MORE ALARMING NUMBERS FOR THE VAIL/EAGLE RIVER VALLEY

Well, just when many thought there was a glimmer of hope more "reality" numbers hit us here in the Vail/Eagle Valley. Foreclosures are up 58% here from the same time last year and reported property values have dropped back to 2002 pricing. For sellers this is pretty disconcerting news, as well as for property owners who purchased from 2002 to 2007 when the upswing was honestly quite out of proportion. This of course is providing some incredible opportunities for buyers, and right now cash is king. My personal take on the entire picture here in the high country market is that we are just beginning to see the meat of the downswing of the market collapse at this time. How much farther and how wide spread will this fall continue into the future? There are some "experts" I have conversation with on a regular basis and we agree that the Mountain/Resort market has a tendency to lag about 1-2 years behind the rest of the country trend wise. Only the future will bring the answers to all of us concerning a rebound or at least a stabilization of our local market. If you are looking for the bottom to buy, right now is a very good time to be working with an agent who can keep their eyes on local foreclosure auctions and short sale prices, offers and sales. We are seeing some very good values out there right now and to find them contact Larry Grossman at 970-376-1244 for more information.

THE PHONES ARE BEGINNING TO RING, JUST A BIT

197 Williams Court, Peace and Quiet on 3 Acres With fall in full swing and the first time home buyer credit getting ready to evaporate into thin air, it appears that their are some buyers out there who are getting a bit "itchy" to take advantage of that $8000 in savings as my listings have all of a suddne begun to see a noticable increas in showings. This upcoming weekend I've got showings on everyone of my lisitngs (which can be found at http://www.livethecoloradodream.com/, see "featured properties"). This is very encouraging indeed as it's been pretty sleepy on the showing side for the majority of the summer season, for everyone. We are slowly seeing more pending and sold properties here in the Vail Valley as buyers begin to realize that we are seeing the bottom on a percentage of home prices. Call Larry Grossman today for more information on the latest market trends.

The View From 197 Williams Court

HIGH DOLLAR PROPERTIES ARE MOVING IN VAIL

This is becoming a very typical sale as of late in Vail. This dupex is actually located in East Vail and was originally listed for 2.2 million dollars just over a year and a half ago. The price had been reduced nearly half a million dollars to $1,695,000 and it is now under contract. That's a near 25% decrease in original asking price. These are the types of properties we are seeing move up in the Vail area as smart buyers begin to "feel" that there are some very good deals out there and that prices will not drop much more if at all on these homes. Hence, the wise buyer is jumping in now so they do not miss the bottom and get caught still looking once the upswing in prices once again begins. When will this happen? No one can be certain, but there are some great bargains out there on beautiful homes up valley right now, and this is a great time to jump on the opportunity if you have been sitting on cash...

PARADISE IN COLORADO, TRUE MOUNTAIN LIVING

197 Williams Court, Gypsum, Colorado
3bd/2bth with a large finished basement and three acres to do as you please, $749,000

There are some properties that "try" to be Colorado, and others that simply "are" Colorado. The Davis Subdivision in the Gypsum Creek Valley is such a place. This large A Frame style home at 3754 sqft sits on three acres of beautiful property immediately north and east of The Brightwater Club. When you speak of breath taking mountainous views from a plush valley this one is hard to beat. Built in 1995, this home sits on a wonderfully landscaped acre, while two acres remain "do as you please" property. This is a dream horse property, if you have numerous toys and need storage space, this is the property for you. The over sized two car garage will support any type of "shop" you may wish to build, or just build another building to your own specs. MLS # 319096

Large Colorado Views abound

Colorado Mountain living at it's best, this is beyond location, location, location

AS GOOD AS DIRT IS GONNA GET

130 COYOTE PLACE, COTTON RANCH, GYPSUM, COLORADO

If you have been waiting for the right price for a spot to build down valley, this lot just may be the spot for you. Located in Cotton Ranch, on the golf course, with big views of the surrounding mountains and Gypsum Creek, this .56 acre lot is perfect for your dream single family home build. The address is 130 Coyote Place, lot 162, and it is just a five minute walk to the fabulous golf clubhouse and all it's amenities. It's been four years since lots this size have been priced like this. At $139,000 this is the biggest and most affordable piece of land to build your dream Colorado mountain home. Call Larry Grossman today at 970-376-1244 for more information.

