Bart's Blog

THE TAXMAN COMETH …..AGAIN

Bart Peaslee (Keller Williams Mountain Properties) — Fri, 08 May 2009 17:35:16 -0700

Vail Valley home tax assessments up 13% on average

Vail Valley property owners received an economic jolt this week. The real estate tax assessment which happens every two years raised the average residence tax value up 13%.

The hardest hit areas in the recent down turn had some major increases.

Eagle up 25%, Gypsum up 17.5% ,Avon up 14.5% ,Edwards up 10%.

County wise single family homes were valued up 13% and condominiums up 13.5%.

Appeals can be filed in writing or email before May 29^thand the assessor has been inundated with irate calls. Unfortunately the period set by law for evaluations were done on the sales between January 1^st 07 and June 30^th 08 which was right at the top of market here. It is only that small window that is used to assess homes for the next tax period.

This comes at a time when the Vail Real Estate for the first time in decades is seeing property values decrease. It is good to know that we can increase our values by 13% in a year, but, when will we see that again. We are starting to see short sales, foreclosures as well as auctions as a means to get properties sold. The first major auction in Vail is to be held on July 28^th.

How long do we expect the down turn to last? The adage is Vail is the last to go down and the first to come up. This is due to the make up of the owners here. Check the past stats on www.vailvalleyliving.com to see the historical trends in the Valley.

Those at the higher end of the economic spectrum feel the effects of down turns last. They also see the turn around first and capitalize on that. Once comfortable that a turnaround is coming, they began to re-allocate funds to real estate.

We have seen from the continued influx of lookers that there is a pent up demand for Vail Real Estate.

Two things are going to happen:

1. Those that don't need to wait and see prices at very good values historically will buy.

2. Those who have been waiting and see the first tier properties disappear will not want to miss the chance to get a premier property and will begin buying.

I am not saying there will be a major spike in prices, there just will be a dwindling supply of unique properties and every time a property sells it typically will not come back on the market again for 5 to 7 years. By then it certainly will not be coming back at the last sale price.

There is also the constant shift of retirement and semi-retired people. The west continues to be one of the major areas that people look to for their second home and retirement home.

So the bottom line is now is a great time to position yourself to "Experience the Best of The West^TM" Get ready to participate in the auctions, track the short sales, watch the foreclosures and be ready to move on a property that uniquely fulfills your ideal of a home in the mountains.

AUCTION AUCTION AUCTION EVERY WHERE AN AUCTION

Bart Peaslee (Keller Williams Mountain Properties) — Tue, 05 May 2009 12:58:44 -0700

AUCTION AUCTION AUCTION EVERY WHERE AN AUCTION
Vail/Lionshead, Beaver Creek, Bachelor Gulch, and Arrowhead

We are seeing a push to create a real estate auction market here in the Vail Valley. So are auctions the answer to getting everyone off the fence? Will it get the market moving? Who comes out the best?

Sellers who send their real estate to auction are finally really sellers. The caveat is that this is true only if the reserve (minimal accepted bid) is at a realistic price when their past listed price was not realistic (did not bring forth any buyers). If it is too high then it will still be unsold real estate since they are in de facto the highest bidder.

Buyers who show up as end users along side the speculators and bid can create the new bar to create sustainable comparables. If just speculators show up, the reserve may never get met. If the speculators do the bidding, have we really learned where the bottom is?

The first auction in Vail will be July 28^th and we will learn pretty quickly who the winners are. The prospective bidders will have $50,000 deposited into a holding company and be able to close in 30 days max, then Katie bar the door.

Can we get real movement? Can we get a new base line from these sales? Only time will tell.

The market will turn when the banks make loans (ask anyone trying to market or buy or refinance real estate and the reality is the banks do not want to lend, forget what the banks PR teams are putting out). Low rates and low prices only work when people can borrow the money needed to buy the properties and the prices create incentive to buy.

Vail Colorado: The Ritz-Carlton™ may be coming out of the ground but they are digging a hole with prices.

Bart Peaslee (Keller Williams Mountain Properties) — Fri, 24 Apr 2009 13:00:49 -0700

There is some good news for those looking to get a new piece of the Vail real estate market. The Ritz Carlton Residences^TM in Vail Colorado which is currently under construction, announced that they have dropped their prices and are giving a 20% discount. The Real Estate project which is scheduled to be completed by fall of 2010 has 24 unsold residences with some now selling at about $1,624 per square foot. As an added bonus, all buyers will receive a social membership to the beautiful Arrabelle Club, which will include lockers, ski storage, access to the spa and dining services at the base of the mountain in Lionshead near the Gondola.

