102% FINANCING STILL AVAILABLE THROUGH SELECT LENDERS, THE SECTION 502 LOAN

SECTION 502 LOANS

The Rural Housing Loan provides 102% (based off appraised value) financing for borrowers that meet the income and credit guidelines, with NO mortgage insurance.

No out of pocket expenses necessary (102% of appraised value can be borrowed, closing costs and prepaids can be paid via gift, or seller contributions)

Sellers can contribute up to 6% of the sales price towards prepaid items, and closing costs, including rate buy downs.

Section 502 loans are primariyl used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.

Owner occupied only.

One loan to 102%, no mortgage insurance, and value is based of appraisal, not contact.

Borrower can only own one property.

Applicants for loans may have an income of up to 115% of the median income for the area, as defined below.

115% of Eagle/Summit median income;

1 person household=$61,900
2 person household=$70,700
3 person household=$79,550
4 person household=$88,400

30 year fixed rate is the only loan program available currently however it is below market rates

Max loan size $417,000

Call me for further details....970-376-1244

AVERAGE DAYS ON MARKET IN EAGLE RANCH

The average days on market (ADOM) continues to rise in Eagle Ranch, Eagle, Colorado. It is currently 220 days, which is quite high. This is a reflection of the current market in our area. What does this say about current market conditions? Well, first of all this is a reflection of the fact that many buyers are still trying to sell their properties for prices which are too high. Many still believe they will be able to fetch an offer that they may have seen two years ago. Some sellers are dropping prices moderately and hoping to recieve as high an offer as they see possible. The problem with "fishing" for these offers is that they are just no coming right now. It is imperative to price your property in the area where the buyers are currently "feeding". For instance, if you are fishing out of a boat, and all the fish are dwon deep, does it pay to fish in the most shallow part of the lake? Of course not, there's no fish there! So basically what I am saying is that in order to "catch" the buyers in this market sellers are going have to start lowering thier "bait", or price into the area where buyers are currently seeing value, which is well below what asking prices were a couple of years ago. If you need to sell, your property is going to have to be perceived as a much better value than everything else that is out there, so fi you are selling, be prepared to price accordingly.

BEST PLACE TO RENT SKIS IN VAIL..

FOR ONLY $19.95/DAY

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THE BACK BOWLS OF VAIL MAP

Endless Skiing, click pic to enlarge!

VAIL'S BORN FREE AND CHAIR 8 OPEN FOR THE SEASON

Skiing at Vail has officially opened with the opening of Chair 8 and the Born Free run. Vail opened this past Friday and the skiing has been excellent through opening weekend, trust me on this one folks as I skied Saturday, Sunday and Monday. So get out and go rip some turns!The front side of Vail Ski Mountain

REALITY CHECK HITS EAGLE REAL ESTATE MARKET

"Short Sale", the dreaded words that no home owner wants to hear when it comes to the sale of their home, particularly in the high end neighborhood of Eagle Ranch in Eagle, Colorado. But those very words are now beginning to be murmured amongst the property owners of some of the luxury homes here. What this means is that Sellers are getting desperate here in the Vail Valley just like the rest of the country and we continue to see very significant price reductions. If you are looking for a premium property in the High Country of Colorado, it would be wise to have a savy realtor keep you up to date on all the latest price reductions and possible short sales. For information on these properties, and to keep up to date on the most current information, call Larry Grossman today at 970-376-1244 or shoot him an e-mail at fishlg@netzero.net

VAIL'S ARRABELLE SQUARE BUILDER HONORED

From the Vail Daily

EAGLE COUNTY — The Eagle Valley Home Builders Association recently recognized The Gallegos Corporation for its work on the Arrabelle at Vail Square. The company was awarded three BEAM Gold Awards, one each for masonry, plaster and marble/granite/tile. “This project was truly unique and a good test of our skills. The timeline was tight and the scope of the project was impressive,” said Jake Jacobson, the Masonry Division president. “It is not often we get to work on a project that encompasses so many of our talents. I am happy that all of our crews were recognized for their hard work.”

