Summer 2009
SLIFer SmITH & FrAmPTON reAL eSTATe
in tHis issUe >>
I NSI De eDGe www.VailRealEstate.com
Photo by Jack Affleck / Vail Resorts
News from the most trusted name in Vail Valley real estate since 1962
Real estate market update
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A new strategy: Auction Division
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By the numbers
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Market watch
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“Epic Summer” vacations
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Getting here
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VailRealEstate.com goes mobile
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Updates on developments around the Vail Valley
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“Vail All The Love” promotions
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Calendar of events
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Real estate market update From Slifer Smith & Frampton President and Managing Broker Jim Flaum Wait and see. Based on the current state of the economy, people are understandably taking a conservative approach when making the decision to buy a mountain property. This is evidenced in the fact that while Eagle County set sales records during the past few years, sales have slowed over the past six months. As a result, a “buyers’ market” has emerged, and Slifer Smith & Frampton is seeing a lot of interest in the properties we have listed. People are looking at as many properties as they can and making a list of what they may or might not like for when the time comes that they’re ready to buy. In the meantime, they’re positioning themselves to make a well-informed, final decision. We have not seen a decline in our amount of showings and our website visits are also up 20% in the last six months. Once the economy finds a strong foothold, we’re confident a solid level of activity will ensue. For the deals that are happening now, buyers are finding incredible values. There are a number of motivated sellers who want to sell their home in the mountains as soon as possible. This has created good opportunities for buyers who are ready to make an offer, resulting in sellers who are negotiating in good faith in order to close on deals. First quarter 2009 has shown stronger sales dollar figures in the month of March than in January or February. Residential transactions through March 2009 include 89 properties with 25% of sold properties under $500,000, 38% between $500,000 and $1,000,000 and 37% over $1,000,000. Land and commercial sales accounted for an additional 57 transactions through March 2009. 2 | I NSIDe eDGe
Photo by Jack Affleck / Vail Resorts
For buyers with a great deal of cash or equity available for a down payment on a home, there are great financing packages available, which is inspiring people who have the means to buy right now. Interest rates are very low, and there are deals to be found, which is causing some people to act now on the purchase of a mountain home. While good buying opportunities are available, some sellers (who aren’t hard-pressed to sell their home) have simply taken their mountain property off the market. They would rather wait for market conditions to improve than sell their home for less than what it
may be worth in the future. As a result, there has not been an overabundance of inventory relative to other markets. Our inventory level over the past twelve months has remained stable with 2,015 active land and residential listings in the Vail Board of REALTORS Multiple Listing System in early May 2009. Throughout our 18 offices we are still seeing a lot of active buyers coming from Denver, Boulder, Colorado Springs and surrounding areas. This is in contrast to some people’s perception that mountain properties are just being sold to people from other states or countries. We have found that our unique
resort experience and desire to live in the mountains comes from near and far. We see this as a good sign for the state’s overall market conditions. 2009 will present people with unique and perhaps once-in-a-lifetime opportunities in regards to buying a mountain home. Mountain resort homes remain popular, especially in the world-class resorts of Vail and Beaver Creek, and as economic conditions improve, the demand should grow stronger.
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A new strategy Slifer Smith & Frampton expands with Auction Division The option of buying or selling a home via an auction format has significantly gained popularity during the past several years. According to the National Auctioneers Association, the home auction business has increased by more than 46% since 2003. In a continuing promise to lead the industry and deliver superior results, Slifer Smith & Frampton Real Estate now brings this unique opportunity to buy and sell luxury real estate in the Vail Valley through our Auction Division.
