Suddenly, buyers are noticing the Penthouses at Manor Vail. Two of them have gone under contract in the past few weeks ... #481, a 4-bedroom +loft with 5.5 baths listed at $8,900,000, and #470, the furnished model and, also like #481, a 4-bedroom + loft with 5.5 baths, listed at $9,600,000.
These two contracts make an impressive triumverate when combined with the purchase in June of a penthouse at Solaris in Vail Village which sold for more than $14,000,000.
14 of the 17 developer penthouses at Manor Vail are now contract pending or sold. Three remain:
#327, 4 bedrooms, 4.5 baths, listed for $8,900,000;
#460, 3 bedrooms + loft, 4.5 baths, listed for $9,600,000;
#471, 4 bedrooms + loft, 5.5 baths, listed for $9,350,000.
Contact me at cmiskell@slifer.net for floor plans, site plans, descriptive materials, or to schedule a tour.
CASH SHORTFALLS at THE CLUB AT CORDILLERA
Principals of Cordillera Golf Club LLC, the entity which acquired The Club at Cordillera in June of last year, are now telling Club members that the Club faces a $3 million shortfall through the end of this year.
Cordillera Golf Club LLC is run by the Wilhelm Family Partnership which includes David Wilhelm, and his sons, Patrick, Jonathan and Nicholas.
They are asking members for loans in exchange for an interest rate of 10% and other benefits including a temporary waiver of Club dues which run about $11,000 per year. Based on the way the Club is set up, members cannot be assessed to cover operating costs, which is why the Wilhelms are asking members to step up with loans.
As another option, Wilhelm proposes that the Cordillera Metro District buy the Club. Wilhelm's asking price would be $10 million cash plus the assumption of his $12.5 million debt to Alpine Bank. If this scenario plays out, it would have the effect of opening all four Cordillera golf courses to public play. The Metro District says it's doing its "due diligence".
At present 650 of Cordillera's 1,100 property owners are Club members with a substantial number of them lined up to leave the Club. It has been reported that Cordillera needs 950 to 1,000 members to cash flow the courses and facilities.
It seems to me that this situation -- which is not unique to Cordillera, as golf club members around the country can attest -- creates an excellent window of opportunity to make a great buy of some quality Cordillera real estate.
I will keep you apprised of any new developments with this situation.
Cordillera Golf Club LLC is run by the Wilhelm Family Partnership which includes David Wilhelm, and his sons, Patrick, Jonathan and Nicholas.
They are asking members for loans in exchange for an interest rate of 10% and other benefits including a temporary waiver of Club dues which run about $11,000 per year. Based on the way the Club is set up, members cannot be assessed to cover operating costs, which is why the Wilhelms are asking members to step up with loans.
As another option, Wilhelm proposes that the Cordillera Metro District buy the Club. Wilhelm's asking price would be $10 million cash plus the assumption of his $12.5 million debt to Alpine Bank. If this scenario plays out, it would have the effect of opening all four Cordillera golf courses to public play. The Metro District says it's doing its "due diligence".
At present 650 of Cordillera's 1,100 property owners are Club members with a substantial number of them lined up to leave the Club. It has been reported that Cordillera needs 950 to 1,000 members to cash flow the courses and facilities.
It seems to me that this situation -- which is not unique to Cordillera, as golf club members around the country can attest -- creates an excellent window of opportunity to make a great buy of some quality Cordillera real estate.
I will keep you apprised of any new developments with this situation.
FOR THOSE OF YOU WHO PINE FOR SKIING ALL SUMMER LONG
If you are one who thinks of summer as a tiresome intermission in between ski seasons, you will be happy to hear that The Ski Channel TV network announced it has signed a long-term distribution agreement with Comcast that will provide Warren Miller movies, Greg Stump films, destination travel, instructional videos to Comcast "OnDemand" customers. Here in the Vail area, programming is expected to be available to Comcast customers sometime over the next year.
For more information visit http://www.skichannel.com/ or http://www.comcast.com/ .
For more information visit http://www.skichannel.com/ or http://www.comcast.com/ .
NEW CONTRACTS WRITTEN in JULY ... in the VAIL VALLEY
According to figures from the broker Multi-List Service provided by The Vail Board of Realtors, buyers placed 52 residential properties under contract in the month of July.