The question is will this be enough to get any sales? The banner name is not really represented in the product. No spa, no restaurant on site, mixing fractional ownership with whole owner ship with no barriers of access to either part. If and that is an (if) the proposed lift happens, it is across the street near the water treatment plant.

For those buyers already having purchased one of the new residences, a 15% discount will be given on the property as well as an Arrabelle social membership. But you can buy in the Arrabelle which is steps from two lifts with some selling for less than $1,624 per square foot with tons of shopping and amenities including room service for food. See all the Arrabelle listings at www.AllVailListings.com under Lionshead as well as all the Ritz-Carlton^TM properties.

The Ritz-Carlton^TM Residences are 71 whole-ownership residences that range in size from two-bedroom homes to a six-bedroom penthouse; plus fractional ownership opportunities.

If you want more information on this property let us know, or information on where the best buys currently are and get the facts and stats on the market.

Vail Resorts revenue takes a pole plant: So does the real estate market.

Bart Peaslee (Keller Williams Mountain Properties) — Fri, 24 Apr 2009 12:51:23 -0700

The last few weeks of ski season, or the first couple weeks of April have seen record snow fall at Vail and Beaver creek. The great snow conditions coupled with Easter and Holy week falling so late in the year has somewhat helped Vail to recover some lost revenue. Real estate which follows the visitor trend was way off. See stats on www.VailValleyLiving.com. The last two weeks of March saw lower lift-ticket revenue than usual and less than stellar snow fall.

Both retail shops and rental agencies reported similar experiences seeing some slight decline over the normal numbers for end of March. Guest bookings for the entire 2008-2009 ski season were down around 12.8 percent compared to last year. And while Vail resorts also saw a 6.2% decline in skier visits compared with last year, despite the incredible sales of the popular Epic pass, the shortfall still seems relatively minor compared to what is happening in the rest of the country. Next years Epic pass sales have already started, a small amount of money down is required.

Our Real Estate seems soft in terms of the number of sales and sellers are dropping prices as the season ends. The next 6 weeks are the premium feasting time for Buyers as Sellers who did not sell will want out and after the 1^st of May they will be looking for the summer crowd to help them.

Some of the most important Real Estate in the Vail Valley gets upgraded this Summer.

Bart Peaslee (Keller Williams Mountain Properties) — Mon, 30 Mar 2009 13:25:23 -0700

This summer, the airport in Eagle Colorado: the Vail Valley's direct flight airport, will be getting some improvements that will make it possible to get nonstop services to more destinations. Right now you can fly directly from Atlanta, JFK, La Guardia, Dallas, LAX, Chicago, Miami, Cincinnati, Minneapolis and Denver, but some only in the winter.

While the discussion of which destinations have yet to be determined, the new runway upgrade is scheduled to start this summer. During that time the airport will be closed for about four months. The runway will be lengthened by 1,000 feet to allow for certain aircrafts to carry more fuel and still be able to take off. Because of the altitude in the Vail Valley, in summer the runway is not long enough for the big planes to take off. Analysis is still being done on the cost effectiveness to fly longer distances and to which locations.

Direct flights to the Vail Valley from the top cities in the U.S. will make Vail more attractive to those people who are looking for ease of travel. Let's face it, air travel is not quite like a visit to the dentist, but it is getting close to it. The more painless it is to get here, the higher up on people's vacation list Vail will rise.

Meetings are being held to decide the next steps for the Eagle County Airport. Does the current situation provide ample needs for the Vail Valley or is expansion and growth going to become a necessity? Are international destinations to Vail something that is a worthwhile venture to look into? Going international not only poses the question of fuel and capacity but also of the need for a customs booth which is a big obstacle to overcome. But boy would that be a big plus to our Real Estate sales. As of right now we get foreign visitors but not so many foreign buyers of our Vail Real Estate.

There is also the forever on going talks of adding a special exit off of I-70 to make the airport more accessible. Currently, the drive time to the town of Vail from the Airport is about 30 minutes. Direct access to the highway may not take a huge amount of time off that trip, but certainly will make it easier.