PROPERTY VALUES BACK TO 2002 PRICING

This fact has been discussed in great detail for months amongst industry professionals. Where do we stand from a pricing standpoint? Well, reports from today say that property values have gone back to 2002 pricing which on average means the majority of properties out there have lost a full third of their value from just a couple of years ago. A frightening prospect indeed for those of us who had a nice litlle nest egg stashed away in our home values, but the reality today. Don't believe it? Try listing your home at 2007 prices and see if you even get a sniff from a buyer, it just won't happen.

THE REALITY OF SELLING A SINGLE FAMILY HOME IN EAGLE AND EAGLE RANCH.

I think it is clear after months of struggling home sale numbers in the Eagle and Eagle Ranch markets, that if you truly need to sell your single family home quickly, and at this point quickly can be defined as within three to four months, that your square footage price is going to absolutely begin with the number one, and not anything higher. This of course is my personal opinion, however, this is based on the facts that the average days on market in this market is currently 245 days. There have been three properties closed in this same market since the beginning of the year, this is out of 180 listed properties. This is quite the reality check for sellers and property owners at this point. I have had many listing appointments during the last couple of months and when potential sellers hear it's gonna take a list price somewhere between $150-$175 sqft. well, the reaction is never very positive, but this is what it will take to even get your single family property shown at this time. The outlook for sellers does not appear to look like it's going to change for quite some time either. However, if you are a buyer, and can find properties which are in a situation where they must be sold, this is a great time to shop for bargains.

EAGLE RANCH SHORT SALES BECOMING COMMON

101 FOXGLOVE LANEAt $185/sqft, this home is a very good value if you are currently in a position to buy. Being a short sale, all offers are subject to Bank approval, but they will look at any offer. 5 Bedrooms and 6 Baths in this 4473 sqft. beauty. Great Castle Peak Views, Gourmet Kitchen Wolf Range, Sub Zero, Slab Granite Throughout, Full Bar in Basement,Two Laundry Rooms, Large Storage Area Above Garage, Walnut Hardwood Floors. Call 970-376-1244 for more info today

WHY HAS MY HOME NOT SOLD?

So your home has been on the market for sometime now and you've had very little activity. Well, I think at this point it is safe to say we are pretty deep into a buyer's market. Many of you trying to sell are still in denial about what your property is actually worth. Is your agent being honest with you when discussing the issues or is everyone just sitting there with the "wait and see" philosophy? If so, here is a list of reasons you may still be sitting on your property as new mortgages numbers begin to head upwards.

1. It's obvious your property is overpriced, sit down and have a frank discussion with your realtor about what price your home will sell for today.

2. Your home does not show well, a good realtor can help you with staging your home for sale.

3. Your home is not in a very desirable location, what you perceive is not always what a buyer perceives

4. Your listing agent is not doing all they can to sell your home.

5. You have very stiff competition and many other listings in your area.

6. Ineffective Marketing, is your agent doing everything they can to get your home's information out there? It's a new world out there when it comes to marketing, especially with Internet options today.

If you need help with any of these issues, or just need a fresh start and approach to selling your home, call Larry Grossman today at 970-376-1244.

WE ARE NOT IN A RECESSION, WE ARE AT THE BEGINNING OF A BOOM.

If you were wise enough to "see the future" during the past couple of years and were wise enough to save your nickels and dimes as an investor for when "leaner" times arrived, you are now in an absolute perfect position to start shopping for quality properties which are much more affordable than they were just 12 months ago. Cash is king right now, and if you are in a liquid position today, it's time to start keeping your eyes on listings that continue to drop their prices at what is becoming both an alarming but also realistic rate. Much better deals are on the horizon for qualified buyers and if you are wise now is the time to get involved with a realtor who knows his or hers local market as well mas information that may help you find the dream house at a price which can't be beat. Call Larry Grossman today to find these properties in the Vail Valley at 970-376-1244

SOME PRICES HAVE HIT BOTTOM IN EAGLE AND EAGLE RANCH?

