Tuesday, March 29, 2011
The pace of activity this month continues to pick up in the Vail Valley, after a February that was a little below brokers' hopes here but not the disaster reported nation-wide when sales dropped 17% and prices dropped 14%.
Here are the latest stats for new business written by the brokers of my firm, Slifer Smith & Frampton (SSF) during the last two weeks ... a nice jump over February's range which was in the $13-$19 million range and a BIG improvement over most of January, when numbers ranged largely in the $8-$9 millions.
March 18th - 24th:
$34,685,800 (SSF represented either the buyer or the seller)
$63,212,100 (counting contracts where SSF represented buyer + seller)
March 11th - 17th:
$25,074,211 (SSF represented either the buyer or the seller)
$39,067,343 (counting contracts where SSF represented buyer + seller)
NOW'S THE TIME
Saturday, March 26, 2011
Now's the time to get an early start on next season's rentals, especially if you've decided to put off buying a home or condo here until you see how the Middle East, Japan and the global economy shake out.
East/West Luxury Home Rentals, a newcomer to the scene last year, has already increased its inventory to an impressive 16 luxury homes. Their level of service is outstanding and their inspections of their homes' readiness is impressive in their rigor. I know many of these homes and can attest to their quality. Keep in mind, too, that Luxury Home Rentals is an arm of long-time local developers East/West Resorts which is responsible for creating and building most of the multi-family residential product in Beaver Creek and Bachelor Gulch and which has a formidable presence in the Vail deveopment market as well.
Here's the link to the Luxury Home Rentals website: http://www.eastwestluxuryhomerentals.com/
If it's condos you're looking for here's a link to East West in Beaver Creek ... where they dominate the market: http://www.eastwestbeavercreek.com/
If you want my recommendations on rental listings at other Vail Valley resorts, please contact me at cmiskell@slifer.net.
Now's the time to get an early start on next season's rentals, especially if you've decided to put off buying a home or condo here until you see how the Middle East, Japan and the global economy shake out.
East/West Luxury Home Rentals, a newcomer to the scene last year, has already increased its inventory to an impressive 16 luxury homes. Their level of service is outstanding and their inspections of their homes' readiness is impressive in their rigor. I know many of these homes and can attest to their quality. Keep in mind, too, that Luxury Home Rentals is an arm of long-time local developers East/West Resorts which is responsible for creating and building most of the multi-family residential product in Beaver Creek and Bachelor Gulch and which has a formidable presence in the Vail deveopment market as well.
Here's the link to the Luxury Home Rentals website: http://www.eastwestluxuryhomerentals.com/
If it's condos you're looking for here's a link to East West in Beaver Creek ... where they dominate the market: http://www.eastwestbeavercreek.com/
If you want my recommendations on rental listings at other Vail Valley resorts, please contact me at cmiskell@slifer.net.
LATEST STATS
Tuesday, March 22, 2011
January's performance data for all of Eagle County, compiled by Land Title Guarantee Co. Inc., has just been released. Eagle County encompasses all of the resorts of the Vail Valley -- including Vail, Beaver Creek, Lionshead, Arrowhead and Cordillera.
Eagle County real estate purchase/sale activity began the year comparable to 2010. With $86,162,658 in dollar volume and 90 transactions, activity in this first month of 2011 is 1% less in dollar volume and 11 transactions less than January of 2010.
Properties selling for less than $500,000 accounted for 59% of all transactions, while properties over $2 million accounted for 63% of the dollar volume. This includes 5 transactions which were each over $4 million. Two properties sold for more than $10 million: one in Beaver Creek for $10.5 million, and one in Bachelor Gulch for $10.3 million.
Interestingly, vacant land seems to be off to a good start in 2011 with 10 homesites selling in January (equal to an annual rate of 120). For all of 2010 there were a total of 79 lots sold. It takes some optimism and some confidence in the future to buy land, hire an architect, hire a contractor, and build a home.
Click on this link to see complete statistics broken down by resort, area, and by price point:
Land Title’s January 2011 Market Analysis
January's performance data for all of Eagle County, compiled by Land Title Guarantee Co. Inc., has just been released. Eagle County encompasses all of the resorts of the Vail Valley -- including Vail, Beaver Creek, Lionshead, Arrowhead and Cordillera.