If you would like more information on the Arrabelle, Vail's premier resort residence, call Larry
Grossman today.

GYPSUM OK'S SADDLE RIDGE, FINANCES REMAIN UNCERTAIN

FROM THE VAIL DAILY

Saddle Ridge, a 244-acre project proposed for Gypsum, would include 309,000 square feet of commercial space. But Town Manager Jeff Shroll said, given the current economic environment, that aspect of the project won’t happen for a “very, very long time.”
Special to the Daily
GYPSUM, Colorado — After hovering for six years on the edge of the town’s radar, the proposed Saddle Ridge development earned approval from Gypsum, Colorado, Town Council last week.Saddle Ridge is one of the biggest development ever proposed for the community. It is a golf resort and timeshare second-home community that would be located on the eastern edge of Gypsum, directly south of Eagle County Regional Airport. This 244-acre development plan calls for 113 cabins, 109 condominiums, 309,000 square feet of commercial space, an 18-hole golf course, a 38,000-square-foot clubhouse, more than 20 acres of lakes, 30 bed and breakfast lodge units and an 100-room hotel, which developers hope will have a high-end hotel name.

538 HERNAGE CREEK ROAD, BACK ON THE MARKET

Back on the market! Nestled along Hernage creek this family home has plenty to offer. Home study and Master bedroom are conveniently located on the main level while the lower level offer the kids 3 bedrooms two baths and a family room all of their own. 4BD/3.5BTH with outstanding finishes this is probably the best value in Eagle Ranch if you are looking to "downsize" and remain in the incredible neighborhood of Eagle Ranch.

WHY LARRY GROSSMAN AS YOUR REALTOR AS OPPOSED TO A "TEAM" IN THE VAIL VALLEY?

Entering my fourth year in the Real Estate industry here in the Eagle/Vail Valley I have had the opportunity to work both as an individual broker and also worked with a Real Estate Team. For me it was clear which was the better option for me professionally and working as an individual, one on one with my clientele has far and away provided me with the best option to service my clients as only they should be. I found that with the "team" concept, that is a group of several people on your transaction, there was too much chance of a failure in communications between team members and that they had so many properties to deal with at one time that your particular property could become "lost in the wash" of everything that was going on in the other transactions that the team was trying to handle simultaneously. I found this frustrating and made the decision that if I was solely responsible for my clients needs, that I could more easily schedule events for each "deal" so there were no conflicts of interest on my side of the transactions I was handling. My first three years in the industry have proven that I have a clear vision of what price your home will sell for as a listing agent and what I think is a fair purchase price for my clients as a buyer's agent. So when the time comes for what may be the biggest transaction of your lifetime, or close to it, and you want a realtor who is going to give you 100% of his time and knowledge, call me, Larry Grossman, to get the deal done in a time frame that works for you. Call Larry at 970-376-1244

HOME PRICES IN EAGLE AND EAGLE RANCH CONTINUE TO DROP

Opportunities continue to appear in the Eagle and Eagle Ranch area as the mortgage "crunch" slowly begins to affect even those who appear to be the most insulated from the circumstance of a very unstable economy. What this means for buyers who have planned properly for this opportunity and have the available funds, is that there are more and more very appealing price points on a variety of amazing properties in our market. In some cases, square footage prices have dropped dramatically and these are the homes which are selling while most others sellers continue to sit on their over priced properties and pay heavy mortgage payments instead of pricing the property correct in our changing market and selling their home. Recently, another custom home in Eagle Ranch which was originally priced close to 1.3 million dollars sold for $907,000. This represents a 30% price reduction! For more opportunities like this one call Larry Grossman today at 970-376-1244

