VAIL VALLEY, Colorado — Just about everyone knows Vail Valley property values have dropped in the last year. But by how much? The quickest answer is no one really knows. The reason, in large part, is that there haven’t been enough sales this year to determine just how deeply the market has dropped.There were 286 real estate transactions in June of 2007. There were 78 in June of this year. Through the end of June, there were fewer than half the sales recorded in the first six months of last year.Appraisers make their livings, in large part, evaluating home values based on the sales of comparable property in the same neighborhood. When sales drop off at the same time values do, it’s hard to get a really clear idea of what’s happening in the market.
By Scott N. Miller, August 17, 2009 Vail Daily
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