NATIONAL ECONOMIST LAWRENCE YUN PREDICTS STRONG HOUSE-PRICE GAINS FOR WESTERN RESORT PROPERTIES
6 June 2008 (Park City) – Overly optimistic exuberance led to one of the costliest mortgage write-downs in U.S. history over the past year – a crisis which rocked world financial markets and dampened home sales throughout the country.
However, according to Lawrence Yun, chief economist for the National Association of REALTORS®, top resort destinations in the Rocky Mountain West could easily see house-price gains as much as 30 percent to 50 percent over the next five years.
Yun, the keynote speaker at the June semi-annual conference of the Rocky Mountain Resort Alliance (RMRA), an association representing the boards of REALTORS® of 11 Western premier destination ski resorts, said mountain resort properties, like those in Aspen, Colo., Park City, Utah, and Jackson Hole, Wyo., are not as prone to subprime loan exposure like other residential areas.
“I think the pendulum has actually swung way too far the other way,” Yun said at the conference, which was held in Park City. “In other words, there are people with the capacity to buy a home yet they are not willing to jump into the market because of fear. The sentiment among second-home buyers is that it is not a good time to buy right now, but buyers in it for the long-term always come out ahead.”
Dennis Hanlon, founder and president of RMRA, said in spite of the current housing climate, high-end properties throughout the West are still selling. “People are still buying second homes and vacation homes. Typically these transactions are cash deals and do not involve financing.”
Helping to boost second-home sales are current migration trends, Yun said, which show that wealthy baby boomers and others are leaving states like California, New Jersey and New York and moving to states in the Rocky Mountain region. In fact, 63 percent of baby boomers said they want to retire in a rural or small town setting – areas that include mountain resort settings.
In addition, Yun said the United States may encounter a housing shortage if new residential building construction continues at current low levels. Yun said that less than 1 million new homes are being built annually, but that 1.5 million new households are being formed each year, creating a gap of new housing inventory.
What’s ahead? Yun believes that the country will formally avoid a recession and that rising subprime defaults should peak by the middle of 2009.
Going forward, because subprime lending has disappeared from the market new homebuyers are not exposed to the same dangers. Yun added that more than one-third of all U.S. homeowners (35 percent) own their home free and clear. Factoring in all homes, today’s foreclosures rates reported by the media are actually one-third lower because there is no risk from free and clear homes.
Sunday, August 24, 2008
Tuesday, May 6, 2008
New Revelation Lift for 2008/2009
This Announcement from Dave Riley, Telski CEO
Telluride Announces the New Revelation Lift and ANOTHER New Terrain Expansion
It is our pleasure to announce that Telluride Ski and Golf is installing a new fixed-grip quad chairlift and again expanding advanced terrain. The new lift - called "Revelation" - will expand into the long-awaited and anticipated "Revelation Bowl" terrain and add vertical rise to the entire ski resort.
Environmentally responsible helicopter construction techniques will be used on this project. Construction is scheduled to be completed by November 15, 2008.
Our avalanche control in the new bowl will expand next season as we open this area to the public and make it part of our routine avalanche control work. Revelation Bowl faces northeast, which means it's on the back side of the prevailing winds which come up and over the top of Gold Hill summit from the west. Snow loads in the bowl at an incredible rate. For example, if it snows 6" we could easily have 12" in Revelation Bowl due to wind transport. This bowl is pure bliss from a skier's perspective. Revelation Bowl is very "Alps- like", a high-alpine powder bowl with a sea of 13,000'+ peaks to be seen in every direction. The beautiful SW Colorado San Juan mountain range surrounds this very unique and special ski area expansion.
Views into Bear Creek from the new terrain and lift are really spectacular - classic Telluride.
The lift serves 800 vertical feet with a slope length of 1,876 feet. Average gradient of the line is 47%. Travel time is 4.2 minutes. Quad chairs are POMA's "Super-Comfort" model with individually padded seats and full one piece back cushions, with retention bars and footrests.
Admittedly, Revelation lift is not a real long lift like Chair 9 - but there is definitely more to the story in terms of terrain accessed by this new lift...
Not only does the Revelation lift provide access to what I like to call the "perfect powder bowl", it also makes it easy to access the Gold Hill Chutes 6 through 10 (with a short 160 vertical foot walk to the top of the Gold Hill summit) - which accesses Palmyra Basin - which accesses the aprons under the Gold Hill cliffs. These areas are clearly the best-of-the-best for advanced skiers and all drain to the bottom of the Gold Hill lift.
The new Revelation lift will also provide access, through a backcountry access gate, to Bear Creek - for those who are skilled, experienced, and prepared for the hazards and personal responsibility of backcountry skiing. Below is a picture of Bear Creek and the 3,800+ vertical feet it offers - all the way from the top of the Revelation lift to the bottom of Chair 8 down in the town of Telluride.
Telluride broke the mold last ski season by opening Black Iron Bowl, Palmyra Peak, and Gold Hill Chutes 6 -10 for public hike-to-ski. This new terrain transformed Telluride into an advanced skier's utopia (without exaggeration). With the addition of the new Revelation lift for the 2008/2009 ski season, this is a very exciting time for Telluride.