Here's a breakdown of those new written contracts:
BY PRICE RANGE:
$0 - $500,000: 20 contracts
$500,000 - $1 million: 15
$1-2 million: 9
$2-3 million: 5
Above $3 million: 3
Highest list price of any property to go under contract in July: $8,500,000
BY GEOGRAPHIC REGION:
Arrowhead: 3 contracts
Bachelor Gulch: 1
Beaver Creek: 2
Cordillera: 2
Lionshead: 1
Vail Village: 4
Avon (including The Westin): 5
East Vail/Booth Creek: 4
West Vail: 2
Cascade Village: 1
Eagle Vail: 3
Edwards (Singletree/Homestead): 5
Wolcott: 1
Eagle/Eagle Ranch: 13
Gypsum: 5
Here's a breakdown of those new written contracts:
BY PRICE RANGE:
$0 - $500,000: 20 contracts
$500,000 - $1 million: 15
$1-2 million: 9
$2-3 million: 5
Above $3 million: 3
Highest list price of any property to go under contract in July: $8,500,000
BY GEOGRAPHIC REGION:
Arrowhead: 3 contracts
Bachelor Gulch: 1
Beaver Creek: 2
Cordillera: 2
Lionshead: 1
Vail Village: 4
Avon (including The Westin): 5
East Vail/Booth Creek: 4
West Vail: 2
Cascade Village: 1
Eagle Vail: 3
Edwards (Singletree/Homestead): 5
Wolcott: 1
Eagle/Eagle Ranch: 13
Gypsum: 5
STABLE INVENTORY NUMBERS IN THE VAIL VALLEY
At a time when homebuilder confidence is dropping for the third straight month as markets across the country are deluged by a flood of cheap foreclosures, we are lucky here in the Vail Valley to be seeing relatively stable inventory figures.
The number of actively listed properties in Eagle County -- which is home to the resorts of Vail/Beaver Creek/Bachelor Gulch/Arrowhead and Cordillera -- currently stands at 2,090. A year ago we had 2,174 active listings and 20 months ago the number stood at just about 1,800.
The number of actively listed properties in Eagle County -- which is home to the resorts of Vail/Beaver Creek/Bachelor Gulch/Arrowhead and Cordillera -- currently stands at 2,090. A year ago we had 2,174 active listings and 20 months ago the number stood at just about 1,800.
CAUSE FOR HOPE?
The latest report from the Mountain Travel Research Project -- which derives it data from a sample of 265 property-management companies in 15 mountain destination communities -- says that occupancy for July was up 9.9% compared to the same period in 2009.
What is more significant is that advance reservations for the 6-month period from July through December is currently up 7.5% compared to the same period last year.
What is more significant is that advance reservations for the 6-month period from July through December is currently up 7.5% compared to the same period last year.
JULY PERFORMANCE by SLIFER, SMITH & FRAMPTON BROKERS
Preliminary performance figures for the month of July by brokers of my firm -- Slifer, Smith & Frampton Real Estate -- in the Vail Valley break down as follows:
DOLLAR VOLUME OF SALES:
Week ending July 8th: $4,003,200 ($4,751,400 i.e., when SSF brokers participated on both sides of transaction);
Week ending July 15th: $16,734,650 ($26,514,400 both sides);
Week ending July 22nd: $7,881,250 ($9,232,500 both sides);
Week ending June 24th: $5,439,900 ($6,194,900 both sides);
TOTALS: $34,059,000 ($46,693,200 both sides)
REMEMBER THAT THESE SALES VOLUME FIGURES WERE PRODUCED SOLELY BY SLIFER, SMITH & FRAMPTON BROKERS. FIGURES FOR TOTAL DOLLAR VOLUME GENERATED BY ALL BROKERS IN THE VAIL VALLEY DURING THE MONTH OF JULY HAVE NOT YET BEEN RELEASED.
DOLLAR VOLUME OF SALES:
Week ending July 8th: $4,003,200 ($4,751,400 i.e., when SSF brokers participated on both sides of transaction);
Week ending July 15th: $16,734,650 ($26,514,400 both sides);
Week ending July 22nd: $7,881,250 ($9,232,500 both sides);
Week ending June 24th: $5,439,900 ($6,194,900 both sides);
TOTALS: $34,059,000 ($46,693,200 both sides)
REMEMBER THAT THESE SALES VOLUME FIGURES WERE PRODUCED SOLELY BY SLIFER, SMITH & FRAMPTON BROKERS. FIGURES FOR TOTAL DOLLAR VOLUME GENERATED BY ALL BROKERS IN THE VAIL VALLEY DURING THE MONTH OF JULY HAVE NOT YET BEEN RELEASED.
