Summer 2010
S l i f e r S m i t h & F r a m p t o n Re a l E s t a t e
I NSI DE EDGE
In this issue >>
2
Market watch
4
By the numbers
5
Now boarding
6
2015 Alpine Skiing Championships 6 Colorado Mountain Express
6
We are where you are
7
Get outside
8
Development updates
9
Calendar of events
Photo by Jack Affleck/ Vail Resorts
News from the most trusted name in Vail Valley real estate since 1962
VailRealEstate.com
Real estate market update
10
Real estate market update From Slifer Smith & Frampton President and Managing Broker Jim Flaum
What a difference a year makes.
The real estate market is improving, with activity and transaction numbers up. Late ski season brought the most market activity as well as the most snow this year, with the best of the powder days in March, and snow continuing into May! As the snow melts we find ourselves immersed in another Vail Valley summer, which of course means flowing rivers, hundreds of trails to explore and what we anticipate will be another strong selling season.
Over the winter months and into spring, we have seen encouraging signs both locally and on a national scale. In recent months there have been considerable increases in transaction volume, confirming our confidence in the long term resilience of the Vail Valley real estate market. There were 276 transactions in Eagle County in January, February and March, with first quarter 2010 real estate figures totaling $318,726,934, more than twice the volume of first quarter 2009 *. April figures were strong as well, also more than double the dollar volume than that of April 2009. The overall economy of the valley is improving, with Vail Resorts reporting skier visits up 2.3% at their resorts, along with a 4.6% increase in lift ticket revenue. According to the Mountain Travel Research Program, hotel and condo occupancies across ski resorts in the western US were weak early in the ski season but showed improvement consecutively in the early months of 2010 compared to January, February and March of 2009. These findings parallel Eagle County’s real estate dollar volume and transaction numbers, which both also increased consecutively from January to February to March. 2 | I N S I DE EDGE
There has been quite a bit of activity in the high-end segment of our market, with 18 residential closings over $5 million in 2009 and 14 residential closings over $5 million already year to date as of April month-end. Of the 15 most expensive Eagle County transactions of 2009, 13 were handled by Slifer Smith & Frampton. SSF was also recognized by Luxury Portfolio in March as having 5 of their top 10 significant closings in the world, of the over 200 leading companies affiliated with the organization. There was certainly no lack of buyer interest in the Vail Valley this winter. Slifer Smith & Frampton’s award winning website, VailRealEstate.com, had its highest traffic months ever in January and March with about 120,000 visits each month. East West Partners saw great success in a discount program offered at The Westin Riverfront Resort and Spa in Avon, which resulted in a remarkable 73 closings and over $43 million in sales volume from December 2009 to May 2010. The successful season of sales at the Westin was mainly due to East West Partners’ incentive program, with deep discounts on residences offered at up to 40% off original
developer pricing. East West Partners also extended their up-to-40%-off discount program to the Penthouses at Manor Vail, and also to The Residences at Park Hyatt, Beaver Creek. Nationwide, prices are inching up with February 2010 home prices up 0.6% compared to February 2009 as reported in the S&P/Case-Shiller 20-city index**. Thanks in part to record low interest rates and the homebuyer tax credit which was offered through the end of April, Americans are reportedly also extremely optimistic that a recovery is imminent. “Nearly two-thirds of Americans think the time is right to buy a house, with a majority believing prices will be the same or higher over the next year,” according to a Reuters article† based on a Fannie Mae survey released in April 2010. The National Association of Realtors reported that sales of vacation homes across the country in 2009 were up 7.9% from 2008 ‡, an implication that increased market activity is not just a result of the homebuyer credit incentive. Year-end 2009 numbers were discouraging—
here in the Vail Valley, across the country and likely in your hometown. With positive market trends ending the ski season, let us look forward and take an ‘out with the old, in with the new’ approach to the coming seasons. This summer Vail Resorts will remove the fixed-grip, 3-seat High Noon Chair 5 and bring in a replacement highspeed quad. Manor Vail and The Landmark have remodeled and polished their older facades. Slifer Smith & Frampton will proudly open the doors of our new office at Solaris this summer, which brings a fresh face to the center of Vail in the old Crossroads location. Embrace the change, the newness, and let the less luminous things of the past fade. It’s a new year, a new economy, and a new Vail— let us hang on to our history and move full speed ahead.
