Friday, January 28, 2011
NATIONALLY: This week The Commerce Department reported a 17.5% increase in new home sales in the month of December 2010, bring sales to their highest level in eight months. Sales are still down from 2009 by 7.6% as the market continues to struggle with foreclosures which, when they come on the market, compete with new homes for buyers' attention and dollars. At least the news is good for today.
LOCALLY: 2010 was definitely better than 2009. Our local newspaper, The Vail Daily, reports the following:
VAIL REAL ESTATE SALES:
2010:
* More than $10 million: SIX
* $5 million to $10 million: 32
* $2.5 million to $5 million: 46
* Less than $2.5 million: 428
2009:
* More than $10 million: ONE
* $5 million to $10 million: 10
* $2.5 million to $5 million: 12
* Less than $2.5 million: 337
2008:
* More than $10 million: 15
* $5 million to $10 million: 34
* $2.5 million to $5 million: 116
* Less than $2.5 million: 367
2007:
*More than $10 million: FIVE
* $5 million to $10 million: 15
* $2.5 million to $5 million: 50
* Less than $2.5 million: 626
Thank God it's not 2009 any more. I have more statistical information I can share ... contact me at cmiskell@slifer.net to request that I post it or email it to you.
LITTLE BIT of NEWS
Wednesday, January 26, 2011
It's been somewhat quiet here, at least in terms of destination skiers, sort of a post-MLK-holiday breather.
The good news is that we've just had 50 inches of new snow in 5 days and our snowpack is 150 inches above our "normal". Conditions are stupendous and it's that quintessential Colorado blue sky/powder experience.
Alpine Banks of Colorado which has several branches in Eagle County where our resorts are located reported losses of $48 million for 2010 today after writing off nearly $90 million in non-performing loans. Despite the loss, Bank President Glen Jammaron said Alpine Bank remains healthy and committed to the 37 cities and towns it serves in western Colorado. The Bank did not have to lay off any employees because of The Recession of the past two years and Jammaron says that as the communities it serves recover, the bank recovers. Skier visits are up in western Colorado and the resort areas served by Alpine Bank are showing signs of recovery quicker than other areas.
Alpine Bank officials believe in having fewer troubled assets on their books, despite the pain of the write-offs in 2010, and they expect to show a profit in 2011.
It's been somewhat quiet here, at least in terms of destination skiers, sort of a post-MLK-holiday breather.
The good news is that we've just had 50 inches of new snow in 5 days and our snowpack is 150 inches above our "normal". Conditions are stupendous and it's that quintessential Colorado blue sky/powder experience.
Alpine Banks of Colorado which has several branches in Eagle County where our resorts are located reported losses of $48 million for 2010 today after writing off nearly $90 million in non-performing loans. Despite the loss, Bank President Glen Jammaron said Alpine Bank remains healthy and committed to the 37 cities and towns it serves in western Colorado. The Bank did not have to lay off any employees because of The Recession of the past two years and Jammaron says that as the communities it serves recover, the bank recovers. Skier visits are up in western Colorado and the resort areas served by Alpine Bank are showing signs of recovery quicker than other areas.
Alpine Bank officials believe in having fewer troubled assets on their books, despite the pain of the write-offs in 2010, and they expect to show a profit in 2011.
MARKET DATA: NATIONAL, REGIONAL and LOCAL
Friday, January 21, 2011
1. NATIONALLY, sales of existing homes rose sharply in December 2010 ... 12.3% compared to the 4.7% economists had predicted. This good news was coupled with a 1% increase in the Index of Leading Economic Indicators, a harbinger of possible continuing improvement in 2011. 2010 was a dreadful year for home sales, the worst since 1997, but at least it was marked December's strong finish. Total housing inventory in December fell 4.2%, equal to an 8.1-month supply at current sales rates, down from a 9.5-month supply in November 2010. Finally, building permits for new single-family homes rose 5.5% in December, the strongest showing since last March.
Here are a couple of comments from some knowledgeable people:
Lawrence Yun, Chief Economist for the National Association of Realtors: "The (housing) market appears to have hit bottom, and now we are trying to get back to normal."