TOWN of VAIL BUDGET FIGURES
The Town of Vail is projecting a flat revenue stream for the next five years. Estimates put anticipated revenues right about where they were in 2009, at about $43.5 million.
NOTE: revenues in 2008 were $58 million, so we're talking about a 25% decline from the high.
Budget projections call for sales at the Town's major redevelopment projects -- The Ritz-Carlton Residences, Solaris and The Four Seasons -- to boost real estate transfer tax collections in 2011 by $4.7 million, a 9% increase over 2010 projections. These three big projects are expected to produce about 62% of the Town's real estate transfer tax revenue for 2011.
That assumption is based underlying assumptions made by the Town Manager, the Finance Director and the Town's Budget Manager that 1.) Solaris will sell 40 of its 79 wholly-owned units by the end of 2011 at a discount of 20% from list price, 2.) that The Ritz-Carlton Residences will sell one-third of 71 wholly-owned units at a discount of 20% from list price and 3.) that The Four Seasons condos would sell four out of 16 wholly-owned units also at a discount of 20% from list price.
Sounds ambitious but let's see what happens in November with the elections ... and how potential real estate buyers react. Plus it's always easier for buyers to imagine themselves living in a place once the construction is complete which it will shortly be in the case of Solaris and The Four Seasons. The Ritz Carlton Residences are already completely finished.
NOTE: revenues in 2008 were $58 million, so we're talking about a 25% decline from the high.
Budget projections call for sales at the Town's major redevelopment projects -- The Ritz-Carlton Residences, Solaris and The Four Seasons -- to boost real estate transfer tax collections in 2011 by $4.7 million, a 9% increase over 2010 projections. These three big projects are expected to produce about 62% of the Town's real estate transfer tax revenue for 2011.
That assumption is based underlying assumptions made by the Town Manager, the Finance Director and the Town's Budget Manager that 1.) Solaris will sell 40 of its 79 wholly-owned units by the end of 2011 at a discount of 20% from list price, 2.) that The Ritz-Carlton Residences will sell one-third of 71 wholly-owned units at a discount of 20% from list price and 3.) that The Four Seasons condos would sell four out of 16 wholly-owned units also at a discount of 20% from list price.
Sounds ambitious but let's see what happens in November with the elections ... and how potential real estate buyers react. Plus it's always easier for buyers to imagine themselves living in a place once the construction is complete which it will shortly be in the case of Solaris and The Four Seasons. The Ritz Carlton Residences are already completely finished.
ONE OF OUR RESORT "NEIGHBORS" SEES SOME TROUBLE
Whistler-Blackcomb isn't the only ski resort having troubles.
In Aspen's sister resort, Snowmass Village, The Base Village at Snowmass project to add hotel rooms, homes and restaurants at the base of the ski area has been put into receivership. James Pavisha of Denver is the receiver. Base Village is controlled by Related WestPac of New York.
Four lenders have alleged in a complaint filed in Pitkin County District Court that Base Village owes $386 million on a loan and $48.5 million in loan-related expenses. The lenders are trying to foreclose on the 400,000 square foot property.
Two lawsuits filed in New York seek more than $200 million from a joint partnership that tried to build the Base Village at Snowmass. Hypo Real Estate Capital Corp. is seeking $195 million from Related and from Pat Smith, former president of Related WestPac, under a payment guarantee of loans for the project.
Hypo is also seeking $10.6 million in damages for alleged misconduct involving the use of an employee housing project for collateral.
In Aspen's sister resort, Snowmass Village, The Base Village at Snowmass project to add hotel rooms, homes and restaurants at the base of the ski area has been put into receivership. James Pavisha of Denver is the receiver. Base Village is controlled by Related WestPac of New York.
Four lenders have alleged in a complaint filed in Pitkin County District Court that Base Village owes $386 million on a loan and $48.5 million in loan-related expenses. The lenders are trying to foreclose on the 400,000 square foot property.
Two lawsuits filed in New York seek more than $200 million from a joint partnership that tried to build the Base Village at Snowmass. Hypo Real Estate Capital Corp. is seeking $195 million from Related and from Pat Smith, former president of Related WestPac, under a payment guarantee of loans for the project.
