Inside Edge Newsletter Summer 2011

Summer 2011

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 >>

News from the most trusted name in Vail Valley real estate since 1962

Real estate market update

2-3

Market watch

4-5

By the numbers

5

Now boarding

6

SSF’s new website

6

Pro Cycling Challenge

7

Colorado Mountain Express

7

Pink Colorado

7

Vail’s record breaking season

8

Development updates

9

VailRealEstate.com

Photo by Jack Affleck/ Vail Resorts

Calendar of events

10-11

Real estate market update From Slifer Smith & Frampton President and Managing Broker Jim Flaum

Records were meant to be broken.

Vail Mountain this past winter was blanketed with a record breaking 524 inches of snow. The previous record was set in the 1977-78 season with 505 inches of snow. It was an absolutely phenomenal year of skiing and every day felt like it was a powder day. Now the snow gives way to flowing rivers and blooming wildflowers.

The Vail Valley real estate market benefitted from an excellent season as well. The great snow brought people, excitement and an overall sense of improvement. Many new projects were completed this winter with The Four Seasons, The Ritz-Carlton and Solaris at Vail which brought a new base of guests. THE ASCENT, a project at the base of Beaver Creek in Avon, sold over 30 residences in 3 months with pricing 50% less than 2008 prices.

We’ve seen good momentum in the market with buyers seeking values and the lifestyle that only the Vail Valley provides. Although we are not out of the woods yet, I feel optimistic about the overall health of our market. A significant amount of sellers have become realistic with their pricing, inventory levels are stable and many buyers who had previously been on the fence have decided to purchase again.

The Vail Valley market in 2010 showed substantial improvement up 67% over 2009 sales volume and ended at nearly $1.5 billion. There were 1,250 transactions last year, a 33% increase over 2009*. For an in-depth analysis of the 2010 market, I would encourage you to check out our annual Slifer Report.

So far in 2011 through March, the market remains on pace with 2010 with transactions trending higher. Numbers from Eagle County show that transactions in March were the 2 | I N S I DE EDGE

highest since October of 2008. The first quarter of 2011 has become the tale of two markets. The high-end market, with properties over $4 million, accounted for 38% of the total dollar volume. Sales of properties under $500,000 made up 50% of all of the transactions*.

In 2010, there were 63 sales over $4 million totaling nearly $400 million in total dollar volume. So far in 2011 through the middle of May there have been 20 sales of properties of over $4 million. Slifer Smith & Frampton was involved in 13 of the 20 sales this year**.

Beaver Creek Mountain. From there I used the Vail Resorts’ Epic Mix app to track my vertical feet and days skied so far during the season.

With just a few clicks from the palm of my hand I was able to get a recap of my entire ski season as well as search all properties in the Vail MLS. I highly recommend you to check out both apps.

Summer is here and another wonderful line up of events, concerts and outdoor activities is right around the corner. The Bravo! Vail Valley Music Festival returns at the end of June with The New York Philharmonic, The Philadelphia Orchestra, Dallas Symphony Orchestra and more. In August, On a national scale, the second- home market we are elated to see the first major professional as reported by the National Association of cycling event to be held in the state since 1988, Realtors in a March study remained steady with – Jim Flaum, President and The USA Pro Cycling Challenge for Millenium 2010, although overall sales volume declined Managing Broker Promise. Two stages will take place in Vail and Slifer Smith & Frampton Real Estate somewhat. The survey found that second-home Avon bringing the top riders in the world to our purchases declined at the same rate as primaryValley. For those bold and strong enough to take home purchases in 2010, both dropping 5.6%. on the challenge, Beaver Creek will host the Tough Investment properties saw the bulk of that decline, falling 7.8%, Mudder. Touted as “The Toughest Event on the Planet,” the 8-mile compared to a 1.8% decline for vacation- homes. course will consist of obstacles filled with mud, fire, and live wires.