You can come visit us by flying through Denver this summer and then taking a really scenic drive up here. It is worth the drive and you will see what the locals say about what brought them here to begin with and why they are still here. "You come for the snow but stay because of the Summers".

Changing School Schedules – Will it affect tourism in Vail, Beaver Creek and the like?

Bart Peaslee (Keller Williams Mountain Properties) — Tue, 02 Oct 2007 10:41:02 -0700

Vail, Beaver Creek, Bachelor Gulch and neighboring luxury ski resort areas may be impacted with school breaks for Christmas and Easter changing this season. Why? Because school breaks are the main driver for family oriented vacations (those where there are school age children in the home). Family vacations drive business to many industries such as hotels, restaurants, shopping centers, recreation areas and real estate offices. Active families are a popular demographic in Vail and Beaver Creek (for that matter, in Summit and Eagle counties).

The other major impact from schools starting early each year is that it drains a lot of the seasonal labor pool. A number of states have already been persuaded to go back to the more traditional late August starts. This has become an issue because a lot of the country is moving to year round schools which will certainly have an impact on the tourist business every where.

Vail and Beaver Creek like most ski resorts are getting more and more summer business. The surrounding cities and businesses (Avon, Edwards, Arrowhead) rely on family vacations being spread out across multiple weeks. Not only does this ‘spread out' effect keep business flow more consistent, but allows the resorts, real estate offices, and others to better manage the ebb and flow of potential customers. Most likely this is a good time to target Baby Boomers who are not so dependent on children's school vacations when it comes to taking time off from work.

With the changing schedules, more people will be vying for the same slopes, hotels, airplanes, rental cars and restaurants - thus there could be over-crowding in certain areas and a related lack of available resources to meet the excessively high demand. Some are concerned about the scheduling challenges while others are optimistic.

Vail spokeswoman Jen Brown thinks business in the Vail area will remain strong due to the traditionally good snow conditions and the fact that Vail draws international visitors during the Easter timeframe.

If the school families will not be in Vail, Beaver Creek, Bachelor Gulch and the like this year, there is the possibility of rates being low enough for those who would not ordinarily vacation in a luxury resort like Vail to get a great deal - maybe even the deal of a lifetime.

Chocolate Chip Cookie Competition and Opening Day for Beaver Creek Mountain

Bart Peaslee (Keller Williams Mountain Properties) — Tue, 02 Oct 2007 09:51:26 -0700

In the Vail Valley one of the special annual events held each year is the chocolate chip cookie competition. Beaver Creek has many attractions in the Winter time, including fantastic skiing, snowboarding, après ski, fine dining, and ice skating to name a few, both locals and tourists flock to the bottom of the mountain at around 3:00pm each day to savor the incredible chocolate chip cookies. Each year, Beaver Creek Resorts holds a competition to select the best chocolate chip cookies. Anyone is eligible to enter. Recipes and cookie samples along with an entry form must be sent to the Beaver Creek Resort Company between October 17^th and 19^th 2007.

Vail Valley locals, tourists and front rangers, will flock to Beaver Creek on November 21, 2007. Yes all the condominiums, homes and hotel room will be full for opening ski day for Beaver Creek Mountain but it is also a taste sensation as the finalists show off their amazing cookie recipes and a winner is selected to become King of the mountain, as far as the Chocolate Chip Cookie goes. Bring your skis, skates and snowboards and most importantly bring your sweet tooth.

Golf at Beaver Creek Golf Course

Bart Peaslee (Keller Williams Mountain Properties) — Tue, 25 Sep 2007 12:59:03 -0700

Experience the $4.2 million renovation at the Beaver Creek Golf Club. This remarkable course designed by Robert Trent Jones, Jr. is usually exclusively available to Beaver Creek, Bachelor Gulch and Arrowhead lodging guests and club members. Locals of Eagle County are welcome from September 16^th -October 14^th to play 18 holes for only $65, including golf cart and range balls, on the newly improved Beaver Creek Golf course. New golf carts and new cart paths are just some of the improvements to this beautiful course, located 10 minutes from Vail. Play 9 holes for $50 and then enjoy a fabulous lunch in the new Rendezvous Club. The Beaver Creek Golf course was ranked #51 in Golf Digest's Top 75 Golf Resorts for 2006.

