Gateway Land & Development

Monthly Archives: April 2011

The ski season is over for 2011, but we’re continuing to watch Bachelor Gulch real estate sales stay strong.? (It’s still snowing here in the mountains however!)

Views From Bachelor Gulch

Views From Bachelor Gulch

Click Here for previous posts on?Bachelor Gulch Real Estate Activity Through Febraury 19, 2011.

Since mid February, we’ve seen 6 more transactions, with 2 more currently under contract.? That brings YTD whole ownership sales through 4/29/11 up to 10, with a total sales volume of $54,653,000!? We’re definitely on pace to surpass 2010’s 16 transactions.

Sold since mid February 2011?in Bachelor Gulch:
Buckhorn Townhome F1:??? 3 bedroom TH, sold?for $2,200,000? (or $751/SF)
Horizon Pass Condo #209😕 4 bedroom condo, sold for $2,440,000 ( or $707/SF)
Quartermoon Single Family #13😕 6 bedroom enclave home for $3,400,000 ( or $758/SF)
Horizon Pass Condo #510😕 6 bedroom condo for $4,400,000 (or $821/SF)
1211 Daybreak Ridge Rd.:? 5 bedroom single family home for $7,850,000 ( or $818/SF)
3380 Daybreak Ridge Rd.:? 7 bedroom single family home for $10,950,000 (or $1095/SF)

Currently under contract in Bachelor Gulch:
Buckhorn Townhome #23😕 3 bedroom TH; last list price of $1,890,000 ( or $796/SF)
3618 Daybreak Ridge Rd.:? 5 bedroom single family home; last list price of $6,929,000 ( or $1012/SF)

There are currently 38 active listings in Bachelor Gulch ranging in price from $825,000 to $12,900,000.? The median list price is around $2,600,000.? Relative prices range from $770/SF to $1419/SF with the median relative price around $1000/SF.

Call or email me anytime to learn more about Bachelor Gulch and to find the?BEST real estate deals!!

Related Articles:
Bachelor Gulch Sees Continued Real Estate Activity in 2010

Bachelor Gulch Club Offers New Memberships

With everything from studios to 6 bedroom condominiums, Lion Square Lodge in Lionshead, Vail has a variety of real estate at every price, all in one location, which happens to be the only ski in/ ski out condo building in all of Lionshead.

Lion Square Lodge sits at the base of Vail Mountain next to the Lionshead Gondola

Who ever thought you couldn't buy into Lionshead for less than $600,000 is wrong now. There's a beautifully remodeled studio at Lion Square listed for $490,000! The pool, hot tub and ski in/ski out location alone are worth that and the home is adorable.

Lion Square Lodge's pool and hot tubs sit next to Gore Creek at the base of the Lionshead Gondola

At the other end of the price spectrum is one of the new Tower Residences. The almost 6,000 sq ft, 6 bedroom penthouse is one of just 10 homes in the newly built Lion Square Tower. It spans 2 floors of the entire building and includes a family room, office, game room, absolutely stunning features and views and is listed at $8.8 Million.

Somewhere in between these two homes are a 3,000 sq ft 6 bedroom listed at $5 Million and a 1,166 sq ft 2 bedroom listed at $1,450,000.  If you're wondering how there's such a huge range in pricing, you're not alone. Lionshead's seen impressive price increases over the past 2 years, which fairly puts pricing all over the map.

For more information on Lion Square Lodge read my blog: Lionshead's Only Ski In/Ski Out REal Estate.

For more information on Lionshead or other Vail Valley real estate call or click here to email me..

For more information on Vail Valley real estate check out our website at www.gatewayland.com.

For a free, non committal, property search visit www.vailpropertysearch.com.

Lionshead Vail and all of Eagle County real estate sales are holding strong! Lionshead accounted for 11% of total sales dollars in Eagle County during March, third, with Vail Village at 22% and Cascade/Glen Lyon at 13%.

Eagle County sales for the month were 100% of sales dollars in March of 2010.  Lionshead's March real estate market varied with 7 properties sold ranging from $385,000 to $4 million, for an average of just under $2 million. This average sale price is double the valley wide average sale price of just over $1 million.

