As the Cordillera maket picks up steam, there are still major bargans to be had.

After enduring a major slow down of real estate activity in the Cordillera real estate market brought on by the dot com crash and 911, the market appears ready to make a major come back in 2005. Prior to the crash and 911 Cordillera enjoyed a robust market with 54 homes being sold in 2000. After the slow down there were several spec properties left hanging in the wind. Many developers were left with product in the pipe line and no buyers. Consequently the market became flooded with homes and no buyers. Even the sharks were reluctant to jump in the market. With over 150 homes on the market he banks put a moratorium on lending for spec homes in Cordillera until the inventory was absorbed. Only 39 homes sold in ‘01, 40 homes sold in ‘02, 35 homes sold in ‘03. In ‘04 the market started to pick up steam with 50 homes selling. Over the past 3 years as the interest meter began eating into the devleopers profits, savy buyers have taken advantage of the the market conditions and have made great buys below market value. Traditionally, homes in Cordillera sell during the summer months with little or no activity occuring in the winter months. Not so this year. January has seen 5 homes go under contract which in my opinion is another indication the market is gaining momentum.

Even though the market is gaining momentum, with only 60 homes currently on the market today, there are still major bargains to be had. One such home is located in Settler’s Park. The home is located at 37 Hawley Court. It is a magnificant 6,800 sq ft log post and beam structure with 5 bedrooms plus a den/bedroom,7baths, two 2-car garages, panoramic views and is with in walking distance to the Summit Athletic Club. The developer spent $3.5m on the home and lot and will sell it for $2,495,000!

This home may well be the last great buy in Cordillera. If you are looking for a deal, Cordillera is the place to look but you better hurry before the prices start moving back up.

Visit Cordillera on-line at: http://www.cordillera-vail.com/

Find 37 Hawley Court on-line at: 37 Hawley Court On-line Info Sheet

Gateway Land and Development On-line

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