Gateway Land & Development

Category Archives: Economics

Vail real estate

Property Tax notices will be going out this month and will reflect an increase after Eagle County voters approved four separate taxes increases in 2016.  The four property tax increases this year include:  Eagle County School District, Eagle County Ambulance District, Eagle River Fire Protection District and Gypsum Fire Protection District.

Your property tax increase will depend on where your property is located.  Everyone in the Eagle River Valley from East Vail to Dotsero pay the tax increase for the schools and the ambulance district.  The tax increase for the Eagle River Fire Protection District will be paid by property owners from Tennessee Pass to Wolcott and areas north and south inside that district.  They will also pay the increased school taxes and ambulance district taxes.  The Gypsum property owners will pay the increased school taxes and ambulance district taxes along with the Gypsum Fire District taxes.

Under Colorado’s tax structure, residential property is taxed at 7.9 percent and Commercial property is taxed at 29 percent.  The commercial property owners will pay considerably more in property taxes.

Property values continue to rise but your residential property tax rates will not go up more than the 2017 increase.  According to Mark Chapin, Eagle County assessor, your residential property tax rates may decrease and here is why:  Under Colorado Gallagher Amendment, residential property taxes are limited to 45 percent of all property taxes in Colorado.  Every other kind of property covers the other 55 percent.  To keep that equation balanced, residential property tax rates will likely decline in 2018, according to Mark Chapin.

For more information on real estate in the Vail Valley, please feel free to call:  Betsy Randall at (970) 401-3011 or visit our website:  www.gatewaytovail.com

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Come and get inspired at the 2016 Global Solutions Forum in Vail.  This event is a collaboration of SStS Partners, alumni, global liaisons and businesses to discuss strategies in global education and ethical leadership. There will be a public venue at the Global Solutions Forum on

 Friday, October 14th from 8:30a – 12:30p. 

This event will be held in the Peter Abuisi Theater

at the Vail Mountain School.

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The entire forum will run from October 13th – 16th

Reservations are available on-line.

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In our American culture people who make their living in sales professions are frequently the subject of jokes and even criticism.  In the Vail Valley being in the real estate profession is a bit different.

The extremely competitive attitude generally associated with sales is softened by a more cooperative spirit, and Realtors often work together to help  make a prospective client feel more comfortable.  Realtors are more than just salesmen, they are parents, grandparents, and members of the community.  They raise families, build homes, and support local businesses.

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Realtors are involved with school boards, city and county governments, volunteer committees, and virtually every form of community activity.  Many real estate companies are often the most active groups in fundraising, cultural activities, and civic improvement projects.

Realtors have helped bring countless thousands of individuals and families to the Vail Valley, and they are the greatest source for helping to establish new businesses in the area.

Those in the real estate profession are proud of the community in which they live and work, and are eager to share that pride with everyone they encounter.

The next time you see your Realtor – or any realtor – thank them for their contribution to helping to make the Vail Valley one of the best places in the world to live.

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For information about real estate or any aspect of living in or visiting the Vail Valley contact Don Galgan :  (970) 331-4190 or dhgalgan@yahoo.com.

remodeled kitchen

A common question that I get from potential home sellers, in some form or another, is should I remodel in order to sell my home and if so what do I need to do? Of course every house and every market varies, but the National Association of Realtors put together a Remodeling Impact Report for 2015 and it offers some interesting insights. I’ve outlined the top five projects with the highest return on investment.

Regarding this data, here’s how it was compiled. Projected costs of the projects were compiled through the responses to a survey that was sent to the members of the National Association of Remodeling Industry (NARI) members. The assumption for costs was based on an average home size of 2450 square feet in good condition. The remodeling was assumed to be standard quality not particularly high or low end.

New Roofing

A new roof offers the highest return on investment of all projects. The estimated cost is $7600.00 and the percentage of value recovered from the project is 105%. One thing to note, in my experience roofing in Los Angeles tends to be more expensive. I find most roofing projects tend to be in the range of $10,000 – $15,000.

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Hardwood Floor Refinish

The main purpose of this type of project is to upgrade worn out surfaces and improve the overall aesthetic of the home. I do believe that beautiful hardwood floors make an overall impact that’s hard to top. NARI cost estimate is $2500 and percentage of value recovered is 100%.

New Wood Flooring

If there are no hardwood floors to re-finish it can still be very worthwhile to install them. The NARI cost estimate is $5500 and the percentage of value recovered is 91%.

New Vinyl Windows

New vinyl windows will boost a home’s energy efficiency significantly, decrease exterior noise profoundly and improve overall functionality. I find that new windows impart a sense of ease and relief to would-be homebuyers. It’s an upgrade everyone feels good about. NARI cost estimate is $15,000 and percentage of value recovered is 80%

Kitchen Upgrade to Complete Kitchen Renovation

The kitchen is the heart and soul of a home and creates one of the biggest impacts on would-be buyers. Of course there’s a wide variety of what can be done. The estimate below covers a modest upgrade such as cabinet re-surfacing and new solid-surface countertops to completely gutting a kitchen and installing everything brand new. The NARI cost estimate runs from $30,000 – $60,000 and the percentage of value recovered across the board is 67%.