So, what stood out in the Vail Valley Real Estate Market in March?? March real estate in Eagle County showed the highest number of transactions,129, since October 2008. This is a huge increase over the 2.5 year average of 92 transactions per month.  With nearly $132 million, March also had the 4th highest dollar volume in the last 27 consecutive months, with the top 3 sales months occurring in the 2nd half of 2010. The driving force through the 1st quarter of 2011 has been the higher and lower ends. The high end (over $4M) has accounted for 38% of our total dollar volume. The lower end (under $500,000) accounted for 50% of all transactions. March had 5 properties that sold over $4 million; the highest residential property sold at $10,350,000 in Vail. Solaris had the highest price per square foot in March at $2,526.

For more information on Vail Valley real estate call or click here to email me.

For more information on Vail Valley real estate, check out our website at www.gatewayland.com For a free, non committal, property search visit www.vailpropertysearch.com. Statistics provided by Trevor Theelke of Land Title Guarantee Company.

Today’s the day!? Beaver Creek Ski Mountain will be closing today 4/17/11 for the ski season.? Many well dressed ski bums will be enjoying the final day, with many after-ski parties continuing into the evening.? It has been a fantastic season, with the Beav getting 385 inches of snow!? (Vail has truly had an unreal season w/ 482 inches!!)

Beaver Creek

Beaver Creek

Read the Vail Daily Article on Beaver Creek’s last day!

Vail’s Spring Back to Vail ( click link for?complete details) is in full swing with the Greyboy Allstar’s playing in Vail Village, with music starting around 5 pm at Checkpoint Charlie!? Tis the season for everyone to blow off a little steam and get ready for mud-season.?

Have fun, be safe, and we’ll see you on the golf course!

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There are currently some great real estate deals in the Homestead neighborhood of Edwards, Colorado! The Vail Valley's largest bed-base, Edwards is the heart of the valley offering a great combination of open spaces, residences and commercial properties.

The View from Terrace Ridge 12B

The View from Terrace Ridge 12B

Terrace Ridge Townhomes 12B: A spacious 3 bedroom/3.5 bathroom in a fantastic location, walking distance to downtown Edwards. The open living/dining/ kitchen area is bright with vaulted ceilings and the 3 levels provide comfortable living w/ approx 2125 square feet. 1 car garage w/ tons of storage. Offered at $449,000!

7 Andover Trail

7 Andover Trail

7 Andover Trail: A newer duplex in upper Homestead, this 4 bedroom/3.5 bathroom home lives like a single family with a separate driveway. A high level of finish exists in this 2 level home, boasting granite counters, hickory floors, vaulted ceilings, stainless appliances and a stone hearth. The functional floorplan and 2 car garage make living here a dream. Offered at $649,000. (original owner paid $730,00 in 2005)

111 Gold Dust Drive

111 Gold Dust Drive

111 Gold Dust Drive: Located in the middle bench of Homestead and backing to open space, this 5 bedroom/3.5 bathroom single family home represents a great value! Remodelled and on a large corner lot, the 3 level residence sits right across the street from a neighborhood park. With a 3 car garage and lots of storage, this home has it all. Sit back and relax, the huge deck is situated perfectly to capture every sunset! Offered at $829,900. Call or email today to learn more about these great buying opportunities in the Vail Valley!! Related Articles: Terrace Ridge Townhomes For Sale in Edwards Mountain Home For Sale in Heritage Park Fun Restaurants in Edwards, CO

Spring time is here in the Rocky Mountains!? (even though it will snow tomorrow)? Eagle and Eagle Ranch are seeing continuing high?levels of real estate activity here in 2011.? While skiers are getting in their last runs for the season, Eagle is gearing up for mountain biking and golfing.? (The Eagle Ranch golf course is OPEN for the season!)? Eagle and Eagle Ranch are accounting for a significant percentage, over 16%, of all transactions for the entire Vail Valley.

Eagle Colorado

Eagle Colorado

As of 4/13/11 in Eagle Ranch:
There are currently 44 active residential listings and 34 homesite listings.
There are 16 residences under contract and 2 homesites under contract.
There have been 22 home sales since 1/1/11 and 2 homesite sales.

For all of 2010, there were 44 residential sales and 14 homesite sales *.? ( one of these transactions included 55 homesites)
The market is already on track to significantly surpass last years numbers.

As of 4/13/11 in Eagle:
There are 64 active residential listings and 12 homesites/parcels listed.
There are 13 residences under contract and 0 homesites under contract.
There have been 16 home sales since 1/1/11 and 0 homesites sold.

For all of 2010, there were 48 residential home sales and 1 homesite sale.? The market is definitely continuing last years solid numbers.

