2012 Continues to Track Ahead of 2011 in the Bachelor Gulch Real
Estate Market
Welcome to your May Bachelor Gulch Market Update. Our recovery
continues in Bachelor
Gulch.
The graph to the right shows the number of condo and townhome
sales over the past year. We are slowing climbing out of the deep
hole
we fell into during the recession, getting closer
to averaging 20 sales/year.
In the condo/TH market, we’ve had 9 sales so far in 2012 versus
only 6 at this time last year.
We also have 1 property under contract. If I
include all residential properties in BG, we are
tracking about level to 2011.
I’m still optimistic about the summer. We are
seeing good traffic in the resort and have had sev-eral
inquiries regarding real estate. Our Pruden-tial broker team in
both our Beaver Creek Lodge
and Villa Montane offices is very active, working for clients
putting properties under contract and
listing new properties.
The other good news is that prices appear to have bottomed out.
The graph to the left tracks aver-
age sales $/SF since January, 2009. We seem to
have settled in the $750 to $800/SF range.
The most impressive stat is Days on Market. Our listings are now
averaging 227 days on the mar-ket versus 413 days last July, a huge
drop. I be-lieve sellers are getting more realistic about pric-
ing.
Bachelor Gulch Report
Update on Eagle County Foreclosures .
Foreclosure sales in Eagle County appear to be peaking in 2012.
The graphs below show both foreclosure sales
and foreclosure filings. Filings are definitely down in 2012 and
sales should follow filings.
Until now we haven’t seen many foreclosure sales in Bachelor
Gulch. However, in late June BofA foreclosed on
three 2-bedroom Ritz Residential Suites. They just came on the
market and should be a great buy if you are inter-
ested in properties in the Ritz.
Update on the Overall Eagle County Real Estate Market The lower
end of the Eagle County real estate market con-
tinues to be very hot. We are seeing buyers jumping back
into a market that is currently dominated by distressed
properties (short sales and foreclosures). Many properties
are receiving multiple offers. The graph to the left shows the
difference in sales below $1 million and over $1 million.
I believe the activity is driven by low prices, historically low
interest rates, and pent-up demand.
.
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 [email protected] 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 receive
my immediate attention.
Best wishes to you and your family. Take care. Check out my Blog
at www.BeaverCreekVoice.com.
Terry Nolan, Managing Broker, Prudential Beaver Creek
(970) 845-8440 | fax: (970) 845-8632 | cell: (970) 471-2210
|
Vail Board Of Realtors Board Member | MLS Director
http://beavercreekvoice.com/