Hypo is also seeking $10.6 million in damages for alleged misconduct involving the use of an employee housing project for collateral.
ALSO AT SOLARIS ... BOL
Bol is the new restaurant and bar with 10 lanes of bowling at Solaris (former site of the old Crossroads Building in the heart of Vail Village). It is a very classy place with an interior decor that is angular and modern with mesh curtains that divide spaces, and a long polished bar with orange, molded bar stools.
Menu items range from pitchers of beer to honey-glazed ribs, steamed mussels, home-made potato chips served with garlic and parsley butter, mini lamb pita sandwiches, grilled vegetable sliders, and a $30 lobster pizza. And have you ever heard of fried pie? ... they've got it: cherry or plum with rhubarb compote and strawberry ice cream.
Come one, come all.
Menu items range from pitchers of beer to honey-glazed ribs, steamed mussels, home-made potato chips served with garlic and parsley butter, mini lamb pita sandwiches, grilled vegetable sliders, and a $30 lobster pizza. And have you ever heard of fried pie? ... they've got it: cherry or plum with rhubarb compote and strawberry ice cream.
Come one, come all.
VAIL RESORTS POSTS 3rd QUARTER RESULTS
Vail Resorts reported strong performance across its mountain division during its third quarter (which ended April 30th), particularly during the 5-week spring break and Easter travel period. According to CEO, Rob Katz, the company "saw levels of skier visitation, total lift revenue, dining revenue and retail/rental revenue that were comparable to the results we saw during the same period in 2008 and 2007."
Mountain segment net revenue increase by 8.3%; total skier visitation improved by 4.6% compared to last year.
Mountain Reported EBITDA improved by 9.6% and Resort Reported EBITDA (which includes mountain and lodging segments) improved by 9.0% over last year. The lodging segment revenue was flat compared to last year.
Third quarter net income attributable to Vail Resorts, Inc. increased by 18.1% over last year.
NOTE: Vail Mountain's High Noon Lift (Chair 5) -- which serves Sun Up and Sun Down Bowl -- has come down and construction of a new high-speed quad lift has begun. The new lift will cut ride times from 12 minutes to six. This is one of several new resort projects under way this summer in anticipation of the 2010/2011 ski season.
Mountain segment net revenue increase by 8.3%; total skier visitation improved by 4.6% compared to last year.
Mountain Reported EBITDA improved by 9.6% and Resort Reported EBITDA (which includes mountain and lodging segments) improved by 9.0% over last year. The lodging segment revenue was flat compared to last year.
Third quarter net income attributable to Vail Resorts, Inc. increased by 18.1% over last year.
NOTE: Vail Mountain's High Noon Lift (Chair 5) -- which serves Sun Up and Sun Down Bowl -- has come down and construction of a new high-speed quad lift has begun. The new lift will cut ride times from 12 minutes to six. This is one of several new resort projects under way this summer in anticipation of the 2010/2011 ski season.
A RESTAURANT THAT SHOWS MOVIES
Cinebistro at Solaris (the new building reaching completion in the heart of Vail Village) has opened for business. Cinebistro is a restaurant/lounge first and then a theatre.
Moviegoers are encouraged to arrive 30 minutes before showtime whereupon a concierge will meet and assist them with purchasing their seats, which are numbered and assigned. NOTE: tickets can also be purchased on-line prior to the show. Once guests are seated, servers arrive to take dinner and drink orders ... appetizers, entrees and drinks all arrive at the same time. Service is stopped once the feature film begins.
And we're not talking junk food here. The menu includes, what else, "popcorn" chicken, shrimp or calamari, BBQ pork ribs and Colorado lamb. Salads, sandwiches and desserts round out the menu. Appetizers start at $9 and entrees range from $16 to $27. Movie prices range from $10 for adults before 4 p.m. and after 10 p.m. and $14.50 during prime time. NOTE: patrons younger than 21 are not allowed in Cinebistro after 8:00 p.m.
Moviegoers are encouraged to arrive 30 minutes before showtime whereupon a concierge will meet and assist them with purchasing their seats, which are numbered and assigned. NOTE: tickets can also be purchased on-line prior to the show. Once guests are seated, servers arrive to take dinner and drink orders ... appetizers, entrees and drinks all arrive at the same time. Service is stopped once the feature film begins.
