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Vail Daily letter: Don’t go by apparently positive real estate figures

Tim Savage
Vail, CO, Colorado

It’s hard to take your “HIT” opinion seriously on July real estate figures indicating that the market is up when your paper is so dependent on real estate ad revenue. I mean really, what else are you going to say in order to not upset your core revenue stream?

The real numbers reveal an increase in listings, short sales and foreclosures in 2010 over 2009, and these numbers are only on the rise.

As I said, too many of the July sales were representative of sales contracts executed two to three years ago, rendering this so-called increase in sales activity invalid. This same trend will continue in August and September when more new construction projects in Vail Village and Lionshead continue to close.



Oh, and let’s not forget all the recent sales in the Westin, which happened after the developer reduced their asking prices by as much as 40 percent. Yeah, that certainly supports an indication that the market is up.

Further analysis indicates that overall real estate values, not including new construction in Vail Village or Lionshead, as having returned to 2001 levels, and we may very well never see in our lifetime again the height of the market, which is easily measured as of December 2007.



Remember, I too am a Eagle County homeowner, and I too want my real estate value to be up, but I live in the real-time world, and I think most of your readers live there also.

In my opinion your “HIT” opinion only misleads other property owners who won’t or can’t face reality.

But hey, you must have a better understanding of the current real estate market than I do since you’re the editor of a newspaper and I’ve only been an appraiser in the Vail Valley for 19 years now.



Feel free to use this in in your letters to the

editor.

Tim Savage


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