“We are not out of the woods yet, but I feel optimistic about the overall health of our market.”

There is a strong sense of optimism among those second-home buyers surveyed. The majority of vacation-home buyers (87%) and 77% of investors said now was a good time to purchase real estate, compared to 68% of primary-home buyers.

While riding a chairlift this winter I was amazed by how quickly technology is changing our lives. I was able to use the SSF iPhone app to search for properties for sale near me based on my location on

From the fantastic events, breathtaking scenery and endless outdoor activities going on in the Vail Valley, summer 2011 will be one not to miss. *Statistics gathered from Land Title Guarantee Company including all of Eagle County. **Statistics gathered from Vail MLS.

s u m me r 2 0 1 1 | 3

Market watch

Want to know 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 2010 Slifer Report is now available at VailRealEstate.com/sliferreport.cfm

Eagle Cou n t y y ea r-to-y ea r com pa r ison of mon t h ly sa les doll a r volu m e

$250

$2.5

$200

$2.0

$150

$1.5

$100

$1.0

10 20

09 20

08 20

07 20

06 20

05 20

20

20

04

$0.5

$500

$0

Ja n Fe b M ar Ap r M ay Ju n Ju l Au g Se p O ct N ov D ec

MILLIONS

$3.0

03

B ILLIONS

Eagle Cou n t y closed sa les doll a r volu m e

2008

2009

2010

2011

Data provided by Land Title Guarantee Company. Information deemed reliable but not guaranteed.

4 | I N S I DE EDGE

Market watch

By the numbers 55 billion........... vertical feet tracked by EPIC MIX in ........................... the 1st year

Eagle Cou n t y act i v e in v en tory 12-mon t h t r end*

2,400

8.4 million........ households in 2010 that had a net income of ........................... $1 million or more, rising from 6.7 million ........................... households in 2008

5.03 million...... people live in Colorado as of 2010 2,250

25.3%................ increase in the population of Eagle County 70 hours............ the average time a commuter is stuck in ........................... traffic each year

1,950

$927 million..... the annual revenue of dating services in ........................... the US in 2010

1,800

169 days............. of temperatures over 90ºF makes Phoenix the ........................... hottest city in America

1,650

222 days............ per year of below freezing temperatures makes ........................... Fairbanks, AK the coldest city in America

ar Ap r M ay

b

M

Fe

D Ja ec n ‘1 1

ov

ct

N

p

O

g

Se

l Ju

Au

n

‘1 0

1,500

Ju

NUMB ER OF PROPER TIES LIS TED

........................... since 2000, totaling 52,197 people in 2010

2,100

78.2 million...... dogs owned in America in 2010 1,571%............... the predicted increase in sales of tablet ........................... computers from 2010 to 2013

*Includes land and residential listings in the Vail MLS active the third day of each month listed.

Sources: usatoday.com, wsj.com, vaildaily.com, denverpost.com, snow.com, Bloomberg Businessweek, 2010.census.gov

s u m me r 2 0 1 1 | 5

New SSF website coming soon

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 County Airport (EGE). American Airlines will offer daily service from Dallas/Ft. Worth and three daily non-stop flights to Denver will be offered on United Express.

For a complete flight schedule visit www.flyvail.com

6 | I N S I DE EDGE

Slifer Smith and Frampton’s website, VailRealEstate.com, is currently being completely revamped. Keep your eyes peeled for the unveiling of the new site which will provide visitors with some amazing cutting edge features such as up-to-the-minute property updates, market trends, and an extremely visual map search for easy browsing.