And we're not talking junk food here. The menu includes, what else, "popcorn" chicken, shrimp or calamari, BBQ pork ribs and Colorado lamb. Salads, sandwiches and desserts round out the menu. Appetizers start at $9 and entrees range from $16 to $27. Movie prices range from $10 for adults before 4 p.m. and after 10 p.m. and $14.50 during prime time. NOTE: patrons younger than 21 are not allowed in Cinebistro after 8:00 p.m.
WESTIN SOLD OUT!
Quick update: East West Partners has announced that the Developer inventory at The Westin Riverfront Resort and Spa has sold out. East West initiated the process to sell the last 76 residences last Christmas (2009) and completed the sell-out in only 7 months.
Re-sales continue at a quick pace as buyers are increasingly attracted to The Westin's location, convenience and cache, not to mention the Avondale Restaurant which is their star attraction, though many would argue that honor belongs to the Spa and workout facility.
GO WESTIN!
Re-sales continue at a quick pace as buyers are increasingly attracted to The Westin's location, convenience and cache, not to mention the Avondale Restaurant which is their star attraction, though many would argue that honor belongs to the Spa and workout facility.
GO WESTIN!
PORTRAIT of TODAY'S LUXURY CONSUMER
After conducting 2,600 interviews across the U.S., researchers from Luxury Real Estate.com, speaking at my firm's monthly sales meeting , presented a picture of today's luxury consumer. Here are some highlights.
Todays' luxury consumers:
- go to Costco;
- are shopping less at department stores;
- use coupons;
- regularly check out and buy from Gilt Groupe (http://www.gilt.com/), an on-line sample sale for high-end buyers;
- mostly grew up middle class and have middle class values;
- feel they have become smarter shoppers;
- feel they have become more self-sufficient and resourceful;
- worked hard for their $, only 5% inherited their wealth;
- are more tech savvy;
- prefer to do their own research ... mostly on the internet;
- have not been wealthy long - 9.7 years;
- feel guilty purchasing luxury in this economy;
- make value-driven decisions;
- average age = 46.8 years
The top 5% of the country's population owns 65% of the nation's private assets, accounts for 35% of national spending and has an estimated $32 Trillion in assets. The other 95% has about $7 Trillion in assets.
Interesting, no?
Todays' luxury consumers:
- go to Costco;
- are shopping less at department stores;
- use coupons;
- regularly check out and buy from Gilt Groupe (http://www.gilt.com/), an on-line sample sale for high-end buyers;
- mostly grew up middle class and have middle class values;
- feel they have become smarter shoppers;
- feel they have become more self-sufficient and resourceful;
- worked hard for their $, only 5% inherited their wealth;
- are more tech savvy;
- prefer to do their own research ... mostly on the internet;
- have not been wealthy long - 9.7 years;
- feel guilty purchasing luxury in this economy;
- make value-driven decisions;
- average age = 46.8 years
The top 5% of the country's population owns 65% of the nation's private assets, accounts for 35% of national spending and has an estimated $32 Trillion in assets. The other 95% has about $7 Trillion in assets.
Interesting, no?
BIG PERFORMERS at THE VILAR THIS SUMMER SEASON
Big headliners at Beaver Creek's Vilar Center for the Performing Arts this summer include:
- Natalie Cole
- Randy Travis
- Mary Chapin Carpenter
- Ani DiFranco
- Herbie Hancock
... and as a New York City native, I can't wait to see "West Side Story" performed by the Vail Performing Arts Academy, Friday, August 20th through Sunday, August 22nd. I saw it 8 times on Broadway with Larry Kert and Carol Lawrence.
For a complete schedule contact me at cmiskell@slifer.net.
- Natalie Cole
- Randy Travis
- Mary Chapin Carpenter
- Ani DiFranco
- Herbie Hancock
... and as a New York City native, I can't wait to see "West Side Story" performed by the Vail Performing Arts Academy, Friday, August 20th through Sunday, August 22nd. I saw it 8 times on Broadway with Larry Kert and Carol Lawrence.
For a complete schedule contact me at cmiskell@slifer.net.
VAIL VALLEY REAL ESTATE ACTIVITY for JUNE
June produced $142 million in sales volume (up 88% over 2009) on 121 transactions (up 74% over 2009). That $142 million in volume makes June the largest month since 2008.