While we've been leading by example with new advanced and expert terrain, Telluride still has a perfect blend of diverse terrain for skiers of all abilities. In 2001 Prospect Bowl opened up extensive "park-like" intermediate terrain. Chair 10 and the Chondola have offered perfect beginner / novice terrain for years. Chairs 4 and 5 offer great intermediate cruising terrain while the north side of Telluride Ski Resort (Chairs 7, 8, 9 and the gondola) offer famous advance runs like the Plunge. The popular Chair 6 still holds a special place in the hearts of skiers with runs like Zulu Queen and Apex Glades. The new Revelation Bowl is accessed from the top of the Gold Hill lift which offers incredible bump runs and glades.
Our decision to construct the Revelation lift and aggresively expand our terrain should be viewed as a strong signal that Telluride Ski and Golf is committed to make Telluride the best mountain community in North America. We are encouraged that local community members and elected officials are increasingly focused on the long-term livability, economic vitality, and environmental health of the greater Telluride region. As a result, projects like this become possible. We are, after all, one interdependent community.
Telluride Announces the New Revelation Lift and ANOTHER New Terrain Expansion
It is our pleasure to announce that Telluride Ski and Golf is installing a new fixed-grip quad chairlift and again expanding advanced terrain. The new lift - called "Revelation" - will expand into the long-awaited and anticipated "Revelation Bowl" terrain and add vertical rise to the entire ski resort.
Environmentally responsible helicopter construction techniques will be used on this project. Construction is scheduled to be completed by November 15, 2008.
Our avalanche control in the new bowl will expand next season as we open this area to the public and make it part of our routine avalanche control work. Revelation Bowl faces northeast, which means it's on the back side of the prevailing winds which come up and over the top of Gold Hill summit from the west. Snow loads in the bowl at an incredible rate. For example, if it snows 6" we could easily have 12" in Revelation Bowl due to wind transport. This bowl is pure bliss from a skier's perspective. Revelation Bowl is very "Alps- like", a high-alpine powder bowl with a sea of 13,000'+ peaks to be seen in every direction. The beautiful SW Colorado San Juan mountain range surrounds this very unique and special ski area expansion.
Views into Bear Creek from the new terrain and lift are really spectacular - classic Telluride.
The lift serves 800 vertical feet with a slope length of 1,876 feet. Average gradient of the line is 47%. Travel time is 4.2 minutes. Quad chairs are POMA's "Super-Comfort" model with individually padded seats and full one piece back cushions, with retention bars and footrests.
Admittedly, Revelation lift is not a real long lift like Chair 9 - but there is definitely more to the story in terms of terrain accessed by this new lift...
Not only does the Revelation lift provide access to what I like to call the "perfect powder bowl", it also makes it easy to access the Gold Hill Chutes 6 through 10 (with a short 160 vertical foot walk to the top of the Gold Hill summit) - which accesses Palmyra Basin - which accesses the aprons under the Gold Hill cliffs. These areas are clearly the best-of-the-best for advanced skiers and all drain to the bottom of the Gold Hill lift.
The new Revelation lift will also provide access, through a backcountry access gate, to Bear Creek - for those who are skilled, experienced, and prepared for the hazards and personal responsibility of backcountry skiing. Below is a picture of Bear Creek and the 3,800+ vertical feet it offers - all the way from the top of the Revelation lift to the bottom of Chair 8 down in the town of Telluride.
Telluride broke the mold last ski season by opening Black Iron Bowl, Palmyra Peak, and Gold Hill Chutes 6 -10 for public hike-to-ski. This new terrain transformed Telluride into an advanced skier's utopia (without exaggeration). With the addition of the new Revelation lift for the 2008/2009 ski season, this is a very exciting time for Telluride.
While we've been leading by example with new advanced and expert terrain, Telluride still has a perfect blend of diverse terrain for skiers of all abilities. In 2001 Prospect Bowl opened up extensive "park-like" intermediate terrain. Chair 10 and the Chondola have offered perfect beginner / novice terrain for years. Chairs 4 and 5 offer great intermediate cruising terrain while the north side of Telluride Ski Resort (Chairs 7, 8, 9 and the gondola) offer famous advance runs like the Plunge. The popular Chair 6 still holds a special place in the hearts of skiers with runs like Zulu Queen and Apex Glades. The new Revelation Bowl is accessed from the top of the Gold Hill lift which offers incredible bump runs and glades.
Our decision to construct the Revelation lift and aggresively expand our terrain should be viewed as a strong signal that Telluride Ski and Golf is committed to make Telluride the best mountain community in North America. We are encouraged that local community members and elected officials are increasingly focused on the long-term livability, economic vitality, and environmental health of the greater Telluride region. As a result, projects like this become possible. We are, after all, one interdependent community.
Tuesday, February 12, 2008
Record year in Real Estate Sales
Telluride Real Estate Corp. found that Telluride, Mountain Village, and surrounding San Miguel County posted an all-time high for dollar volume, surpassing the record set in 2005. In Telluride Mountain Village, the company’s sales of single-family homes increased 32 percent over 2006, while gross dollar volume rose 46 percent. The average price of a home in Mountain Village was $3,825,907, an 11-percent increase over 2006.Telluride Real Estate closed on a $13.5-million mountain estate.
Monday, February 11, 2008
Greatest snow in history!
Telluride is experiencing its greatest snow in memory! Come ski our fabulous powder and we can look at real estate apres ski. I would be more than happy to show you some of our secret stashes on the mountain and some prime deals on homes and land.
Joanne
Joanne
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