Winter 2010/2011
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 >>
Real estate market update
2
Market watch
4
By the numbers
5
Vail Real Estate iPhone app
6
Epic Mix
6
Quiznos Pro Challenge
7
Colorado Mountain Express
7
Now boarding
7
The Arrabelle Club
8
Development updates
9
Calendar of events
VailRealEstate.com
Photo by Jack Affleck/ Vail Resorts
News from the most trusted name in Vail Valley real estate since 1962
10
Real estate market update From Slifer Smith & Frampton President and Managing Broker Jim Flaum
We’re cautiously optimistic about 2011. Judging from 2010 numbers, the Vail Valley real estate market is looking up. Not to mention the snow— we are off to an incredible start to the ski season with some of the best early season conditions we’ve seen in years. With almost 100 inches of snow at Vail and Beaver Creek and over $1 billion in sales already year-to-date, the increases in snowfall and sales volume are great signs of an improving market and a healthy resort economy in the Valley this winter. September was a breakthrough month for Vail Valley real estate, with $235 million in sales that month alone and the Eagle County market reaching over $1 billion for the first time in nearly two years.* Through the 3rd quarter of 2010, sales at three new developments in town—The Westin Riverfront Resort & Spa, Solaris Vail and The RitzCarlton® Vail—totaled over $271 million. Mortgage rates remain at historical lows and there is a good amount of inventory, both resales and new product, from which buyers can choose. At the same time, downward pressure on prices has presented some great buying opportunities in all areas of the market. The high-end segment of the market continues to be the driving force for Eagle County numbers. According to Vail MLS data, properties over $5 million have accounted for 31% of the total sales volume in Eagle County year to date. Properties priced from $3 to $5 million made up 10% of the volume. Slifer Smith & Frampton is proud to have represented over half of the sales volume for properties over $4 million.**
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“The turnaround we’ve seen in 2010 is encouraging and exciting,” said Jim Flaum, President and Managing Broker of Slifer Smith & Frampton. “I am confident that we are headed in a positive direction this winter and into 2011. All signs indicate an increased
The renewed sense of optimism and increase in interested real estate buyers is not isolated to the Vail Valley. According to a report from Fannie Mae in September 2010, Americans are optimistic about trends in real estate values nationwide. Fannie Mae’s National Housing Survey finds that most Americans believe the housing market has reached bottom. Respondents to the survey believe that home prices will hold steady (47% of respondents) or increase (31% of respondents) over the next year. Seventy percent of Americans think it is a good time to buy a house, compared with 64% in a similar survey conducted in January 2010. Regardless, an unpredictable economy has not held back our progress at SSF. As always, we strive to stay ahead of the curve in technology and marketing efforts. We introduced the Vail Valley’s first real estate iPhone app in October, allowing users to search for homes available or sold properties based on their specific location (for details, see our iPhone app article on page 6). This is in addition to our mobile website optimized for viewing
on smartphones as well as our awardwinning website, VailRealEstate.com. We are committed to investing in products that make real estate research as easy and seamless as possible for our clients.
“The turnaround we’ve seen in 2010 is encouraging and exciting.” – Jim Flaum, President and Managing Broker Slifer Smith & Frampton Real Estate If the skiing conditions are an indicator of the Valley’s return to a healthy economy this season, we are off to the right start. Vail opened 1,150 acres and 9 lifts on November 19th, more than twice the terrain we’re usually able to access early season. Beaver Creek celebrates its 30 year anniversary this year. Spirits are high, numbers are up and most importantly the snowflakes keep falling—all is in line for a great winter. See you on the mountain. *Statistics gathered from Land Title Guarantee Company including all of Eagle County. **Statistics gathered from Vail MLS.
Photo by Jack Affleck/ Vail Resorts
interest in resort real estate across the country and especially in the Vail Valley.”
