Well there isn’t much in the way of startling information on the real estate front to share with you since my last report. I’m sure everyone has seen all of the negative real estate- mortgage lender information we have been bombarded with by the local and national media. The positive outcome of the sub-prime fiasco will be that we will be left with reputable lenders and better qualified buyers. Other than most resort areas, the entire country has taken hits to their real estate market and it has trickled down to all related industries.

The good news is that we in the Denver area have not been hit as hard as many areas of the country. It has affected us but not to as great a degree. Values in most Denver areas are only down about 2%, but California, Florida, Las Vegas and the Phoenix area have taken huge hits. The consensus is that we have bottomed out. The National Association of Realtors and many other economists feel that the Denver market is poised to begin our recovery in 2008 and that there is a pent up demand due to continued job and population growth.

During 2007, there were twelve (12) homes sold in Woodside ranging in price from $275,000 to $630,000, a little lower than the sixteen (16) sold in 2006. At year end, there were thirteen (13) homes on the market ranging in price from $299,950 to $1,050,000; two of which where under contract. (See the sales summary on the reverse side). During the year, only one (1) vacant lot was sold for $155,000.

Pricing of homes and condition continue to be critical factors to accomplish a sale. There are a few foreclosures in Woodside which may be sold below market value if lenders start discounting the prices to dear out their growing inventory.