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Vail area real estate sales suffer second-worst month in 12 years

Started by CIM Network · 10 months ago

Vail and Eagle County real estate sales were off by nearly 50 percent in May, according to a title company that tracks local market trends, making May the second-worst month for real estate sales in the Vail Valley since 1996.

Overall, 2008 real estate sales are behind the record-setting ... Continue reading »

4 comments

  • thegrunt

    12 months ago

    You must really be worried about your friends or your personal real estate investments. The print media rarely devotes this much time to vail values.



    Credit crunch effecting over levered rich people - who cares.



    People who cannot service their debt - tough, sell, try on a 2 bedroom apt. west of Broadway, maybe more your size.
    reply
  • greenchiledem

    12 months ago

    I don't know that there needs to be worry about over levered rich people. The rich people will be fine. But the realtor that states there indeed has been affect on the Vail market, that's an important measure that we hadn't seen in the resorts yet. Everyone believes their home values are stable. Most locals that own homes, own them to live, not as investment. The real estate market was probably due to see a downturn, even in Vail.

    The resort industry supports a number of small businesses and employees. That is the concern. As money dries up, the businesses can't support a full staff, they lay off. If it's severe, they close shop.

    David - any news about resort economic measures other than real estate sales? I have not seen any reports from the local towns or county. Is there a general economic concern? If not, should there be?
    reply
  • heidioftherockies

    12 months ago

    If the so-called "over-levered rich people" aren't interested in staying in the market or coming into it, the less-fortunate minions responsible for building, selling and maintaining these properties will have some serious financial issues and head elsewhere. Then what, as greenchilidem points out.

    As to the print media barely spending any time on this issue, IMO that's what makes CO Independent so good. The Vail Daily is nothing but an excuse to sell advertising space. They have no journalists, only reporters.
    reply
  • davido

    12 months ago

    What's interesting about this story is a Vail Valley real estate agent breaking ranks from the rest of the relentless cheerleaders and calling for a dose of reality. Irrational exuberance can lead to costly mistakes in a market that is finally feeling the crunch the rest of the nation has been dealing with for more than a year.



    As for other economic indicators, tourism seems to be holding steady despite rising gas prices -- partly because of the huge influx of foreign visitors taking advantage of the weak dollar.



    The up-start Vail Mountaineer newspaper, taking on the Vail Daily for a little more than two weeks now, reported in its weekend edition that Vail retail sales for May were up 13 percent over the same month last year.
    reply
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