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Vail area real estate cooking, despite low official inventory

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Ron Byrne & Associates has the listing for this home on 1000 Spraddle Creek Road in Vail.
Ron Byrne & Associates / Special on the Daily

The valley’s official real estate inventory is quite small, but the local real estate market is at another record pace. How does it work?

The answer can vary based on the neighborhood, price, and sometimes the broker.

Ron Byrne & Associates operates in the upper market segment. Many of the properties the company lists fail to make it on the county’s multiple listing service.

Company owner Ron Byrne said his company’s approach is “a little more focused” than some other companies.

Finding the right buyer for a Vail property often involves reaching people in target markets, high-end boat shows, and other resorts, Byrne said.

“We’re working to reach as many potential buyers as possible,” said Byrne.

To move fast

Steffan Mehnert is a team leader at Keller Williams Mountain Properties in Eagle County.

Mehnert said he recently looked at the multiple listing service one day and found 283 listings. The next day, another 18 offers were added, along with 10 pending sales.

The service has hovered around 275 units available in the past few months, Mehnert said. That is roughly the value of a month’s inventory. A six-month supply is considered a “balanced” market.

Part of what keeps the market moving is word of mouth about new properties for sale, sometimes before they’re officially in the market. This conversation often takes place between brokers, but sometimes also between neighbors, said Mehnert.

While inventory is running out, the units for sale appear to be stable as some people appear ready to sell.

Michael Slevin, the owner and president of Berkshire Hathaway HomeServices Mountain Properties, said that if history suggests, the valley is likely entering its peak season, which in most years lasts roughly through September.

The difference is the time in the market, Slevin said. In a traditional market, houses stay on the market for 30 to 90 days. In that market, many homes sell in a day to two weeks, Slevin said.

The inventory is “so fluid,” said Slevin, changing every day.

“At some levels you have to throw the story out the window; with others, you hope it holds, ”he added.

Not everything sells quickly

Not everything sells in a flash, as several offers and sales prices end up above the asking prices.

Matt Fitzgerald, President of Eagle County for Slifer Smith & Frampton Real Estate, noted that two penthouses were recently signed in Vail.

One, a penthouse at Solaris in Vail Village, was on the market 277 days before it was sold. The other, on the Arrabelle in Vail, was on sale for 229 days.

For units in the “ultra-luxury” segment of the market, “you never know when a buyer will show up,” said Fitzgerald.

These recent sales “look good for the summer,” he added.

With the market still moving fast with a price of $ 1.5 million or less, there are still opportunities for sellers who have good support.

Realtors interviewed for this story recommended interviewing at least a few brokers before signing up with one.

“Good brokers really help make the process easier,” said Fitzgerald.

Mehnert added that interviewing two or three realtors can help a potential seller understand the process and its potential pitfalls.

“At the moment it’s extremely competitive,” says Mehnert. “There’s a lot of work in (a sale).”

Slevin said having a good knowledge of the location of a home is also important for a realtor.

“Buyers and sellers really need to rely on their brokers,” Slevin said. “Going back six months is not a good indicator.”

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Forget about asking price for CNY real estate. Plus, National Guard deployed to help nursing homes (Good Morning CNY for Dec. 3)

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weather

High: 36; Low: 28. Partly sunny, cool. Check out the 5 day forecast.

picture of the Day

“We had a thousand balls here,” says Mark Koester of the past 14 years at his home at 2119 Conley Road near Chittenango. Climb down the steps, jump off the diving board, or slide down the slide into the heated swimming pool.Courtesy of Simply Heidi Photography

HOUSE OF THE WEEK: This Chittenango house, built in 2003, was designed for families. It sits on 6.45 acres and checks in on 6,406 square feet and has plenty of room to play. And if you think the pool is beautiful, just take a look inside.

What’s hot

Are you looking for a house in CNY? Forget the asking price: the real estate market in central New York has been on fire for much of the year, and a great indicator of the heat is how close sellers are getting to their asking prices. For months they have not only grown closer. You got more.

