Tuesday, April 19, 2011
Property Requirements for FHA 203B and USDA GRH loans
With many foreclosures and distressed properties on the market, there are a lot of questions about property condition. If you are considering a FHA 203B or a USDA GRH loan there must be a working stove in the property. These type of loans also require a heat source, toilets and all utilities must be in working order. They will not finance a property that has cracked or peeling paint, or properties that are in need of serious repairs. The property does not need to have a fridge, washer or dryer. These appliances are considered personal property.
Tuesday, February 1, 2011
Steamboat Ranked #2 on the Rand McNally's List
Rand McNally’s Tripologists recently reported the top ten ski slopes in the United States and Canada. The statistics show that the West is drawing more skiers than other areas in the U.S. and Canada this season based on bookings.
Leading the pack is Lake Tahoe, CA.
Colorado ranked two through six with our very own Steamboat Springs as number two.
1. Lake Tahoe, CA
2. Steamboat Springs, CO
3. Vail, CO
4. Aspen, CO
5. Breckenridge, CO
6. Telluride, CO
7. Quebec, QC
8. Stowe, VT
9. Jackson Hole, WY
10. Whistler, BC
link to article
Leading the pack is Lake Tahoe, CA.
Colorado ranked two through six with our very own Steamboat Springs as number two.
1. Lake Tahoe, CA
2. Steamboat Springs, CO
3. Vail, CO
4. Aspen, CO
5. Breckenridge, CO
6. Telluride, CO
7. Quebec, QC
8. Stowe, VT
9. Jackson Hole, WY
10. Whistler, BC
link to article
98th Annual Winter Carnival
98th Annual Winter Carnival starts this Saturday, February 2nd and concludes on February 6th, 2011 The annual Winter Carnival, steeped in local tradition, has become the signature celebration of snow and winter activities in Steamboat Springs. From ski jumping competitions to tubing parties, family-friendly street events to the Diamond Hitch Parade, there is something for everyone to enjoy. The fun & festive Night Extravaganza that wraps up the carnival is not to be missed, featuring plenty of fireworks along with the legendary Lighted Man.
Steamboat Ski Resort's Free Concert Series
The Free Concert Series will kick off February 26 and wrap up April 10, 2011. The Steamboat Ski Resort has announced the lineup for the 12th annual Bud Light Rocks the Boat free concert series. The outdoor concerts will be held at 3:00pm in Gondola Square at the base of Steamboat Ski Area, and the final concert is at 2:00pm on Closing Day, April 10th. All shows are free & open to the public. The series opens on Feb. 26th with the North Mississippi Allstars, a bluesy Southern rock band inspired by the smoky juke joints of the hill country. Next up is mandolin player and vocalist Sam Bush, the godfather of the New Grass Revival band, who returns to Steamboat for a March 4th show. Austin, Texas-born singer-songwriter Lukas Nelson, son of Willie Nelson, will perform on March 19th with his band, Promise of the Real. Blues Traveler front man and harmonica player extraordinaire John Popper plays March 26th with his new project, the Duskray Troubadours, followed by Latin pop rock stars Los Lonely Boys on April 2nd. The series finishes with a reggae-themed event on April 10th featuring Katchafire. Originally a Bob Marley tribute, New Zealand-based Katchafire has been touring the world in support of its four studio albums.
Monday, January 31, 2011
Real Estate Activity Increases In 2010
Year-end statistics for 2010 shows there have been significant increases in both the number of sales and the total sales dollars for homes that were listed and sold through the Steamboat Springs Multiple Listing Service. Residential sales of condominiums, townhomes, and single family residences in Steamboat Springs rose to 338 sales during 2010. This represents a 42% increase over 2009, with a total sales volume of $241,399,546, a 33% increase over 2009. The average days on market decreased by 21% to 210, which is yet another indicator of an improving sales climate for Steamboat Springs.
Friday, January 28, 2011
Vacation tales of Steamboat Springs
Below is a link to a really nice story about Steamboat Springs all the way from the United Arab Emirates.
Old West Meets Natural Wilderness in Steamboat Springs-The National
Old West Meets Natural Wilderness in Steamboat Springs-The National
Thursday, January 27, 2011
Buyers of multimillion-dollar Steamboat homes expect quality, great deals
Tom Ross of the Steamboat Today interviewed Chris for a article that was published in the Sunday, January 23, 2011 real estate section. Article below...
