I would like to take this opportunity to alert the media that not all areas in the United States of America are experiencing a "severe real estate crisis", a "landslide of real estate values, or "a foreclosure epidemic." I just read the newly released Standard and Poor's/Case Schiller 20 city index, a home value index, dropped 15.8% in May compared to a year ago in May, which constitutes a record decline since the indexes' inception in 2000. The 10 city index dropped 16.9%, the biggest decline in 21 year history.
But let me tell you about my community. I am a real estate broker in Summit County, Colorado, located in the Rocky Mountains, just west of the Continental Divide. Single family home prices from all of 2007 to the first six months of 2008 INCREASED from an average of $798,889 to $830,462, a gain of almost 4%. Multi-family properties increased from 2007 to 2008 by 7.8%, from an average price of $406,529 to $440,948. Vacant land saw the largest increase from an average in 2007 of $391,587, to $517,252 in the first six months of 2008, an increase of 24.2%.
To Recap, from 2007 to the first six months of 2008
Single Family Home Values + 4%
Multi Family Home Values + 7.8%
Vacant Land Values + 24.2%
So, to the Associated Press, Standard and Poor's and whoever else is willing to listen - we are doing just fine in Summit County. Why don't you come out and visit and see why.
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