Vail Valley Trends and Statistics

Deals are abundant

Tue, 05 Aug 2008 17:36:31 -0400

Looking to cash in on a Buyer's Market

We are so lucky in the Vail Valley to have an economy that is based on scarcity of housing because of zoning restrictions and lack of buildable land. That being said, we have seen some tremendous 'run ups' in pricing in the past three years. If we did not have real estate 'cycles' no one would be able to afford a home here. But we are no different from any other resort town in the country. Prices have a way of evening out when there is a recession or other type of economic problem in the rest of the US economy.

Today we are faced with an ever enlarging inventory of housing mainly because of the national 'credit crisis'. There are customers out there who want to buy but can no longer come up with the downpayments required by the new guidelines of banks in this environment. Back in the late 80's, many Savings and Loans went out of business because of loose lending practices and today we see some similarities. However the bankers are smarter today and have cracked on low down payment loans. The result is that many a Seller does not have as many Buyers executing contracts because they can't get loans.

All of the above is a major reason that Buyers today have the upper hand in making offers on property they want to buy, and we at Gateway have the expertise to help you with your purchasing decisions and enable you to find the property where you can get the best price. Please call me, Judd Babcock, for help in this turbulent market. As Nichols points out above, we will soon see the disparity equal out and prices will start to climb up again.

Real Estate Dilemna Ending Soon?

Fri, 18 Jul 2008 16:10:15 -0400

Economic Indicators Show A Recovery Is In The Works.

An articled written by Johathan R. Laing in Barron’s July 14, 2008 edition provides information indicating a turn around in the real estate market is occurring.

The article points to declining inventories of existing homes and new single family homes, a decline in the average time a home for sale is on the market, and signs prices of homes are starting to rise.

The article also shows how different indicators are providing early signs of a turn around in the market place. The article indicates a bottoming of the market in California which has in the past, been an indicator of what is in store for Colorado. The article is attached below.

Here in the Vail Valley the stand off between buyers and sellers continues. Buyers think or at least are hopeful the real estate market in Happy Valley will start to bleed soon. Unfortunately that has not been the case and frankly I don’t think it is going to happen.

We have seen seller’s cut the fat out of their prices (finally realizing the run up in ’06 ended) and bring them in line with what market prices should be. Beyond that, I don’t see seller’s unloading real estate. Despite all the gloom and doom reported by the press, things remain pretty stable in the Vail Valley.

There are a lot of owners here who are not affected by doom and gloom and as long as the Vail Valley continues to be desirable to these owners, prices will continue to move upwards. Why? Limited inventory and strong demand helped along by our current County Commissioners who are doing a “masterful” job of stifling any new housing inventory.

So, if you are a buyer and are waiting for “blood to run in the streets”, you might want to look elsewhere because I think we are poised for another run-up.

Wanted:affordable housing money

Wed, 16 Jul 2008 19:11:56 -0400

Town may ask voters for help

It's no secret Vail has a shortage of affordable housing for workers-to rent and buy. now for the first time ever, town officials want to ask voters for more money to pay for new affordable housing units. A ales tax increase, a mill levy increase and or a real estate transfer tax are being considered.

"We can go to teh taxpayers to get a dedicated funding source"Vail towncouncil man Mark Gordon said Tuesday. While no specific amount was discussed, finding an additional funding source would provide catch up opportunitues for Vail workers, according to the town's new strategic workforce housing plan, which is expected to be approved in September.

Such tax increases have been discussed before, but thi sis the first time one is being formally included in a housing plan, said Nina Timm, the town housing coordinator.

contact Gerlinde Debie at Gateway Land and Development for housing opportunities in the Vail Valley. 970.471.2293 or gerlinde@gatewayland.com

Vail Valley Trends and Statistics

Deals are abundant

Real Estate Dilemna Ending Soon?

See Also

Wanted:affordable housing money