* data provided by Land Title Guarantee Company. Information deemed reliable but not guaranteed. ** http://money.cnn.com/2010/04/27/real_estate/ home_prices_up/index.htm † http://www.reuters.com/article/ idUSTRE6352KU20100406 ‡ http://www.realtor.org/press_room/news_ releases/2010/03/invest_vac_2009
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Market watch
Curious to see how the Vail Valley real estate market performed last year?
Find out in our annual, in-depth market report on Eagle County real estate. The 2009 Slifer Report is now available at www.VailRealEstate.com/sliferreport.cfm
Eagle County closed sales dollar volume
Eagle County year-to-year comparison of monthly sales dollar volume
Data provided by Land Title Guarantee Company. Information deemed reliable but not guaranteed.
4 | I N S I DE EDGE
By the numbers 6..................... The number of discounted lift tickets included Eagle County active inventory 12-month trend
for your friends and family with your purchase of an Epic Pass for the 2010/2011 season.
300 million.... The approximate number of users on Facebook, as of May 2010. Find our page and ‘like’ Slifer Smith & Frampton Real Estate- we’ll keep you up to date on market stats and Vail Valley happenings.
$879............... The estimated average annual homeowners’ insurance premium in 2010, up from $536 in 2001.
36.................... The age of both co-founders of Google, who still share an office today, despite the company’s market value of $174 billion.
121,201........... The number of visits to www.VailRealEstate.com in January 2010, a record for traffic to the site in one month.
3.1¢................. The cost per day to operate a 13-watt CFL lightbulb, versus the 14.4¢ it costs to operate a 60-watt incandescent bulb. Go green and save money!
1..................... Apple’s ranking on Fortune’s 2010 World’s Most Admired Companies list, for the third year in a row.
4..................... The length in miles of Vail Mountain’s longest run, Riva. Sources: cnnmoney.com, fortune.com, snow.com, usatoday.com
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2015 World Alpine Ski Championships Now boarding Fly direct to Vail this summer Your vacation starts the moment you walk out your front door – less traveling and more time in the mountains. This summer both American Airlines and United Airlines will serve Eagle Airport (EGE). American Airlines will offer daily service from Dallas/Ft. Worth and new Saturday non-stop service from Miami. United Airlines offers three flights daily from Denver. For a complete flight schedule, visit www.flyvail.com 6 | I N S I DE EDGE
Vail and Beaver Creek Resorts were selected by the International Ski Federation (FIS) Council to host the 2015 World Alpine Ski Championships. This will be the third FIS World Championships for the resorts, which previously hosted the 1989 and 1999 Championships. Vail and Beaver Creek Resorts have been supporting and hosting international ski racing events and World Cups since the circuit began in 1967. With the 2015 announcement, Beaver Creek plans to upgrade the Birds of Prey venue, increasing the finish area for the men’s events, building a new Red Tail Camp Restaurant and building a new women’s speed course which will rival the men’s course. This run also will serve the combined events and the nation’s team event during the 2015 Championships. The women’s technical events, including the giant slalom and slalom will be held at Vail which will have a new, dramatic stadium located in the heart of Vail Village. Opening and closing ceremonies also will take place in Vail. Plans for the 2015 World Championships will begin immediately as World Cup racing action returns to the Vail Valley December 3-5, 2010 for the Men’s Birds of Prey World Cup.
Our transportation partner, Colorado Mountain Express, is pleased to offer you a 15% discount on your next shuttle or private chauffeured airport transfer. CME offers shared ride shuttles, charter vans and private car service to and from the Vail Valley, Summit County, Aspen/Snowmass, Denver International and Eagle County airports. CME Premier, a private car service, provides luxury, privately chauffeured Cadillac sedans, executive vans and four wheel drive SUVs. When placing reservations please use the discount code “9SSF” to receive your 15% discount. For reservations go to www.ridecme.com or call 1-800-525-6363.
We are where you are Keep in touch with Slifer Smith & Frampton when and where it’s convenient for you. Facebook
SSF Blog : VailTalk.com
Dedicated to keeping you current on Vail Valley news and market trends, Vail Talk is a place for you to catch up on local happenings. From monthly in-depth market reports to details on local happenings and stories of personal interest, our blog community is a place to tap into both the personal and professional sides of the people who make up our company.
Only have a few seconds, or time to read 140 characters, to be exact? Get to-the-point updates from SSF by following @vailoriginal at Twitter.com.
