than their male counterparts and the minority populations are increasing. Historically, skiers are 60% male and mostly white. The good news is that our valley has become a year round destination and a year-round home to over 70% of the residents of Eagle County. Vail Valley's proximity to Denver and expanding economy will help to offset the effects of a national recession where once we were strictly a luxury commodity of sorts. Read the article for more valuable information and please write a post if you have comments.

Macro Trends Facing the Vail Valley

2008-12-08T11:15:00.000-07:00

Chateau de Mon Reve - The Finest Home in the Vail Valley

2008-11-08T21:36:00.005-07:00

If you are looking for the finest craftsmanship in a home worthy of being called the "Castle of My Dreams," look no further. This is the most magnificent home offered for sale in the Vail Valley and offers such distinguished features as a spa-sized stone grotto, a true ski in-ski out location, a 30' outdoor waterfall, a wine tasting room, an elevator and truly intimate spaces. The location is high atop the gated community of Arrowhead in a peaceful and natural setting. The home offers 7 bedroom suites and 8 baths, numerous cozy fireplaces, stunning views and a smashing kitchen with a wood-burning pizza oven. The master bath is one of a kind, and no detail has been overlooked anywhere in this meticulous property. Perfect for a family or anyone who requires a special place for entertaining, this is a must see residence worthy of the most discriminating buyer. Call for a private tour or for more information on the Castle of your Dreams!

September 2008 Vail Valley Real Estate Statistics

2008-11-03T13:37:00.007-07:00

September 2008 real estate statistics are out, and a total volume of $169 million was closed. 16% of the dollar volume closed was attributable to the Westin Riverfront http://www.westinriverfront.com/index.html in Avon nearing completion with 35 units closing in September for a total of $27.6 million. The 2008 average monthly sales volume is $185 million. September was also boosted by 5 sales each over $5 million dollars. 33% of the transactions to date in 2008 are in the price range between $500,000 and $1 million. For detailed statistics by neighborhood, please email me and I will send you the monthly Land Title report (www.ltgc.com). My Vail Valley quarterly real estate newsletter will be coming out soon!

When Should I Buy Real Estate in Vail ???

2008-10-22T13:58:00.003-06:00

According to Warren Buffet in the New York Times Op-Ed piece from October 16, 2008:
"A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful." This is undoubtedly great advice from someone who has always put his money where his mouth is. We are seeing prices in segments of the Vail Valley real estate market that look like prices from 5 years ago. Perhaps it's time to take a more serious approach at buying real estate with serious long-term appreciation potential. Are you looking for diversification in your IRA or 401k? This may be a good time to pick up investment property at great prices. And, if you are of retirement age, you can collect the rental income! Call or email me for details.

Beware of Colorado Corporate Compliance SCAM

2008-10-22T13:52:00.003-06:00

I received a very serious looking request for an Annual Minutes Disclosure along with a request for payment of $150 from the Colorado Corporate Compliance Division. This is a scam, and a very good one as most of us who are incorporated are busy and sometimes rapidly write checks to comply and move on. My accountant was not aware of this scam either. After some further digging on the internet (thank you Google), I found the above link with further clarification. Hopefully, the secretary of state is investigating. You can complain at sos.business@sos.state.co.us

Under Priced Real Estate in Vail ????

2008-09-13T15:51:00.005-06:00

Occasionally, I will be house hunting for clients and will venture upon an unbelievable deal. Most of the time, this occurs when someone is selling their home without the expertise of an agent. By hitting the streets every day in search of "steals and deals," I am usually one of the first agents to know when an under priced property comes on the market. I am aware of such a deal now, so call or email me for facts and details. I've got the stats to back up my advertising.

