When Should I Buy Real Estate in Vail ???

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

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 ????

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

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

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

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

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

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

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

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

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?

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

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

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

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

May Existing Home Sales Data

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

Timing the Real Esate market Cycles in Vail

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

Vail Real Estate Market Under Pressure

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

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

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


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

FHA Loan options in Vail Real Estate

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

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

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

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

Eagle Vail Real Estate

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