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Market watch 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
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$0
10 20
20
08 20
07 20
06 20
05 20
04 20
20
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$0.5
$50
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$1.0
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MILLIONS
$3.0
02
BILLIONS
Eagle Cou n t y closed sa les doll a r volu m e
2008
2009
2010
Data provided by Land Title Guarantee Company. Information deemed reliable but not guaranteed.
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By the numbers 2,500
14%.................... Increase from last year in November bookings taken in October by western mountain resorts.
2,300
$237 billion....... Projected sales for the luxury goods industry for 2010 in the U.S. with a 10% increase in sales over the holiday period. That would be very close to the record sales set in 2007. 40 seconds......... Estimated time it takes for travelers to get through customs by using the Global Entry program of the U.S. Customs and Border Protection. U.S. citizens can enroll by paying $100, passing a government check and getting fingerprinted.
2,100
1,900
8......................... The number of resorts now included in the Epic Pass with the addition of Northstar-at-Tahoe and Sierra-at-Tahoe in Lake Tahoe, CA. 1,700
33.5%................. The drop in average airfare at Denver International Airport from 2000 to 2010, with a traveler paying an average of $294 in 2010.
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1,500
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NUMBER OF PROPERTIES LISTED
Eagle Cou n t y act i v e in v en tory 12-mon t h t r end*
#1....................... Ranking for The Westin Riverfront Resort & Spa for Top Resorts in North America in the Conde Nast Traveler Readers’ Choice Awards.
24.78................... Carats in a rare pink diamond that set a world record for a jewel sold at auction. Sotheby’s in Geneva auctioned off the gemstone for $46,158,674. 7,596................... The number of people who will turn 65 each day in 2011. The total number for Baby Boomers is expected to reach 2.8 million people next year.
*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
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Vail Real Estate iPhone™ app Slifer Smith & Frampton recently launched the Vail Valley’s first iPhone app to help keep real estate consumers informed about the market. The app features a GPS property search for users to locate nearby available properties, as well as a traditional home search. With the tap of a finger, viewers can retrieve new listings and properties with recent price reductions as well as recent sales. This custom real estate app is the wave of the future in real estate services, catering to the new generation buyer and their tech savvy approach to research. SSF constantly strives to exceed the expectations of buyers and sellers by exploring and implementing the most innovative tools. The app is a free and can be downloaded in the iTunes™ App Store by searching for Vail Real Estate. If you have a QR Code Reader on your phone, you can scan the code on the right and it will take you directly there.
Installation of Chair 5 High Noon Express this past summer. The new high-speed quad opens in mid-December. 6 | I N S I DE EDGE
Photo courtesy of Vail Resorts
Epic Mix The Epic Mix is an innovative new online and mobile application from Vail Resorts premiering this 2010/2011 winter season at Beaver Creek, Vail, Breckenridge, Keystone and Heavenly. The new technology will give skiers and riders a whole new mountain experience, tracking everything from the amount of days spent riding to the vertical feet and terrain skied each day. The Epic Mix is available to anyone who owns an Epic Pass, Colorado Pass, Summit Pass and all Peaks Cards. Each pass is automatically equipped with Radio Frequency (RF) scanners which capture each rider’s statistics at the entrance of every ski lift on the participating mountains. To learn more about the Epic Mix check out the website at www.epicmix.com and start tracking your season today.
Pro cycling returns to the Vail Valley Colorado and the Vail Valley will now be home to the Quiznos Pro Challenge, the first major professional cycling event to be held in the state since the Coors Classic which was last held in 1988. The inaugural event, which was announced this past summer by Governor Bill Ritter and Lance Armstrong in Denver, will be held August 22-28, 2011. Pro cyclists from around the world will ride through Vail and Avon along with 9 other cities. This grueling 600 mile race will span over seven days through the most majestic and treacherous terrain the Rocky Mountains have to offer. Vail will be hosting the time trial August 25 and Avon will be the start of the stage on August 26 that will take the cyclists to Steamboat. The overall route of the race is expected to be released in early 2011. 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.