Eagle County real estate purchase/sale activity began the year comparable to 2010. With $86,162,658 in dollar volume and 90 transactions, activity in this first month of 2011 is 1% less in dollar volume and 11 transactions less than January of 2010.
Properties selling for less than $500,000 accounted for 59% of all transactions, while properties over $2 million accounted for 63% of the dollar volume. This includes 5 transactions which were each over $4 million. Two properties sold for more than $10 million: one in Beaver Creek for $10.5 million, and one in Bachelor Gulch for $10.3 million.
Interestingly, vacant land seems to be off to a good start in 2011 with 10 homesites selling in January (equal to an annual rate of 120). For all of 2010 there were a total of 79 lots sold. It takes some optimism and some confidence in the future to buy land, hire an architect, hire a contractor, and build a home.
Click on this link to see complete statistics broken down by resort, area, and by price point:
Land Title’s January 2011 Market Analysis
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.
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.
QUICK TAKES
Tuesday, March 15, 2011
1.) VAIL'S IMPROVING ECONOMY: Sales tax collections are up. Following record-setting sales tax collections last December, The Town of Vail reports that January 2011 sales tax collections are up 10% over budget and more than 8% over January 2010.
2.) SKI PASS BARGAINS: Vail Resorts, Inc. today kicked off its spring pass sales period for the 2011-2012 ski/snowboard season. Skiers and snowboarders who buy their passes this spring will also receive special SUMMER benefits including access for sightseeing and gondola rides. I'll give you a couple of highlights but you really need to go to http://www.coloradopass.com/ to see all of your options and to make your purchases.
- The Epic Pass(TM): unrestricted, unlimited skiing at Vail, Beaver Creek, Breckenridge, Keystone, Heavenly, Northstar-at-Tahoe and Arapahoe Basin ... for $649.
- Epic Local Pass(TM): 7 unrestricted days of skiing/riding at any one of Vail Resorts' six mountain resorts plus Arapahoe Basin anytime during next season ... for $499.
3.) A DIFFERENT KIND OF REAL ESTATE: I did some checking ... do you know how many nuclear power stations we have here in Colorado? None. There is, as far as I can find, only one nuclear reactor in the entire state, a 1 MW (megawatt) research reactor owned by the U.S. Geological Survey. One megawatt (1MW) is a million watts of power. Wikipedia says that a single large residential or commercial building may consume several megawatts in electric power and heat ... and that U.S. nuclear plants have net summer capacities between 500 and 1,300 MWs. The Massachusetts Insitute of Technology in Cambridge has its own 5 MW research reactor. Not much nuclear going on in Colorado.
4.) CORPORATE TAX DEADLINE: a thought for you taxpayers whose corporation tax forms (or extensions) need to be filed today ... Did you realize that if you combine "The" with "IRS", it spells "THEIRS"?
1.) VAIL'S IMPROVING ECONOMY: Sales tax collections are up. Following record-setting sales tax collections last December, The Town of Vail reports that January 2011 sales tax collections are up 10% over budget and more than 8% over January 2010.
2.) SKI PASS BARGAINS: Vail Resorts, Inc. today kicked off its spring pass sales period for the 2011-2012 ski/snowboard season. Skiers and snowboarders who buy their passes this spring will also receive special SUMMER benefits including access for sightseeing and gondola rides. I'll give you a couple of highlights but you really need to go to http://www.coloradopass.com/ to see all of your options and to make your purchases.
- The Epic Pass(TM): unrestricted, unlimited skiing at Vail, Beaver Creek, Breckenridge, Keystone, Heavenly, Northstar-at-Tahoe and Arapahoe Basin ... for $649.
- Epic Local Pass(TM): 7 unrestricted days of skiing/riding at any one of Vail Resorts' six mountain resorts plus Arapahoe Basin anytime during next season ... for $499.
3.) A DIFFERENT KIND OF REAL ESTATE: I did some checking ... do you know how many nuclear power stations we have here in Colorado? None. There is, as far as I can find, only one nuclear reactor in the entire state, a 1 MW (megawatt) research reactor owned by the U.S. Geological Survey. One megawatt (1MW) is a million watts of power. Wikipedia says that a single large residential or commercial building may consume several megawatts in electric power and heat ... and that U.S. nuclear plants have net summer capacities between 500 and 1,300 MWs. The Massachusetts Insitute of Technology in Cambridge has its own 5 MW research reactor. Not much nuclear going on in Colorado.