Again, Lawrence Yun: "The pattern over the past six months is clearly showing a recovery ... the market is getting much closer to an adequate, sustainable level."
Dave Kansas of "Smart Money": "Homes are probably the most hated asset class in the country ... Hatred of an asset is often the precursor to contrarian interest and being contrarian is at the heart of many investment strategies."
John Paulson, billionaire hedge-fund manager who prospered in the past by betting against the housing bubble ... to the tune of some $20 billion: "If you don't own a home buy one. If you own a home, buy another one, and if you own two homes buy a third and lend your relatives the money to buy a home."
2.) REGIONALLY, here's a geographical summary of buyers' purchases of existing homes this past December:
-- the Northeast ... up 13.0%
-- the Midwest ... up 11.0%
-- the South ... up 10.1%
-- the West ... up 16.7%
3.) LOCALLY, lodging occupancy was up almost 9% in December 2010 compared to December 2009 at more than a dozen major western mountain destinations. As of December 31st (last month) January bookings were up 5.3% compared to January 2009. Bookings for the next six months, even this early in the year, are already up 7.6% for the January through June period and there is good news for an essential component of those bookings ... the average daily lodging rate remains virtually flat meaning that further discounting of rates has not been required.
In our area, 70 residences have gone under contract in the first 3 weeks of January ... and of these 70 only 39% had list prices below $500,000. In months past the below-$500,000 component has been closer to 50%.
Here's a really good value: Horizon Pass #114 in Bachelor Gulch on Beaver Creek Mountain. A $300,000 price reduction, just announced, brings the price of this handsome 4-bedroom, 2,900 square foot condominium to a LOW $2,400,000. Contact me at cmiskell@slifer.net for e-mailable fact sheet, photos, floor plan, site plan, etc.
1. NATIONALLY, sales of existing homes rose sharply in December 2010 ... 12.3% compared to the 4.7% economists had predicted. This good news was coupled with a 1% increase in the Index of Leading Economic Indicators, a harbinger of possible continuing improvement in 2011. 2010 was a dreadful year for home sales, the worst since 1997, but at least it was marked December's strong finish. Total housing inventory in December fell 4.2%, equal to an 8.1-month supply at current sales rates, down from a 9.5-month supply in November 2010. Finally, building permits for new single-family homes rose 5.5% in December, the strongest showing since last March.
Here are a couple of comments from some knowledgeable people:
Lawrence Yun, Chief Economist for the National Association of Realtors: "The (housing) market appears to have hit bottom, and now we are trying to get back to normal."
Again, Lawrence Yun: "The pattern over the past six months is clearly showing a recovery ... the market is getting much closer to an adequate, sustainable level."
Dave Kansas of "Smart Money": "Homes are probably the most hated asset class in the country ... Hatred of an asset is often the precursor to contrarian interest and being contrarian is at the heart of many investment strategies."
John Paulson, billionaire hedge-fund manager who prospered in the past by betting against the housing bubble ... to the tune of some $20 billion: "If you don't own a home buy one. If you own a home, buy another one, and if you own two homes buy a third and lend your relatives the money to buy a home."
2.) REGIONALLY, here's a geographical summary of buyers' purchases of existing homes this past December:
-- the Northeast ... up 13.0%
-- the Midwest ... up 11.0%
-- the South ... up 10.1%
-- the West ... up 16.7%
3.) LOCALLY, lodging occupancy was up almost 9% in December 2010 compared to December 2009 at more than a dozen major western mountain destinations. As of December 31st (last month) January bookings were up 5.3% compared to January 2009. Bookings for the next six months, even this early in the year, are already up 7.6% for the January through June period and there is good news for an essential component of those bookings ... the average daily lodging rate remains virtually flat meaning that further discounting of rates has not been required.
In our area, 70 residences have gone under contract in the first 3 weeks of January ... and of these 70 only 39% had list prices below $500,000. In months past the below-$500,000 component has been closer to 50%.
Here's a really good value: Horizon Pass #114 in Bachelor Gulch on Beaver Creek Mountain. A $300,000 price reduction, just announced, brings the price of this handsome 4-bedroom, 2,900 square foot condominium to a LOW $2,400,000. Contact me at cmiskell@slifer.net for e-mailable fact sheet, photos, floor plan, site plan, etc.
