August 2007

 

I-70 TUNNEL UNDER VAIL MOUNTAIN – MORE THAN JUST A “PIPE” DREAM

            In past Newsletters, we have made mention of a vision to eliminate Interstate 70 from the center of Vail by building a tunnel under Vail Mountain.  “What a great idea!” many thought (including us), but the notion that it could ever be realized was considered to be pie-in-the-sky.  However, there are those in the Vail Valley, including several movers and shakers, who really believe this could happen and are pushing to investigate this more.  The Vail Village Homeowners Association is taking a lead role as a catalyst to move this plan from “pipe dream” to possibly a huge under-mountain pipe.  It really is quite strange that the inertia for a grand plan like this is coming from a homeowner group as opposed to the Town of Vail or Colorado Department of Transportation (CDOT).  However, if we wait for government to act, it may never happen.  The tunnel concept is not merely a real estate development ploy that cynics will certainly say, but would be a “green” solution to improving quality-of-life for everyone in Vail.  And yes, the real estate development could help pay for it.

 

REPRESENTATION FOR OUT-OF-TOWN PROPERTY OWNERS

            We recently met with the director and members of the Vail Village Homeowners Association to discuss the many issues and concerns about preserving and improving the quality-of-life in Vail.  We were not only impressed by their proactive position on investigating the Tunnel (see previous story), but also on their genuine concern for many of the real issues facing Vail, a concern that often seems to elude the Vail Town Council as well as continuing to play the vital role as watchdog for responsible development and growth in Vail. 

            One major issue of specific concern that Vail Realty and the VVHOA share in representing out-of-town property owners is the situation of “Taxation without representation”.  While most property owners in Vail are not residents, it does not mean that those owners (YOU) care any less about what is happening in Vail.  The problem is that you cannot vote on matters that affect the future and quality-of-life in Vail as well as on measures that affect how you are taxed.  On the flip side, in addition to established  local residents, those matters are left up to transient locals who just happen to be renting an apartment in Vail.  This is a scary situation and now more then ever, it is obvious that non-resident property owners need to band together to be represented.  The silent majority needs a voice and that voice will be more influential with greater involvement.  A case in point mentioned in our June Newsletter was the sneaky manner in which the Town of Vail passed a noise ordinance. 

            We strongly urge you to investigate the VVHOA and consider joining.  We encourage you to

visit the VVHOA website at: www.vailhomeowners.com or contact Executive Director Jim Lamont at 970-827-5680.  The issues are many and ongoing.  Simply put…. there is strength in numbers. 

 

NEW HIGH-SPEED LIFTS AT VAIL PROGRESSING

            The skies above Vail have been buzzing of late as helicopters with buckets of concrete have been seen overhead as pouring the foundations for the lift towers of the new Chair 10 and 14 are progressing.  The old, slow, fixed-grip chairs are being replaced by a high-speed quad.  Lift time on the Highline Lift (#10) will be cut in half from 14 minutes to just 7.  Chair 10 ski run Blue Ox is typically groomed once-a-week while Highline and Roger’s Run are not groomed (although Roger’s Run has been groomed in years past).  Vail officials say that despite the new lift and the anticipated increase in traffic, the grooming patterns will not change.  However, it would seem logical that to make this investment pay off, we ought to expect more frequent grooming of Blue Ox and occasional grooming of Roger’s Run with Highline being left as a pure bump run.  Sourdough lift (#14) will be realigned slightly to provide easier access to Two Elk Lodge.

 

MANHATTAN vs. VAIL – WE WIN ON SKIING!

            And we also have their orchestra.  However, it’s really about parking.  A recent syndicated news article reported that parking spaces in Manhattan are being offered at $225,000.  The same article mentioned that spaces were as high as $175,000 in Boston and $75,000 in Chicago.  Well, Vail Village may have them all beat. No one is quite sure what parking spaces at the Founders Garage in Vail Village are worth as there is overwhelming interest to acquire them, but no sellers.  However, we guess they are worth in excess of $200,000 as we have heard of offers in excess of this amount.

