Vail Daily column: Property bargains still exist in Vail Valley
I, along with several friends that love to visit Vail, have reached a point in our lives that we can finally afford to own instead of rent. We are, however, very discouraged because we feel we have missed all the bargains. The prices on everything seem to have gone up greatly in the last couple of years. We want to make a good (or great) investment, and we now feel we have missed the window of opportunity. Do you agree with our assessment of the market?
Dear Bargain Hunter,
Yes, you are right that we don’t have hardly any short sales or foreclosures on the market right now, but that is just a sign of a healthy economy. However, I don’t agree that there aren’t any bargains in real estate right now, for two reasons: One is that I look at the long view,having sold real estate in the Vail Valley for 29 years. The prices right now are still less than at the height around 2007, and if you figure in increased wages and the reduced interest rates, affordability is close to an all time high for purchasing housing.
The second reason is that we do have location opportunities and bargains. For instance, if you have always wanted to own in Vail, then try looking in Lionshead and/or West Vail. Or Beaver Creek has spectacular homes for much less money than Vail Village. And for even more of a bargain, you can go to Arrowhead and still be a lovely ski and resort community. Ask your knowledgeable Realtor about the prices per square foot in each of these ski area locations. Now, if you are looking for a little space or land with your property, Lake Creek is great, but if you drive a little further to the west to Wolcott/Bellyache area, then you once again can have a fabulous home at a reduced price. And this is true in several other out lying areas in the county.
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If you are looking for a home in a golf course community, then the same pattern that you have discovered above also applies. Going from the Vail Golf Course west, all the way to Gypsum Creek Golf Course, the prices for homes pretty generally reduce as you move west down the valley, as you move away from Vail. So, find a great Realtor and let them help you find the home you want at the best bargain price available, after you have taken a look at all the areas in the Valley.
Good luck to you, Joan
Joan Harned is an owner and broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact Harned with your real estate questions at Joan@TeamBlackBear.com, 970-337-7777 or http://www.SkiAndTeeHomes.com.