Big news! Today marks the first day of skiing in Colorado for the 2009-2010 winter season, with the opening of Loveland ski area. Other signs that winter is on the way besides snow on the hills, is that landscaping crews are putting up the holiday lights around the valley.

 Vail resorts starts snow making today to prepare for the World Cup skiing event at Birds Of  Prey held Dec 4^th-6^th. We had snow straight through the summer in the high country.

 The elk are out bugling like mad. During early morning walks up Lake Creek, I always hear at least one bull elk bugling and yesterday I caught a bugle battle between two big bulls about 40 yards off in the field. I was transfixed for about half an hour listening to them go at it.

 The Real Estate Market has been tough all summer and now at the end we are starting to see buyers and sellers finally come together. Cordillera has seen the most activity with 8 properties in total. In the area of under contract at over $1 million list and 3 bedrooms or more, Beaver Creek ranks highest with 4 properties.  There are 25 properties under contract totaling $72,316,000 in total list value in the 3 bedroom plus $1million plus. The higher number of sales is currently at lower asking prices and less bedrooms.

 Jan 1 to Oct 1 sales for the resort and high end communities

3 bedroom plus $1million plus

 It’s a Buyer’s market is the feeling we get and you can see by the sale to list ratio that some sellers are getting the message. Now some don’t feel the need to sell and their response to low ball offers is “at that price I will get a better return on my money by holding on to the property”. Not everyone is hurting. Those that were smart enough to avoid some of the pitfalls of last year are thinking the smart thing to do is hold on to their choice real estate.

 Auctions, foreclosure and short sales have been going on all summer. The auctions where there was a reserve bid (would not accept anything lower than x) were a disaster with no bids.  The ones where there was no reserve did get bids but the prices were often not that great a bargain to the buyer. The foreclosures and short sales were mostly in the lower price range properties and mostly in the down valley neighborhoods. We expect to see more of all of these types’ efforts to assist distressed owners.

 It is going to be a great ski year so make your reservations now as many hotels are offering early booking discounts.  This year is not only a buyers’ market for purchasing real estate it is also a great one for renting. Private owners, hotels and property management companies are all willing to negotiate and deal right now as it appears that people seem to be waiting to book their winter travel.  By the way, if you need someone to help you find a great rental at no cost to you, let me know and I can put you in touch with my rental person.

 I have new boots and am getting new skis so that technology can make up for some slowness in the reflexes and to keep me skiing “younger”.   See you on the slopes.