Bank owned and short sale deals are certainly dominating the transactions.? Now is the time to buy in Eagle and Eagle Ranch!!?
Call or email me, Doug Schwartz,?to learn about some of the BEST buying opportunities available!

Related Articles:
Bank Owned Properties in Eagle Ranch

Good Buys in Eagle Ranch:? Vail Valley Real Estate

FORECLOSURE is the legal process by which a mortgage or other lien holder, usually a lender, obtains a termination of a mortgagor’s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure). Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is a cloud on title and the lender cannot be sure that it can successfully repossess the property. Therefore, through the process of foreclosure, the lender seeks to foreclose the equitable right of redemption and take both legal and equitable title to the property in fee simple. Other lien holders can also foreclose the owner’s right of redemption for the other debts, such as for overdue taxes, unpaid contractors’ bills, or overdue homeowners’ association dues or assessments.

The foreclosure process, as applied to residential mortgage loans, is a bank or other secured creditor, selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower, called a “Mortgage” or “Deed of Trust”. Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay of its mortgage and any legal costs, and it is typically said that “the lender has foreclosed its mortgage or lien”. If the promissory note was made with a recourse clause, and the sale does not bring enough to pay the existing balance of principle and fees, the mortgagee can file a claim for a deficiency judgement.

BANK OWNED or REAL ESTATE OWNED (REO) is a class of property owned by a lender, typically a bank, government agency, or government loan insurer, after an unsuccessful sale at a foreclosure auction. A foreclosing beneficiary will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the beneficiary will legally repossess the property. This is commonly the case when the amount owed on the home is higher than the current market value of this foreclosure property, such as with a high loan-to-value mortgage following a real estate bubble. As soon as the beneficiary repossess the property it is listed on their books as REO and categorized as an asset (non-performing). The bank will then try to sell the home on the open market to recoup some of their losses.

SHORT SALE is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property as a moderate loss is better than pressing the borrower. Both parties consent to the short sale process because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. Neither side is “doing the other a favor;” a short sale is simply the most economic solution to a problem. Banks will incur a smaller financial loss than would result from foreclosure or continued non-payment. Borrowers are able to mitigate damage to their credit history, and partially control the debt. A short sale is typically faster and less expensive than a foreclosure. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.

Lenders often have loss mitigation departments that evaluate potential short sale transactions. The majority have pre-determined criteria for such transactions, but they may be open to offers, and their willingness varies. A bank will typically determine the amount of equity (or lack thereof), by determining the probable selling price from an appraisal, Broker Price Option (BPO), or Broker Opinion of Value (BOV).

Lenders may accept short sale offers or requests for short sales even if a Notice of Default has not been issued or recorded with the locality where the property is located. Given the unprecedented and overwhelming number of losses that mortgage lenders have suffered from mortgage failures that in part triggered the financial crisis of 2007-2010, they are now more willing to accept short sales than ever before. For “under water” borrowers who owe more on their mortgage than their property is worth and are having trouble selling, this presents an opportunity for them to avoid foreclosure as a result.

For a list of Short Sale Properties in the Vail Valley CLICK HERE

For a list of Bank Owned Properties in the Vail Valley CLICK HERE

Condos for sale in Vail's real estate market are now affordably priced so if you thought you couldn't afford to buy in Vail think again.

Incredibly convenient location and great sunny western views

This 1,110 sq ft 2 bedroom, 1.5 bath Pine Ridge town home for sale in North West Vail is in the perfect location, 30 feet from the bus stop. Its west facing and is the only home in its grouping that has unblocked sun and lovely westerly views from the living and guest rooms. You can actually set up a chair in the front yard, kick back and enjoy the mountain sunset, which is a rare real estate find at this affordable price of $359,000.

West Vail Real Estate: This Pine Ridge home is directly across the street from the bus stop

Large closets and additional storage areas, including an exterior storage closet, provide plenty of room for all your things. The fenced in backyard and deck are perfect for morning sunbathing. All appliances and systems, including washer/dryer, are fully functioning and the home is ready for someone to enjoy as is, or update to call their own. The seller will pay the recently assessed $30,000 in full so the buyer will have nothing to worry about!

For more information on this home or other Vail Valley real estate call or click here to email me.

For more information on Vail Valley real estate check out our website at www.gatewayland.com.

For a free, non committal, property search visit www.vailpropertysearch.com.