Mobile-optimized website
The entire Vail Valley in the palm of your hands. Visit VailRealEstate.com, the Vail Valley’s only mobile real estate search to access the entire Vail MLS on your smartphone. Photo by Jack Affleck/ Vail Resorts
Find our page and ‘like’ Slifer Smith & Frampton Real Estate on Facebook to receive periodic updates on Vail Valley community news and real estate market activity. View photos, videos and receive info on current events in our area. www.facebook.com/vailrealestate
T wit ter
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Get outside
A few suggestions from locals on favorite things to do outside. Make the most of your time in Vail this summer and enjoy all that our beautiful Valley has to offer.
Hiking
Mountain Biking
East Lake Creek Trail Exit I-70 at Edwards (exit 163), head south to Highway 6, turn right and proceed straight 0.7 miles before taking a left on Lake Creek Road. Turn right on West Lake Creek Road, follow 2.8 miles to a parking area where a switchback in the road makes a hard left. An easy to moderately difficult hike, go for hours or just a short walk before turning around on this remote, wide trail through aspens with a creek running beside you.
The Grand Traverse Located on Vail mountain, this rolling trail remains one of the most popular with sweeping views of the Back Bowls. An intermediate ride approximately 5.3 miles. For the really adventurous, you can connect to the more challenging Cougar Ridge and end in Minturn.
Booth Falls Exit I-70 at East Vail (exit 180) and head west 0.85 miles to Booth Falls Road. Turn right, follow 0.2 miles to trailhead. Moderate to strenuous in difficulty, this 2.5 hour round trip hike takes you through aspens, wildflowers and ends at the magnificent Booth Creek waterfall.
8 | I N S I DE EDGE
Village-to-Village Also a great hiking trail, you can start at any of the resorts of Beaver Creek, Bachelor Gulch or Arrowhead and ride this intermediate, well maintained trail. This 3 mile ride is fun for the whole family with excellent mountain vistas. Boneyard Trail Head west to Eagle early season and ride the Boneyard Trail with winding singletrack that opens to grand views and a challenging
downhill. This trail is 7 miles of excellent riding. If you still have enough steam head to Abrams Trail in Eagle Ranch.
Horseback Riding Beaver Creek Stables Located on Beaver Creek ski mountain, offering trail rides as well as sunset rides to Beano’s Cabin for dinner. www.vailhorses.com 4 Eagle Ranch A unique ranch setting offers breathtaking views of the Sawatch Range, Castle Peak and Red and White Mountain. Located in Wolcott, 23 miles from Vail and 16 miles from Beaver Creek. www.4eagleranch.com Vail Stables A family-run operation located just one mile from Vail Village on the beautiful National Forest. www.theranchinvail.com
Updates on developments around the Vail Valley Slifer Smith & Frampton Real Estate is proud to be the exclusive listing brokerage of many developments in the Vail Valley.
Four Seasons Private Residences
The Tower Residences at Lion Square
The Pointe
Location: Vail
Location:
Lionshead 4 of 9 residences remain for sale Pricing: From $2,840,500
Location:
Availability: 16
Availability:
Availability:
Torzetto
The Residences at Park Hyatt Beaver Creekﾂｮ
The Cordillera Residence Club
Location: East
Location:
Village whole-ownership residences Pricing: From $2,700,000 expected completion: Ski season 2010/2011
Vail Availability: 1 residence available Pricing: $2,199,000
Beaver Creek Availability: 15 deeded shared-ownership residences for sale Pricing: From $75,000
The Penthouses at Manor Vail Location: Golden
Peak
Edwards 11 residences planned Pricing: From $1,557,000 completion: 2 homes completed
Location: The
Divide at Cordillera Availability: 20 deeded quarter-share ownership opportunities Pricing: From $449,000 including club memberships
The Westin Riverfront Resort & Spa Sylvan Square Condominiums
Availability: 5 of 17 residences remain for sale
Location:
Pricing: Discount
Availability: 5 of 210 residences remain for sale
Location:
Pricing: Discount
Availability:
program窶田ontact your
broker for details
Avon
broker for details
The Landmark Residences