DUSTY BOOT IN EAGLE RANCH OPENS, ANOTHER REASON TO BUY IN PARADISE

from the vail daily

EAGLE, Colorado — Owner John Shipp wants the new Dusty Boot Steakhouse and Saloon to be the place in Eagle. The place to grab a burger ... the place to enjoy an after-work brew with friends ... the place to catch the game on Sunday ... the place to book a private party ... the place to grab some grub on a night when there just isn’t time to cook.“My idea here is we are a neighborhood bar and grill,” said Shipp. “We appeal to a wide range, just about anyone in Eagle.”The Dusty Boot debuts in a brand new, signature building located at the northwest corner of Capitol Street and Founders Avenue in the Eagle Ranch commercial area. The 9,654 square foot building features the 2,153 square foot street level Dusty Boot restaurant with office space above and storage space in the basement. Come summer, there’s a 1,316 square foot outdoor area for al fresco dining.“We’ve been doing restaurants more in tourist areas. We’ve been on the ski mountain for years. It’s nice to get more into a local feeling, to be more of a home town place,” offered owner Chrissy Shipp.The Dusty Boot in Eagle features three distinct dining areas. Right inside the front door is a spacious bar that features four flat screen televisions. Shipp says it should be a perfect place to hang out and catch any game.The main dining area is located on the other side of a brick wall with an arched opening that forms the bar’s backstop. Booths line the walls, including the full-length glass windows featured along the building’s exterior, and tables punctuate the center space. For sports enthusiasts who prefer dining rooms to bar areas, the game will be on here, too. Three flatscreen televisions decorate the dining area walls.A small dining room is located along the back wall. The area can accommodate overflow from the main dining room or a retractable wall can be used to make it a private party area. Shipp noted a large projector system has been installed in the area, making it a great facility for business presentations or parties. Beyond the restaurant amenities, Shipp noted the new Dusty Boot will offer the same great food the business is known for. And for folks who want to enjoy Dusty Boot cuisine, but who don’t want to spend the night outside their homes, a full take-out operation including rotisserie entrees, will be offered at the Eagle location. The new service is called Boot-to-go.Shipp notes, with pride, that the new Dusty Boot building in Eagle is actually called the Jack C. Shipp building in honor of his late father. Four Shipp brothers are the owners of the Dusty Boot enterprise.“We put lots of extras in the building and we spent money where we think it will matter,” Shipp said. “We have bought into the growth of the downvalley.”Now the doors are open and Shipp is ready to roll. “We think this concept is what Eagle is looking for.”The Dusty Boot is serving food daily from 11 a.m. to 9:30 p.m., though the bar will stay open later. For more information, call 970-328-7002.

EAGLE REAL ESTATE PRICES CONTINUE TO SLIDE

This property is back on the market as of 1/5/2009. Wow, great deals continue to pop up in the Vail Valley like this beautiful home on Hernage Creek Road in Eagle Ranch which just recently went under contract after the seller dropped the price to an incredible $649,000. This 4bd/3.5bth single family home sits on nearly half an acre and has outstanding finishes along with a two car garage. Origanally listed at $829,000, this represents a nearly 25% price reduction and at just a bit over $200/sqft is an outstanding value in the wonderful neighborhood of Eagle Ranch. There are other outstanding values in the Eagle area as we speak, and only a well informed realtor will have the "inside" information to be able to let you know exactly what is going on in their area of business. An informed realtor will often know what is motivating sellers to sell and be able to negotiate on your behalf to get you the best price on a home such as this one. Call Larry Grossman today at 970-376-1244 for more information.

