by Clayton Moore
The Good News is…Avon’s Wal~Mart is not on the list of 154 U.S. Stores – to be closed. (Click Here)
The Bad News is…the Sales Tax you pay the Avon Wal~Mart is still 9.549% – which (by the way) is Higher than Beaver Creek’s Sales Tax (Click Here).
The Stock Market News (Dow Jones down –390.97 points last Friday – 15JAN2016) – including earlier drops in the first (2) weeks of 2016 totaling (-1,400) has effectively KILLED our Resort Real Estate Market – for the time being…(the Fishwrap folks will never tell you that). This is the biggest drop in Stock Market Value – for the first (2) weeks of any New Year – ever.
When a Wealthy persons Stock Portfolio drops 20-30% over the past few weeks…they’re simply in no mood to purchase Multi-Million dollar Resort Real Estate…No doubt Eagle County Working Class Housing will continue to be bought and sold (mostly down valley) in the months to come. Crude Oil prices dropped below $30.00/barrel last week – some predicting the price could drop to $20.00/barrel (Click Here). It was suggested to the ECT folks last week – that the Saudi’s and Iranians have to keep pumping and pushing Oil production at these price levels because their Governments have so many of their citizens on “government assistance”. Recall what happened to Greece and their Government a few months ago – when they “ran out of money” and could no longer pay all their Benefit obligations to their citizens.
Real Estate Bargains? We’ll if Oil prices drop anywhere near $20.00/barrel – ECT recommends you investigate the Market in Houston, Texas. One wonders if there will be direct Flights from Houston to our KEGE airport this coming summer – as there has been in the last few years.