LOCAL DEVELOPERS DANGLE CARROTS AS END OF SKI SEASON APPROACHES

Saturday, March 19, 2011

It will come as news to no one that the Vail Valley has not been immune from the downturn in the housing market.

At the time the global economy went in the tank, there were seven huge construction cranes in Vail. The cranes are now gone, the buildings have been completed, and their developers are using different methods to sell their remaining inventory.

The developers of the Penthouses at Manor Vail at the foot of Vail Mountain -- and also of The Westin Riverfront Resort & Spa near Beaver Creek Resort in Avon -- decided to cut right to the chase, reducing their prices by 40% across the board.  The condos at The Westin sold out in record time, while at Manor Vail, where the price point for a condo was millions of dollars higher, only one penthouse remains.

Other local developers have chosen to preserve market value -- preferring to keep their prices the same but offering concessions to buyers in lieu of a price reduction.  For example, concessions might include waiving Homeowners' Association dues for a year ... or years. 

At The Ritz-Carlton Residences in Vail, the development company is an arm of Vail Resorts, Inc. which operates the ski mountain.  They are currently offering VIP (for "Vail Incentive Package") for the next 5 sales.  The Package consists of:
-- four (4) Lifetime Ski Passes for each 2-bedroom condo and six (6) passes for any 3, 4 or 5 bedroom residence that a buyer puts under contract;
-- 30 Private Ski School lessons at Vail;
-- three (3) 5-night stays at any Rock Resort .. to see a list visit www.rockresorts.com/resort-locations;
-- a private dinner party for up to 50 people at Game Creek Club, their on-mountain facility;
-- a "First Tracks" experience where up to 50 people can ski Vail Mountain one hour before the lifts open to the public.

There's a lot you can offer when you run the ski mountain.

For more information about any of these incentives, just email me at cmiskell@slifer.net.