EAGLE RIVER STATION CONTINUES TO PUSH FORWARD

From the Vail Daily 11/07/2008

EAGLE, Colorado — Studying building heights, parking spaces, and affordable housing, the Eagle Town Board continues to pore over the details of the Eagle River Station proposal.Eagle River Station developer Mike Hans of Kansas City, Mo.-based RED development noted the project has a letter of intent from an “anchor” tenant and has generated a lot of interest from other retailers. Confidentiality agreements prevent him from disclosing additional information, but he added that Eagle River Station is a solid economic proposal, he said.As part of the overall development plan, Eagle River Station would build 581 housing units both for its own employees and for other workers in Eagle County. Consultant Heidi Aggelar said 58 of the units would be deed restricted in the town of Eagle’s housing program. An additional 105 units would be classified as workforce housing. The remaining units would be sold on the free market.In response to question regarding the housing need at Eagle River Station, Aggelar estimated that 1,888 jobs would be created at the development including:• 1,320 retail sales jobs.• 365 bar/restaurant jobs.• 130 lodging jobs.• 71 residential development jobs.She noted, however, that 1,888 jobs does not equate to the need for that many housing units because employees will share units and some workers will already reside in Eagle. Aggelar said home prices will range from $174,000 for studios to $389,000 for three-bedroom units.“Eagle River Station is substantially more affordable than anything you can get in the market now,” she said.Town Board members expressed willingness to accept the housing plan. “I personally feel you have met the housing requirement,” said Eagle Mayor Ed Woodland. Condos would be located above the stores, and construction would be phased, Hans said.

SOLD AND UNDER CONTRACT....520 MCINTIRE, EAGLE, COLORADO

Just SOLD in Old Eagle for a very healthy $317/sqft. This wonerfully remodeled home may be a sign of things to come. With interest rates dropping for those who have solid credit rating on FHA 30 year money, the market may begin to loosen up a bit here in the Eagle Valley. There have been many more properties sold and "under contract" in the past 4-6 weeks. Sellers are finally beginning to see the light and dropping prices to their "selling" points.

Also, just UNDER CONTRACT, is a wonderful Addison Loft in Eagle Ranch which one of my clients is excited to move into upon completion of construction. Things are looking up in the lower Vail Valley!

STRATTON FLATS, AFFORDABLE HOUSING IN GYPSUM FOR SALE

Stratton Flats, a Gypsum development that will be a mix of 339 deed-restricted and free market condos, townhomes and single-family homes went on market yesterday. Stratton Flats
Prices for deed-restricted residences begin at $171,000 for condominiums, $300,500 for town homes, and $343,000 for single family homes. Free-market residences start at $344,000 for townhomes and $394,000 for single family homes. Call me today for morem information at 970-376-1244.

EAGLE COUNTY TRANSACTIONS FALLING DRAMATICALLY

Eagle County transactions and volume running behind last years record breaking year.

Eagle County real estate continues to run behind last year’s numbers with May the second slowest month since 1996. May’s dollar volume was $158,543,900, down 47% from a year ago, and the dollar volume year-to-date stands at 70% of 2007.

Keeping this month’s dollar volume boosted were 13 Arrabelle units selling for a total of $43,730,000, and 3 properties selling for $10 million or more. The highest selling single residential property was in Bachelor Gulch selling for $11,875,000. Due to the continuing sale of high-end properties, our average sales price is 32% higher than last year at $1,417,166.

Year-to-date, transactions are at 53% of last year with 107 transactions, and the total dollar volume is down by 30%.

There are currently 1,607 residential listings on the market. Nearly 51% of those listings are priced over $1 million; 10% are priced under $400,000.


May highlights:

Arrabelle accounts for more than 28% of the month’s total dollar volume at $44,630,000
Eagle had the most transactions at 16
Bachelor Gulch had the highest average transaction price of $6,137,500

INVENTORY CONTINUES TO RISE, PRICES CONTINUE TO ADJUST.

Recent trends in the "down valley" market continued this past month as more inventory comes on the market here in Eagle. There are now 200 properties listed in both Eagle and Eagle Ranch and another 100 in Gypsum. These numbers includes all single family, condominiums and townhomes. Sales remain sluggish however there has been a small trend on the entry level as I have noticed single family homes with no HOA selling better than the condo and townhome enclaves which have substantial HOA payments. Entry level buyers are opting to put potential HOA payments into their monthly mortgage payment and are purchasing single family homes in the Gypsum area which are priced in the $300,000's. There are still deals out there for buyers, and I encourage you to call me if you are looking for property at this time. An experienced agent will be able to get you the best price on a property in this tough market as negotiating a fair price now becomes very important for buyers. Desperate sellers want offers right now and it is wise to get the process going with an offer on a property you find attractive. There are also still creative financing opitons out there as well. Watch for prices to continue to fall in the next 12-18 months as the market becomes even better for buyers in the Vail Valley.