The big contributor to these large numbers were the 9 transactions that closed for $4,000,000 or more. The big winner was the sale of a $14,800,000 penthouse at Solaris, the brand new building in the heart of downtown Vail.
SUMMARY HIGHLIGHTS -- January 1st - June 30th, 2010:
- 34 - the number of transactions over $4 million
- $7,823,178 - the average price for 9 transaction closed thus far at Solaris
- $648 - the price per square foot at The Westin Riverfront over its 76 sales
- $20,395,000 - the total dollar volume of the six sales at The Arrabelle
- 35 - the number of bank-owned properties sold
- $1,330,985 - the average price per residential transaction
- 40 - the number of commercial transactions
For detailed data broken down by area, property type, price range, etc. contact me at cmiskell@slifer.net and give me your search parameters. I'll email you back an Excel spreadsheet or multiple spreadsheets right away.
The big contributor to these large numbers were the 9 transactions that closed for $4,000,000 or more. The big winner was the sale of a $14,800,000 penthouse at Solaris, the brand new building in the heart of downtown Vail.
SUMMARY HIGHLIGHTS -- January 1st - June 30th, 2010:
- 34 - the number of transactions over $4 million
- $7,823,178 - the average price for 9 transaction closed thus far at Solaris
- $648 - the price per square foot at The Westin Riverfront over its 76 sales
- $20,395,000 - the total dollar volume of the six sales at The Arrabelle
- 35 - the number of bank-owned properties sold
- $1,330,985 - the average price per residential transaction
- 40 - the number of commercial transactions
For detailed data broken down by area, property type, price range, etc. contact me at cmiskell@slifer.net and give me your search parameters. I'll email you back an Excel spreadsheet or multiple spreadsheets right away.
PANEL SAYS LOCAL ECONOMY is at 2005 LEVELS
A report recently issued by a panel of local realtors, bankers, county government economists and representatives of the local hospitality industry says that Eagle County, home of the resorts that make up the Vail Valley, is at 2005 tax revenue levels and concludes that the county needs to be at 2005 spending levels.
The panel also reports that the local economy has shed at least 1,050 jobs since the recession started. Sales taxes are off by $200 million across the entire county and are projected to be flat for the next five years.
At present the local real estate market has about 18 months of unsold inventory at the current rate of sales. Property values have dropped about 30% since the recession hit in 2008.
An interesting little "factoid" contained in the report is that half the homes in Eagle County are second homes while in Pitkin County (situs of Aspen Ski Resort) and Summit County (i.e., Keystone, Breckenridge) two-thirds of the homes are second homes.
The panel also reports that the local economy has shed at least 1,050 jobs since the recession started. Sales taxes are off by $200 million across the entire county and are projected to be flat for the next five years.
At present the local real estate market has about 18 months of unsold inventory at the current rate of sales. Property values have dropped about 30% since the recession hit in 2008.
An interesting little "factoid" contained in the report is that half the homes in Eagle County are second homes while in Pitkin County (situs of Aspen Ski Resort) and Summit County (i.e., Keystone, Breckenridge) two-thirds of the homes are second homes.
NEW COOKBOOK FROM ONE OF THE VAIL VALLEY'S BEST CHEFS
Those of you who have had the good fortune to visit the Vail Valley and to dine at the fabulous Mirabelle Restaurant in Beaver Creek will be delighted to hear that Chef/Owner Daniel Joly has released his first book which is aptly titled, "Not Just Another Cook Book".
That's because Joly, a Belgian, teamed up with Anheuser-Busch and used beer as a key ingredient in many of his new recipes. For you non-beer people, the book also includes recipes for signature dishes from Mirabelle's seasonal menu and some of Joly's favorite creations as well.
You can find it at The Bookworm, if you're here, or at http://www.amazon.com/.
That's because Joly, a Belgian, teamed up with Anheuser-Busch and used beer as a key ingredient in many of his new recipes. For you non-beer people, the book also includes recipes for signature dishes from Mirabelle's seasonal menu and some of Joly's favorite creations as well.
You can find it at The Bookworm, if you're here, or at http://www.amazon.com/.
WHISTLER-BLACKCOMB TROUBLES
Ski resorts are not immune from financial troubles.