ODDS and ENDS
Monday, January 17, 2011
1. RECORDS SET AT LOCAL AIRPORT IN EAGLE: Two record flight days marked the end of 2010 and the beginning of 2011, both surpassing the previous record which was set before the economy went in the tank. December 26th, 2010 saw 291 incoming and outgoing flights in one day breaking the previous record of 261 flights. That new record fell eight days later when 299 flights flew in and out of Eagle County Regional Airport ... representing a landing or takeoff just about every two minutes. Good weather, the new extended runway, and the airport's new instrument landing system helped achieve those numbers. The Vail Valley Jet Center next door which fuels and services private jets reports business was up about 10 % over the same period last year.
2. EXCLUSIVE RESORTS FOUNDERS TRY SOMETHING NEW: Tough economic times are the mother of invention and "Inspirato" is ER co-founder Brent Handler's newest invention. Membership in "Inspirato" provides access to high-end destinations in a variety of locales coupled with personalized services usually afforded the very rich, but without the high upfront membership cost of destination club memberships which can run in the six and seven figures. Members can join "Inspirato" for a one-time iniation fee of $9,500. Then they pay nightly market rates to reserve stays in any of the more than 40 luxury residences in Inspirato's portfolio of beach, mountain and European vacation destinations ... among them Vail and Beaver Creek. Other destinations include Tuscany, Maui and the Big Island, Aspen, Snowmass, Los Cabos, and Deer Valley. There's an annual membership renewal fee of $2,500. Their website is http://www.inspirato.com/.
3. PLANS TO CAPTURE THE MEDICAL TOURISM MARKET: The land near The Gashouse Restaurant in Edwards, site of the old B&B Excavating gravel pit, has been approved ... in very preliminary, sketch-plan form ... for the creation of Eagle River Meadows, a combination of 180 housing units and up to 260,000 square feet of medical campus space. For now, originally-proposed plans to build an additional 240 homes north of the Eagle River have been scrapped. It's the possibility of creating new jobs and diversifying the local economy, which currently relies almost totally on recreational tourism, that most attracted the interest of the Eagle County Commissioners who approved the plan last week.
1. RECORDS SET AT LOCAL AIRPORT IN EAGLE: Two record flight days marked the end of 2010 and the beginning of 2011, both surpassing the previous record which was set before the economy went in the tank. December 26th, 2010 saw 291 incoming and outgoing flights in one day breaking the previous record of 261 flights. That new record fell eight days later when 299 flights flew in and out of Eagle County Regional Airport ... representing a landing or takeoff just about every two minutes. Good weather, the new extended runway, and the airport's new instrument landing system helped achieve those numbers. The Vail Valley Jet Center next door which fuels and services private jets reports business was up about 10 % over the same period last year.
2. EXCLUSIVE RESORTS FOUNDERS TRY SOMETHING NEW: Tough economic times are the mother of invention and "Inspirato" is ER co-founder Brent Handler's newest invention. Membership in "Inspirato" provides access to high-end destinations in a variety of locales coupled with personalized services usually afforded the very rich, but without the high upfront membership cost of destination club memberships which can run in the six and seven figures. Members can join "Inspirato" for a one-time iniation fee of $9,500. Then they pay nightly market rates to reserve stays in any of the more than 40 luxury residences in Inspirato's portfolio of beach, mountain and European vacation destinations ... among them Vail and Beaver Creek. Other destinations include Tuscany, Maui and the Big Island, Aspen, Snowmass, Los Cabos, and Deer Valley. There's an annual membership renewal fee of $2,500. Their website is http://www.inspirato.com/.
3. PLANS TO CAPTURE THE MEDICAL TOURISM MARKET: The land near The Gashouse Restaurant in Edwards, site of the old B&B Excavating gravel pit, has been approved ... in very preliminary, sketch-plan form ... for the creation of Eagle River Meadows, a combination of 180 housing units and up to 260,000 square feet of medical campus space. For now, originally-proposed plans to build an additional 240 homes north of the Eagle River have been scrapped. It's the possibility of creating new jobs and diversifying the local economy, which currently relies almost totally on recreational tourism, that most attracted the interest of the Eagle County Commissioners who approved the plan last week.
