Autumn greetings from the Wood River Valley! The  snowmaking guns are busy on both Baldy and Dollar Mountain as Sun Valley prepares to open its 76^th ski season later this month. Opening day is scheduled for Thanksgiving Day, which is Thursday November 24.

In the local real estate market, the biggest story of 2011 has been the surge in sales in the affordably priced inventory. In the past 12 months there have been 206 sales of residential units with sales prices under $300,000, compared to 125 closings a year ago, an increase of nearly 65 percent. The attached graphs also show that condo sales have remained strong throughout the year, climbing 52 percent from a year ago when 104 units closed escrow compared to 158 in the past 12 months. In the single family market, the number of sales is up 7.3 percent while the average sale price per square foot declined 15.7 percent. Our data shows the average sold price was down 14 percent, driven largely by the uptick in home sales priced under $300,000.

My second graph looks specifically at the distressed market in Blaine County. We’ve broken out activity for both short sales and bank-owned properties. (A short sale is when proceeds from selling the property will fall short of the mortgages owed and the lien holders has agreed to accept less than the amount owed on the debt. An REO is bank-owned property that has been through the foreclosure process and is being re-listed for sale)

In our review, the accompanying graph shows the following:

A)Most of the single-family sales in the resort market remain traditional equity sales;
B)Distressed single-family listings in the resort market appear to be in the decline;
C)Almost a third of the available homes for sale in Hailey are distressed;
D)Over half the homes recently sold in Hailey and Bellevue were distressed;
E)Banks are not in the business of owning and managing homes and want these properties sold;

 This report is designed to give you a broad overview of the Blaine County market. We’d be happy to discuss with you in more detail the value of properties in specific neighborhoods or to learn more about your long-term real estate needs.We always appreciate referrals and look forward to working with you in the future. Please don’t hesitate to call with any questions you may have.

Preserving access to Sun Valley, especially by way of a local airport, has become a hot political issue facing the Wood River Valley as it struggles through the recession. Access is already considered difficult by some visitors, but perhaps it’s worth noting that the very isolation that merchants and politicians fear most could be an attraction for many skiers.Sun Valley rose four spots this year to fifth place in the annual Ski magazine reader survey, which ranks the top ski resorts in North America. Deer Valley, Utah, was once again rated No. 1.

The survey, now in its 24th year, provides an opportunity to see Sun Valley as the rest of the world does.

The competition is based on 18 categories of evaluation covering on- and off-mountain amenities, including terrain, scenery, nightlife and guest services.

Sun Valley ranked in the top 10 in 12 of the categories, taking first in the lifts category, and second place in the grooming, service, on-mountain food and character categories.

Area restaurants ranked third in the dining category.

The resort did not place in the top 10 categories for weather, value or access, but those skiers who managed to find their way to Sun Valley liked what they found, on and off the hill.

Only Whistler-Blackcomb in British Columbia and Heavenly in California ranked higher with regard to off-mountain activities.

Telluride, Colo., a well-known party town, ranked lower than Sun Valley in the nightlife, character and overall satisfaction categories.

So why did Sun Valley move up in the ranks? It has as much to do with what Sun Valley doesn’t have as what it does. Ketchum is described in the survey as the “original funky ski town.”

“Readers bemoan the isolation, but that is how Sun Valley keeps its character,” the magazine reported.

The magazine gave a nod to Sun Valley’s illustrious history, but activities favored by locals gained the most attention. They include shopping at the Gold Mine (“the ski world’s best thrift shop”), taking the kids sledding on Penny Hill and soaking at Frenchman’s hot springs west of Ketchum. Perhaps the legendary “Moss Man” of Frenchman’s hot spring will see a revival this winter.

Sun Valley also got points for new terrain parks for kids and a first-class lunch at Seattle Ridge.

“This is utopia,” said one surveyed reader. “I measure every other resort against this one.”

TOP TEN LIST
1. Deer Valley, Utah
2. Vail, Colo.
3. Whistler-Blackcomb, BC
4. Snowmass, Colo.
5. Sun Valley, Idaho
6. Park City, Utah
7. Beaver Creek, Colo.
8. Steamboat, Colo.
9. Breckenridge, Colo.
10. Telluride, Colo.

According to Sun Valley Property News, Jack Bariteau recently put the remaining 30 lots of the Village Green development at The Valley Club under contract.

With an expected closing on the Village Green properties this fall, Bariteau plans to build 2,400 -to 2,600 -square-foot all-season bungalows with year-round service and maintenance. Because Valley Club membership opportunities are at buy-in rates and monthly dues sit near historic lows, Bariteau sees this as an opportunity to invest at The Valley Club, reinvigorate interest in the outstanding properties there and provide savvy buyers with smaller, low-maintenance living at a great price. Bariteau notes that “we have a very old housing stock in the Sun Valley resort area with the majority of homes having been built well over 40 years ago. New ‘green’ designed and environmentally sustainable homes that are smaller and more efficient in plan is what the market is seeking and we intend to fill this need.”

by Les Christie, New York (CNN Money)- 

Foreclosure filings experienced their eighth straight month of declines, according to RealtyTrac.