New York State is using the National Guard to support low-staffed nursing homes: Nursing homes, such as hospitals and other health facilities, are grappling with a severe shortage of nurses and other health workers. To cope with this, the New York National Guard is sending 120 of its medical staff to low-demand nursing homes across the state, including Loretto in Syracuse.

  • The nursing home in Syracuse will reopen the Covid unit to ease the hospital shutdown

While New York licensing lags, Indian nations are increasing marijuana sales: It’s been eight months since New York state legalized the possession and use of adult marijuana. Yet the state has still not enacted regulations or issued licenses to sell, which is delaying the opening of retail stores. Several Native American nations in New York have filled the void, citing sovereign nation status.

Future uncertain for planned Microsoft tech hub in Syracuse: In 2019, the software giant Microsoft announced plans to build a “Smart Cities technology hub” in Syracuse and signed a three-year agreement with the city, Onondaga County and Syracuse University . Two years after signing the contract, City Councilor Michael Greene says that Microsoft “did not have the decency to give us a clear answer where they stand” with the project.

looking ahead

Are you ready for a challenge? Don’t you go after waterfalls? We say chase away in upstate New York with a new challenge that brings people to some of the 150 breathtaking cascades that Ithaca has to offer. The Waterfalls Challenge, launched by Visit Ithaca, lists 22 known and hidden gems in the area.

Sports

Runners run on a track during a meeting

The Jack Morse Kickoff Meet will take place on Thursday in the SRC Arena of the Onondaga Community College.Marilu Lopez-Fretts | Contributing photographer

WESTHILL, BALDWINSVILLE TEAMS WIN AT JACK MORSE RELAYS: Athletes from Section III schools participated in the second day of the Jack Morse Relays at the SRC Arena on the Onondaga Community College Campus on Thursday. The Westhill girls ‘and Baldwinsville boys’ teams were victorious. See the results and more than 70 photos from the event. (See results and photos from Wednesday here) (Marilu Lopez-Frett’s photo)

Old Rival Back on the Syracuse Lacrosse Scheme: One of Syracuse men’s lacrosse’s fiercest rivals is back on its way, and a new Orange coach is set to make some serious flashbacks.

How did the SU women beat a top 20 team after 3 losses in the Bahamas? The Syracuse women’s basketball team had a rough time in the Bahamas last week, trailing in all three games in Battle 4 Atlantis. The team took some of their frustration with a win over Colgate on Sunday, but the Orange needed more. The opportunity came with Ohio State No. 18 in town for the Big Ten / ACC Challenge, and SU took the opportunity.

FURTHER SPORT NEWS:

In the letter

A Syracuse man requests a plea for the murder of a 15-year-old boy in Creekwalk. DA drops large numbers

Byrne Dairy & Deli are closing down a shop that has been in operation for nearly 50 years

Watch an exclusive courtroom video in which Anthony Broadwater was acquitted of Alice Sebold’s rape 40 years later

CNY Wishlist: Would you like to help? Here’s a wishlist from local nonprofits

Rome woman killed in head-on collision, 2 more hospitalized, soldiers say

A rainy summer in Syracuse revealed a growing problem: black mold

Man dies after striking a power pole during a medical emergency in Syracuse, police say

Today’s obituaries

To view today’s obituaries, please click here.

Amazon Flash Briefings

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Real Estate News

My holiday wish list for commercial real estate – Daily News

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With Thanksgiving lately, Hanukkah in full swing, and Christmas in less than 30 days … it’s time for some Christmas cheer!

Countless children around the world – including our five grandchildren – are putting together their lists. So I thought it would be fun to draw my five hopes for the 2022 commercial real estate market – aka my gift list for the coming year.

So without further ado, here it goes.

A more balanced market. Industrial real estate – buildings where people make, store, and ship things – have fallen by the wayside for the past six years. Currently, fewer than 1 in 100 buildings have no residents!