There is suddenly a bit of a trend in the Eagle and Eagle Ranch area. Properties which have had their listing prices dramatically reduced, and I'm talking 25-35% of their original asking prices are beginning to move. Several have gone under contract in the past month. Buyers are sensing that the "bottom" may be near on these properties that are truly great values and rather than wait to see if things are going to move even lower, they are smart, and they are snatching up these great values instead of waiting too long and then asking "what if" down the road. It is inevitable that we will see more of these downward pricing trends on properties that are still over priced for this market. Now is the time to keep attentive and smart, pay attention to price reductions everyday and be ready to pounce on the next great opportunity on your dream home here when opportunity knocks. Now is the time to buy and sellers who think this market is going to come back quickly and that prices will one day come back to where they were two years ago have got some surprises in store. To stay on top of the latest trends and keep posted on potential short sales in Eagle Ranch, contact Larry Grossman today at 970-376-1244 or fishlg@netzero.net

IT'S HERE, AND IT'S REAL. HOME VALUES CONTINUE TO TANK...

What a time to be a buyer in the Vail Valley...

Reality is hitting at a brisk and stunning pace here "down valley" these days. If you are a buyer looking to finally purchase a property in the Vail Valley the time has come as the phrases "short sale" and "foreclosure" are finally hitting home here. Large custom homes are beginning to sell for 30-40% below what they were valued at just a couple of years ago as prices and value continue to drop over the edge of the falls. More and more sellers are becoming leveraged and they must sell, whatever the cost. If you are fortuante enough to be sitting on cash right now, you can find your dream home by doing a little research and finding some incredible values here in the Vail Valley. Call me today for more information on exactly what is out there. 970-376-1244

UNDER $300,000 IN EAGLE RANCH...

For the first time in over two years prices have dropped under $300,000 in Eagle Ranch. 530 Founders Avenue, Unit C101 was recently reduced to under this price and is not a deed restricted unit. At this price this unit would make an outstanding investment property or is perfect for the first time buyer. Other units is this complex are priced from $310,000 to $339,000. This makes Unit C101 and incredible value as it has many upgrades including custom window coverings, ceiling fan/light combos, wired for surround sound and antiqued kitchen cabinets. Eagle and Eagle Ranch continue to see prices dropping and short sales in Eagle and Eagle Ranch are becoming more of a common occurance. Buyers get ready! There are now and will continue to be some wonderful values for you today and in the future. For more information on these properties, call Larry Grossman at 970-376-1244 or send him an e-mail at fishlg@netzero.net

THE BRUSH CREEK BUILDING IN EAGLE COLORADO, REBIRTH OF A CLASSIC!

The "new" Brush Creek Building in Eagle, Colorado, right on Broadway in downtown has been not only carefully been "unconstructed", but now stands tall as the signature building in the Old Eagle Downtown core. With the rustic Brush Creek Saloon on the first floor, exceptionally remodeled from scrtatch to keep it's old traditional feel, and ample office space on the second floor, the building also boasts four incredible loft type penthouses on the third floor which are one or two bedrooms and priced from $340,000 to $427,125. Each unit has unique finishes and offer a great location just walking distance from everything in the downtown corridor. Also available will be nine very large storage units on the basement floor of the building. This exciting new project is now available for purchase. Call Larry Grossman today at 970-376-1244 for information.

The Original Brush Creek....no more.

THE CLASSIC EAGLE RANCH SHORT SALE, 165 LIME PARK DRIVE

165 LIME PARK DRIVE, EAGLE RANCH, COLORADO

Wow, are buyers looking for homes in Eagle Ranch, Colorado going to be seeing some wonderful values in the near future, or how about right now. The "short sale" is no longer a catch phrase in this amazing neighborhood as reality begins to creep into the Vail Valley. With "Breathtaking views, spectacular layout, a refreshingly unique home in Eagle Ranch. Completed in July, this wonderful home combines stunning finishes, mountain elegance, and a touch of imagination that will make it stand out in a buyer's mind. Golf course, unimpeded Castle Peak views, quiet cul-de-sac, and all the amenities of Eagle Ranch. Perfect for the growing family or second home owner!!!

