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Courtesy Sondra Slappey
Headline RSS FeedU.S. Senate considers expanding first-time homebuyer tax credit
October 27, 2009 —
The US Senate will vote tonight on the Dodd - Lieberman - Isakson Amendment to Extend and Expand the $8,000 First Time Homebuyer Tax Credit.
If passed, not only would first-time buyers who have not owned a home in the last three years be included, but so would existing homeowners looking to upgrade their home.
A sliding scale is being proposed with a greater credit being offered to those homeowners who have lived in their current residence for at least seven years.
Income limitations will apply and are being suggested at $150,000 for a single taxpayer and up to $300,000 for those filing jointly.
For more visit www.investinvail.com .
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Vail Valley real estate statistics show market may be improving
August 14, 2009 —
Although the number of active residential listings in the Vail Valley is still hovering around 1,800, the number of properties which have gone under contract or sold has jumped dramatically in the last 30 days.
Forty-six properties have closed in the last 30 days, which represents an increase of 24 percent from the preceding 30 days. Additional good news can be found when evaluating the number of properties which have gone under contract. In the last 30 days 70 properties have gone under contract representing an increase of 52 percent from the previous 30 days.
Of interest in the sales data for the last 30 days and last 46 sales:
The average sold price was $1,072,482
The average list price as a percentage of the sold price was 89.47 percent
The average cumulative days on the market was 253 days.
The average sold price per square foot was $454.
I have personally put two properties under contract in the last two weeks and submitted offers for clients on others. I feel that although the sentiment has begun to turn, this is the summer spike we usually see in Vail real estate sales. Nonetheless, we will take any good news in the real estate market these days.
Sondra Slappey writes about Vail Real Estate, Beaver Creek Real Estate, and Vail Valley Real Estate in general, following trends, news, and information about Colorado real estate. View her website at www.investinvail.com
1 Comment on "Vail Valley real estate statistics show market may be improving"
Jim Lorenzen — August 17, 2009
Who are you kidding! Sales always move up in June over May. This has been the trend for the last 4 years. Compare 2009 to 2008 for the month of June. Sale volume is done 50%, transaction down 55%. Compare 2009 to 2007, and it is even worse. Sales volume is down 71 % and transaction volume is down 73%. Cut the BS and tell the real story, your market is a diaster and it won't change until prices drop significantly. Say goodbye to the last 6-7 years of appreciation. Markets always move back to mean/average and the spike you enjoyed was due to easy money and an uncertain stock market. And what about all that new product getting ready to hit the market. More supply as demand is flat. Get your sellers price expectation in line with the new reality and less focus feel good article.
investinvail.com
Vail home auctions create buzz but require attention to details
July 17, 2009 —
The latest craze in the real estate markets in the Vail area are for properties to go to auction. Suggesting an auction tends to create a buzz around a property as the word auction usually suggests that a property may be sold well under air market value. The term auction, according to wikipedia, reads as follows: "An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder." This is not necessarily true of all auctions but is true for an absolute auction.
Typically, real estate firms who want to move their listings and generate interest in properties will put together an auction which requires a reserve or minimum bid. So, the seller knows the downside going into the auction, and if their minimum price is not achieved, the home does not sell. In both types of auctions, prospective buyers are invited to come and tour the property before it goes to auction. Savvy and interested buyers will perform necessary due diligence, usually with the assistance of a qualified realtor, and make an informed decision as to their intent to bid. Buyers are required to be pre-qualified and must show up with a substantial amount of liquid funds to participate. At an absolute auction, like a foreclosure auction, the highest bidder wins, no matter how low the price.
So, next time you see an advertisement for an "auction." Pay attention and take notice as to whether or not this is a group of properties for sale with minimum bids or an absolute auction. For more information on local properties going to auction, call or email me.
Sondra Slappey is a real estate broker who writes about real estate in the Vail Valley for realvail.com. She can be reached at www.investinvail.com.
2 Comments on "Vail home auctions create buzz but require attention to details"
Lic — July 18, 2009
Sellers-Leave this side of the business to the professionals in the real estate auction business. You wouldn't use a podiatrist to conduct your heart surgery would you? Unless these sellers are willing to take a 50% or more discount on their last asking price, none of these properties will sell. An absolute (no reserve) auction is the only hope these sellers have for getting true market value.
Lic — July 30, 2009
I heard these auctions with minimum bids by the traditional real estate brokers yielded 0 sales out of 7 homes offered. Again, if you want results, use a full-time professional real estate auction firm and conduct absolute auctions.
investinvail.com
Vail Real Estate Inventory Still Rising
July 10, 2009 —
There are officially 1806 active residential listings in the Vail Valley as of today. That represents an increase of 25% since the first quarter of 2009 and an 8% increase in the last month.
My phone is ringing off the hook with people wanting to sell their properties. I am still taking listings if the sellers are serious and willing to price aggressively.
Many real estate professionals I know have decided to decline new listings as they are simply not seeing any buyer traffic.
The rental market is not faring much better but there is hope for that segment as we head into the next ski season. We are still on the slippery down slide here. Hang on to your hats, and buyers take notice.
Commercial properties and new developments will be the next big hit to the market - mark my words. It does not cost me a thing to be optimistic but I am also realistic and the numbers just don't lie.
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