Vail Colorado Real Estate Statistics July 2008

2008-09-13T15:37:00.005-06:00

Great news for Vail and Lionshead in particular as statistics show July 2008 to be the single best month for real estate this year with dollar volume over $243 million. The real driving force behind this were the 21 closings to a tune of $89 million at the new Arrabelle at Vail in Lionshead. The resort is complete with restaurants and a spa all just steps from the gondola right in the heart of Lionshead.http://arrabelle.rockresorts.com/?ck=gen&packageld=1315?CMP=KNC-Google&HBX_PK=vail%20arrabelle&HBX_OU=50&gclid=CNiRta3e2ZUCFQNKxwodjDq69Q

The average price of a single family home in the Vail Valley is $1.5 million, and a multi-family unit will run you an average of $1.4 million.

The Arrowhead market remains very strong as does the Basalt and El Jebel areas over near Aspen.

Chateau du mon Reve

2008-08-30T14:16:00.004-06:00

Want to own quite possible the very finest home in Vail? This new construction castle is it. This home (if you can call it that) has over 13,000sf and is absolutely the best example of old world craftsmanship in the Vail Valley. The home offers 7 bedroom suites, a stone grotto and spa, a wine cave, wood burning pizza oven, theater, apres ski room,a 35' waterfall and unrivaled outdoor living spaces. You have to see this home to appreciate its beauty and value. The price is more than fair at $14,250,000. Call me for a tour of this masterpiece.

Vail's Nicest Home - Ski In/Out in Arrowhead

2008-08-30T14:05:00.004-06:00

I don't usually talk about specific homes offered for sale in the Valley, but this one is really special! Scott Cliver, a renowned local builder, has completed work on the Chateau du mon Reve on Arrowhead Mountain. This home features spectacular views, a grotto, and unparalled intimacy. This is a place worthy of Hollywood entertaining in the Vail Valley. A true ski in/ ski out experience for all of your family and friend. It will take a special buyer to appreciate the old world craftsmanship found in this home.

Solaris secures $325 million in financing

2008-08-30T13:52:00.004-06:00

Good news for the Town of Vail and it's newest flagship development! Peter Knobel, the developer of Solaris, has secured the financing necessary to complete the project. Solaris is slated for completion during the 2009/2010 ski season. It will be a much needed "town center" in the Vail Village offering an ice rink, movie theaters, restaurants, shopping and luxury condos.

Time to Buy Real Estate in the Vail Valley

2008-08-30T13:36:00.003-06:00

If you are considering "pulling the trigger" in the Vail real estate market, the time has come! July and August have been very strong months. If you try to time the market just right and wait for the "bottom", chances are you'll miss the opportunity. How lucky have you been at timing the stock market? There are deals to be had, particularly in the markets where supply is looming, like Singletree. As always. well priced homes that show well and are marketed properly will continue to sell fairly quickly. Remember that historically, since 1990, homeowners have received an average of 4.6% on the national level. Anyone here knows we've fared substantially better. Also, don't forget about the tax implications of owning primary or investment homes. Once you figure in the lack of capital gains and the depreciation and expense factors on investment property, your returns can go up significantly. If you want more statistics, speak up!

Helpful Names & Numbers in the Vail Valley

2008-08-11T13:25:00.003-06:00

Looking for a good resource for service providers in the Vail Valley? Look no further than your Vail real estate agent. Send an email to: sondraslappey@earthlink.net and I will gladly forward the list to you!

Eagle County/Vail Valley June 2008 Real Estate Numbers

2008-08-11T13:16:00.004-06:00

The June numbers are in courtesy of Land Title in Vail http://www.ltgc.com/home/

Year to date, Eagle County topped the $1 billion mark in real estate sales and has an overall average sales price of $1,345,476. Lionshead has been the main contributor thus far in 2008 with 68 transactions and more than $228 million in dollar volume. The primary reason for this is the completion and closing of the Arrabelle project in the newly constructed LionsHead arcade. http://investinvail.com/listing_detail.php?property_id=19

Beaver Creek has the second highest dollar volume year to date and seems to only be gaining in popularity as the construction in Vail continues.