For information and tee times call (970) 754-5775.

Vail Valley Trees- What's Happening

Bart Peaslee (Keller Williams Mountain Properties) — Wed, 05 Sep 2007 12:03:22 -0700

When driving, hiking or biking around Vail, Beaver Creek, Arrowhead or Bachelor Gulch (yes, everywhere) you cannot help but see the changes in the lodgepole trees. Changes not from the fall foliage changes, but from alive to not-so-alive. Yes the pine-beetle issues are causing the landscape to certainly have a different look. Not to worry as plans are underway.

There are working crews that are part of the multi-year project called the Vail Valley Forest Health Plan working around the valley. Their mission is to remove dead and dying trees from the Vail Valley forests. Why? This is being done in an effort to reduce the severity of potential future wildfires.

In 2007, trees will be cut on 15 acres of town of Vail land and a whopping 174 acres of national forest. Work will take place above Vermont Court and Stephen Park in Intermountain. Helicopters will remove logs from both areas and haul them to local plants where they can be made into pellets for biomass energy. To find out more about Vail's and Colorado's plans for addressing the county wide pine beetle issues, you can call Vail's Pine Beetle Hotline at 477-3509.

To read about pine beetles, go here: http://www.vailgov.com/subpage.asp?page_id=695

From the Bay to the Valley

Bart Peaslee (Keller Williams Mountain Properties) — Thu, 16 Aug 2007 17:47:33 -0700

The Vail Valley will be hosting chefs from San Francisco at Beaver Creek Sept 13-Sept 15 at the Beaver Creek Wine and Spirits Festival. "Competitors will pair food, wine and spirits with guided out door adventures in Beaver Creek"

Among those presenting will be Anthony Dias Blue of Blue Lifestyle in what promise to be a series of event that any food and wine connoisseur will surely enjoy.

The Beaver Creek Wine and Spirits Festival is open to the public. If the garages are full there is shuttle service available. This is an annual event the draws locals from the Vail Valley as well as fans who fly in for the event.

This information comes from a Vail Daily article which can be seen in its entirety by clicking here. You can also learn more about the event at http://www.beavercreek.com/ or call 970-845-9090.

West Lionshead Development (EverVail)

Bart Peaslee (Keller Williams Mountain Properties) — Tue, 14 Aug 2007 16:00:56 -0700

Being Environmentally friendly is difficult, but when your company, and a whole town depend on cold weather for there livelihoods, it was only a matter of time until someone tried to create a development the was going to be environmentally sensitive.. On March 5th, Vail Resorts announced plans for Ever Vail, North Americas Largest green resort.

Plans for the resort call for a gondola, hotel , condos and retail space in West Lionshead. Rob Katz, Vail resorts announced the plans on Monday March 5th, saying that EverVail reflects the values of local residents, visitors and employees. Katz said " it's a development that's going to be green through and through. Condos, timeshares, a hotel, a gondola, retail space, and a brand new parking structure are planned for the $1billion project.

The buildings will be certified through the LEED program (Leadership in Energy and Environmental Design). Ever Vail is aiming for certification under LEEDS new neighborhood category. Some of the techniques that will be incorporated into the design will include minimizing erosion, using recycled materials or solar power.

If things go as planned, Ever Vail is scheduled to start in 2009 and be completed around 2012. The first aspect of the project that would need to be completed would be the realignment of South Frontage Road to parallel I-70. Once that was completed, the buildings in the area could be demolished, and construction in earnest could begin. Once complete, Ever Vail will help distribute skiers more evenly across Vail Mountain, and take pressure off of the current Lionshead portal.

The estimate on what will be produced in this new development is as follows. There will be between 150 and 250 condos constructed, 75, 125 timeshare residences, 100,000 - 150,000 square feet and an additional 100,000 - 150,000 square feet of retail space. Also there will be a new Gondola, A maintenance facility, employee housing, and a public parking garage.

206 North Fairway

Bart Peaslee (Keller Williams Mountain Properties) — Fri, 10 Aug 2007 14:32:15 -0700

206 North Fairway Drive
At the Enclave at Beaver Creek

The Enclave is a highly sought after single family neighborhood in Beaver Creek. On a quite cul-de-sac, 206 N. Fairways is across the street from the Golf Course. The property has great privacy and over looks a small pond. Beaver Creek can be heard as it comes down from the mountain and flows below the home. The secluded site is excellent for families with the association pool, hot tub and tennis court a short stroll away.