SIGNS of HOPE? PERFORMANCE STATISTICS for SSF: DECEMBER 2010 and YEAR-TO-DATE
Friday, January 14, 2011
My firm, Slifer Smith & Frampton Real Estate (SSF) has just released its most recent performance statistics. They're all good but here are a few that particularly caught my attention:
New Written Contracts - $ Value:
December 2010: $78 million;
December 2009: $59 million;
December 2008: $12 million
New Written Contracts - Number of Contracts:
December 2010: 70 contracts
December 2009: 56 contracts
December 2008: 18 contracts
Talk about climbing out of a hole!
Also, during the year ended 12/31/2010, SSF brokers closed transactions valued at $881 million, compared to $499 million during calendar year 2009.
Inventories are coming down, too. Actively listed properties in Eagle County this month total 1,765, down from the 2010 high of 2,090, a drop of 15%.
And just because I have to brag, SSF in 2010 did more than $1.1 BILLION in commissionable sales compared to our next highest competitor which did $247 million.
----
Now here's a purely anecdotal piece of information I came across on Realtor.com, an official Web site of the National Association of REALTORS®. Here are the top 10 most searched-for cities at Realtor.com in 2010:
1. Las Vegas
2. Los Angeles
3. Orlando
4. San Antonio
5. Miami
6. Phoenix
7. San Diego
8. Austin, Texas
9. Tampa
10. Chicago
Source: “2010 Top Ten Most Searched Real Estate Markets Released by Realtor.com,” Move Inc. (Jan. 11, 2011)
My firm, Slifer Smith & Frampton Real Estate (SSF) has just released its most recent performance statistics. They're all good but here are a few that particularly caught my attention:
New Written Contracts - $ Value:
December 2010: $78 million;
December 2009: $59 million;
December 2008: $12 million
New Written Contracts - Number of Contracts:
December 2010: 70 contracts
December 2009: 56 contracts
December 2008: 18 contracts
Talk about climbing out of a hole!
Also, during the year ended 12/31/2010, SSF brokers closed transactions valued at $881 million, compared to $499 million during calendar year 2009.
Inventories are coming down, too. Actively listed properties in Eagle County this month total 1,765, down from the 2010 high of 2,090, a drop of 15%.
And just because I have to brag, SSF in 2010 did more than $1.1 BILLION in commissionable sales compared to our next highest competitor which did $247 million.
----
Now here's a purely anecdotal piece of information I came across on Realtor.com, an official Web site of the National Association of REALTORS®. Here are the top 10 most searched-for cities at Realtor.com in 2010:
1. Las Vegas
2. Los Angeles
3. Orlando
4. San Antonio
5. Miami
6. Phoenix
7. San Diego
8. Austin, Texas
9. Tampa
10. Chicago
Source: “2010 Top Ten Most Searched Real Estate Markets Released by Realtor.com,” Move Inc. (Jan. 11, 2011)
CLARIFICATIONS and FOLLOW-UPS
Monday, January 10, 2011
1. Since December 23rd, buyers have placed 28 condos -- out of a total of 49 -- under contract at THE ASCENT RESIDENCES, the newly re-launched development located at the base of Beaver Creek. Of these, 13 are two-bedroom units, priced from $349,000 to $589,000, and 15 have three bedrooms ranging in price from $499,000 to $769,000.
2. In a recent post, dated December 31st about The Club at Cordillera Members vs. David Wilhelm, I wrote, "So far, the CTC [the Cordillera Transition Corporation] has been able to persuade angry Club members NOT to withhold dues payments." It would have been more accurate if I had said something like, "so far, the EXISTENCE of the CTC has PROBABLY been able to persuade angry members, etc." The CTC is not advocating anything. What they are is hopeful that they can facilitate a Cordillera-owned solution to the Club situation if and when the Wilhelms are willing to sell. Meantime they continue to communicate with the membership, updating members as events occur.