June highlights:
There were 96 multifamily units that sold for an average price of $1,217,563
There were 8 transactions over $4 million
Lionshead had the highest dollar volume, $68,860,000, with an average sales price of $4,050,588

Vail's Strong Rental Housing Market

2008-08-11T13:08:00.003-06:00

The rental market in our area and other resort locations is very strong with rapidly rising rental rates. We have seen rents increase over 20% in the last two years in the Vail Valley. The woes and worries in the mortgage market have made it more difficult for lower end or first time home buyers to purchase real estate. As a result of this, more people are currently renting homes which is creating strong demand. The supply of rental housing in resort areas has diminished precipitously as the price of real estate has escalated so quickly in the last few years. With starter homes in the $400,000s, who can afford to buy right now? Affordable housing continues to be the "hot topic" for many resort areas where the number of service jobs is increasing but the availability of rental housing is just not sufficient. The average price for a lower-end rental is $700-$900 per bedroom. Being on the bus route and accepting pets are sales points which will likely raise your rental rates further.

Buying Opportunity in Vail - Is it Time to Buy?

2008-08-11T12:57:00.002-06:00

The Vail Valley real estate market is actually seeing some foreclosures and not just in the time share market. Upscale neighborhoods that were thought to be immune to the national housing disaster are showing signs of weakness. The average equity in a home in the United States has fallen to 46%, down from 60% last year. The number could go lower if housing values continue to fall in Vail and in the rest of the country. "Most mortgages made between the fall of 2004 and the fall of 2007, the majority of them are underwater," says Mark Zandi, chief economist at Moody's. If you'd like to link to the Eagle County website for foreclosure information, visit
http://www.eaglecounty.us/publicTrustee/ If you are experiencing difficulty and fear foreclosure is eminent, please contact a qualified real estate professional and call the Colorado Foreclosure Prevention Hot line at 1-877-601-HOPE (4673). If you have interest in purchasing foreclosed homes, give me a call at 970-376-8000.

National Housing Statistics

2008-07-02T16:56:00.002-06:00

The New York Times reported that housing prices are down 15% across the nation, and about 8000 homes enter foreclosure every day. The Vail Valley is doing much better. While sales are down, the average price of a home here is over $1.2 million.

Vail Colorado Housing Stats for May 2008

2008-07-02T16:44:00.003-06:00

Land Title just released the May housing statistics for Eagle County Colorado. May was the second slowest month on record since 1996 and showed total sales off 47% for the month from 2007. The data may even paint a rosier picture than we think due to the 13 Arrabelle units that closed in May which had been under contract for a few years. The average sales price of a single family home in Eagle County is now $1,281,245 and $1,135,939 for a multi-family, and $484,000 for a vacant residential lot. There are currently 1607 residential listings with over half of those at above $1million and only 10% below $400,000.

Vail April 2008 Housing Statistics

2008-06-26T13:41:00.002-06:00

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

2008-06-26T13:16:00.003-06:00

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

2008-06-17T22:38:00.006-06:00

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

2008-06-17T22:35:00.002-06:00

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

2008-06-13T11:39:00.003-06:00

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

2008-06-11T23:24:00.003-06:00

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

2008-06-11T22:55:00.005-06:00

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

2008-06-11T22:40:00.003-06:00

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

2008-06-11T22:34:00.003-06:00

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

Vail - Beautiful Town Home in Edwards

2008-05-01T11:15:00.001-06:00

Homestead - $635,000

Creamery Creek Town Home

Located in one of Vail's premiere residential communities, this easy-living town home is just steps to the Homestead Court Club, athletic facility and numerous hiking trails. Check it out at: http://investinvail.com/listing_detail.php?property_id=21 This is a great value for lots of space in a superb location!