When the new home at 2745 Whitewater Lane sold for $1.95 million cash Wednesday, it said a good deal about the state of the high-end market in Steamboat Springs. The property, overlooking Fish Creek from close range in The Sanctuary, originally was listed for $4 million and saw the asking price reduced to $2.5 million in September.
Listing broker Chris Paoli, of Colorado Group Realty, said last week that his research tells him that distressed properties play less of a role in the high end of the market than the impression a few noteworthy bank-owned sales have created. And he said he thinks the supply is more finite than many think.
“My observation is that there are far more buyers in the $1 million to $3 million market than there are good homes,” Paoli said.
He counts 82 listings in his target category.
Conventional wisdom says that many million-dollar-plus homes would take years to absorb in this market. But Paoli said it’s not easy to find a home of the quality that buyers are expecting in that price range.
“Psychology drives so many of our decisions,” Paoli said. “What has occurred is a number of homes have gone into distress, creating a large gap between sales prices and average list prices. Everyone wants the next great deal. Why wouldn’t you?”
That leads buyers to wait until the right price similar to the last great deal.
Paoli bases his position on the number of showings his own listings are receiving and a partial survey of local Realtors with qualified, ready-to-buy clients.
“After polling more than 50 brokers in my office, 24 agents responded with 34 active buyers in the $1 million to $3 million single-family home category. Personally, I can quickly come up with 10 more real buyers in this group (from clients of other agents in the market), and there are still another 30 agents to sample. My estimate is there are between 75 and 100 active, very real buyers in this category.”
The house on Whitewater Lane might be the most recent great deal in the luxury market. The sale price converts to $341 per square foot for a 5,716-square-foot home with five-plus bedrooms, 5 1/2 bathrooms and a three-car garage on a half-acre. The list price per square foot was $402.
The home has extra touches such as a refrigerated wine room and a dog wash in the garage. It was on the market for 131 days.
The buyer’s broker, Pam Vanatta, of Prudential Steamboat Realty, said she agrees with Paoli that prospective buyers in the price range are insisting on the best quality and that before long, the best will be spoken for.
“Demand is getting stronger, and the supply is getting gobbled up,” she said. “The question is how long it will take to absorb all 82. I would say you follow the typical absorption rate. It might take five years.”
Her buyer for The Sanctuary home previously had looked in the local market, decided to wait and returned to make his purchase.
“I think it was a very good value,” she said.
Link to article http://www.steamboattoday.com/news/2011/jan/23/buyers-multimillion-dollar-steamboat-homes-expect-/
When the new home at 2745 Whitewater Lane sold for $1.95 million cash Wednesday, it said a good deal about the state of the high-end market in Steamboat Springs. The property, overlooking Fish Creek from close range in The Sanctuary, originally was listed for $4 million and saw the asking price reduced to $2.5 million in September.
Listing broker Chris Paoli, of Colorado Group Realty, said last week that his research tells him that distressed properties play less of a role in the high end of the market than the impression a few noteworthy bank-owned sales have created. And he said he thinks the supply is more finite than many think.
“My observation is that there are far more buyers in the $1 million to $3 million market than there are good homes,” Paoli said.
He counts 82 listings in his target category.
Conventional wisdom says that many million-dollar-plus homes would take years to absorb in this market. But Paoli said it’s not easy to find a home of the quality that buyers are expecting in that price range.
“Psychology drives so many of our decisions,” Paoli said. “What has occurred is a number of homes have gone into distress, creating a large gap between sales prices and average list prices. Everyone wants the next great deal. Why wouldn’t you?”
That leads buyers to wait until the right price similar to the last great deal.
Paoli bases his position on the number of showings his own listings are receiving and a partial survey of local Realtors with qualified, ready-to-buy clients.
“After polling more than 50 brokers in my office, 24 agents responded with 34 active buyers in the $1 million to $3 million single-family home category. Personally, I can quickly come up with 10 more real buyers in this group (from clients of other agents in the market), and there are still another 30 agents to sample. My estimate is there are between 75 and 100 active, very real buyers in this category.”
The house on Whitewater Lane might be the most recent great deal in the luxury market. The sale price converts to $341 per square foot for a 5,716-square-foot home with five-plus bedrooms, 5 1/2 bathrooms and a three-car garage on a half-acre. The list price per square foot was $402.
