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Real estate sales in Beaver Creek aren't setting any records but at least the activity continues. Prices are leveling out at an average square footage price in the $750 / SF range. Foreclosure activity has definitely picked up in Eagle County.
Real estate sales in Beaver Creek aren't setting any records but at least the activity continues. Prices are leveling out at an average square footage price in the $750 / SF range. Foreclosure activity has definitely picked up in Eagle County.
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Real estate sales in Beaver Creek aren't setting any records but at least the activity continues. Prices are leveling out at an average square footage price in the $750 / SF range. Foreclosure activity has definitely picked up in Eagle County.
Copyright:
Attribution Non-Commercial (BY-NC)
Verfügbare Formate
Als PDF, TXT herunterladen oder online auf Scribd lesen
Beaver Creek Real Estate Sales Keep Plugging Along
Welcome to your October Beaver Creek Mar- ket Update. I have nothing terribly exciting to report this month except that we are getting close to ski season. Real estate sales in Beaver Creek aren’t setting any records but at least the activity continues. We had a slight dip in sales in September but there are 5 properties under contract which, assuming they close by November, will con- tinue the current level of activity. Through September, 2010, we’ve had 43 sales in Beaver Creek compared to 20 in 2009, 41 in 2008. and 117 in 2007 which included 53 Bea- ver Creek Landing Sales.
The graph above shows the increasing trend in sales.
The large “hump” in sales in 2007 was caused mainly by the closings at Beaver Creek Landing but that was also the height of the “bubble”. Prices are leveling out at an average square footage price in the $750/SF to $800/SF range. Looking at the properties under contract, this average price may drop over the next few months. Buyers are definitely looking for bargains. We are still seeing discounts of over 12% between final listing price and sales price. The graph to the left compares trends in $/SF closing averages versus the days on market for BC closings. Foreclosure Activity Depressing Foreclosure activity has definitely picked up in Eagle County. The chart to the right shows foreclosure filings in Ea- gle County since 2005.
I’ve taken the liberty to project 2010
totals to the end of the year based on the total filings YTD.
Clearly more homeowners are having
difficulty meeting their mortgage pay- ments. Lenders will start the foreclosure process after several months of missed mortgage payments.
Not all properties that go into the fore-
closure process are actually sold. The
percentage varies but typically less than 1/2 of the properties in foreclo- sure are sold (refer to the chart to the left). Most are “cured” by homeowners making up the payments and pulling the property out of foreclosure.
The actual percentage of foreclosures
versus homeowners in Eagle County is still very low compared to other parts of the country. Regardless, these trends tell me there are many people who have lost their jobs or their ability to pay their mort- gages, forcing them into difficult situa- tions. It is a very tough time for many folks in the Vail Valley. I also send this newsletter out by email and many folks have opted to go that way. Let’s save a tree and all convert to email. Send me a note at Terry@TNolanProperties.com and I'll add you to my e-mail list. If you know of anyone considering a real estate transaction, I would appreciate your referral. All referrals re- ceive my immediate attention. Best wishes to you and your family. Take care.