USA Pro Cycling Challenge National bike race teams up with Millennium Promise, a poverty fighting charity Vail and Avon are 2 of 11 cities in Colorado that have the privilege of hosting a leg of the USA Pro Cycling Challenge for Millennium Promise this summer. On par with the Tour de France, the Challenge is considered the most rigorous bike race in the USA, were competitors spend 7 days trekking 600 miles and climbing over 12,000 vertical feet across the Rocky Mountains. Elite athletes from across the globe will land in the Vail Valley on the 25th and 26th of August for the Individual Time Trial portion of the competition. Stage 3 of the race will end in Vail Village on the 25th and Stage 4 of the competition will kick off in Avon Center on the 26th. Come watch these phenomenal athletes conquer some of the most difficult terrain Colorado has to offer!

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/ from the Vail Valley, Summit County, Denver International and Eagle County airports. CME Premier, our private car service, provides for luxury, privately chauffeured 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.

Pink Colorado Pink Colorado is an extremely unique and enlightening event that aims to raise money and awareness of premenopausal breast cancer. The event is based around a contest where participants submit a photo that depicts “Colorado” to them but also needs to have the color pink featured somewhere in the photo. The 24-winning photographs will be displayed in “wall-size” on the sides of buildings transforming the town of Eagle and Eagle Ranch for 12 weeks starting on June 24th. Slifer Smith & Frampton is a proud sponsor of this event.

For more information go to www.pinkcolorado.com

Not valid with any other discounts or offers. Not valid on Point-to-Point services. Rate subject to fuel surcharge. Valid through 11/15/11.

su m m e r 2 0 1 1 | 7

A record-shattering 524 inches fell on Vail Mountain during the 2010-2011 ski season. That’s almost 44 feet of snow! The previous snowiest season Vail Mountain ever experienced was in 1977-1978 where 505 inches were recorded.

8 | I N S I DE EDGE

Photo by Jack Affleck/ Vail Resorts

Record-breaking

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.

The Penthouses at Manor Vail

The Pointe at Edwards

Location.............................. Lionshead

Location.................................. Edwards

Four Seasons Private Residences

Sylvan Square Condominiums

Availability...................... 1

residence ................................remains for sale Pricing....................$9,600,000 – 40% discount being offered

Availability.................. 11

residences planned Pricing....................... from $1,495,000 Completion. ... 2 homes completed

Location............................. Vail

Village whole-ownership residences left for sale Pricing.......................from $2,700,000

Location..........................Eagle

Availability.... 15

Availability......... 3

Torzetto #6

The Landmark Residences

The Ascent

Location.................................. East

Location.............................. Lionshead

Location......................................... Avon

The Residences at Park Hyatt Beaver Creek

Availability..................... 8

Availability.................. 15

Vail Availability.... 1 residence remains for sale or lease option Pricing................................... $2,189,000

residences remain for sale Pricing....................... from $1,275,000

residences remain for sale Pricing...........................from $649,000

Ranch of 16 residences remain for sale Pricing...........................from $239,000

Location....... Beaver

Creek Village residences remain for sale Pricing............................ From $45,000

availability.................. 32

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Calendar of events June 2011

July, continued

August

2-5.......... Teva Mountain Games VV 8............. Hammer in the Hay Bike Race ER 11-12....... Firefighter Combat Challenge FP 15............ Berry Creek Bash ED 17-19....... King of the Mountain Volleyball ............... Tournament VF, FP 24-26...... Vail Arts Festival LH 25-30...... Vail Lacrosse Shootout ............... FP,VF,DP,NP,FP 27........... Sheryl Crow in Concert VC

6............. Davos Dash DP

3............. Boneyard Brawl EP 3............. Mark Morris Dance Group FA 4............. Keb’ Mo’ in Concert VC 5-6.......... International Evenings of Dance FA 6-7.......... 24th Annual Beaver Creek ............... Arts Festival BC 7............. Ballroom Spectacular FA 7............. La Sportiva 10K @ 10,000 Feet LH 12............ Trey McIntyre Project FA 13............ Dance TV FA 15............ La Sportiva 10K @ 10,000 Feet LH 17............ Beaver Creek Blast Bike Series BC 18............ Peter Frampton in Concert VC 19-21...... Porchlight Players Annual Play ............... in the Park EP 25-26...... USA Pro Cycling Challenge VV,AV 28.............La Sportiva Berry Picker Trail Run LH