program窶田ontact your
Eagle Ranch 8 of 16 residences remain
for sale Pricing: From
$275,000
Location: LionsHead
6 residences remain for sale From $1,295,000
Availability: Pricing:
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Calendar of events June
16-17...... Gypsum Daze GY
31........... “Local Color” Film Screening &
3-6.......... Teva Mountain Games VV
16-18...... Vail Antique Festival VV
25-27...... Vail Arts Festival LH
17........... Xterra Mountain Championship AV
31........... Angels in Action 5K Fun Run/Walk NP
26-30...... Vail Lacrosse Shootout
18........... La Sportiva Vail Half Marathon VV
31........... 23rd Annual Beaver Creek Art
19........... The Music of ABBA VC
FP,VF,DP,NP,FR
19........... Casual Classics: Sibelisu, Mozart
July
1-4.......... Vail Lacrosse Shootout
FP,VF,DP,NP,FR
& Schubert LC
20........... Captivating Classics: Bach, Tower
& Brahms VM
2............. Natalie Cole in Concert VC
21........... Vail Grind/Mike Janelle Memorial
2,3,4,5,7 Dallas Symphony Orchestra FA
3............. 34th Annual La Sportiva Vail
22........... Johnny Lang VC
Hill Climb VV
4............. Vail America Days VV,LH
Race LH
22........... Chefs in the Garden AG 23-25...... Rocky Mountain Antique Festival BC
4............. Vail Patriotic Concert FA
24........... 23rd Annual Gala Dinner Dance
4............. Beaver Creek July 4th Celebration BC
9,10,11,14,16,17......... The Philadelphia Orchestra FA
24........... Colorado Eagle River Ride BC
12........... An Evening with Pam Tillis &
Lorrie Morgan VC
13........... Captivating Classics: Mozart,
Chopin & Dvorak VC
& Auction AG
25,28,29,30.............New York Philharmonic FA 27........... Savion Glover FA 28-31...... 71st Annual Eagle County Fair
& Rodeo EF
29........... Mary Chapin Carpenter in Concert VC 31........... Pacific Northwest Ballet FA
10 | I N S I DE EDGE
VPAC Fundraiser VC
Festival BC
August. 1............. 23rd Annual Beaver Creek Art
Festival BC
1............. Broadway, Ballet & Beyond FA 1............. La Sportiva Berry Picker Trail Run LH 2............. Paul Taylor Dance Company FA 2............. Casual Classics: Brass Quintet
Selections ER
3............. Dance for $20.10 FA 3............. Captivating Classics: Bach, Vivaldi
& J.S. Bach VC
4............. BeijingDance/LDTX FA 5............. Up Close: Stars of the 2010
International Evenings of Dance FA
5............. Keb’ Mo’ in concert VC 6............. International Evenings of Dance FA 7............. Up Close: The Art of Tango FA
7............. International Evenings of Dance II FA
Ongoing Events
Location Key
8............. Ballroom 2010: Tango! FA
Mondays & Fridays, June 7-September 3 Yoga in the Gardens AG
VV Vail Village
Tuesdays, June 15-August 24 Bud Light Hot Summer Nights Free Concerts FA
FA Ford Amphitheatre
10........... BreakEFX FA 14........... Ani DiFranco in concert VC 15........... La Sportiva 10K @ 10,000 Feet LH 20-22...... Vail Soul Music Fest FA 25........... Beaver Creek Blast Bike Series BC 25........... Herbie Hancock: The Imagine
Project VC
September 2-6.......... Vail Jazz Party at Vail Marriott
Mountain Resort LH
4-5.......... Beaver Creek Oktoberfest BC 5............. Rotary Club Duck Race VV 10-12...... Vail Oktoberfest LH 12........... La Sportiva Evergold Trail 10K VG 17-19...... Vail Oktoberfest VV 19........... Vail Mountain School’s 39th Annual
Home Tour VV, LH
Thursdays, July 1-August 19 Beaver Creek Rodeo Series AV Thursdays, July 1-July 29 Showdown Town Free Concert Series EP
LH Lionshead FP Ford Park VF Vail Athletic Field DP Donovan Park AG Betty Ford Alpine Gardens VG Vail Golf Club NP Nottingham Park
Thursdays, August 5-September 2 Jazz at Vail Square LH
FR Freedom Park
Fridays, July 9-August 13 Lionshead Family Afternoon Club LH
MT Minturn
Fridays, July 23-August 20 Avon’s Lakeside Cinema NP
LC Lodge at Cordillera
Saturdays, starting June 26 Minturn Market MT Saturdays, June 12-September 11 Edwards Farmers Market ED
ED Edwards AV Avon VM Vail Mountain School EP Eagle Town Park ER Eagle Ranch EF Eagle County Fairgrounds GY Gypsum
Saturdays, June 26-September 5 Beaver Creek Culinary Demonstrations BC Sundays, June 20-September 12 Vail Farmers’ Market & Art Show VV s u m me r 2 0 1 0 | 11
Since 1962