In May, filings fell 33% from a year earlier and 2% month-over-month, according to the online marketplace of foreclosed properties. The number of homes that were repossessed (referred to as REOs or real estate-owned properties) in May also declined to 66,879, down 3.8% from April and 29% year-over-year, the firm said.

The huge year-over-year drop in foreclosures doesn’t necessarily mean the housing market is staging a recovery, however. James Saccacio, the CEO of RealtyTrac, says the declines are likely due to lingering effects of the “robo-signing” scandal, which broke last September, when it was discovered that banks were playing fast and loose with foreclosure documents.

In some cases, it was found that banks brought foreclosure proceedings upon homeowners when they had no standing to do so. Sloppy paperwork sometimes made it impossible to tell which entity was the rightful owner of the mortgage notes.

To help fix the mess, foreclosure proceedings were temporarily suspended. Even though the suspension has since been lifted, the pace of foreclosures remains significantly slower as banks more thoroughly review each case to ensure they are being handled legally and properly.

“Foreclosure processing delays continue to mask the true face of the foreclosure situation,” said Saccacio. “Lenders are somewhat unevenly pushing batches of bad loans through foreclosure as they overhaul their paperwork and documentation procedures.”

There’s another factor at play, as well. The banks can’t sell the homes they’ve already seized so they aren’t as incentivized to repossess more homes.

“[There's] weak demand from buyers, making it tough for lenders to unload their REO inventory,” said Saccacio. “Even at a significantly lower level than a year ago, the new supply of REOs exceeds the amount being sold each month.”

The banks don’t want to take on the expense of maintaining the homes — property taxes, heating costs, repairs and insurance — if they can’t sell them quickly.

Selling off the inventory of repossessed homes is crucial to the housing market, said Jim Gillespie, CEO of Coldwell Banker. Sold at steep discounts, REOs compete with new homes for buyers and have severely depressed new home sales.

“That’s a critical element for the economic recovery,” said Gillespie. “If new homes were selling anywhere close to their levels of five years ago, it would add a full point to the GDP.”

The steepest drops in filings have come from judicial states, ones in which the courts are involved in repossessions. In these states, where foreclosure proceedings are subject to the scrutiny of the courts, it appears banks are taking special care to make sure they’ve stamped out the last vestiges of the robo-signing issues.

Nevada, where most cases are handled outside of court, continued to be foreclosure central. One of every 103 households received a notice of some kind in May. However, that was an improvement of 23% compared with May 2010. Arizona, with one filing for every 210 households, and California, one for every 259, were second and third.

The judicial state of Florida, where the housing market is no better, has seen a much greater drop-off in filings over the past year, down 62%. It now has the eighth highest foreclosure rate, of one filing for every 461 households. A year ago, it was in the top four, along with the other “Sand States.”

Sun Valley Resort today announced that Conde Nast Traveler magazine readers voted Sun Valley Resort to its “Top Golf Resorts” list, which is currently on newsstands. Thousands of Conde Nast Traveler subscribers evaluated hundreds of properties they visited in 2010. Properties were rated on many levels – Course Design, Speed of Play, Rooms, Service, Food/Dining, and Other Facilities.

Sun Valley staked its claim to greatness 75 years ago when it became the first ski resort in America. Since then it has built upon its acclaimed status by continuing to change with the times while enhancing the amenities and service which made it popular as the “American Original.”
“Sun Valley continually strives for 100% guest satisfaction,” said Sun Valley GM Tim Silva. “We are honored to know that our guests continue to appreciate our resort destination.”

A complementary blend of 18 valley holes, 9 alpine holes, an 18-hole putting course, and an expansive practice facility are at the heart of Sun Valley’s golf complex. Skiing, concerts, hiking, biking, fishing, shooting, bowling, attending theater shows, world-class cuisine, and many more amenities and options await guests.

In a couple of weeks, Sun Valley has the pleasure of celebrating and hosting “Ski Heritage Week,” a joint presentation of the International Skiing History Association and the U.S. Ski and Snowboard Hall of Fame. Running from March 27-April 3, this “will be a week of fun, skiing, reunions, skiing, film festivals, and skiing!” The Hall of Fame induction ceremony will be Saturday, April 2, with local Idahoans Earl Holding and Muffy Davis receiving honors. Windermere would like to send out a big congratulations to both Mr. Holding and Ms. Davis!