These are the RealVail archived files. Please visit our new site:
MM_XSLTransform error.
Error opening
The $1 million dollar question: Is it time to buy real estate in Vail yet?
Sondra Slappey is a Realtor for Keller Williams

The $1 million dollar question: Is it time to buy real estate in Vail yet?

By Sondra Slappey

March 12, 2009 —  The answer is yes, but very selectively, and it is getting ever harder to sniff out a good deal. Homeowners with $500,000 properties and those with $5 million homes are riddled with debt problems and loss of income. The trick is figuring out which ones and who is really ready to make a deal.

According to Barron’s (11/24/08) the price of luxury homes (greater than $5 million) is down 20 percent since peaking in 2007 and is expected to drop another 10-15 percent before bottoming out in 2010.

Without further belaboring the dismal economic news and statistics from the last few months or so, we are nearing the worst recession since the Great Depression.

In 2008 the S&P 500 returned a distressing negative 37 percent, wiping out trillions of dollars of paper wealth (which seems to equal real wealth in the minds of many.)

Our resort valley, which has been so immune to the pressures belying the rest of the country or world has finally succumbed to outside influences. Short sales and foreclosures are rising at an alarming pace, and we have even seen absolute auctions taking place in Beaver Creek and Arrowhead.



Comment on article  Comment on "The $1 million dollar question: Is it time to buy real estate in Vail yet?" using the form below


Comment Form Info  Comment Information
RealVail encourages you to post comments on our articles and blogs. Name and email are required for monitoring purposes. Your email will not be published and will not be distributed to any 3rd-party. Abusive, obscene, profane, threatening, libelous or defamatory comments are prohibited. By posting a comment, you agree to this policy and our terms of use. To report an abusive posting, please contact us.

Please enter the case-sensitive letters you see in the left box to prove that you are human and indeed reading this page. This prevents spam and malicious attacks. Click the refresh icon to refresh words.

To comment or contact us, please visit our new site at Snow Report Ticker

more new stories...

more new stories...

more resort guides...