Vail Valley Real Estate News, Market Conditions and Trends for Friday, March 21. Visit our Vail Valley Real Estate News page for this week’s update!
Friday, March 21, 2014.
The start of 2014 saw a significant increase in both number of real estate transactions (up 10 percent) and total dollar volume (up 69 percent) according to Land Title Guarantee Company’s Eagle County Market Analysis for January. Eagle (12 transactions) and Gypsum (10) once again had the majority of transactions, followed by Arrowhead with 9 transactions and Avon with 8. The luxury market continued to gain ground, with 18 homes over $1 million sold in January, and two sold at over $5 million.
National Real Estate News
Ash, Rick, Shaun … and the Consumer Financial Protection Bureau? “Zombie foreclosures are properties in which banks may have begun the foreclosure process on a home, contacted the home owners about it, but then later abandoned the foreclosure process. The home owners may have already moved out, at which point the property sits vacant with no one claiming responsibility for the upkeep, mortgage, or taxes.” That sounds scary! The total number (thought to be in the thousands) of may not exactly constitute a classic zombie horde when you consider we’re a nation of over 300 billion, but it is still a big problem for homeowners, banks and the real estate market alike. We’re glad the CFPB is hunting these zombies down and putting them to rest for good!
Economist David Berson extrapolates on the upward trend we have already been seeing to predict that 2014 will be the strongest year of housing activity since before the Great Recession. Berson offers job recovery and potential easing of mortgage requirements as support for his claims.
Once again, the top cost-to-value renovation you can complete to add value to your home is the steel door entryway. “(F)or 2013, the cost-value ratio of remodeling projects nationwide averaged 66.1 percent, up 5.5 points over the previous year … the largest increase since 2005.”
Valley Valley Events
Battle Mountain High School will be performing a musical version Cinderella tonight and Saturday. The student performers got rave reviews in the Vail Daily, so don’t miss out!
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