The home has extra touches such as a refrigerated wine room and a dog wash in the garage. It was on the market for 131 days.
The buyer’s broker, Pam Vanatta, of Prudential Steamboat Realty, said she agrees with Paoli that prospective buyers in the price range are insisting on the best quality and that before long, the best will be spoken for.
“Demand is getting stronger, and the supply is getting gobbled up,” she said. “The question is how long it will take to absorb all 82. I would say you follow the typical absorption rate. It might take five years.”
Her buyer for The Sanctuary home previously had looked in the local market, decided to wait and returned to make his purchase.
“I think it was a very good value,” she said.
Link to article http://www.steamboattoday.com/news/2011/jan/23/buyers-multimillion-dollar-steamboat-homes-expect-/
Thursday, July 29, 2010
Ensure a successful closing day...
As a general rule, it has always been highly recommended for homebuyers to avoid doing anything that will affect thier credit during the home-buying process. Now, however, the rule is even more important as Fannie Mae has enacted the Loan Quality Initiative (LQI), effective June 1,2010. One of the initiatives of LQI requires mortage companies to ensure no additional debt has occurred prior to closing. Changes in finances could cause mortgage loans to be delayed or even denied, despite earlier approvals.
There are four main things you must avoid before closing on your new home.
1. Don't apply for new credit. Do not obtain new credit cards, a car loan or any other form of credit. New credit inquiries and new debt will appear on your credit reports. If the amounts of your monthly debts increase, your mortgage could be delayed or denied.
2. Don't charge up existing credit. It is common to want to purchase large items such as new furniture on credit or borrow money to help pay for repairs or improvements on your existing house if you are trying to sell. Regardless of the reason, new debt could result in a higher debt-to-income ratio.
3. Don't change jobs. A change in job status or income will require a mortgage company to re-verify job status and income, which could cause delays. Also, loss of income before closing will raise your debt to income possibly causing the loan to be denied.
4. Don't miss payments or incur excessive debt. Be sure to keep on top of your credit card bills, car loans and other bills. Keep your existing accounts well below your limits.
Avoiding these mistakes will help you prevent delays or disappointment and ensure a successful closing.
There are four main things you must avoid before closing on your new home.
1. Don't apply for new credit. Do not obtain new credit cards, a car loan or any other form of credit. New credit inquiries and new debt will appear on your credit reports. If the amounts of your monthly debts increase, your mortgage could be delayed or denied.
2. Don't charge up existing credit. It is common to want to purchase large items such as new furniture on credit or borrow money to help pay for repairs or improvements on your existing house if you are trying to sell. Regardless of the reason, new debt could result in a higher debt-to-income ratio.
3. Don't change jobs. A change in job status or income will require a mortgage company to re-verify job status and income, which could cause delays. Also, loss of income before closing will raise your debt to income possibly causing the loan to be denied.
4. Don't miss payments or incur excessive debt. Be sure to keep on top of your credit card bills, car loans and other bills. Keep your existing accounts well below your limits.
Avoiding these mistakes will help you prevent delays or disappointment and ensure a successful closing.
Monday, July 5, 2010
Lower Prices Have Put Steamboat Within Reach For New Buyers!
There has been an increase in activity in the Steamboat Springs market. Vacation properties in our world class ski resort are now in reach for new buyers. The lower prices are luring buyers to take the plunge on ski properties despite economic worries. Although some sellers have not lowered their list prices to meet buyers expectations. We estimate that the prices have fallen at least 20 to 30 percent since its peak in 2007 and land prices have dropped as much as 50 percent.
Many buyers are looking for a bargain and many sellers have some sort of distress element. The distress element is often divorce, death or debt, but two years into a grim economy the motivating factor for a price reduction can simply be time.
If buying a vacation home is part of your long term plan, it might be wise to accelerate your timetable to take advantage of low prices and historical low interest rates. Many buyers are now offered a chance to fulfil a dream.
Many buyers are looking for a bargain and many sellers have some sort of distress element. The distress element is often divorce, death or debt, but two years into a grim economy the motivating factor for a price reduction can simply be time.
If buying a vacation home is part of your long term plan, it might be wise to accelerate your timetable to take advantage of low prices and historical low interest rates. Many buyers are now offered a chance to fulfil a dream.
