Posts Tagged vail valley real estate
Vail Board of REALTORS® Vail Valley 4th Quarter Update and Statistics – Signs Pointing in the Right Direction
The fourth quarter of 2012 was especially active and encouraging. While many potential threats to the economy lingered, the housing market clearly showed strong and continuing signs of recovery. Colorado is pointing the nation in the right direction.
Inventory is improving, prices continue to rise and days on market show consistent downward trends. New Listings decreased 19.4 percent to 340. Pending Sales were up 26.6 percent to 271. Inventory levels shrank 26.2 percent to 938 units. Prices softened somewhat. The Median Sales Price decreased 17.6 percent to $445,000. Days on Market was down 24.5 percent to 154 days. Absorption rates improved as Months Supply of Inventory was down 43.3 percent to 9.7 months.
Economists list three primary avenues to housing recovery: better market fundamentals, improved market composition and more jobs. Many areas of Colorado are enjoying better fundamentals and less distressed activity. If job growth continues in 2013, housing should lead the way to economic recovery in our state, and our REALTOR® members will enjoy a robust market with increased opportunities.
Click here to view the 4th quarter statistics: 4th Quarter 2012 Statistics
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.
Vail and Beaver Creek Ski Resorts are now open. Here’s hoping the storm forecast for early next week brings plenty of snow.
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.
By John Mossman
The Denver Post
The Cordillera Golf Club bankruptcy case, shifted from Delaware to Colorado last week, is complicated by litigation between owner David Wilhelm and 610 club members that has gone on for more than a year.
Wilhelm and his management company filed for Chapter 11 bankruptcy protection June 26 in U.S. Bankruptcy Court in Delaware, where the company is incorporated. The filing came on the same day a $12.7 million loan was due to Alpine Bank of Colorado.
“The (Chapter 11) process will allow the club to operate its ongoing business while it resolves the outstanding conflicts and prepares a plan of reorganization to emerge a healthier company,” Wilhelm said.
The bankruptcy and litigation involve only the Club at Cordillera, not the Lodge and Spa at Cordillera, which is a separate entity and remains open for business.
For the second year in a row, Cordillera’s Valley golf course is the only one of the four Cordillera courses open.
One of the largest exclusive golf communities in North America, Cordillera covers 12 square miles in the heart of Colorado’s Vail Valley near Edwards. It consists of three 18-hole courses — designed by Jack Nicklaus, Hale Irwin and Tom Fazio — and a short course designed by Dave Pelz.
Last spring, Wilhelm promised to open all four golf courses but opened only Fazio’s Valley course and laid off dozens of workers.
Current and former club members sued him in a class-action lawsuit, saying that if he was going to open only 25 percent of the courses, they wanted 75 percent of their dues back.
Members say the Wilhelm Family Partnership collected $8 million in membership dues last year and paid itself almost $1 million while failing to open three Cordillera golf courses, thus violating the membership agreement.
The lawsuit asks that the 2011 dues be repaid and that all of the membership deposits be refunded. Such a payout could total $108 million.
Wilhelm then sued the members for $96 million, claiming they were trying to drive him out so they could take over.
Last week, the case was transferred to Judge A. Bruce Campbell in Denver’s federal bankruptcy court.
Chris Celentino, a bankruptcy attorney representing Cordillera, said Alpine Bank has agreed to extend credit financing through the summer season, allowing “more time to work out a long-term solution that will enable the club to restore itself.”
In a related matter, District Court Judge Frederick Gannett of Eagle postponed a contempt-of-court hearing against Wilhelm based on his failure to provide requested information.
Gannett told the Vail Daily on Wednesday that if Wilhelm’s attorneys want him to recuse himself from the case because of alleged bias, he would do so but only if appropriate legal documents are filed. Gannett is a member of another golf club also in bankrupcty.
John Mossman: 303-954-1479, firstname.lastname@example.org
Welcome to my July Bachelor Gulch Real Estate Market Update. Activity in 2012 continues to track ahead of 2011. We are definitely experiencing an “L” shaped recovery. But at least it is a recovery.
In addition to the latest BG trends and stats, this issue contains information on:
- Update on Eagle County foreclosure filings and sales
- Overall Eagle County Real Estate activity, which is red-hot in the lower end of the market.
Click on the links below to view the market update and the current BC condo and town home listings and 2012 sales.
Summer is well under way. The few rain showers we received over the past couple of weeks have been a relief. We are still very dry but a few sprouts of new green grass have been spotted throughout the Valley.
Welcome to your June Wildridge Real Estate Market Update. Wildridge sales have exploded. 2012 will definitely be the strongest year we have had in Wildridge since 2007. Our fickle buyers have rediscovered Wildridge (at least for the moment).
Click on the link below for the latest market update, current listings, and 2012 sales.