3. When the price is right, the buyers show up. On January 3rd, I sent an email to my clients and customers, alerting them of a new and significant price reduction on a 3-bedroom Beaver Creek condo -- HIGHLANDS SLOPESIDE #219 -- that had made it, in my estimation, a REAL value at $1,899,500 fully furnished. It's now under contract. I don't know the contract price ... that information won't be released until closing ... but someone got a terrific deal. Here's a photo ... that's the ski mountain outside the window:
1. Since December 23rd, buyers have placed 28 condos -- out of a total of 49 -- under contract at THE ASCENT RESIDENCES, the newly re-launched development located at the base of Beaver Creek. Of these, 13 are two-bedroom units, priced from $349,000 to $589,000, and 15 have three bedrooms ranging in price from $499,000 to $769,000.
2. In a recent post, dated December 31st about The Club at Cordillera Members vs. David Wilhelm, I wrote, "So far, the CTC [the Cordillera Transition Corporation] has been able to persuade angry Club members NOT to withhold dues payments." It would have been more accurate if I had said something like, "so far, the EXISTENCE of the CTC has PROBABLY been able to persuade angry members, etc." The CTC is not advocating anything. What they are is hopeful that they can facilitate a Cordillera-owned solution to the Club situation if and when the Wilhelms are willing to sell. Meantime they continue to communicate with the membership, updating members as events occur.
3. When the price is right, the buyers show up. On January 3rd, I sent an email to my clients and customers, alerting them of a new and significant price reduction on a 3-bedroom Beaver Creek condo -- HIGHLANDS SLOPESIDE #219 -- that had made it, in my estimation, a REAL value at $1,899,500 fully furnished. It's now under contract. I don't know the contract price ... that information won't be released until closing ... but someone got a terrific deal. Here's a photo ... that's the ski mountain outside the window:
$$ COMING OFF THE SIDELINES?!
Friday, January 7, 2011
A couple of significant homes have been placed under contract in the past few days since Christmas.
A 2-story, 6-bedroom, 8,800+ square foot penthouse in the ONE BEAVER CREEK building at the base of Beaver Creek Mountain -- listed at $11,250,000 -- has been taken by a buyer.
Also, an exquisite single family home in Bachelor Gulch on Beaver Creek Mountain -- 156 Elkhorn Drive -- received multiple offers after reducing its asking price to $8,900,000. It also has 6 bedrooms, but is slightly larger than the One Beaver Creek penthouse at 9,900 square feet. The reason for the price differential? I would say it was because: 1.) condos are currently outselling single family homes here; 2.) this home does not have the super-convenient ski in/ski out access and in-town location of One Beaver Creek.
P.S. I have had advance notice of another very, very high quality Bachelor Gulch single family home (with primo ski access) that is going to be coming to market with an asking price that makes it an OUTSTANDING value. Contact me at cmiskell@slifer.net to request details, maps, photos ... all of which I can quickly email to you.
A couple of significant homes have been placed under contract in the past few days since Christmas.
A 2-story, 6-bedroom, 8,800+ square foot penthouse in the ONE BEAVER CREEK building at the base of Beaver Creek Mountain -- listed at $11,250,000 -- has been taken by a buyer.
Also, an exquisite single family home in Bachelor Gulch on Beaver Creek Mountain -- 156 Elkhorn Drive -- received multiple offers after reducing its asking price to $8,900,000. It also has 6 bedrooms, but is slightly larger than the One Beaver Creek penthouse at 9,900 square feet. The reason for the price differential? I would say it was because: 1.) condos are currently outselling single family homes here; 2.) this home does not have the super-convenient ski in/ski out access and in-town location of One Beaver Creek.
P.S. I have had advance notice of another very, very high quality Bachelor Gulch single family home (with primo ski access) that is going to be coming to market with an asking price that makes it an OUTSTANDING value. Contact me at cmiskell@slifer.net to request details, maps, photos ... all of which I can quickly email to you.
NOVEMBER REAL ESTATE STATS VALLEY-WIDE and DECEMBER NEW BUSINESS for SSF
Monday, January 3, 2011
Land Title Guarantee Co. has just released comparative real estate performance statistics for November 2010 and the year-to-date. Here are some highlights:
Six properties with a sales price of over $4 million sold in November bringing the number of sales in this price range to 41 for the year. These high-end sales in 2010 represent 25% of the overall dollar volume in the county. Many of these sales were from the Solaris project in Vail Village, which has seen 16 sales, averaging $7.4 million.