Wednesday, June 23, 2010
United States Most Expensive Home Sells
On June 4, 2010, Le Belvedere, a 48,000 square foot French chateau on 2.2 acres in Bel Air, California sold to an unidentified European family, for as much as $72 million. The sale secures the highest price this year for a American residence. This exceeds the previous 2010 record of more that $46.5 million for a home sold in Aspen, Colorado last April.
Although seller, Mohamed Hadid wouldn't release the official sale price, he confirmed that it was between $50 million and the asking price of $72 million. In Los Angeles County, sale prices can take more than a month to appear on the public record.
Although seller, Mohamed Hadid wouldn't release the official sale price, he confirmed that it was between $50 million and the asking price of $72 million. In Los Angeles County, sale prices can take more than a month to appear on the public record.
The home was designed and built by developer Mohamed Hadid, former owner of Ritz Carlton Hotels, for his personal use.
For more photos and details of the home click on the link below.
Thursday, June 17, 2010
Rent Versus Buy?
The question whether to buy versus rent is a great topic of debate. However, by asking yourself a few important questions the answer should come easy.
First of all, let's consider the total costs of home ownership...these costs include mortgage principal and interest, property taxes, hazard insurance, closing costs at time of purchase and ongoing HOA dues and private mortgage insurance, where applicable. Total costs of home ownership include an offset for the tax advantages of home ownership, including mortgage interest, property tax and closing cost deductions.
The total costs of renting include rent and renter’s insurance.
Now, let's consider how long you will live in the home. Buying a home and selling after 1 year, probably would make renting seem like a more reasonable choice. But after 3-5 years, buying becomes the less expensive solution. Also, it is wise to consider home value rising over a period of time and renting rates rising over time as well.
Keep in mind that paying rent is ultimately helping the landlord and not yourself. With a rent payment all the equity is going to the landlord. But, if you are only going to live somewhere for a year or less, renting could be better because of flexibility and lack of liability.
Another good question to ask yourself is not just a question of money. There is pride and pleasure in home ownership with the ability to make it your own. For example, paint the colors you want, remove a wall, remodel the kitchen, etc. You do not need to ask your landlord for permission. Owning a home can be more of a lifestyle decision and less of a financial decision.
First of all, let's consider the total costs of home ownership...these costs include mortgage principal and interest, property taxes, hazard insurance, closing costs at time of purchase and ongoing HOA dues and private mortgage insurance, where applicable. Total costs of home ownership include an offset for the tax advantages of home ownership, including mortgage interest, property tax and closing cost deductions.
The total costs of renting include rent and renter’s insurance.
Now, let's consider how long you will live in the home. Buying a home and selling after 1 year, probably would make renting seem like a more reasonable choice. But after 3-5 years, buying becomes the less expensive solution. Also, it is wise to consider home value rising over a period of time and renting rates rising over time as well.
Keep in mind that paying rent is ultimately helping the landlord and not yourself. With a rent payment all the equity is going to the landlord. But, if you are only going to live somewhere for a year or less, renting could be better because of flexibility and lack of liability.
Another good question to ask yourself is not just a question of money. There is pride and pleasure in home ownership with the ability to make it your own. For example, paint the colors you want, remove a wall, remodel the kitchen, etc. You do not need to ask your landlord for permission. Owning a home can be more of a lifestyle decision and less of a financial decision.
Monday, June 14, 2010
More Closings at Emerald Lodge, Steamboat Springs
Three condos have sold in Emerald Lodge in the last 2 months. Plus, another condo has recently gone under contract. This is impressive news for Trappeur's Resort which has been one of the hottest condo complexes at the base area for the last couple years. Some of the property's highlights include:1) Great Location. The resort is within walking distance to the base area where you can enjoy restaurants, shops and activities. It's also very quiet and free from any construction. 2) Awarded the Expedia Insiders' Select list and is the only property in Steamboat to receive this prestigious accolade. 3) The new Day Spa and Fitness Center has been operating for over a year now and has been a huge success with owners and guests. 4) The 6 buildings at Trappeur's offer a variety of floor plans and price ranges to fit the needs of most buyers. If you would like more information or would like to schedule a tour of Trappeur's Resort please give us a call or send us an email.
Friday, June 11, 2010
100% Financing Just Made Easier
If you are considering buying a home and need 100% financing the USDA program recently increased their qualifying income limits. In Routt County the limit for families between 1 and 4 people is now $92,600. In Moffat County the limit is $74,050. This is good news for buyers interested in purchasing a home but do not have the a down payment available. If you need more information about this program give a call or send us an email.