Word has it, according to anonymous sources speaking to THE WALL STREET JOURNAL, that ski resort Whistler-Blackcomb in British Columbia, which escaped auction last February --right in the middle of the Olympic Games -- when Intrawest was able to reach a deal with its creditors, may be sold to Vladimir Potanin, the billionaire who controls Russian Nickel mining giant Norilsk. Potanin also heads the firm building the resort near Sochi, host city for the 2014 Winter Olympics.
Word has it, according to anonymous sources speaking to THE WALL STREET JOURNAL, that ski resort Whistler-Blackcomb in British Columbia, which escaped auction last February --right in the middle of the Olympic Games -- when Intrawest was able to reach a deal with its creditors, may be sold to Vladimir Potanin, the billionaire who controls Russian Nickel mining giant Norilsk. Potanin also heads the firm building the resort near Sochi, host city for the 2014 Winter Olympics.
SOBER OUTLOOK from WELLS FARGO
Following their recent Financial Services Conference in Boston, Karla M. Wyatt of Wells Fargo Home Mortgage emailed me the following gloomy comments:
"We continue to antipate subpar growth in 2010, with both the pace and composition of the expansion being very different than what we are used to or what we may wish. We are far from a sustainable growth trend in line with our historical experience. The expected pace of the expansion is characterized by real growth of 2.0 percent in the second half of 2010 with inflation (core PCE deflator) at just 1.2 percent. Positive contributions to growth will likely come from rising consumer spending, business investment - particularly equipment and software, and of course, federal spending. The problem remains that the recovery represents a different type of cycle with the added complication of atypical behavior among core sectors ... especially consumer spending and housing."
"We continue to antipate subpar growth in 2010, with both the pace and composition of the expansion being very different than what we are used to or what we may wish. We are far from a sustainable growth trend in line with our historical experience. The expected pace of the expansion is characterized by real growth of 2.0 percent in the second half of 2010 with inflation (core PCE deflator) at just 1.2 percent. Positive contributions to growth will likely come from rising consumer spending, business investment - particularly equipment and software, and of course, federal spending. The problem remains that the recovery represents a different type of cycle with the added complication of atypical behavior among core sectors ... especially consumer spending and housing."
THE RITZ-CARLTON, BACHELOR GULCH, WINE & DINING DEALS
Summer specials and programs at The Ritz-Carlton in Bachelor Gulch include:
1. Summer Tasting Menu at Spago: 5 courses for $48, or $68 with wine pairing ... offered nightly, Thursday through Monday through September 6th.
2. Cooking Classes with Spago Executive Chef Mark Ferguson and Chef de Cuisine Steve Maline. The meal is paired with special wine selections. 12:00 to 2:00 July 12, July 26, August 9, August 23, 2010. $35 per adult. Note: lunch and supervision is available for $10 per child.
3. Happy Hour: $10 gourmet pizzas and $3 drink specials daily. 5:00 - 7:00 p.m., Thursday through Monday, through September 6th.
4. Sunday Cookouts: hosted by the Buffalo Bar on the Mountainside Terrace, featuring grilled food, live music, fun and games for the whole family. 5:00 - 7:00 p.m. through September 6th
5. New this Summer: Freshfetch dog food available for in-room order ... all natural, organic dog foods that are "never processed, never ground", complete with FDA-approved ingredients label. Available year-round/$15.
1. Summer Tasting Menu at Spago: 5 courses for $48, or $68 with wine pairing ... offered nightly, Thursday through Monday through September 6th.
2. Cooking Classes with Spago Executive Chef Mark Ferguson and Chef de Cuisine Steve Maline. The meal is paired with special wine selections. 12:00 to 2:00 July 12, July 26, August 9, August 23, 2010. $35 per adult. Note: lunch and supervision is available for $10 per child.
3. Happy Hour: $10 gourmet pizzas and $3 drink specials daily. 5:00 - 7:00 p.m., Thursday through Monday, through September 6th.
4. Sunday Cookouts: hosted by the Buffalo Bar on the Mountainside Terrace, featuring grilled food, live music, fun and games for the whole family. 5:00 - 7:00 p.m. through September 6th
5. New this Summer: Freshfetch dog food available for in-room order ... all natural, organic dog foods that are "never processed, never ground", complete with FDA-approved ingredients label. Available year-round/$15.
