Eagle Vail Floodplain Information

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???

"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!

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.

Vail Property Inventory and Parking for Fancy Cars

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

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/

Macro Trends Facing the Vail Valley

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

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

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

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 ???

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!