PRICES SLOWLY ADJUSTING IN THE VAIL VALLEY

All though prices in our valley have been resistant for the past six months to drop, we are beginning to experience some modest price corrections for those who are in a position of having to sell their homes. The national average of nearly an 8% drop in home prices during the first quarter is beginning to creep it's way into certain niches of our market. Some 2bth/2bd condos and 3bd/2bth townhomes that were priced in the mid $300's to mid $400's are seeing price reductions of 7-10% which is very good news for buyers, hence, I personally have seen more buyers stepping into the market as the search for more reasonably affordable homes. Financing continues to be a challenge for some buyers I am working with, but with the modest price reductions they are seeing some real options becoming available and are out shopping again...which is great news for sellers who have priced their homes according to market needs. As prices continue to slowly adjust, I believe the market will become "alive" again, it's only a matter of time!

A GREAT NEW LISTING IN OLD EAGLE

520 McINTIRE STREET, EAGLE, CO.

This charming home built in 1952 is just a couple of blocks from all the great renovations going on in downtown Eagle. Three bedrooms and two bathrooms as well as a wonderful open living area. The interior of this home has been completely remodeled and has an amazingly warm atmosphere with very tasteful finishes. The large fenced yard is a bonus in this part of town and you are literally a three minute walk from the summer concert series at the town park. Want great cup of coffee? Just walk to Yeti's Grind on Broadway for that cup of Jo.
List Price $445,000.

PRICING YOUR PROPERTY IN THE CURRENT MARKET

With the market swinging towards a buyer's market, if you are currently either selling or thinking about selling a property it is important to come up with a solid strategy that will get you that fair market price quickly. Let's face it, even in the Vail Valley the days of simply pricing your property at the "high end" and getting multiple offers within a week are temporarily on hold. We are currently in a "reality check" mode as buyers have a big selection of inventory to choose from. Pricing your property to sell is critical at times like these, so what does that mean? First of all your property must be perceived as a good value to perspective buyers, this is because there is a glut of inventory on the market. Unreasonably priced properties simply will get very few looks and offers in this market. Secondly, if your property is priced properly, you most likely will get an offer that is close to asking price. Personally, I have gotten two full price offers and one very close to full price on three of my last listings because the properties were priced to sell. The sellers had a realistic view of what they could get for the property in this market, priced accordingly, and sold there properties for full price or very close...of course that then provides them with an opportunity to move into their next home and shop in a market which is favorable to them as a buyer at this time. The bottom line is price to sell "smart" and realize that we are in a changing market for sellers and buyers alike.

THE PERFECT STARTER HOME...

UNIT 101-2, QUAIL RUN TOWNHOME, GYPSUM

Stepping up to buy your first home, especially in the Vail Valley here in Eagle County, can be a challenge even when times are described as "thriving" in our economy. With managing finances for first time buyers in a "challenging" phase, it is critical to find the correct property for your needs. This townhome located in the Quial Run Townhome subdivision is the perfect fit for the first time home buyer looking for an affordable first time home. With 1544 sq.ft. of living space, 3bd/3bth, a one car garage, a $5000 R.O. (reverse osmosis) water treatment system from Aqualogic, insta hot water in the kitchen and a 50 gallon 60,000 BTU water heater, this unit is priced incredibly well at $329,000. What is more important for the first time buyer is that the unit has a "lockoff" unit on the bottom floor with it's own entrance which can offset your mortgage payment at least $600/mnth with rental income.

The unit is very well kept and clean. Call me today for a showing of this great townhome in Gypsum.

AND WHAT ABOUT GYPSUM?

