2 Bedroom Condo in Vail, under $250,000 !

4133 Spruce Way Vail, CO 81657

2 beds, 1 baths, $249,000

2 Bedroom, 1 Bath Condo In East Vail. Beautifully remodeled with hardwood and slate floors. River Rock gas fireplace. Newer windows and roof. Kitchen has hickory cabinets, slab granite countertops, stainless appliances. Bathroom has glass tile accents and upgraded fixtures. Light and bright with mountain views and 2 parking spaces.

Listing courtesy of: Keller Williams Mountain Properties

For more information on this home, or other available properties in Vail and Eagle County, Colorado, contact:

Sondra Slappey - Invest In Vail

Sondra@InvestInVail.com    cell: 970-376-8000

To see more information on this property, including nearby schools and market info, please go to:  http://www.investinvail.net/listing/mlsid/394/propertyid/V323038/

Commentary on Vail Real Estate September Statistics

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.

Vail Valley Foreclosure Assistance - You Can Get Help

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/

Vail Real Estate Inventory Still Rising

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.

Vail Colorado Tax Valuation Notices - Yikes!

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

FASB loosens asset valuation terms

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

1st Time Homebuyer Tax Credit

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

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

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

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

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/