Colorado real estate update

September 22, 2009 by · Leave a Comment
Filed under: Colorado, Home Searches 

coloradoThe Colorado real estate has seen increasing market pressures and a declining real estate market as a result of the nationwide recession.  The fall out of the American economy has led to high foreclosure rates, dropping home sales, and an extremely unfortunate time for Colorado home sellers and potential property buyers alike.  The collapse of the sub prime mortgage crisis as well as increased business layoffs and a bursting local real estate economy have added to the already deteriorating real estate industry.  While many might predict only negative movement for the foreseeable future, there are some experts who believe things may only get better.

A September 12, 2009 article written by Sarah Mausolf of the Vail Daily claimed that not all Colorado homes for sale were part of the generalized state decline in real estate sales.  While several months ago, houses that were once listed at $3,000,000 were selling for just over $2.3 million, there appears to be a much more motivated market that is growing in Vail and the surrounding areas as a slew of residential properties have caught the interest of people looking for second homes and vacation properties in the local vicinity.  Scott Bandoni, a real estate broker with Prudential Colorado Properties in Beaver Creek, is quotes as saying “Consumer confidence is up because our economy is not getting worse.”  The article also claims that first-time home-buyers and locals are interested in homes under $500,000 while “the upcoming ski season has been driving second home-owners to buy luxury homes.”  These fancy estates sometimes sell for millions of dollars.

A North Colorado Business Report article printed on September 16, 2009, quoted that real estate in Colorado will likely face increasingly difficult conditions going into 2010.  According to research and surveys completed by the newspaper, about thirty-nine percent of analysts felt “the overall demand for commercial real estate will be worse next year,” while thirty-three percent thought that “the real estate market will remain the same.”  The article also noticed a decrease in the optimism of potential home buyers finding suitable loans and financing to commit to such a big purchase.