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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.
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.