By the numbers $599.............. The price that Vail Resorts’ unrestricted 6-mountain ..............................Epic™ Pass is currently being offered for on ..............................snow.com/epicpass for the 2009/2010 ski season
57.1 million.... Visits to ski slopes across the country during the .............................2008-2009 winter season
5.91............... The percentage of electricity generated from wind in ..............................the state of Colorado
35.2 million.... The number of Americans that changed residence ..............................last year
While the traditional method of buying and selling homes is still the primary focus of our company, we’re implementing this new process that will give our clients another option. Selling your property through our Auction Division will accelerate the marketing and sales cycle, focusing on local, national and international marketing efforts. Consistent with our award-winning marketing campaigns utilized in the traditional brokerage, our auction marketing plan is designed to attract a large pool of buyers and expedite the sales process. Buying through our real estate auctions, you decide when and how much to bid on a property with the knowledge that the seller is prepared to sell the day of the auction. As a buyer, you know the terms and conditions before the auction which eliminates lengthy negotiations. For more information please visit www.VailRealEstateAuctions.com.
9.................... Number of languages LuxuryPortfolio.com’s site ..............................can be translated to, which features all Slifer Smith & ..............................Frampton listings over $2 million
30.................. Number of countries Vail Mountain’s ski instructors ..............................come from
1.................... Beaver Creek Mountain’s ranking for the sixth ..............................consecutive year for having the best overall safety ..............................program for a larger ski resort
34.................. Slifer Smith & Frampton Real Estate’s ranking in the ..............................country for sales volume in the 2009 REAL Trends ..............................Power Broker Top 500 Survey Sources: Snow.com, Denver Post, USA Today, Forbes.com, realtrends.com, LuxuryPortfolio.com, VailDaily.com, National Ski Areas Association
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Market watch Eagle County closed sales dollar volume
Eagle County active inventory 12-month trend *Includes land and residential
$3,500,000,000
2,500 2,400
$3,000,000,000
2,300 $2,500,000,000
2,200 2,100
$2,000,000,000
2,000 $1,500,000,000
1,900 1,800
$1,000,000,000
1,700 $500,000,000
1,600
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19 91 19 92 19 93 19 94 19 95 19 96 19 97 19 98 19 99 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08
Data provided by Land Title Guarantee Company. Information deemed reliable but not guaranteed.
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1,500
$0
Data gathered from the Vail Board of Realtors MLS. Information deemed reliable but not guaranteed.
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“Epic Summer” vacations Vail Resorts introduces a new all-inclusive summer family vacation experience in Colorado’s Rocky Mountains, “Epic Summer, A Colorado Family Adventure.” It is an innovative program to help families not only take an affordable summer vacation in 2009, but to also experience a classic, iconic trip to the American West. The Epic Summer will combine the best of Keystone, Breckenridge, Vail and Beaver Creek mountain resorts in Colorado with classic Rocky Mountain summer adventures for locally guided, all-inclusive family vacation experiences in four- and seven-day itineraries. Trips will offer an adventurous guided tour of the best of the Colorado Rocky Mountains, including whitewater rafting, a trip to Rocky Mountain National Park, mountaintop picnic lunches, horseback riding, nature hikes, gold panning and a cowboy campfire dinner.
Photo by Chris McLennan / Vail Resorts
The Epic Summer trips run from June 26 through September 6, 2009. Packages include experienced guides, accommodations in well-appointed condominiums or lodge rooms in Keystone or Breckenridge resorts, all featured activities, transportation to and from all activities, ground transfers to and from Denver International Airport (airfare is not included) and all meals. The six-night, seven-day all-inclusive package is priced at $1,195 for adults and $895 for children (ages 12 and under). The three-night, four-day package is $695 for adults and $545 for children (ages 12 and under). For more information and reservations, call 888-538-EPIC (3742) or visit www.EpicSummer.com. 6 | I NSIDe eDGe
Getting here Eagle County Regional Airport (EGE) commercial air service was suspended April 15, and is expected to resume September 1, 2009. The airport will be lengthening their runway to accommodate larger airplanes carrying more fuel. This expansion will allow for more non-stop flights in addition to those from the twelve cities that currently offer direct travel to and from Vail. During this closure suggested alternate airport options include Denver International Airport (DEN) and Grand Junction/Walker Field Airport (GJT).
