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

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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