4.) CORPORATE TAX DEADLINE: a thought for you taxpayers whose corporation tax forms (or extensions) need to be filed today ... Did you realize that if you combine "The" with "IRS", it spells "THEIRS"?
NO WONDER THE ANALYSTS PUT OUT A "BUY" RECOMMENDATION
Saturday, March 12, 2011
A few days ago I received an extensive report from analysts at Deutsche Bank which contained an "Upgrade to Buy" recommendation for VAIL RESORTS common stock.
Friday morning our local media carried the news that Vail Resorts's net income for its second fiscal quarter ended January 2011 was $54.6 million, up 34% year over year. The Company's recent purchase of Northstar at Tahoe ski resort contributed to this impressive performance but even excluding Northstar at Tahoe numbers, mountain revenues were still up more than 10%.
And adding to that good news was the fact that revenues were up across the board -- including retail, restaurant and real estate sales. The latter was attributable to closings of pre-construction contracts for the newly constructed condos at The Ritz-Carlton/Vail which generated more than $17 million of the Real Estate Division's total of $25 million 2nd Quarter real estate revenues. It should be noted that some other real estate revenues were attributable to surrendered earnest money deposits from buyers who defaulted on pre-construction condo contracts at The Ritz-Carlton/Vail.
Total real estate revenue for fiscal 2011 is $151.1 million through March 6th.
The Company's upcoming capital investment plans include replacing the Rose Bowl lift with a high-speed quad chair, creating a new fine-dining estaurant at Mid-Vail and launching version 2.0 of EpicMix, the Company's very popular social networking app.
----------------------
The brokers of my firm, Slifer, Smith & Frampton, have been busy too. Here is a summary of the new contracts they have written over the last several weeks:
March 4-10, 2011:
$32,808,500 (SSF represented either the buyer or the seller)
$42,838,500 (counting contracts where SSF represented both)
February 25th - March 3rd:
$19,748,400 (SSF represented either the buyer or the seller)
$27,387,900 (counting contracts where SSF represented both)
February 18 – 24:
February 11 – 17:
$8,404,000 (SSF represented either the buyer or the seller)
$9,720,000 (counting contracts where SSF represented both)
Looks like we have some nice momentum going.
A few days ago I received an extensive report from analysts at Deutsche Bank which contained an "Upgrade to Buy" recommendation for VAIL RESORTS common stock.
Friday morning our local media carried the news that Vail Resorts's net income for its second fiscal quarter ended January 2011 was $54.6 million, up 34% year over year. The Company's recent purchase of Northstar at Tahoe ski resort contributed to this impressive performance but even excluding Northstar at Tahoe numbers, mountain revenues were still up more than 10%.
And adding to that good news was the fact that revenues were up across the board -- including retail, restaurant and real estate sales. The latter was attributable to closings of pre-construction contracts for the newly constructed condos at The Ritz-Carlton/Vail which generated more than $17 million of the Real Estate Division's total of $25 million 2nd Quarter real estate revenues. It should be noted that some other real estate revenues were attributable to surrendered earnest money deposits from buyers who defaulted on pre-construction condo contracts at The Ritz-Carlton/Vail.
Total real estate revenue for fiscal 2011 is $151.1 million through March 6th.
The Company's upcoming capital investment plans include replacing the Rose Bowl lift with a high-speed quad chair, creating a new fine-dining estaurant at Mid-Vail and launching version 2.0 of EpicMix, the Company's very popular social networking app.
----------------------
The brokers of my firm, Slifer, Smith & Frampton, have been busy too. Here is a summary of the new contracts they have written over the last several weeks:
March 4-10, 2011:
$32,808,500 (SSF represented either the buyer or the seller)
$42,838,500 (counting contracts where SSF represented both)
February 25th - March 3rd:
$19,748,400 (SSF represented either the buyer or the seller)
$27,387,900 (counting contracts where SSF represented both)
February 18 – 24:
$13,069,000 (SSF represented either the buyer or the seller)
$15,315,500 (counting contracts where SSF represented both)February 11 – 17:
$8,404,000 (SSF represented either the buyer or the seller)
$9,720,000 (counting contracts where SSF represented both)
Looks like we have some nice momentum going.
DEALS FOR YOU
Tuesday, March 8, 2011
There are some terrific events and some terrific promotions currently underway here.