This home was originally listed at $1,225,000 but has been reduced OVER 30% to $799,000 which makes this property a steal at $217/sqft. Keep your eyes fixed right here on the Vail Real Estate blog for more values like this one which will be sure to surface over the next months. What a great time to be a buyer here in the Vail Valley!
Of course on the other side of this short sale coin is the seller. As properties are being leveraged into this short sale position, property owners are beginning to see the substantial price corrections we knew would be coming here in the Gypsum to Vail area. Reality is beginning to hit hard. Homes that are being listed in a short sale situation, and that are not moving quickly, are a reflection of what the actual market value is for the other homes in those areas, which unfortunately for sellers is not very accomodating news. For more information on homes such as 165 Lime Park Drive here in the Vail Valley, contact Larry Grossman today at 970-376-1244 or fishlg@netzero.net

WANT TO BUY REAL ESTATE IN THE VAIL VALLEY?

If you have ever dreamed of buying a piece of real estate in the Vail Valley, which stretches from East Vail all the way down to the small town of Dotsero to the west, and you have the funds, I am going to suggest to you to sit tight for a bit longer as the housing crunch continues to creep into our market, there are certainly going to be some very good values as sellers continue to feel the economic pinch and begin to drop prices of the properties which they need to sell. The trends are definitely falling into place here just like the rest of the country, and all though we are not going to see the same type of percentage reductions here, they will continue to happen and some will be significant creating some great values for you the qualified buyer...call Larry Grossman today or e-mail him at fishlg@netzero.net to keep up to date on the most current price reductions in the Vail Valley.

EAGLE TOWN MEETING, EAGLE RIVER STATION..

Eagle River Station at a glance;

• Mixed use development proposed on an 88-acre tract at eastern end of Eagle, south of Interstate 70• Development team is Trinity/RED Development, based in Kansas City, Mo.• 552,000 square feet of commercial space• 132,000 square foot anchor store• ‘Lifestyle Center’ shopping area featuring Main Street design• 150-room hotel• 581 residential units• $346 million estimated development cost• $62.4 million estimated public improvements cost• New I-70 interchange and improvements to U.S. Highway 6• Public improvements financed with revenue sharing plan.
Can this work in small town Eagle? My concerns are in this economy, who is going to support 550,000 sqft. of commercial space? What retailers are going to be able to make it if the customer traffic does not show up? How are you going to pay employees of this monsterous retail "mall" enough to live in one of the most expensive counties to live in period. Where are they going to be able to afford to live? It's a nightmare when you try to even come close to trying to figure out these basic questions. Yes, the town needs the tax revenue and the infrastructure improvements that will come with the development, but the rest of the actual implementation of the project does not seem to have a chance to work, even in a healthy economy. Ultimately it will be up to the people of Eagle to make the decision. Let's hope they make a logical decision. Nobody making $10 an hour in any of these retail establishments will be able to afford renting much less buying a place in the Eagle area.

REAL ESTATE CORRECTION HAS SOME AGENTS REELING, WHILE OTHERS CONTINUE TO KEEP IT ROLLING

Just Listed today, Founders Place unit C101, Eagle, Colorado The initial response to the current real estate market slowing in the Vail Valley is showing the number of agents dropping at a fairly significant rate. Agents who struggled to find business over the past couple of years are currently hard pressed to find enough business to justify staying active as a real estate agent. This too is part of the economic correction the country is experiencing. I myself have a number of clients who are taking the "wait and see" attitude as they are in a position to wait out the market for the time being. Buyers are still looking for deals, and sellers are still hoping the market comes back so they can regain some of the equity they have lost during the past year or so.

I have decided to "tough it out" and continue to push forward looking for new business where it can be found. Just listed today is this charming 2bd/2bth condominium in Eagle Ranch, Eagle, Colorado. This unit sits next to the heart of "downtown" Eagle Ranch and is a two block walk to the Movie theatre, The Dusty Boot bar and restaurant, Starbucks as well as other establishments. The unit has wonderful views of near by open space as well as Castle Peak. Other amenities within walking distance are fly fishing in Brush Creek, bike paths and an Arnold Palmer designed golf course. This unit was built in 2001 and is in great shape with built in surround sound, custom window coverings and is partially furnished. 25 minutes drive to Vail and 15 to Beaver Creek for world Class skiing. The unit is also ADA constructed. List price is $329,000. Call me today at 970-376-1244 for more information.