YTD 2013 Starts Stronger Than 2012
Welcome to my March Bachelor Gulch Market Update. 2013 has started out a little stronger than 2012. We’ve had 5 sales year-to-date versus 4 last year. We also have 4 properties under contract versus only 2 last year.
The first graph below shows the number of Condo and Townhome transactions per year in Bachelor Gulch. The trend is positive as we recover from the recession.
The other graph shows the number of listings in Bachelor Gulch. We have been hovering in the 20 to 30 listings range for the past year. Typically we peak in the ski season but we didn’t see much increase this year.
Our other indicators are essentially flat. The average $/SF sales price is hovering in the $750/SF to $790/SF range.
The difference between final list price and sales price remains a little over 10%, an indicator our list prices are probably still a little too high.
One positive indicator is days on market. We have seen the average time a listing spends on the market drop from around 300 days to 200 days over the past year. That is about where we were at our peak.
Sunday, November 25, 2012
Most Americans think buying a home is still a family’s best investment, but they don’t think now’s a good time to sell.
A new Rasmussen Reports national telephone survey finds that 52% of American Adults say buying a home is the best investment a family can make. Twenty-six percent (26%) disagree, while 22% are not sure. (To see survey question wording, click here.)
The survey of 1,000 American Adults nationwide was conducted on November 17-18, 2012 by Rasmussen Reports. The margin of sampling error is +/- 3 percentage points with a 95% level of confidence. Fieldwork for all Rasmussen Reports surveys is conducted by Pulse Opinion Research, LLC. See methodology.
Welcome to your November Real Estate Market Update. Our local market is finally transitioning from a buyer’s market to a more traditional and balanced market.
In addition to my update on the overall real estate market, this report contains stories on:
Click on the link below to view the market update.
Market Update, November 2012
Vail and Beaver Creek Ski Resorts are now open. Here’s hoping the storm forecast for early next week brings plenty of snow.
Welcome to your November Bachelor Gulch Real Estate Market Update. The recovery continues in our local market. We will see an increase in activity for Bachelor Gulch in 2012 compared to 2011.
In addition to the latest BG real estate stats and trends, the market update contains stories on:
- Warren Buffett makes a huge bet on the US Housing Market
- Absorption Rate drops below 10 months for the overall real estate market in the Valley
Click on the links below to view the market update and the current BG condo and town home listings and 2012 sales.
Market Update, November 2012
Listings & Sales, November 2012
Beaver Creek opened on Wednesday to a beautiful day. We can use some more snow and a storm is forecast for early next week. Here’s hoping for a dump!
Click on the link to see the 3rd quarter housing stats for Colorado’s Mountain Region. This region includes Vail, Telluride, Steamboat Springs, Aspen, Glenwood Springs, Grand County, Summit County, and Gunnison. I will have stats for Vail in the next few weeks.
The statistics point to a continuing recovery, although slower than we would all like. Under contract properties and sales are up, prices and inventory are down. The Vail Valley is seeing similar trends.
Mountain Region 3rd Quarter Statistics
On June 26, 2012, the Cordillera Golf Club filed for bankruptcy. A quote from the press release states that “We had hoped to avoid filing Chapter 11, but we were unsuccessful in reaching a mutually agreeable settlement with certain stakeholders in the community, said David Wilhelm, Chairman of the Club at Cordillera. The process will allow the Club to operate its ongoing business while it resolves the outstanding conflicts and prepare a plan of reorganization to emerge a healthier company.”
Click on the link below to see the full press release.
Club Press Release
What does all this mean? I’m certainly not one to predict the ultimate outcome but I would be concerned about my Club membership fee and if I will ever see any value returned to me.
There were other documents included with the press release including a Q&A and Inquiry Guidelines. Click on the links below to see each of those documents.
Club Bankruptcy FAQ
Club Inquiry Guidelines
This is such a sad situation. Three of the Clubs golf courses are closed and who knows what condition they will be in if and when they finally reopen. There are lots of questions regarding property values and how will this impact the real estate market in Cordillera. So far sales in 2012 are up compared to 2011. There were only 3 sales between 1/1/11 and 7/4/11. However, YTD there have been 8 sales. It will be interesting to see what happens to sales over the next few months. I talked to a fellow real estate broker who just had a client put a CVC property under contract the day before the bankruptcy announcement. The client was reconsidering their purchase in light of the announcement.
Stay tuned. Who knows how this will all turnout.
Here is the latest update on all the legal happenings in Cordillera courtesy of the Eagle County Times. This ongoing soap opera seemed to be heading in the right direction when David Wilhelm resigned as managing partner. Here is the latest:
by Clayton Moore
What’s going on with the (now) Class Action Lawsuit involving the Wilhelm Family Partnership and the members of the Cordillera Golf Club?
Well…it was NOT a good day, yesterday, in Federal Court – for the cause of the Wilhelm Family Partnership.
The WFP filed just weeks earlier to move the case to Federal Court (after the lawsuit attained Class Action Status) – that status achieved by a previous ruling from District Court Judge Fred Gannett. The Plaintiff’s in this case (Golf Course Members, et al) filed with District Court – to get Class Action status. (Click Here)
Yesterday the ruling from Federal Court was handed down. The WFP’s attempt to move their Case to Federal Court was rejected by the Ruling of Judge William J. Martinez – a U.S. District Judge. This case is now back in the hands of District Court and Judge Fred Gannett.
So what can reasonably be expected to happen next?
Cordillera insiders have insisted privately that this recent WFP “move” to try and get this lawsuit into Federal Court was no more than an attempt at a delaying tactic in the Courtroom.
Know This: There has absolutely been no attempt by local Alpine Bank to delay the repayment of their ~$13.7 Million dollar loan – that the Wilhelm Family Partnership currently has with Alpine. It has been reported that this (interest only?) loan is due in it’s entirety no later than June 2012. Alpine for their part has shown no fear of (jumping into) this litigation as a 3rd party litigant – to protect their $13.7 Million Dollar loan – that is secured (in part) by the pristine condition of the 4 Cordillera Golf Courses.
ECT’s question: Who is going to pay to maintain those Cordillera courses this Spring, when/if the WFP (declares bankruptcy?) as their next move in this now (multi-year) lawsuit?
Welcome to my March, 2012 Homestead/South Forty/Old Edwards Estates Real Estate Market Update.
Are we seeing a slight comeback in our local market? Click on the link below for the latest market update, current listings, and 2012 sales.
Edwards Market Update, March, 2012
Welcome to my March, 2012 Bachelor Gulch Real Estate Market Update. This issue not only contains the latest BG real estate stats and trends, but also stories on:
- The BG Ritz-Carlton emerges from foreclosure
- Vail Resorts buys another California ski resort
Click on the links below to view the market update and the current BG condo and townhome listings and 2012 sales.
Bachelor Gulch Market Update, March, 2012
Listings & Sales March 2012
The ski season is nearing the end. Beaver Creek is open until April 15 but Bachelor Gulch closes on April 8. It’s been a season a little light on snow but a still a bunch of fun.