Real Estate – Eagle County – June 2012

by – the ECT will tell you the Truth

The good news…

The number of Real Estate transactions in Eagle County, Colorado is an improvement over this time last year.

This fact is mostly driven by the number of Bank Owned and combined Short Sales in our current market.  There has been some “multiple offers” on single BANK OWNED, DISTRESSED PROPERTIES recently as the Real Estate market “bottom feeders” move in and purchase what they see as good investment values.

If you can qualify – home mortgage interest rates are the lowest in decades.  Hence the ECT recommends a FIXED RATE, 15 year mortgage if you can cash flow it.OBAMA-FORECLOSURE-large

County Housing in general – has not improved from the perspective of any real “appreciation” in Real Estate values.  This trend is expected to continue until such time as Eagle County starts producing more full time jobs than it is losing.

If you’re a Property Taxpayer – the good news is (by State Statute) June 30th 2012 is the next [County-Wide] “housing valuation date” – where the office of the Eagle County Assessor will determine the market value of your property – that will be reflected in your Fiscal Year 2014 & 2015 – Eagle County Property Tax bills.  In most cases (not all) you can expect a lower Property Tax bill than the one you’re currently paying now.

Down-valley folks can expect a ~15-20% further property devaluation from the last property valuation (June 30th 2010).  Expect to see the smallest decrease in property valuations in the Resort Real Estate markets of Vail and Beaver Creek.

The imperfect News – Eagle County home foreclosures continue an an alarmingly high rate – 231 YTD (June 10th 2012).  These home foreclosures are driven (mostly) by continued Job Loss, and a quick check with the County’s Public Trustees Office (that processes these home foreclosures) – they will tell you they see no real slowing of the number of new foreclosures for the past few months…

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