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Glenwood Springs : Real Estate Advice

  • All18
  • Local Info0
  • Home Buying4
  • Home Selling2
  • Market Conditions0

Activity 10
Thu Aug 31, 2017
T4monaco asked:
I continue to get alerts, emails via your app regarding a specific listing. I am assuming the agent is doing something to trigger the alert and email. I love you site and app but if this…
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Wed Jul 5, 2017
Gusamorrison answered:
Sat Apr 1, 2017
Suzemcb asked:
I posted an ad but it's not showing up on my rooms for rent so I can access it to update it. When I try to repost it, it says that address is already posted.
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Wed Aug 31, 2016
Mwcun answered:
How about a $225,000 home in Rochester Michigan 48309?
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Wed Feb 18, 2015
Samantha Gump answered:
Yes Glenwood has Sunlight Ski, many trails and a great hot springs. I would look up in the area by Sunlight. Bigger spaces and ranch like setting, you might find something there. This valley is TERRIBLE about animals for renters. The answer is usually no way. You could try Rifle,, or New Castle. Those are both short drives to Glenwood and lots of people that work in the area live down that away. Good Luck! ... more
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Sun May 25, 2014
Spencer Gray answered:
Can you please provide a link to the property listing?
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Tue Dec 24, 2013
Sally Grenier answered:
What house are you referring to? There was no link or address provided. Also, It would be best to have your own realtor working for you as a buyers agent. This way, he/she can get info on all the properties you like! (FYI - agents on here won't have photos of that property for you). Only the listing agent has that, and he's working for the sellers. Some listing agents are lazy and don't provide good photos. This is why you really need someone working for you.

I know a great agent up there who I can refer you to.

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Fri Jul 23, 2010
Mary Weaver Realty asked:
three months? I'm now to the end of my management agreement and lease I have placed and, I've sent certified mail, emails, phone calls with no reply. He fell into foreclosure while…
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Wed Jun 30, 2010
Roaring Fork Resident answered:
There is virtually no market for homes in that price range in Glenwood Springs now. There have been zero sales at that level in 2010. Part of the reason is that there are 1000 homes that have been foreclosed in the area in the past 18 months and they have just started to hit the market as bank REOs. A $625k home now would have been worth $1.1 million a couple years ago. The majority of people that are in homes at the price are seriously underwater. Real Estate taxes in the area were bumped up this year by 50-66% which does not help matters. Also, county appraisals came out late last year and the person that is now sitting on a $625k house is paying taxes on $1.1 million worth of real estate for the next two years.

Unemployment is high and the construction industry has all but disappeared. There was one new home building permit issued in 2009 and one in 2010. Obviously none of the people that were building the hundreds of homes as in the past are employed or own their homes any longer.

Alpine Bank, the largest real estate financier in the area, announced a Q1 loss before taxes of $40 million, in spite of being a TARP/CPP recipient. They have another $2 billion in toxic assets on their books to deal with. This, coupled with the fact that Community Banks cannot make loans any longer (due to FDIC restrictions) means that getting financing is almost impossible. Getting an appraisal is equally difficult.

So, to answer your question, a $625k home will never sell at $625k. People that are asking $625k will end up selling for closer to $400k, and that will take the better part of a year. And that's how things are *today.* Once the REOs really kick in and the strategic defaults escalate that $400k will look like a dream price. And anything over $417k is jumbo territory, and that means that rates are higher and loan requirements are more stringent for a buyer.

Having no economy other than shrinking tourism and services sectors means no relief is in sight. The O&G action in the western part of the county is picking up, but that's not Glenwood Springs, that's Rifle, Silt and Parachute. New Castle is in-between and is suffering from the first spate of REOs to hit the market in the past two weeks. All homes in New Castle dropped $100k in value the moment those REOs went on sale. There is a huge difference between there and Glenwood Springs. A 3/2 in Rifle goes for under $200k. And I'm talking about essentially the same house as the $625k one in question in Glenwood Springs.

I wish you luck, Art. Maybe you can afford to rent your place out for a five years. If not, maybe you can start an Assisted Living business in it and/or to possibly figure out a way to chase the tail of the new cancer wing of the hospital for some kind of more functional use of your home that it is currently. Or you can walk. Trying to work through the Obama HAMP program has turned out to be one of the worst ideas people could ever do. That's why so many people walk in the middle of the process. They end up owing more on their loan than they did before they started the process, and the eviction for non-payment goes down to two weeks (versus at least six months for a strategic default currently.)
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Sat Jan 16, 2010
Don Tepper answered:
It can be either one.

Generally, if the manufactured home is for sale in a park, then you'll pay ground rent. However, I have heard of certain areas (Florida, for instance) where the land has been condominiumized, so that you actually do buy the land.

If the manufactured home is on its own lot, then it depends. Sometimes you buy the lot and the home. Sometimes you just buy the home, and someone else owns the lot.

So: No clear answer. If the home is listed in the MLS, there should be an answer. If it's in a park, either ask the owner (or if you'd prefer not to) or the lot manager. If it's being offered for sale privately, and it appears to be on its own lot, then all you can do is ask the seller.

Hope that helps.
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