Sellers are VERY motivated!!
Way below appraisal
Sellers are VERY motivated!!
Way below appraisal
The latest county-wide real estate appraisal found the total market value of Eagle County real estate jumped 12.9 percent, with residential value jumping 11.4 percent compared to the last appraisal numbers from 2015. According to Eagle County Assessor Mark Chapin, our real estate values are back to where we were pre-recession. Our market has recovered.
Residential property values are around $1 billion more than the pre-recession peak, with residential property valued at $31.24 billion in 2009 and $32.39 billion in 2017. The biggest increases are in Gypsum and Eagle where the affordable housing is supposed to be. If you can find something between $250,000 and $500,000, that is the area where you will find it. Properties tend to be closer to the half million mark than the lower price.
As property values go up, so do property taxes. The property valuation notices will come out later this week. In Eagle County, 45 percent of residential property value is second homes. Those properties tend to be worth over $2 million each. Around 60 percent of Eagle County’s property tax burden will be paid by second-home owners. High end homes did not see the increases that the local markets did but they did not see their values plummet as hard when the recession hit. A significant part of the overall property value increase was due to the number of local hotels that sold in Vail, which has not happened in many years. The Park Hyatt sold for $145 million, the Four Seasons sold for $121 million, the Cascade sold for $90 million and the Vail Holiday Inn sold for $22.4 million.
In Colorado, properties are re-appraised every two years in odd numbered year. This year’s appraisal is based on market sales that occurred between January 1, 2015 and June 30, 2016. Under Colorado’s Gallagher Amendment, residential property taxes are limited to 45 percent of all property taxes in Colorado. Commercial and every other kind of property cover the other 55 percent. Eagle County voters have seen a property tax hit from the four tax increases approved last year: Eagle County school district, Eagle County ambulance district, Eagle River Fire protection district and Gypsum Fire protection district.
For more information on real estate in the Vail Valley, please visit our website: www.gatewaytovail.com.
WOW! 12/5/6/5 This morning shows 12 new SOLD properties, 5 UNDER CONTRACT, 6 PRICE REDUCTIONS & 5 NEW LISTINGS. In recent days the market continues to move along with plenty of properties available whether it be for land, a permanent primary residence, second home or time share for summer/winter fun.
SOLDS are for the past several days and range from around $285,000- up to over $14,000,000-. It is quite a range of property values for sure. What is important simply is there is a property out there for you most likely at a price which is affordable for you.
UNDER CONTRACT properties are those pending with an accepted offer by the seller from a buyer and they are now working through the process to meet all of the contractual terms, be it an inspection, financing, or it could be one or more of many other terms to yet be fulfilled. Some meet all the requirements and move to the SOLD category others do not and may then return to LISTINGS back on the market. The range of listed properties UNDER CONTRACT are from $275K to over $2.2M.
PRICE REDUCTIONS on average is $42,650- of Listed properties. Keep in mind the spread of Listing prices are from the $400K to over $2.4M. Regardless, there are motivated sellers and is this the time for you to make your move?
NEW LISTINGS on the market are located from East Vail to Gypsum. They range in listing price from $465K up to $3.2M. Is this in your price range? Could this be one of the areas you are considering?
Give me a call or stop by the office today in Edwards. I’ll be happy to assist you whether you are interested in buying or selling in the Vail Real Estate market. My number is 313.600.8330 and I will be in the office today until 5pm.
Have a delightful day!
Real Estate in the Vail Valley is known to be expensive but the real action is taking place at the lower-end of the market, in the $500,000 and under price range according to Land Title Guarantee Company which uses the data from the Eagle County Clerk and Recorder’s Office.
Sales in the Eagle and Gypsum area made up a good portion of the real estate sales for May. There were 178 transactions for the month of May and 67 of the transactions were in Eagle and Gypsum. 56 percent of the transactions were priced under $500,000. You can now buy for less than you can rent and the lack of rental inventory is driving those quick sales under $500,000. The highest priced sale in May was a Bachelor Gulch home which sold for $8.35 million.
For more information on real estate in the Vail Valley, please contact: Betsy Randall at (970) 401-3011 or email: firstname.lastname@example.org. Please visit our website: www.gatewaytovail.com.
What a breathtaking way to spend your morning!! Capture pristine views of the Vail Valley that will excel beyond your imagination! Flights begin in Gypsum just after sunrise and can last up to 3 1/2 hours. All flights are dependent on favorable weather. Contact Camelot Balloons, Inc. For more information and reservations.
You might even be able to capture a one of a kind view of a beautiful home or land that we have listed with Gateway Land & Development Real Estate!
September Real Estate Sales are the best month yet in 2015 so far according to Land Tile Guarantee Company. Year to date highs of 236 transactions and a dollar volume of $229.5 million. The strongest transaction numbers were in Eagle and Gypsum with 55 sales. The $1 million dollar or less make up the majority of the sales.
Arrowhead was the neighborhood with the most dollar volume. There were 14 sales which generated $36.6 million dollars. New construction seems to be going on in the valley in Eagle and Gypsum.
I hope you find this information informative. Please feel free to call me if you have any questions or if I may be of assistance to you in helping with any of your real estate needs in the Vail Valley. I can be reached at: (970) 401-3011 or email: email@example.com. Please visit our website: www.gatewaytovail.com