Now boarding Fly direct to Vail this winter Your vacation starts the moment you walk out your front door—less traveling and more time in the mountains. This winter American, Continental, Delta and United Airlines will serve Eagle County Airport (EGE). American Airlines:
Winter non-stop service from Chicago/O’Hare, Dallas/ Ft. Worth, Los Angeles, Miami, New York/Kennedy, and New York/LaGuardia Continental Airlines:
Winter non-stop service from Houston/Bush and Newark delta Airlines:
Winter non-stop service from Atlanta and Minneapolis/ St. Paul United Airlines:
Year-round service from Denver For a complete flight schedule visit www.flyvail.com
Not valid with any other discounts or offers. Not valid on Point-to-Point services. Not Valid to/from Aspen, Snowmass, Roaring Fork Valley valid through 4/20/11. Blackout dates 12/24/10- 01/02/11; 02/18/11 - 02/20/11.
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The Arrabelle Club
The Arrabelle Club is a private alpine club that provides an esteemed level of convenience, amenities and service excellence enriching club members’ time in Vail. Members will enjoy an array of social and recreational amenities including access to the Club’s remarkable great room & terrace with breathtaking views overlooking Vail Mountain, a luxury locker room, spa and fitness access, and the ease of a ski valet at the base of the Gondola.
Photo courtesy of Vail Resorts
The Arrabelle Club is perfectly situated to enhance your year-round mountain adventures. Just steps from the Eagle Bahn Gondola, Vail Snowsports School, restaurants and shopping, The Arrabelle Club provides an exceptional membership opportunity to enhance your Vail Valley experience.
Vail local Olympian Lindsey Vonn training at Vail’s Golden Peak race course in early November 2010.
MEMBERSHIP PRIVILEGES INCLUDE : • Great room with complimentary breakfast items for
• Spa and dining discounts at The Arrabelle
club members only
• Ski and social offerings and special events throughout the year
• A designated locker in the Club’s private locker room
• Membership may be attached to your property and transferred
• Ski storage & slope-side ski valet
upon sale
• Access to the spa and fitness center at The Arrabelle
Please contact me for more information.
• Access to the rooftop pool at The Arrabelle
8 | I N S I DE EDGE
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 ASCENT
Torzetto #4 Location: East
The Residences at Park Hyatt Beaver CreekÂŽ
Availability: One
Location:
Vail residence remains for purchase or lease option Pricing: $2,199,000
The Penthouses at Manor Vail Location: Golden
Good living. Great value.
Peak Availability: 3 of 17 residences remain for sale Pricing: From $8,900,000
Location: Avon Availability:
49 residences the mid $300,000’s
Pricing: From
The Landmark Residences Location: Lionshead
8 residences remain for sale From $1,495,000
Availability:
Four Seasons Private Residences Location: Vail
Village Availability: 16 whole-ownership residences for sale Pricing: From $2,700,000 completion: Opening December 11, 2010
Pricing:
The Tower Residences at Lion Square Lionshead 2 of 9 residences remain for sale Pricing: From $3,325,000 Location:
Availability:
Beaver Creek Village deeded shared-ownership luxury condominiums for sale Pricing: From $45,000 Availability: 15
The Pointe Edwards Availability: 8 of 11 residences remain for sale Pricing: From $1,495,000 completion: Within 12 months of contract Location:
Sylvan Square Condominiums Eagle Ranch Availability: 6 of 16 residences remain for sale Pricing: From $239,000 Location:
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Calendar of events November 2010 19........... Vail Mountain Opening Day VA 24........... Beaver Creek Mountain Opening Day BC