LODGING DEALS:
- East West Luxury Home Rentals is offering complimentary lift tickets on reservations of three nights or more at their 3-bedroom/4 bath residence at The Arrabelle in the heart of Vail's Lionshead Village ... http://www.eastwestluxuryhomerentals.com/.
- RockResorts will give you a FREE NIGHT when you book at one of their participating properties, including: The Osprey at Beaver Creek, The Pines Lodge in Beaver Creek, The Arrabelle at Vail Square, The Lodge at Vail, The Ritz-Carlton Residences in Vail, Austria Haus in Vail as well as Breckenridge and Keystone properties. Call them for terms and conditions at 1-866/461-7625 or visit http://www.springbreakonus.com/.
- Beaver Creek is offering discounts up to 30% off lodging between March 19 and April 17. Rates start at just $62/person, per night based upon quad occupancy when guests book a minimum of three nights in a two-bedroom Creekside Condominium at Beaver Creek Resort. Book online at http://www.beavercreek.com/ or by calling 800/404-3535.
ACTIVITIES:
- CarniVail: March 6-11: three days of Mardi Gras celebration when the sights and sounds of New Orleans come to the mountains. There'll be a crawfish boil at Eagle's Nest on Vail Mountain, a Fat Tuesday parade through Vail Village as well as several live, free concerts in Vail Village. Visit http://www.vail.com/ for more information.
- Beaver Creek Family Fun Nights: these happen Fridays and Saturdays in March. The fun includes rides down the Haymaker Tubing Hill both nights until 5:30 p.m. And there'll be cowboy/cowgirl disco dancing from 4-6 p.m. For more information visit http://www.beavercreekresort.com/.
- Beaver Creek Disco SKATE Night: for the more aadventurous among you ... Mondays through March 28, the resort hosts Disco Skate Night at the Village Ice Rink from 6-8 p.m. Wigs and costumes are welcome and rental skates are available at a charge. Call 970/845-5293 or visit http://www.beavercreek.com/.
There's a lot more I could tell you about, but this is a blog post and I try to keep them short and sweet.
There are some terrific events and some terrific promotions currently underway here.
LODGING DEALS:
- East West Luxury Home Rentals is offering complimentary lift tickets on reservations of three nights or more at their 3-bedroom/4 bath residence at The Arrabelle in the heart of Vail's Lionshead Village ... http://www.eastwestluxuryhomerentals.com/.
- RockResorts will give you a FREE NIGHT when you book at one of their participating properties, including: The Osprey at Beaver Creek, The Pines Lodge in Beaver Creek, The Arrabelle at Vail Square, The Lodge at Vail, The Ritz-Carlton Residences in Vail, Austria Haus in Vail as well as Breckenridge and Keystone properties. Call them for terms and conditions at 1-866/461-7625 or visit http://www.springbreakonus.com/.
- Beaver Creek is offering discounts up to 30% off lodging between March 19 and April 17. Rates start at just $62/person, per night based upon quad occupancy when guests book a minimum of three nights in a two-bedroom Creekside Condominium at Beaver Creek Resort. Book online at http://www.beavercreek.com/ or by calling 800/404-3535.
ACTIVITIES:
- CarniVail: March 6-11: three days of Mardi Gras celebration when the sights and sounds of New Orleans come to the mountains. There'll be a crawfish boil at Eagle's Nest on Vail Mountain, a Fat Tuesday parade through Vail Village as well as several live, free concerts in Vail Village. Visit http://www.vail.com/ for more information.
- Beaver Creek Family Fun Nights: these happen Fridays and Saturdays in March. The fun includes rides down the Haymaker Tubing Hill both nights until 5:30 p.m. And there'll be cowboy/cowgirl disco dancing from 4-6 p.m. For more information visit http://www.beavercreekresort.com/.
- Beaver Creek Disco SKATE Night: for the more aadventurous among you ... Mondays through March 28, the resort hosts Disco Skate Night at the Village Ice Rink from 6-8 p.m. Wigs and costumes are welcome and rental skates are available at a charge. Call 970/845-5293 or visit http://www.beavercreek.com/.
There's a lot more I could tell you about, but this is a blog post and I try to keep them short and sweet.
MORE PRESIDENTS WEEK RESULTS ... THEY'RE GOOD
Saturday, March 5, 2011
Activity is stepping up and the numbers keep growing. Here are the latest stats for new business written by the brokers of my firm, Slifer Smith & Frampton (SSF) last week ... a very nice jump over the week before when the figures were in the $13-$15 millions and a BIG improvement (almost double) over the weeks before, including most of January, when numbers ranged largely in the $8-$9 millions.