JUNE PERFORMANCE by SLIFER, SMITH & FRAMPTON BROKERS
Preliminary performance figures for the month of June by brokers of my firm -- Slifer, Smith & Frampton Real Estate -- in the Vail Valley break down as follows:
DOLLAR VOLUME OF SALES:
Week ending June 3rd: $3,113,000 ($4,137,000 i.e., when SSF brokers participated on both sides of transaction);
Week ending June 10th: $16,749,000 ($27,555,000 both sides);
Week ending June 17th: $7,485,000 ($13,327,000 both sides);
Week ending June 24th: $8,804,000 ($12,974,000 both sides);
Week ending July 1st: $3,070,000 ($4,397,000 both sides).
TOTALS: $39,221,000 ($62,390,000 both sides)
REMEMBER THAT THESE SALES VOLUME FIGURES WERE PRODUCED SOLELY BY SLIFER, SMITH & FRAMPTON BROKERS. FIGURES FOR TOTAL DOLLAR VOLUME GENERATED BY ALL BROKERS IN THE VAIL VALLEY HAVE NOT YET BEEN RELEASED.
DOLLAR VOLUME OF SALES:
Week ending June 3rd: $3,113,000 ($4,137,000 i.e., when SSF brokers participated on both sides of transaction);
Week ending June 10th: $16,749,000 ($27,555,000 both sides);
Week ending June 17th: $7,485,000 ($13,327,000 both sides);
Week ending June 24th: $8,804,000 ($12,974,000 both sides);
Week ending July 1st: $3,070,000 ($4,397,000 both sides).
TOTALS: $39,221,000 ($62,390,000 both sides)
REMEMBER THAT THESE SALES VOLUME FIGURES WERE PRODUCED SOLELY BY SLIFER, SMITH & FRAMPTON BROKERS. FIGURES FOR TOTAL DOLLAR VOLUME GENERATED BY ALL BROKERS IN THE VAIL VALLEY HAVE NOT YET BEEN RELEASED.
EXPIRATION OF TAX CREDITS HURTS NEW HOME SALES
The Commerce Department has reported that sales of new homes sank 33% as potential buyers stopped buying homes once they could not longer receive government tax credits of $8,000 or $6,500 which expired April 30th.
New-home sales fell nationwide, dropping 53% in the west and 33% in the Northeast; 25% in the South and 24% in the Midwest.
Builders have cut construction back significantly. According to the National Association of Home Builders, each new home built creates, on average, the equivalent of 3 jobs for a year and generates about $90,000 in taxes to local and federal authorities. The cutbacks are being felt across multiple industries.
New-home sales fell nationwide, dropping 53% in the west and 33% in the Northeast; 25% in the South and 24% in the Midwest.
Builders have cut construction back significantly. According to the National Association of Home Builders, each new home built creates, on average, the equivalent of 3 jobs for a year and generates about $90,000 in taxes to local and federal authorities. The cutbacks are being felt across multiple industries.
SOMEBODY'S GOT MONEY
Bloomberg News Service reports that according to the 14th annual World Wealth Report, the Asia-Pacific region is growing millionaires left and right. The number of individuals there with at least $1 million of investable assets rose 26% in 2009 to 3 million, matching Eupope and closing in on North America's 3.1 million. North America's number of millionaires grew 17%, the second-biggest regional increase.
The report indicates that the number of millioniare households expanded to 10 million globally from 8.6 million in 2008 ... and worldwide, global wealth held by millionaires rose by 19% to $39 trillion after falling more than 19% in 2008. This would indicate that millionaire's wealth overall have returned to pre-crisis levels ... rule of large numbers.
Millionaires' assets in North America in 2009 rose to $10.7 trillion ... a lot of money but not enough to cover the U.S. federal deficit.
2009 portfolio allocations to real estate stayed the same at 18 percent as an increase in residential real estate assets balanced out a decrease in commercial real estate holdings.
The report indicates that the number of millioniare households expanded to 10 million globally from 8.6 million in 2008 ... and worldwide, global wealth held by millionaires rose by 19% to $39 trillion after falling more than 19% in 2008. This would indicate that millionaire's wealth overall have returned to pre-crisis levels ... rule of large numbers.
Millionaires' assets in North America in 2009 rose to $10.7 trillion ... a lot of money but not enough to cover the U.S. federal deficit.
2009 portfolio allocations to real estate stayed the same at 18 percent as an increase in residential real estate assets balanced out a decrease in commercial real estate holdings.
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