The house has a very efficient lay out for a family. The main floor is at the entrance level and the great room with cathedral ceilings and full length windows has a warm light feeling which opens to the kitchen, living room and dinning room. The master bedroom is also on the main floor. The large porch has great space and a natural gas outlet for a barbeque.

The upper floor has 2 large bedrooms each with their own full baths. There is linen pantry and an owner's lock off closet. Behind the bedrooms there is a large storage area that runs the length of the home.

Down stairs has a big rec area and television nook with two more bedrooms and baths on this level. The laundry room is located here and two more closets. The walk out is to the new hot tub over a new stone surface that has snow melt.

All in all a perfect setup for a large family. 5 bedrooms 5.5 baths
3,715 sq.ft. +/-

Offered unfurnished at $2,200,000

Beaver Creek no longer Vail's little sister

Bart Peaslee (Keller Williams Mountain Properties) — Fri, 10 Aug 2007 14:16:03 -0700

The mountain that the Vail Valley draws its identity from, whether it is from it famous skiing or the infamous Real Estate market in Vail, with condos priced at over $3,000 a square foot Vail it is a magnate of conversation.

But it is not alone in excitement and high end real estate. Beaver Creek homes rival anything found in Vail and the diversity of activities keep attracting visitor year around. September is a perfect example of this.

Oktoberfest starts with an Oktoberfest Shuffle at Beaver Creek on September 1st for the benefit of the Shaw Regional Cancer Center. We always seem to find a fun way to mix charity drives with outside events. At the end of the non-competitive 6k and 10k with family participation there will be brat, beer, and live music in the village center which is surrounded by a variety of luxury condominiums. Being the international resort that Beaver Creek is there will be an auction to bid on a trip to our sister city Lech, Austria.

The event starts at 8:30 am for registration and the race leaves from the Beaver Creek ice rink at 10:00 and the post party is at 12:15. Entry is $35 for adults and $40 the day of the race.

All parking will be at the Base of Beaver Creek with free shuttles from the Village.
For more information call 970-477-5177.

This information is brought to by The Bartlett Group with Keller Williams Realty. View the current active listings in the whole Vail Valley at www.AllVailListings.com or contact us at 970-766-7080 or email to info@escape2vail.com for information about other Oktoberfest events in the Vail Valley.

Luxury in the heart of Avon

Bart Peaslee (Keller Williams Mountain Properties) — Fri, 10 Aug 2007 11:45:47 -0700

Historically, when most people think of the town of Avon they think of Wal-mart, a highway exit on the way to Beaver Creek and as home to Vail Resorts. This would have been an accurate perception of Avon until about 3 years ago. Since then many things have changed. Wal-mart has moved East, Vail Resorts has moved further East to Denver, and Avon is finally growing into a thriving town with it ‘s own new developments. The anchor of this renaissance is the new Westin Riverfront Resort & Spa, located on the banks of the Eagle River.

The Westin Riverfront Resort & Spa is going to be a luxurious condo hotel project. This means that building will look and function as a traditional hotel, but in fact each room, and/or suite will be privately owned by individual owners. In turn, each owner will then have the ability to rent out there property through the hotel, to the hotel guests. Guest who stay at the hotel will have access to the many amenities of the hotel including: Watermark Restaurant, a Deli, spa and fitness center, maid service, concierge, room service, ski valet and 24 hour front desk. Of course the most important amenity being offered by the new Hotel is Lift access right out the back door. Anew Gondola will whisk skiers from the center of Avon up to the Beaver Creek Landing. From there they can jump on the Beaver Creek Landing lift and be skiing Bachelor Gulch in just minutes.

So far the project has enjoyed a fabulous amount of success. In the first 6 months of Sales 86 residences have been put under contract, including 52 Studios, 5 1-bedroom residences, 22 2-bedroom residences, and 7 3-bedroom residences. There are still many opportunities to find a place in this exciting new project. Currently on the market there are 35 studio suites, 20 2-bedroom suites, and 6 3-bedroom suites. If you would like prices, or additional information, please contact Bart Peaslee at 970-766-7080 or bpeaslee@gmail.com.