The Vail Daily Staff Report on September 2 quoted the Land Title Monthly Housing Report which showed there were 92 completed real estate transactions in July. This number was far above the 75 transactions a year previously. For most of this year, we have seen other monthly increases over 2009. The fact remains that 2009 was probably the largest declining market I have seen in all my years selling real estate here in Vail(20 years). From the perspective of the Gateway Land office, there is no question that we have seen a lot more activity this year than last. However, there are several reasons for this activity.
First, because prices finally dropped when the market went south means that a lot of savy real estate investors have swooped in to buy up distressed properties at bargain prices. Secondly, many of the ‘low end’ deals were driven by tax incentives that are no longer in effect today. This fact is backed up by the fact that 75% of the transactions were below $1 million.
But now look at the other side. According to realtytrac.com there were 339 homes and properties under foreclosure in Eagle County on September 5. The recently improved sales figures amount to only 27% of total foreclosures assuming no one else defaults. When you add other homes on the market, there is almost a one year backlog of property on the market. Sure there are wealthy investors out there who can afford the super expensive homes that are being offered by the likes of Ritz Carlton, Four Seasons, Solaris, etc. but, while dollar volume rises, actual number of transactions continue to drop.
One of the biggest reasons for concern is the bank situation, not only in this valley, but across the country. Non performing assets are filling up the portfolios of our local banks and the possibility of dissolution for many is close by. How can we sell real estate when the biggest contingency for a sale is bank financing and the banks only loan to people who do not need a loan?
Check out these great views from 85 E. Lakeside Trail, located on the Fazio course of Red Sky Ranch.? The pre-construction home is oriented to focus on the?long, natural?views and surrounding landscapes.
The View South towards the 3rd Fazio Fairway
Convenience and privacy combine at this wonderful single family residence, located behind the gates of Red Sky, but only an 8 minute drive to Edwards, CO.
The View North to Red & White Mountain
Wildlife abounds at Red Sky Ranch, from the soaring birds of prey, to the trout in both the Fazio and Norman ponds, to the elk and mule deer that run freely on this high alpine ranch land.
The View West to Castle Peak
Truly an amazing opportunity to build a legacy property on a custom homesite in one of the best golf course communities in the West.? Designed for comfortable active living, the approx. 3500 square foot 4 bedroom/3.5 bathroom ranch style home has a high level of finishes, a functional floorplan, great open spaces, and a 3 car garage.? Ability to customize your finishes and options to expand exist.? Call today!
Offered at $1,499,000.
Call me today to learn more about this excellent opportunity, or for a tour of the homesite and Red Sky Ranch!
Stay Tuned!? 301 Big Dipper Road, located?in Wolcott CO’s?Bellyache community is about to be listed in the Vail MLS system.? This 1.16 acre homesite sits below the road, so nothing gets in the way of the BIG views west, north and east!
The View North and West
Bellyache is a wonderful neighborhood of long term locals, recent arrivals, ?and second homeowners.? Situated in a central part of the Vail Valley, nothing is very far away; be it the Eagle County regional airport w/ daily direct flights to all around the country, the world class skiing of Vail and Beaver Creek ski resorts, or the local watering hole!? (the Wolcott Yacht Club is just down the hill!!)
Zoned for a duplex home, and having an HOA that lets owners enjoy flexibility in design, 301 Big Dipper is a great opportunity for?anyone wishing?to build their dream home.? Priced at $249,000!
Easy accessibility to Big Dipper Rd.
The Bellyache community is being very proactive in their efforts to remove dead pine trees from its neighborhood and 301 Big Dipper is ahead of the game.? (Years-worth of firewood is already available and on-site!!)
There is now a great pre-construction opportunity on a large 1.76 acre custom homesite at Red Sky Ranch in Wolcott, CO.? Located at 85 East Lakeside Trail in Red Sky Ranch, this approximately 3500 sqaure foot single family home with a 3 car garage is being offered at $1,499,000!
Shooting Star Ranch
Experience alpine ranch living at its finest in this custom one story ranch-style residence.? The wonderfully open floorplan combines great outdoor living into the flow of the home.? Beautiful views to Castle Peak, Red & White Mountain, Beaver Creek and Bellayche Ridge?are captured from the home and outdoor spaces.
The View West from 85 E. Lakeside Tr.
The thoughtful design allows for added square footage through additonal buildings and/or an additional floor above the garage.
The Floorplan for 85 E. Lakeside Tr.
The homesite sits between the signature 5th green of the Fazio course and the trout filled Fazio pond.? Enjoy fly fishing in the morning and golf in the afternoon (or vice versa)!? Red Sky Ranch is truly one of the best golf course communities in the USA!
A brand new upscale-casual, full-service restaurant is scheduled to open for the 2011-12 ski season.? This will be the second public table service restaurant on Vail Mountain. The new restaurant will be located just below Look Ma run, northeast of the Chairs 3 and 4 entrance.? The atmosphere will be warm and cozy, with floor-to-ceiling windows in the dining room that feature views of the Gore Range.? Along with being a full-service restaurant, there will be a bar and lounge area.? The decor will be mountain modern, with natural, yet contemporary finishes.? Reservations will be accepted.? Currently, the only table-service public restaurant?on Vail Mountain?is Bistro 14 in Eagle’s Nest.?? This is part of the $75 – $85 million dollar improvement package that Vail Resorts in doing, in it’s five resorts,?this summer along with Vail’s New High Noon Express chairlift.
This beautiful 3 bedroom/ 2.5 bathroom townhome has been RENTED!? is now available for rent in East Vail!? Located in?Vail’s? sunny Booth Creek neighborhood, just 3 miles from Vail Village, this end-unit townhome is great for long term locals, or those just arriving in town.
Booth Creek TH #G4
The townhome’s kitchen?has been updated with granite slab counters, hickory cabinets, and ?stainless steel appliances.
The Updated Kitchen
Its western orientation provides great sunshine and BIG views to Vail Mountain.
The View West from the Deck
Enjoy comfortable living on 3 levels.? The open floorplan is great for entertaining or taking in the big views.? The bedrooms are large and there is ample storage.? Conveniently located near the free East Vail bus route, and the trip into town is only 7? minutes!?
$2300/mo + utilities.? Seeking one year lease.? 1st/last/security.? Unfurnished.? NS/ NP/? New High Efficiency Washer Dryer/ Wood Fireplace?