Again, these results were based on a national poll. If you’d like more specific information tailored to our specific Los Angeles market and micro-markets don’t hesitate to reach out. I’d be happy to share my insights and even recommend some great homes that you can check out.

For more information on ideas to get your home ready to sell, call Greg Peterson at 970-331-1333.

This blog post was written by Managing Director of Housing Research, Danielle Hale, and Data Analyst, Hua Zhong.

You probably know that home listings go up most often on Thursdays and Fridays. Here is the data to back up your intuition:

  • As we start the New Year, this is a good time to take a look and recap the year behind us to see what insights 2014 holds for 2015. While December 2015 is still preliminary, we can get a good sense of the year by looking at the data we currently have for the past 12 months[1]. In our first posts, we looked at popular and least common closing dates. Here, we’ll take a look at listings.
  • Below, we see the most popular listing days of 2015. Note the strong preponderance of spring dates and obvious lack of weekends.
  • The biggest months for new listings are April, May, and June, followed by March and July. These months alone accounted for roughly half of all new listings in this analysis.
  • While not devoid of new listings, the weekends are obviously not popular days to list. Among weekdays, Fridays and Thursdays are the most common days for new listings to go up, with Mondays and Wednesdays trailing a bit and Tuesdays not too far behind. Tuesdays and weekends are the only days of the week absent in the top 25 days for listings.
  • While home closings exhibit a strong tendency to get done at the end of the month, listings are much steadier throughout the course of the month with a slight tendency to be posted earlier rather than later.
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[1] This analysis considers data from January 1, 2015 to December 31, 2015.

Don’t miss out on this prime listing times!! Get your home listed with Greg Peterson early! Call me at 970-331-1333 to get your home listed. 

We may be a little removed from New Year’s Day, but it’s not too late to make some 2016 resolutions for your home. Here are some ideas to help maintain your home and get it ready to sell!

1. Start a home repair slush fund: Things in your home are going to break and need to fixed. It’s just a fact that comes with home ownership. Rather than letting expensive repairs take you by surprise, start planning for them. Set aside some money each month that you can eventually draw from when an appliance breaks or unexpected damage occurs.

2. Inspect your fireplace: Even if you have a gas fireplace, you should still inspect the valves and ceramic logs yearly to ensure that everything is operating safely and correctly. If you have wood fireplace, hire a certified chimney sweep to do the job.

3. Maintain your garage door: Garage doors are big and heavy, and that puts a lot of stress on the hinges and tracks that are use to open and close the door several times a day. A regularly scheduled $50 inspection could save you hundreds or thousands in the long run.

4.Tune up your furnace: Regular furnace inspections will help identify minor problems before they turn into major ones. Also, set reminders to replace your furnace filter.

5. Clean your coils: The No. 1 refrigerator maintenance task should be cleaning the condenser coils. They can get clogged with hair and dust, reducing your fridge’s efficiency. Have you cleaned yours lately? You can hire a professional to do it, but it’s also an easy do-it-yourself job.

 

If you are interested in the Vail Real Estate market, or are interested in your home’s value, please fell free to contact me at 970.331.1333

Also visit our website for more Vail Real Estate info: GatewayToVail.com

Is it really 2016 already?  For those of you who happen to be planning on buying a home in the new year—or even just trying to—there’s a whole lot to celebrate. Why? A variety of financial vectors have dovetailed to make this the perfect storm for home buyers to get out there and make an (winning) offer. Here are six home-buying reasons to be thankful while ringing in the new year:

Reason No. 1: Interest rates are still at record lows

Even though they may creep up at any moment, it’s nonetheless a fact that interest rates on home loans are at historic lows, with a 30-year fixed-rate home loan still hovering around 4%.

“Remember 18.5% in the ’80s?” asks Tom Postilio, a real estate broker with Douglas Elliman Real Estate and a star of HGTV’s “Selling New York.”“It is likely that we’ll never see interest rates this low again. So while prices are high in some markets, the savings in interest payments could easily amount to hundreds of thousands of dollars over the life of the mortgage.”

Reason No. 2: Rents have skyrocketed

Another reason home buyers are lucky is that rents are going up, up, up! (This, on the other hand, is a reason not to be thankful if you’re a renter.) In fact, rents outpaced home values in 20 of the 35 biggest housing markets in 2015. What’s more, according to the2015 Rent.com Rental Market Report, 88% of property managers raised their rent in the past 12 months, and an 8% hike is predicted for 2016.

“In most metropolitan cities, monthly rent is comparable to that of a monthly mortgage payment, sometimes more,” says Heather Garriock, mortgage agent for The Mortgage Group. “Doesn’t it make more sense to put those monthly chunks of money into your own appreciating asset rather than handing it over to your landlord and saying goodbye to it forever?”

Reason No. 3: Home prices are stabilizing

For the first time in years, prices that have been climbing steadily upward are stabilizing, restoring a level playing field that helps buyers drive a harder bargain with sellers, even in heated markets.

“Local markets vary, but generally we are experiencing a cooling period,” says Postilio. “At this moment, buyers have the opportunity to capitalize on this.”