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 for luxury, privately chauffeured Cadillac sedans, executive vans and four wheel drive SUVs. When placing reservations please use the discount code “6SSF” to receive your 15% discount. For reservations go to www.ridecme.com or call 1-800-525-6363.
VailRealEstate.com goes mobile With real estate opportunities abounding in the high country, opportunistic buyers are looking for every edge to find the mountain home they’ve always wanted. Slifer Smith & Frampton Real Estate recently launched its new mobile website, giving people searching for properties in the Vail Valley a huge advantage by optimizing the property search on VailRealEstate.com website so it can be searched using any smart phone technology. Now, even when riding a chairlift or fly-fishing a mountain stream, people can view all of the current listings in the Vail Valley without having to worry about getting to a computer. This is the first local real estate firm to offer a mobile real estate website in the Vail Valley, and provides access to all MLS listings in Eagle County with a customized and user-friendly platform. It has been tailored for optimal viewing and navigation on a small screen, providing up-to-date property details and photos on a person’s phone. As company founder Rod Slifer, who has been involved in Vail real estate for more than 45 years, pointed out “Technology is now truly enhancing our lives. Now Slifer Smith & Frampton brokers can look at property with their clients from the chairlift. I love it.” Summer 2009 | 7
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 Ritz-Carlton Residences 速, Vail
The Penthouses at Manor Vail
Location: Vail
Village avaiLabiLity: 10 of 16 residences remain for sale Pricing: From $5,300,000 scHeDULeD comPLetion: Winter 2009 Website: vailprivateresidences.com
Location:
LionsHead avaiLabiLity: 24 residences remain for sale Pricing: From $2,244,440 scHeDULeD comPLetion: Fall 2010 Website: theresidencesvail.com
Location: Golden
Peak of 17 residences remain for sale Pricing: From $3,400,000 comPLetion: Construction complete Website: manorvailpenthouses.com
The Landmark Residences
The Tower Residences at Lion Square
Ever Vail
LionsHead avaiLabiLity: 7 residences remain for sale Pricing: From $2,850,000 scHeDULeD comPLetion: Early 2010 Website: landmarkresidences.com
Location: LionsHead
Location: LionsHead
avaiLabiLity: 3
Website:
Location:
of 9 residences remain for sale Pricing: From $3,495,000 scHeDULeD comPLetion: November 2009 Website: thetowerresidencesvail.com
avaiLabiLity: 9
evervail.com
Torzetto Location: East
Vail 2 residences for sale Pricing: From $2,399,000 comPLetion: Construction complete avaiLabiLity:
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Brush Creek Village Location: Eagle Availability: 12
residences currently available for sale the low $400,000’s completion: Construction of phase 1 & 2 complete, Summer 2009 scheduled completion of Phase 3 Website: brushcreekvillage.com Pricing: From
Highlands at Eagle Ranch Eagle Ranch developer homesites available for sale Pricing: From the low $200,000’s Website: highlandsateagleranch.com Location:
The Residences at Park Hyatt Beaver Creek ®
The Westin Riverfront Resort & Spa
Location: Beaver
Availability:
Creek Availability: 15 deeded shared-ownership residences for sale Pricing: From $75,000 completion: Construction complete Website: theresidencesatparkhyatt.com
Location: Avon
73 of 210 residences remain for sale $330,000 completion: Construction complete Website: westinriverfront.com Pricing: From
South Fork Meadows Location: Edwards
The Pointe Edwards Availability: 11 residences available for sale Pricing: From $1,700,000 completion: Construction of model home completed Website: thepointeatedwards.com Location:
Availability: 3
of 17 residences remain for sale From $825,000 completion: Construction complete Website: southforkmeadows.com Pricing:
Availability: 30
Sylvan Square Condominiums Location: Eagle Ranch Availability: 8 of 16 residences remain for sale Pricing: From $329,000 completion: Construction complete Website: sylvansquarecondos.com
Addison Center Location: Eagle
Ranch 1 of 4 lofts available Pricing: $497,500 completion: Construction complete Website: addisoncentereagleranch.com Availability:
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Calendar of events June 4-7 ................. Teva Mountain Games cc 26-29 ............. Vail Arts Festival LH 27-30 ............. Vail Lacrosse Shootout FP, DP, va
July 1,3,5,6,8 .......... Bravo! Dallas Symphony Orchestra Fa We invite you to dive into all that Vail has to offer this summer with exclusive offers from more than 50 lodging properties, restaurants and bars, shops, galleries, spas, activities and on mountain adventures with Vail All The Love. Visit vailalltheLove.com to book your discounted lodging for an upcoming vacation to Vail and for an extensive list of Vail All The Love offers.
