August News

Although it's still summer in the Vail Valley, the numbers of people roaming the streets of Vail Village and Beaver Creek has plummeted as of last weekend. Many schools around the country started their year already this past Monday and many more are about to start next Monday. With the beginning of the school year always comes the end of summer vacation.

With the decline of vacationers comes a marked decline in potential buyers for properties. Which is why the next few months will be the best time to buy real estate in the Valley. Sellers are aware that they must sell sometime in the next few weeks or wait potentially until mid December to have another shot at moving their properties. Sure we have a few buyers here and there that look and buy between September and December but not nearly at the rate necessary to eliminate the high volume of inventory still sitting on the market today.

Many sellers of course will simply withdraw their homes from the market until winter starts or even until next Spring. But without knowing what the market will be like at those times, most sellers would rather get rid of their homes now so they would welcome an offer sooner than later and likely be more willing than ever to make a deal.

In the last few weeks I have been writing up contracts for Buyers left and right. And a few have been for listings held by my company because our sellers know the end of prime selling season is here. Most of the contracts are at 4-7 year old prices and the sellers are more than willing to consider them.

An update on our Auction - one of the homes at McCoy Springs in Arrowhead did go under contract but the others are still available. Today another real estate company attempted to auction 2 brand new duplexes in East Vail (they are part of a 6 home development). Two other duplexes in this complex sold at $3M and $3,515,000 both in December 2007. The minimum bid prices on the available duplexes was $1,695,000. Amazingly, even at that deep a discount, not one bidder showed up.