July 1-3.......... Vail Lacrosse Shootout ............... FP,VF,DP,NP,FP 1-6.......... Bravo! 24th Music Festival: ............... Dallas Symphony Orchestra FA 3............. 34th Annual La Sportiva Vail ............... Hill Climb VV 4............. Vail America Days VV,LH 4............. Vail Patriotic Concert FA 4............... Beaver Creek July 4th Celebration BC 6............. Chris Isaak in Concert VC 6............. Vail Grind/Mike Janelle ............... Memorial Race LH 10 | I N S I DE EDGE

8-10.......... Bravo! The Philadelphia Orchestra FA 9-10 ....... Triple Bypass Bike Ride AV 15-16....... The Relay for Life ED 15-16....... AKC Dog Show EF 16............ The Great American Cycling Series ............... – Tour of Vail VV 16-18....... Vail Antique Festival VA 16-17....... Xterra Mountain Championship AV 17............ Indigo Girls in Concert VC 23........... 10th Annual Colorado Eagle ............... River Ride BC 24............ La Sportiva Vail Half Marathon VV 27........... Travis Tritt in Concert VC 22-24....... Rocky Mountain Antique Festival BC 22-24...... Bravo! New York Philharmonic FA 23-30...... 71st Annual Eagle County Fair

September

............... & Rodeo EF

1-5.......... Vail Jazz Party at Vail Marriott ............... Mountain Resort LH 3............. Alison Krauss & Union Station VC 3-4.......... Beaver Creek Oktoberfest BC

25-26...... Tough Mudder BC 27-29...... Bravo! New York Philharmonic FA 30............. Angels in Action 5K Fun Run/Walk NP

September, continued

Ongoing Events, continued

Location Key

4............. Rotary Club Duck Race CC

Thursdays, July 30–August 28 Showdown Town Free Concert Series EP

VV Vail Village

Thursdays, July 7–September 1 Jazz at Vail Square LH

VA Vail

Fridays, July 9–August 13 Lionshead Family Afternoon Club LH

CC Checkpoint Charlie VF Vail Athletic Field

............... Annual Home Tour VA

Fridays, July 1–Sept 19 Eagle Farmers Market EP

Ongoing Events

Fridays, July 23–August 20 Avon’s Lakeside Cinema NP

9............. Eagle Fire Department BBQ ............... & Barn Dance EP 9-11......... Vail Oktoberfest LH 10-11....... Wheels and Wings Show GY,VV 11............ La Sportiva Evergold Trail 10K VA 16-18....... Vail Oktoberfest VV 18............ Vail Mountain School’s 39th

Every Day June 20–September 16 Pink Colorado Display EAGLE

Saturdays, starting June 18 Minturn Market MT

LH Lionshead FA Ford Amphitheatre FP Ford Park DP Donovan Park AG Betty Ford Alpine Gardens BC Beaver Creek NP Nottingham Park FP Freedom Park ED Edwards

Saturdays, June 18–September 17 Edwards Farmers Market ED

MT Minturn

Saturdays, June 24–September 4 Beaver Creek Culinary Demonstrations BC

LC Lodge at Cordillera

Free Concerts FA

Sundays, June 19–September 18 Vail Farmers’ Market & Art Show VV

EP Eagle Town Park

Thursdays, July 1–August 19

Sundays, June 5–August 28 Yoga in the Park EP

EF Eagle County Fairgrounds

Mondays & Fridays, June 13–August 29 Yoga in the Gardens AG Tuesdays, June 14–August 23 Bud Light Hot Summer Nights

Beaver Creek Rodeo Series AV

AV Avon VM Vail Mountain School ER Eagle Ranch GY Gypsum s u m me r 2 0 1 1 | 11

Since 1962