Eagle County real estate sales totaled $113,577,217 in dollar volume in November, an increase of 38% over November 2009's $82,428,395.
Year-to-date dollar volume through November 2010 totals nearly $1.4 billion, up 71% over dollar volume for the same period in 2009. Moreover, the number of transactions completed so far in 2010 is up 37% over 2009 … 1,153 compared to 843.
Multifamily homes continue to be the largest selling market sector with 555 transactions year-to-date, representing 54% of the total market. Single family homes follow next with 396 transactions year-to-date, equal to 39% of the market. Vacant land consists of 7% of all Eagle County sales.
November Highlights:
• Average sales price was $1,014,082
• Vail Village had 16% of the overall dollar volume in November
• East Vail had the most transactions with 10
Contact me at cmiskell@slifer.net to request an emailable or print copy of the Land Title data.
BULLETIN! Preliminary numbers indicate December was BU-SY ... even with Christmas falling on a Saturday. Brokers for my firm, Slifer Smith & Frampton, wrote more than $76,450,000 in new contracts last month in the Vail Valley area and participated in more than $111,900,000 of new business written.
Land Title Guarantee Co. has just released comparative real estate performance statistics for November 2010 and the year-to-date. Here are some highlights:
Six properties with a sales price of over $4 million sold in November bringing the number of sales in this price range to 41 for the year. These high-end sales in 2010 represent 25% of the overall dollar volume in the county. Many of these sales were from the Solaris project in Vail Village, which has seen 16 sales, averaging $7.4 million.
Eagle County real estate sales totaled $113,577,217 in dollar volume in November, an increase of 38% over November 2009's $82,428,395.
Year-to-date dollar volume through November 2010 totals nearly $1.4 billion, up 71% over dollar volume for the same period in 2009. Moreover, the number of transactions completed so far in 2010 is up 37% over 2009 … 1,153 compared to 843.
Multifamily homes continue to be the largest selling market sector with 555 transactions year-to-date, representing 54% of the total market. Single family homes follow next with 396 transactions year-to-date, equal to 39% of the market. Vacant land consists of 7% of all Eagle County sales.
November Highlights:
• Average sales price was $1,014,082
• Vail Village had 16% of the overall dollar volume in November
• East Vail had the most transactions with 10
Contact me at cmiskell@slifer.net to request an emailable or print copy of the Land Title data.
BULLETIN! Preliminary numbers indicate December was BU-SY ... even with Christmas falling on a Saturday. Brokers for my firm, Slifer Smith & Frampton, wrote more than $76,450,000 in new contracts last month in the Vail Valley area and participated in more than $111,900,000 of new business written.
LATEST re THE CLUB AT CORDILLERA MEMBERS vs. DAVID WILHELM
Friday, December 31, 2010 ...HAPPY NEW YEAR!
The trouble started last July when Cordillera homeowners and Club at Cordillera members received a letter from David Wilhelm, principal of The Wilhelm Family Partnership which acquired the Club in June 2009, advising of a multi-million dollar shortfall in revenues vs. expenses for the Club.
Would it be inappropriate to say that all hell broke loose? Let's say an uproar followed the annoucement ... and out of that uproar The Cordillera Transition Corporation was formed. It's a committee created from Cordillera's various boards "to promote and protect the interests of the Cordillera property owners and the members of the Club at Cordillera."
So far, the CTC has been able to persuade angry Club members NOT to withhold dues payments. More than that, it has gotten them to accept dues increases in return for paying them into an escrow account at a local bank with assurances the money will stay in Cordillera. Full membership dues for 2011 will increase 25% from $11,000 to $13,800. Social members will pay $4,500 for the year.
If all of the Club's 650 members partipate, about $8 million in revenues will be generated. It remains to be seen whether that will be sufficient to cover 2011 expenses at the Club.
The good news through all of this is that many potential homebuyers in Cordillera seem to be taking the news in stride ... many of them have already seen or heard about similar problems at Clubs at home where they live or at other of their 2nd-home/vacation venues. When they're told by their brokers about problems at the Club at Cordillera, they mostly just shrug.
