Bubble In The Rockies
There may be a housing glut in Denver, but as the Vail Daily News reports the boom is alive and well in the resort town. "The Vail Board of Realtors' multi-listing service that tracks available properties showed 572 residences for sale on Monday."
"Combine the tight housing supply with the fact that there are 650 real estate brokers in the county, more brokers than property, at the moment, and it makes for a highly competitive real estate sales environment. 'It's a bit of a dogfight for listings right now.'"
Is it surprising that the writer thinks this will go on and on? "Don't look for the stream of free-spending resort-real estate buyers to slow to a trickle any time soon. The cash-rich Baby Boom generation may continue to flood the market with buyers for a decade or longer."
"Minturn is preparing for a luxury 1,400-unit community. More residential and commercial development is planned near Eagle and Gypsum. Some of those proposed properties have been sold even before a single shovel-full of dirt has been moved."