Surprisingly enough, there was only one closed transaction in the town of Gypsum in February. This closing was on a single family home in the Gypsum Estates II subdivision which sold for $330,000. This home was a 3bd/2bth and was 1341 Sq. ft. This home had been on the market for 189 days. Do you read anything into those numbers?

The upside in the Gypsum area is that twelve other properties went under contract in Gypsum during the same time period. Three of these were Sky Legend homes in Cotton Ranch which were listed from the low to mid $500,000's.

The top priced property in Gypsum to go under contract was 903 Mayne in the Horse Pasture 1 development. This was a spacious home, 3552 sq. ft. 5bd/4.5 bths with an oversized three car garage which was listed at $895,000. This property was on the market for 73 days before going under contract.

The DOM (Days on Market) trend has seen a fairly significant rise over the past year on average. Sellers should remember that in this "difficult" market as described by some, that it is critical to price your property so it is perceived as a good value or it may take some time to sell. My advice to sellers in this market is to list their property at what appears to be a very good value, then you will most likely be presented with an offer which is close to your asking price. Case in point, the last three listings I have had offers on were for FULL PRICE.

WHAT IS SELLING IN EAGLE RANCH?

Oddly enough, the condo and townhome market which was on fire just a year ago has slowed dramatically in the Eagle and Gypsum area. Why? As most of you know the Mortgage industry has been blamed for quite a bit of what is going on in today's market along with a surpluss of inventory in all real estate sectors. Now that the entry level buyer can longer find the "arms" and finance 105% of loan to home value it has restricted the buyer at this level from getting into the housing market. To find a 30 year loan with good interest terms, most buyers are now required to have 20% of the money down at closing. This has made it much more difficult for most entry level buyers to get into the housing market in our valley. Hence, the slow down in entry level housing unit sales.

There are still moderate sales numbers of homes in the $600,000-$900,000 range here in Eagle Ranch and there are 25 homes listed over $1,000,000. Listing prices on these homes have consistantly dropped over the past couple of months, but not significantly in most cases.

These homes continue to sell at a moderate pace as the cost of construction plus the cost of dirt are currently near a wash versus the cost of a custom built home in today's market.

EAGLE RANCH AND LOT VALUES

There are currently 57 lots available in Eagle Ranch. The price range for these lots is $195,000, which are lots at the lower elevations of Eagle Ranch, to $429,500 for a lot in the Highlands subdivision. Most of the lots which are priced at the "low" end of this spectrum are located in the valley floor of Eagle Ranch on or around the golf course. The lots on the "high" end of this spectrum are typically elevated and in the Highlands subdivision. Some things to consider when looking at lots in this area include concerns about traffic flows, noise issues and distance from the core of the Town of Eagle. Golf Course lots have a wonderful "open space" feel, but can have noise related issues with golf course maintenance work very early every morning during golf season. Lots in the Highlands require a build that must contain fire retardent system (sprinklers) adding significant cost to the construction of your home, they do have some outstanding views and are located the furthest south of all lots in the Eagle Ranch subdivision.

Then there is this lot in the Mesa. A rare opportunity on a large .7 acre lot with fantastic elevated views of the surrounding mountains and valley.

53 south pensteman lane

REDUCED

This lot is offered at $245,000 and is the perfect place to build your dream home in Eagle Ranch.
Call Larry Grossman
970-376-1244

WELCOME TO THE EAGLE REAL ESTATE BLOG

Welcome to the "Eagle Real Estate Blog". This blog site has been created to help you, the consumer who participates in the world of real estate here in the Vail Valley, keep up with current trends in the down valley real estate market. I constantly get questions regarding the market here in Eagle and Gypsum, the area that I specialize in, and now you have a place to find most of your answers as well as ask questions. I look foreward to serving all of you in the near future as one of the most dependable agents in the down valley region. If you would like to continue to pursue your Colorado Dream and find your perfect home fit, call me today. Regards;

Larry Grossman

Keller Williams Mountain Properties

Eagle, Colorado

970-376-1244

lgrossman@kw.com