I will keep you posted about further developments as they occur.
The trouble started last July when Cordillera homeowners and Club at Cordillera members received a letter from David Wilhelm, principal of The Wilhelm Family Partnership which acquired the Club in June 2009, advising of a multi-million dollar shortfall in revenues vs. expenses for the Club.
Would it be inappropriate to say that all hell broke loose? Let's say an uproar followed the annoucement ... and out of that uproar The Cordillera Transition Corporation was formed. It's a committee created from Cordillera's various boards "to promote and protect the interests of the Cordillera property owners and the members of the Club at Cordillera."
So far, the CTC has been able to persuade angry Club members NOT to withhold dues payments. More than that, it has gotten them to accept dues increases in return for paying them into an escrow account at a local bank with assurances the money will stay in Cordillera. Full membership dues for 2011 will increase 25% from $11,000 to $13,800. Social members will pay $4,500 for the year.
If all of the Club's 650 members partipate, about $8 million in revenues will be generated. It remains to be seen whether that will be sufficient to cover 2011 expenses at the Club.
The good news through all of this is that many potential homebuyers in Cordillera seem to be taking the news in stride ... many of them have already seen or heard about similar problems at Clubs at home where they live or at other of their 2nd-home/vacation venues. When they're told by their brokers about problems at the Club at Cordillera, they mostly just shrug.
I will keep you posted about further developments as they occur.
REAL ESTATE INFO for iPHONE USERS
Wednesday, December 29, 2010
My firm, Slifer Smith & Frampton Real Estate, has launched the Vail Valley's first iPhone app to provide information about our local real estate market.
The app features a GPS property search which enables users to locate nearby properties available for purchase and provides a more traditional home search capability enabling users to search new listings, recent sales, and properties with recent price reductions.
The new app -- Vail Real Estate Search -- is avalable FREE in the iTunes App Store. Go to: http://itunes.apple.com/us/app/vail-real-estate-search/id396918054.
Another new development on the "techie" front is Vail Resorts new "EpicMix", a skiing statistics tracker made possible through a special chip in this season's ski pass. If you choose to opt in (please note, you can most certainly opt out and keep your skiing private ), EPICMIX will monitor your vertical feet skied, days skied, trails you have already skied and your current location on the ski mountain.
In addition, EPICMIX creates an incentive system that offers points and digital awards determined by when, where and how often you ski at any of Vail Resorts' five resorts. These awards are displayed on the EPICMIX website -- www.snow.com/epicmix. As you can imagine, this new program definitely gets the competitive juices flowing.
You have until February 22nd to register your ski pass, log on to the website and check your performance statistics. ON FEBRUARY 23rd, Vail Resorts will select one EPICMIX passholder to win $100,000.
Don't say I didn't tell you.
My firm, Slifer Smith & Frampton Real Estate, has launched the Vail Valley's first iPhone app to provide information about our local real estate market.
The app features a GPS property search which enables users to locate nearby properties available for purchase and provides a more traditional home search capability enabling users to search new listings, recent sales, and properties with recent price reductions.
The new app -- Vail Real Estate Search -- is avalable FREE in the iTunes App Store. Go to: http://itunes.apple.com/us/app/vail-real-estate-search/id396918054.
Another new development on the "techie" front is Vail Resorts new "EpicMix", a skiing statistics tracker made possible through a special chip in this season's ski pass. If you choose to opt in (please note, you can most certainly opt out and keep your skiing private ), EPICMIX will monitor your vertical feet skied, days skied, trails you have already skied and your current location on the ski mountain.
In addition, EPICMIX creates an incentive system that offers points and digital awards determined by when, where and how often you ski at any of Vail Resorts' five resorts. These awards are displayed on the EPICMIX website -- www.snow.com/epicmix. As you can imagine, this new program definitely gets the competitive juices flowing.
You have until February 22nd to register your ski pass, log on to the website and check your performance statistics. ON FEBRUARY 23rd, Vail Resorts will select one EPICMIX passholder to win $100,000.
Don't say I didn't tell you.
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