 

YOU KNOW ITS HOT WHEN CROWS ARE BLAZING

            July in the Vail Valley and the Rocky Mountain region has been unusually hot and dry.  Forest Fire Danger has been extreme for much of this summer.  During the heat spell the best wild fire story yet emerged.  It seems a crow flew into a hot electric “terminator” at a Holy Cross substation, burst into flames, fell to the ground and ignited a grass fire that burned two acres.  However, recent cooler weather with afternoon rains have made life and fire risk more palatable.

 

            302 Hanson Ranch Road   ¨   Vail, Colorado  ¨   970-476-8800  ¨  800-627-VAIL  ¨   970-476-8671 FAX

August 2007

BEAVER CREEK UPDATE

            As noted in a recent report by the Beaver Creek Property Owners’ Association, here is what is happening in Beaver Creek:

Vacation Clubs Restriction – Later in August the county commissioners will review the Resort Co’s. proposal to prohibit vacation clubs in the low density neighborhoods of Beaver Creek. 

Blue vs. White Christmas Lights.  The Resort Company is contemplating the change of its regulation from all white Christmas lights to arctic blue Christmas lights. 

Latigo Expansion.  The Vail Resorts is expanding the west side of the Latigo ski run making it wider by approximately 200 feet. 

New Gondola Ski School Project.  The Gondola replacing the Hyatt Chair is being constructed and installed and will be operable for the upcoming ski season.

 

PINE BEETLE – WHAT IS HAPPENING?

As warmer, drier weather continues to be a topic of conversation in Vail, the topic of conversation invariably moves to the battle with pine beetles and the associated fire risk.   A recent Vail Daily story quotes a Forest Service official as saying that the beetle has done “more damage than we expected”.  Are they kidding?  Who is ‘we’?  For years, everyone who has driven I-70 has been saying how bad the impact is and what ‘we’ keep asking is “what is anyone going to do this obvious situation and the associated fire risk?”  To this point, there is constant discussion, but far less action.  More on this next month as a feature story and what is planned.

 

REAL ESTATE SUMMARY – RECORD MONTHS BUT NUMBERS DECEIVING

            Real estate closings for the months of May and June were records!  June and May 2007 sales volume in dollars were the highest ever for those months and were the 2nd and 3rd highest months ever, respectively, Year-to-date, real estate sales dollars are up 25%.  However, the numbers are somewhat skewed as the market is showing signs of slowing down.  Much of the sales volume resulted from closings of Beaver Creek Landing which were sold almost 2 years ago and by several large sales.  We are now starting to see a noticeable slowdown in activity as prices seem to be getting ahead of the market (some Sellers asking too much). Inventory of available properties is as high as it has been in years.  There are now 145 listings in Vail Village and Lionshead including 80 new and 65 resale units.  121 of those properties are priced at over $2 million and 60 at or above $5 million.  Inventory in Beaver Creek is not quite to the same levels as Vail, but it is growing.  While there are still a lot of buyers out there, there seems to be at least a temporary glut of new properties with big price tags.  Demand is more for one and two bedroom units.  Overall, the Beaver Creek market is more favorable with a better selection, inventory and price point to meet current market demands.

 

BEAVER CREEK LANDING WATCH

            In our last Newsletter, we wrote about which project we thought buyers got caught up the most by the hype.  We indicated that it appeared that many, if not most, of the buyers for Beaver Creek Landing were speculative and motivated by the “flip” value.  Here are the numbers to date:  Units constructed: 52.  Units closed & delivered: 25.  Units available for resale: 21.  Units resold: 1 (contract pending, appears Seller/Investor made less than 10%).

 

FALL BED ORDER

            Uncomfortable beds are among the biggest complaints we receive from rental guests each year. Perhaps it is time to replace your beds.  We have the best deal available, but you need to act soon!  Vail Realty has a contract to purchase beds directly from the Serta factory at prices substantially below retail.  Contact us for information on pricing and delivery.  However, we must have your order by Septemer 30th.

 

FALL “DEEP”  CLEANING

            Enclosed is a Deep Clean Checklist as a reminder to those of you who have purposely elected to defer “Deep cleaning” until just before the start of ski season. Deep cleaning is a vital aspect in the maintenance of your property and is required for all properties in our rental program.  Please complete the enclosed form and return it to us as soon as possible.

 

QUIK NOTES:

302 Hanson Ranch Road   ¨   Vail, Colorado  ¨   970-476-8800  ¨  800-627-VAIL  ¨   970-476-8671 FAX