Reason No. 4: Down payments don’t need to break the bank

Probably the biggest obstacle that prevents renters from becoming homeowners is pulling together a down payment. But today, that chunk of change can be smaller, thanks to a variety of programs to help home buyers. For instance, the new Fannie Mae and Freddie Mac Home Possible Advantage Program allows for a 3% down payment for credit scores as low as 620.

Reason No. 5: Mortgage insurance is a deal, too

If you do decide to put less than 20% down on a home, you are then required to have mortgage insurance (basically in case you default). A workaround to handle this, however, is to take out a loan from the Federal Housing Administration—a government mortgage insurer that backs loans with down payments as low as 3.5% and credit scores as low as 580. The fees are way down from 1.35% to 0.85% of the mortgage balance, meaning your monthly mortgage total will be significantly lower if you fund it this way. In fact, the FHA predicts this 37% annual premium cut will bring 250,000 first-time buyers into the market. Why not be one of them?

Reason No. 6: You’ll reap major tax breaks

Tax laws continue to favor homeowners, so you’re not just buying a place to live—you’re getting a tax break! The biggest one is that unless your home loan is more than $1 million, you can deduct all the monthly interest you are paying on that loan. Homeowners may also deduct certain home-related expenses and home property taxes.

Remember, anytime the economy is primed for buyers, it is also a great time to list your home for sale. So, whether your thinking of buying or selling, please give Greg Peterson a call at 970-331-1333,

 

Vail, Colorado and the entire Vail Valley are famous for world-class mountain recreation, and the abundance and variety of year-around activities will set your vacation apart from any other you’ve ever had!

Summer brings sunny days and boundless fun, from leisurely nature walks to hard-core mountain biking, from scenic horseback trail rides to exciting rafting, combined with cultural and music events nearly every week.

Take a peek at our Vail Valley events calendar. You’ll be amazed at what’s happening while you’re here. Our events are world-class, and many are FREE!

Summer & Fall Activities

Discover what Vail Valley locals know: we came for the winters, but stayed for summer and fall. With our superb climate, you’ll want to spend the long days outdoors. Whether your idea of fun is active or idle, the choices are plentiful. Here are some of our favorite things to do in summertime in Vail and Beaver Creek:

  • Biking, both road and mountain bike. Vail’s bike path is extensive, and of course, Eagle County is a mountain biking mecca!
  • Ballooning. Gorgeous views in a colorful balloon!
  • Rafting. From the Eagle River to the mighty Colorado, our waters are prime for river rafting and kayaking.
  • Fly Fishing. Clear, pure and predictable! (the water, not the fish!)
  • Golf. With 16 courses here in the Vail/Beaver Creek area, you’ll find challenges on every hole.
  • Jeeping. Go with the professionals for an out-of-resort, blow-your-mind experience.
  • Horseback riding. Enjoy the Western side of Vail and Beaver Creek resorts.
  • Camps & Classes. Most of our local camps and classes are in an outdoor setting.. guaranteed smiles!
  • And so much more!

Check out all Vail and Beaver Creek Summer Activities right here!

 For more information, please contact Greg Peterson at 970-331-1333 and have a blessed summer.

Founded in 1975, Canine Companions for Independence is a non-profit organization that enhances the lives of people with disabilities by providing highly trained assistance dogs and ongoing support to ensure quality partnerships. Headquartered in Santa Rosa, CA, Canine Companions is the largest non-profit provider of assistance dogs, and is recognized worldwide for the excellence of its dogs, and the quality and longevity of the matches it makes between dogs and people. The result is a life full of increased independence and loving companionship.

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Grab a leash and be part of Canine Companions DogFest Walk ‘n Roll! It’s a community dog walk that supports the mission of Canine Companions for Independence. Put together a team of friends, family members and coworkers. Then fundraise to earn a cool DogFest prize. If you raise $100, you’ll get a DogFest bandana to sport at DogFest. Then come to DogFest for a tail-waggin’ good time!

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If you are interested in being a part of DogFest in any way please email Greg Peterson at greg@gatewayland.com or visit his website.

 

 

The GoPro Mountain Games are the nation’s largest celebration of mountain sport, lifestyle and music featuring top professional and amateur athletes from around the world.  The environmentally-friendly adventure sporting event hosts approximately 3,500 outdoor athletes, along with an estimated 53,000 spectators.
2012_SMG_Mahone_BlackLab          concert

Athletes converge on Vail’s mountains and rivers to compete in 26 sports for over $110,000 in prize money.  Events include kayaking, rafting, stand up paddling, mountain biking, road cycling,World Cup Bouldering, amateur climbing, fly-fishing, trail running, the slackline world championships, mud runs, dog runs, and a half marathon.
bike    kayak

Additional events at the GoPro Mountain Games include: a film series, Outdoor Reels; aphotography competition, Mountain Click; an interactive expo area, Gear Town; DockDog canine competitions and free concerts at Mountains of Music.
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To register for events, or for more information, please visit www.gopromountaingames.com.

 For more information on living the mountain lifestyle, call Greg Peterson at 970-331-1333.