February 25th - March 3rd:
$19,748,400 (SSF represented either the buyer or the seller)
$27,387,900 (counting contracts where SSF represented buyer + seller)
Another heartening sign is that there were more than 117,800 visits to the Slifer website ... http://www.slifer.net/ or http://www.vailrealestate.com/ ... last month. That's up 10,000 visits from February 2010.
Activity is stepping up and the numbers keep growing. Here are the latest stats for new business written by the brokers of my firm, Slifer Smith & Frampton (SSF) last week ... a very nice jump over the week before when the figures were in the $13-$15 millions and a BIG improvement (almost double) over the weeks before, including most of January, when numbers ranged largely in the $8-$9 millions.
February 25th - March 3rd:
$19,748,400 (SSF represented either the buyer or the seller)
$27,387,900 (counting contracts where SSF represented buyer + seller)
Another heartening sign is that there were more than 117,800 visits to the Slifer website ... http://www.slifer.net/ or http://www.vailrealestate.com/ ... last month. That's up 10,000 visits from February 2010.
ROBERT SHILLER vs. THE VAIL VALLEY
Tuesday, March 1, 2011
I see where economist Robert Shiller, of the S&P/Case-Shiller Home Price Index, said recently that there is a risk that home prices may fall another 15 to 20%. S&P/Case-Shiller, of course, looks at major metropolitan areas, which the Vail Valley is not. What I would say about our area is that sellers have already reduced their prices dramatically in anticipation of the end of our busy ski season ... which is typically followed by a very quiet, weeks-long off-season, referred to by locals as "mud-season".
Sellers here want to be "under contract" before the ski mountains shut down and they have already reduced their prices in order to attract buyers. I wrote a post about this very recently in which I listed just a few of the bargains I'd identified.
Here's another one to hit my email inbox. It's an attached home (a half-duplex) in West Vail:
2400 Garmisch Drive:
- WAS $1,650,000 ... NOW $999,000
- 4 bedrooms/3.5 baths
- 2,600 square feet
- gourmet kitchen; vaulted ceilings; mountain views
One person's pain is another person's opportunity.
I see where economist Robert Shiller, of the S&P/Case-Shiller Home Price Index, said recently that there is a risk that home prices may fall another 15 to 20%. S&P/Case-Shiller, of course, looks at major metropolitan areas, which the Vail Valley is not. What I would say about our area is that sellers have already reduced their prices dramatically in anticipation of the end of our busy ski season ... which is typically followed by a very quiet, weeks-long off-season, referred to by locals as "mud-season".
Sellers here want to be "under contract" before the ski mountains shut down and they have already reduced their prices in order to attract buyers. I wrote a post about this very recently in which I listed just a few of the bargains I'd identified.
Here's another one to hit my email inbox. It's an attached home (a half-duplex) in West Vail:
2400 Garmisch Drive:
- WAS $1,650,000 ... NOW $999,000
- 4 bedrooms/3.5 baths
- 2,600 square feet
- gourmet kitchen; vaulted ceilings; mountain views
One person's pain is another person's opportunity.
PERFORMANCE STATISTICS
Saturday, February 26th, 2011
Here are the latest stats for new business written by the brokers of my firm, Slifer Smith & Frampton (SSF) last week ... a nice improvement over the week before when the figures were in the $8-$9 millions:
February 18 – 24:
$13,069,000 (SSF represented either the buyer or the seller)
$15,315,500 (counting contracts where SSF represented buyer + seller)
It looks like Presidents Week brought some buyers. I hope we'll see more evidence of that supposition in next week's numbers. Negotiations are more protracted in this market so it takes longer for buyer and seller to reach agreement and for deals to get signed.
Here are the latest stats for new business written by the brokers of my firm, Slifer Smith & Frampton (SSF) last week ... a nice improvement over the week before when the figures were in the $8-$9 millions:
February 18 – 24:
$13,069,000 (SSF represented either the buyer or the seller)
$15,315,500 (counting contracts where SSF represented buyer + seller)
It looks like Presidents Week brought some buyers. I hope we'll see more evidence of that supposition in next week's numbers. Negotiations are more protracted in this market so it takes longer for buyer and seller to reach agreement and for deals to get signed.
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