Monday, June 7, 2010
A Day At Marabou
We had a company outing at Marabou recently. Marabou is a unique ranch preservation community with 62 custom homesteads on nearly 1,800 acres of active ranch land. More than 1,325 acres will remain common open space. It it a beautiful property bordering two miles of frontage along the Elk river and renowned for its fly fishing waters.
It was a bit overcast but a perfect day for enjoying the Marabou lifestyle. Many of my colleagues chose to go fly fishing with the master guides and had a great time. I decided to go horseback riding with World Champion Steer Wrestler, master guide, Chad Bedell. We had a wonderful ride with gorgeous scenery and even crossed water up to the horses belly! Above is a photo of the Elk River, me with "my horse" Appy at the horse barn and one of the owner's cabins.
After the activities, the staff of Marabou had a delicious appetizer and cocktail party for us at the Owner's lodge overlooking the river. I toured the spa, fitness facility, movie theater and one of the owner's cabins. The facilities are impressive.
Marabou is truly a special property providing first class amenities, blue ribbon fishing, hiking, mountain biking, horseback riding, ranching, etc. For more information about Marabou or if you are interested in going for a tour to experience this picturesque property please give us a call or send a email. Amy 970.846.2114, amybrown@mybrokers.com or Chris 970.819.1432, chris@mybrokers.com
Monday, May 24, 2010
SECOND HOME SALES EDGE UP
As I was doing my weekend reading, I came across the following article in Businessweek:From Hamptons to Tahoe, Summer Home Sales Edge Up
Here in Steamboat Springs, we are seeing activity in the Real Estate market increase significantly over the same time last year. Clients and friends are consistently asking me, "Has the real estate market bottomed yet". Not a yes or no answer and it depending on what your position is in the market. Are you an owner of a property you purchased in 2007, or are you sitting on cash waiting to buy? Overall, if every property was repriced, every day to where buyers would buy, we would be seeing an increase in price for many properties. Unfortunately, this is unrealistic and the pricing of real estate involves a great deal of emotion.
One method for identifying where the market is bottoming, is to watch where actual transactions are occurring. For the past two years, in Steamboat Springs, we have not had enough sales activity to make reasonable assumptions. Finally, after a long wait, in many areas (single family homes, condos and town homes) we are getting transactions to analyze. Here is a link to a recent newsletter we sent, giving some indications here locally that indicate potential bottoms in property values: May 2010 Newsletter from The Paoli Group
In a surprise change to the downside, mortgage rates have actually gone down in the past few weeks. Mortgage Rates Drop . Locking in long term rates may be a great idea, considering the potential for exaggerated inflation over the long term. Combining great prices on incredible real estate with the low rates, this could be an interesting opportunity.
If you have any questions about the information provided above, contact Chris at 970.819.1432 or chris@mybrokers.com
Monday, April 26, 2010
Fannie Mae Can Help Distressed Borrowers
In a recent article in the Washington Post, Kenneth Farney reports Fannie Mae wants to help some troubled borrowers get back into the home market...
Here's some good news for people who had to give the deed on their house back to the bank because of financial problems, or who have done a short sale to avoid foreclosure: You may not have to wait the typical four or five years to re-qualify for financing to buy another home.
Instead, it could be as little as two years. In a bulletin to lenders April 14, mortgage giant Fannie Mae said it is relaxing rules that prevented loan applicants who have participated in short sales or deeds in lieu of foreclosure from obtaining a new mortgage for extended periods of time. The new rules are scheduled to take effect July 1.
Homeowners who have done short sales -- such as under the Obama administration's new Home Affordable Foreclosure Alternatives program -- will also be able to qualify for a mortgage in as little as two years. Although Fannie Mae officials declined to discuss the reasoning behind the changes, the bulletin to lenders said the company hopes to encourage troubled borrowers to work out solutions that avoid the heavy costs of foreclosure.
To read the full article Click Here For Article
Here's some good news for people who had to give the deed on their house back to the bank because of financial problems, or who have done a short sale to avoid foreclosure: You may not have to wait the typical four or five years to re-qualify for financing to buy another home.
Instead, it could be as little as two years. In a bulletin to lenders April 14, mortgage giant Fannie Mae said it is relaxing rules that prevented loan applicants who have participated in short sales or deeds in lieu of foreclosure from obtaining a new mortgage for extended periods of time. The new rules are scheduled to take effect July 1.