Vail Real Estate Affordable Housing Update

2008-05-01T10:30:00.000-06:00

On April 22, 2008, Eagle County Commissioners unanimously approved new housing guidelines which will require developers to build affordable housing units at the time of construction. According to The Vail Daily article April 23, 2008, the new housing guidelines wrap up are as follows:

For residential projects of more than 5 homes, developers must do one of the following:
* 35 % of the total square footage of the project must be work-force housing
* 30% of the project must be work-force housing, and another 10% owned by local residents which can be sold at market rate.
*30% of the project must be affordable housing, and all market-rate homes would be sold with an added 1.5% transfer fee which would go toward the county's affordable-housing funds.
*25% of the project must be affordable housing, 10% locally owned but sold at market rate, and the 1.5% transfer fee applies to all sales.

For commercial projects, developers must build enough work-force housing to provide for all of the jobs generated earning less than 140% of the average median income which equates to about 715sf of affordable housing for every 1,000sf of commercial space.

For mixed use projects, developers must choose between residential or commercial projects, whichever option produces more housing.

Vail-Sandstone Affordable Real Estate

2008-04-22T21:57:00.000-06:00

If you are looking for a great investment or affordable ski home in Vail Colorado, here it is:

931 Red Sandstone Road #12 (Aspen Tree Condos) $439,000

This is a completely remodeled 2 bedroom / 1 bath turn-key, furnished ski home. Walk to Lionshead or catch the free Vail Bus just outside of your door. The dues are a reasonable $786 per quarter and include the heat! Assigned parking and 2 large patios. This is a charming, affordable ski home. Check out more photos at: http://www.investinvail.com/

Vail Real Estate Market

2008-04-22T21:52:00.000-06:00

Well, Spring time is here....or at least for a day or two. We have not had snow in a week, and the locals are starting to think about moving. Inventory usually explodes about this time of year as many properties that were rented for the prime ski season are offered for sale. The number of listings as of April 22, 2008 in our MLS for residential properties is up to 1426 from around 700 a year ago. This is a good time for buyers to begin to look for investment properties and deals from motivated sellers. Not everyone is willing to negotiate but many sellers are ready and willing to do just that!

February and 2008 YTD Statistics for Vail Real Estate

2008-04-15T13:03:00.000-06:00

February real estate statistics show that the total dollar volume of sales in Eagle County (Vail, Beaver Creek areas) is down 18% from last year although still impressive at a figure of $207 million. The majority of sales continue to be in the $1million and under market comprising 53% of all transactions.

The YTD price of a single family home is $1,568,000, and the multi-family home price is averaging $1,590,123. Vacant land prices are averaging $539,456.

The largest number of transactions are occurring in Lionshead, Beaver Creek and Eagle.

The end of April usually bring a large increase in inventory which could out some downward pressure on prices. The summer months are historically some of the strongest in Eagle County real estate, so the next few months should be telling for the markets here.

Vail Real Estate Holding Up

2008-04-14T15:57:00.000-06:00

"There are a lot of dead carcasses on the road, and the vultures are out sniffing. This is the cycle of Wall Street. When bubbles crash, you get the value guys who come in and say, ‘This thing is cheap.’"ANDY KESSLER, a former hedge fund manager.

Vail usually sees a supply in the real estate listings at the end of ski season. While some sellers are very motivated to make a deal, the bottom has not fallen out of the market. The falling dollar has made overseas property investments more affordable than ever. The Vail real estate market is seeing particularly strong demand from European buyers riding the wave of the strong euro ($1USD = $1.58 Euro at time of post). The less expensive homes is where the softness is really occurring given that many high-end investors are more insensitive to economic slow downs.

Vail's New Epic Ski Pass

2008-04-14T15:44:00.000-06:00

What a treat for skiers everywhere! Vail Resorts announced a new Epic Ski Pass which is an unrestricted season pass for only $579. You can buy it now for $49 down and pay the balance by September or purchase the pass at full price until November 15th, 2008. This is a great value with the cost of a single day ticket approaching $100. Speculation is that this will help the 4th quarter numbers for Vail Resorts and also encourage visitors to come back for more skiing. Enthusiasts may also want to visit Beaver Creek, Heavenly, Keystone or Breckenridge as the Epic Ski pass is valid at all 5 resorts.