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1-5 ................. Vail Lacrosse Shootout FP, DP, va 2..................... Blood, Sweat & Tears with ....................... Chuck Negron vc 4..................... Vail America Days gP, vv, LH, Fa 4..................... Bravo! Dallas Symphony Orchestra ....................... Patriotic Concert Fa 10,11,12,15,17,18......Bravo! Philadelphia Orchestra Fa 13 .................... Paul Rodriguez, Latin King of Comedy vc 16................... Bravo! National Repertory Orchestra’s ....................... Family Concert Fa
24-26 ............. Rocky Mountain Antique Festival bc 27................... Savion Glover, Tap dancer Fa 28................... UpClose: Savion Glover vc 29................... SSF Bravo! Client Symphony Shindig Fa
August 1..................... Angels in Action 5K Fun Run/Walk nP 1..................... Miami City Ballet tbD 2..................... Festival Highlights Spectacular Fa 2..................... Diana Krall, Jazz singer vc 3..................... UpClose: Edward Vivella with Miami ....................... City Ballet vc 4..................... Dance for $20.09 Fa 6 ...................... UpClose: Wendy Whelan, Dancer and ......................... Muse vc 7..................... Morphoses 3.0, Dance troupe Fa 8..................... International Evenings of Dance I Fa
17................... Art in the Betty Ford Alpine Gardens FP
9..................... International Evenings of Dance II Fa
22................... Ronnie Milsap, Country singer vc
10................... Ballroom’s Best Fa
24,25,26,29,30,31......Bravo! New York Philharmonic Fa
12................... Peter Frampton, Guitar legend vc
August (continued)
Ongoing Events
Legend
20................... Michael Bolton, Singer/songwriter vc
tuesdays, June 16-august 18
20-22 ............. Beaver Creek Wine & Spirits Festival bc
Bud Light Hot Summer Nights Free Concerts Fa
29................... Rick SpringďŹ eld, Pop icon vc
Wednesdays, June 24-July 15
vv ................. Vail Village gP ................. Golden Peak Fa .................. Ford Ampitheatre cc ................. Checkpoint Charlie LH .................. LionsHead va ................. Vail Athletic Club bc ................. Beaver Creek vc ................. Vilar Center av ................. Avon nP ................. Nottingham Park mt ................. Minturn eD ................. Edwards eP .................. Eagle Town Park eF .................. Eagle County Fairgrounds
Family Film Series vc
September
thursdays, July 2-30 American National Bank ShowDown Town Free
4-6 ................. Gourmet on Gore vv
Summer Concerts eP
5-6 ................. Beaver Creek Oktoberfest bc
thursdays, June 18-august 20
6..................... Rotary Club Duck Race cc
Beaver Creek Rodeo Series av
11................... East West Hoedown eF 11-13 ............. Vail Oktoberfest LH 13................... Vail Mountain School Home Tour 18-20 ............. Vail Oktoberfest vv
thursdays, august 13-september 3 Jazz at Vail Square LH Fridays, July 3-august 14 LionsHead Family Afternoon Club LH Fridays & saturdays, June 26-september 5 Beaver Creek Culinary Demonstrations bc saturdays, starting June 27 Minturn Market mt saturdays, June 13-september 19 Edwards Farmers Market eD sundays, June 21-september 20 Vail Farmers’ Market and Art Show vv
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