We find an acute imbalance when there is a demand that exceeds supply, the lack of new buildings, changes in consumer shopping habits and an excessive appetite for things. As a result, the prices of listings have skyrocketed and many people are wondering if rents are sustainable.

So I would like a little more common sense.

Vanishing office insecurity. II have said many times that transactions take place when activity increases or decreases. But uncertainty is a killer for a company that relies on movement.

There have been some big Amazon office deals in the market – like the purchase of the former Orange County Register Printing Office in Santa Ana and the Bank of America campus in Brea. For both, however, a change of use is pending. The former suites of executives, middle management and office workers will be eliminated and replaced by countless blue delivery vans.

The pandemic changed the office paradigm. Companies countered with “hybrid” approaches that required smaller floor space, virtual workstations and less collaborative layouts.

I would like some long-term leases for large office buildings here.

Solution to the port problem. Talk about a perfect storm that’s like an anaconda eating a Thanksgiving meal or six: the accumulation of ecommerce containers slowly moving through the supply chain.

Many people are much better informed than me about the causes. All points in the supply chain are simply squashed – which leads to massive delays, bottlenecks and escalating price tags. Certainly some reduction in regulation would help. A little more storage space could help too. Are you asking America to stop shopping for a while?

I would like a stable flow of goods until July 4th.

Interest rates still low. Rising interest rates could be the best thing for us – like tearing off a bandage. But wow! How incredibly painful for an economy that depends on cheap money.

Our 10-year Treasuries rate – the benchmark for commercial real estate lending – has been hovering in the low 1% range for a number of years. Great for borrowers but terrible for savers. As our population ages and more of us have steady incomes, an increase in returns would be welcome. Don’t forget, however, that $ 1.2 trillion in stimulus goodies is to be paid back. Rising interest rates would make amortization more expensive.

All in all, I would like more of it.

A more diverse industry. Commercial real estate brokerage has been dominated by men in the past. However, two fall conferences that we attended showed a change.

I was thrilled to see over 40% women and minorities at the Commercial Real Estate Influencers Summit and the Society of Industrial and Office Realtors Global Event.

It is my wish that the face of commercial real estate reflects our world.

Allen C. Buchanan, SIOR, is a Principal at Lee & Associates Commercial Real Estate Services, Orange. He can be reached at abuchanan@lee-associates.com or 714.564.7104.

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Dec 2 Financial News: Cathie Wood, San Francisco In Trouble, Real Estate Market, Gov Shutdown, | SF News – Oakland News Now

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Oakland news now –

December 2 Financial News: Cathie Wood, San Francisco in Trouble, Real Estate Market, Government Shutdown,

– YouTube channel video with the logo in the top left corner of the video. OaklandNewsNow.com is the original blog post for this type of video blog content.

BUY NEW BOOK HERE https://ift.tt/3kZnaaw FREE 10-page PDF: I wrote this paper as a guide to help you get your next rental …

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Note from Zennie62Media and OaklandNewsNow.com: This video blog post demonstrates the full and live operation of the latest updated version of an experimental Zennie62Media, Inc. network for video blogging systems for mobile media that launched in June 2018, The new and Zennie62Media, Inc.’s innovative approach to news media production. What we call “The Third Wave of Media”. The uploaded video is from a YouTube channel. When YouTube Video Search uploads a video from a search for San Francisco News Today News Today Vlogs, it is automatically uploaded and formatted to the Oakland News Now site and Zennie62-created and custom social media pages. The overall goal here is, in addition to our smartphone-enabled, real-time reporting of news, interviews, observations and events anywhere in the world and within seconds rather than hours – is the use of the existing YouTube social graphic on any topic in the world. News is now reported with the smartphone and also by promoting the latest content on YouTube: There is no need for heavy and expensive cameras or even a laptop, or to have a camera team to film what is already on YouTube. The secondary goal is faster and very inexpensive production and distribution of media content. We have found that there is a discrepancy between post length and time to product and revenue generated. This means that the problem is much smaller, but by no means solved. Zennie62Media is constantly working to improve the system’s network encoding and is looking for interested content and media technology partners.

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