December 1............. Christmas on Broadway EA 3-5.......... Birds of Prey World Cup BC 4............. Minturn Tree Lighting MT 6-12........ Vail Snow Daze VA 11-12...... “Tis The Season” Holiday Celebration VC 11........... Minturn Winter Outdoor Market MT 14........... TheatreWorks USA presents “Click, Clack, Moo” VC 16........... Bud Light Street Beat Free Concert CC 18........... Minturn Magic Parade and Christmas on Main Street MT 18........... Avon’s Icing on the Lake NP 18-25...... Vail Holidaze VA 21........... Preservation Hall Jazz Band: Creole Christmas VC 22........... Eileen Ivers: An Nollaig VC 10 | I N S I DE EDGE
23........... Sister’s Christmas Catechism VC 26........... Cirque le Masque: Evolution VC 27........... Blue Suede Shoes: The Ultimate Elvis Tribute VC 28........... Craig Shoemaker “The Lovemaster” VC 29........... Al Jarreau VC 30........... The Flying Karamazov Brothers VC 30........... Christmas Skate Show BC
January 2011 4............. A Chorus Line VC 5-9.......... ReTreat Yourself 2011 BC 6-8.......... Big Beers, Belgians, Barleywines Festival VC 8............. John Gorka in Concert VC 9............. Beaver Creek Snowshoe Adventure Series Race #1 BC 9............. Last Comic Standing VC 13........... Keller Williams in Concert VC 15........... Aspen Santa Fe Ballet VC 17........... Spring Awakening VC 19........... Chee-Yun & Friends VC 20........... Bud Light Street Beat
Free Concert CC 21........... State Symphony Orchestra of Russia VC 23........... Celtic Crossroads VC 26........... Popovich Comedy Pet Theater VC 27-29...... Master Chef Classic BC 31........... Colorado Symphony Orchestra & Chorus VC
February 2............. An Evening with Marvin Hamlisch VC 3............. Amos Lee in Concert VC 4............. James Hunter in Concert VC 5............. Seven Wonders of Vail VA 6............. Beaver Creek Snowshoe Adventure Series Race #2 BC 9............. STARS Series: A Far Cry VC 10........... Monty Python’s Spamalot VC 13........... Punch Brothers Featuring Chris Thile in Concert VC 15........... Puccin’s Turandot VC 16........... Great Moments in Opera VC 22........... A Gala Evening with
Anna Netrebko VC 23........... Dailey & Vincent in Concert VC 24........... Bud Light Street Beat Free Concert Series CC 25........... The 5 Browns VC 26........... 8th Annual Talons Challenge BC
March 3............. Bud Light Street Beat Free Concert Series CC 4............. Kathleen Madigan VC 5............. Chinese Golden Dragon Acrobats VC 5-6.......... Prevention On The Slopes BC 6............. Beaver Creek Snowshoe Adventure Series Race #3 BC 6-8.......... CarniVail VA 12........... An Evening with Randy Newman VC 15........... Joffrey Ballet VC 19........... Parsons Dance in Remember Me VC 22........... Classic Albums Live Presents L.A. Woman – A Tribute to The Doors VC 24........... Bud Light Street Beat Free Concert Series CC 24-27...... Korbel American Ski Classic GP 31........... Bud Light Street Beat
Free Concert Series CC 31........... The Jason Bishop Show VC 31........... Vail Film Festival VA
April 1-3.......... Vail Film Festival VA 2............. 4th Annual Western Slope Home & Rec Expo EF 7............. Bud Light Street Beat Free Concert Series CC 7-10........ Taste Of Vail VV 11-17...... Spring Back To Vail VA 16........... Vintage Ski Fest BC 17........... Beaver Creek Mountain Closing Day BC 21........... Bud Light Street Beat Free Concert Series CC 24........... Spring Back to Vail VA 24........... Vail Mountain Closing Day VA
Location Key VV Vail Village VA Vail CC Checkpoint Charlie GP Golden Peak BC Beaver Creek VC Vilar Center NP Nottingham Park MT Minturn EA Eagle EF Eagle County Fairgrounds
Ongoing Events Wednesdays, December 15, 2010 – April 20, 2011 Vail’s Art in Public Places Winter Walks Vail Information Center
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Since 1962