Homeowners who have done short sales -- such as under the Obama administration's new Home Affordable Foreclosure Alternatives program -- will also be able to qualify for a mortgage in as little as two years. Although Fannie Mae officials declined to discuss the reasoning behind the changes, the bulletin to lenders said the company hopes to encourage troubled borrowers to work out solutions that avoid the heavy costs of foreclosure.
To read the full article Click Here For Article
Saturday, March 27, 2010
STEAMBOAT SPRINGS CONDO AT 2005 PRICING
Check out this Steamboat Springs 2 br, 1 bath condo for sale at 2005 pricing. Link to Condo details
For more information on this property and other great deals in Steamboat call Chris at 970.846.1432
For more information on this property and other great deals in Steamboat call Chris at 970.846.1432
Thursday, March 11, 2010
IS RESORT REAL ESTATE AN INVESTMENT
Many times I have heard the comment, "I plan to own this place for a long time, so it's not really an investment". Unfortunately life does not always follow the plan we originally lay out. Too often, life changes cause you to re-evaluate your situation and what assets are important. This can be the result of job changes, marital status, illness or even worse, death. There are countless reasons why we may need to rethink where we are in our lives.
For this reason, I tell every client, your home purchase in Steamboat Springs, or any other town for that matter, is an investment. What does that statement mean?
1. Buy what you feel your family will really enjoy. Odds are, other people will feel the same way. If you focus on purchasing a property that will live well and feels great when you are inside, your probably not alone. Too many times I see people purchase property just because it feels like a cheap price, not a great home. Odds are when you end up selling, potential buyers will not feel it's that great a home either. Some times you can get lucky, but what this economy is showing us, is that only good homes get offers in tough markets, even if they are low.
2. Focus on the best homes or condos within the best neighborhoods. Buy the end unit, with extra windows, or buy the home on the best lot with views. This is your opportunity to be picky, so focus on buying the best.
3. Get as close to the beach as possible. Beach? What if we are looking in the mountains. In the mountains, this means as close to the Ski Base or the center of downtown as possible. When markets turn, the majority of buyers want to be near the Beach or Ski area. Property in the closest locations will be the first to see a turn to the upside. Also, this will increase your ability to generate rental income should the market be difficult to sell in (such as now).
Hopefully these thoughts reinforce what you were already thinking as you consider making a real estate purchase. If you have any questions about Steamboat Springs contact me at chris@mybrokers.com. Good luck buying!
Tuesday, March 9, 2010
STEAMBOAT 700 DENIED BY VOTERS
WOW! It's official, the Steamboat 700 annexation has been denied by the voters of Steamboat Springs, Colorado. This is a major turn of events for the future of Steamboat's growth. All future expansion of the Steamboat Springs city boundaries was planned for property west of the city, in a plan called the "West of Steamboat Springs Area Plan".
Today's vote was not an easy one for residents. There were many variables supporting both sides. Only time will tell how this decision will effect our communities future. To read the full article from the Steamboat Pilot, click here.
Monday, March 8, 2010
TWO WEEKS IN A ROW WITH POSITIVE NEWS ABOUT HOUSING!
Last week we had Warren Buffett state - the U.S. residential real estate slump will end by about 2011, predicting that’s how long it will take demand for homes to catch up with the supply.
“Within a year or so, residential housing problems should largely be behind us,” Buffett wrote Feb. 27 in his annual letter to shareholders of his Berkshire Hathaway Inc. “Prices will remain far below ‘bubble’ levels, of course, but for every seller or lender hurt by this there will be a buyer who benefits.” Read the full article
This week in Barrons we an article about Luxury Real Estate, which states - Prices for primary residences, which plunged at least 20% from the peak in 2007, appear to have bottomed. In some of the snappiest locations, scattered bidding wars are breaking out and prices are turning upward. Read the full article
Living in Steamboat Springs, Colorado where the average home price is near $700,000, this is encouraging news. As a Realtor I can attest to the fact that we are seeing a significant increase in the number of showings at high end properties. We are also seeing deals get done at fairly high dollar values ($2.8 million dollar closing, $5.4 million dollar home goes under contract). I wouldn't say we are back to normal yet, but at least the process of inventory reduction for multi-million dollar properties has begun.
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