Vail Valley Real Estate News for Wednesday, May 17

Eagle County Property Valuations have arrived! If you think you’d like a second opinion, we would be happy to take a look. Also, speaking of disputable property values, Zillow is being sued over inaccurate Zestimates. This is an archived edition of our regular news brief. Visit the Vail Valley Real Estate News page for the latest from the Rocky Mountain Home Team!

Eagle County released its Real Property Valuations this month and, as homeowners may have noticed, property values are on the rise.  Of course, higher valuations mean higher property taxes – and with literally thousands of valuations to produce, sometimes Eagle County makes mistakes. We have seen values jump by over 35 percent – numbers certainly worthy of a second look.

If you think your Eagle County Real Property Valuation deserves a second opinion, let us know! We would be happy to take a look and make a recommendation based on comparable sales.

The Vail Board of Realtors Multiple Listings Service recorded 55 residential property sales for the first 15 days of May 2017. A Ritz Carlton condo that sold for over $6 Million was the period’s top sale, one of three homes selling for over $5 Million in the fifteen-day span. In all, 14 homes sold in the Slopeside Market of Vail Village, Lionshead, Beaver Creek, Bachelor Gulch and Arrowhead, with an average price per square foot of $997.  Two homes sold after over 1,200 days on market, bringing the average days on market for slopeside homes sold in the first half of May to over a year – 376 days!

In the wider eastern valley market, from East Vail to Edwards and Wolcott, 37 homes sold for an average of $688 per square foot, up 5% from April’s average and up 21.55% over May 2016.

In the west, from Eagle to Gypsum, 17 properties sold for an average of $230 per square foot.  Leaving out a pair of high-end homes that took over 100 days to sell, days on market averaged 21 days in the west.

Homes values are up and demand is high. Contact the Rocky Mountain Home Team to learn what your home might be worth.

National News

Here in the Vail Valley, Zillow’s “Zestimates” are so far off the mark most folks can easily dismiss them, so it can be hard to imagine that on the wider national scene they are developing at least the illusion of credibility. As that expectation of credibility grows, we can expect Zillow’s lack of accountability, transparency or even willingness to take responsibility for its own numbers to become an issue. So we should not be surprised that at least one law suit has been filed.

Half the problem with tolls like the Zestimate is a simple lack of accounting for community-specific considerations – and as a resort/vacation community, ours has those in abundance. The other half is never having actually been to the home. While these tools no doubt have the potential to improve, how they can fully account for the latter issue in particular without boots on the ground remains to be seen.  Whether or not Zillow is actively engaging in home appraisal without a license, meanwhile, is now officially a matter for the courts.


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