HAPPY NEW YEAR!
HOORAY! - CHAIR 5 UPGRADE APPROVED
The U.S. Forest Service officially approved the upgrade of Vail’s High Noon lift serving Sun Up and Sun Down Bowls to a high-speed quad. Barring any unforeseen obstacles, the lift could be installed this summer and be ready for next ski season. Vail Resorts also received approval for another lift up Sun Down Bowl to Wild Wood and a new restaurant at Mid-Vail. Just about everyone considers the Chair 5 upgrade a long overdue improvement, however, just about everyone who skis the Bowls is firmly opposed to adding the second lift which would surely change the character of some of the finest runs in Sun Down Bowl. Construction on the foundation for a new sit-down, fine-dining restaurant in Mid-Vail will likely begin this summer with the structure completed the following summer in time for the 2011-12 ski season.`
BEAVER CREEK HAS BIG PLANS FOR NEW LIFTS, MORE TERRAIN
If all goes as planned, the skiing landscape at Beaver Creek could be drastically changed over the next 10 years according to a conceptual plan Vail Resorts is discussing with the U.S. Forest Service. Improvements could include replacement of the Centennial Lift which is always busy with a gondola or more likely a 6-person or 8-person lift. Upgrading of the slow-moving Rose Bowl triple lift with a high-speed quad appears to be the highest priority in the plan along with adding 3 acres of new advance-intermediate terrain in Rose Bowl. The Strawberry Park Express lift is being considered for an upgrade to a gondola to McCoy Park and possibly adding a restaurant up top. Also under consideration are 130 acres of new beginner terrain in the McCoy Park area, new terrain in Bachelor Gulch and increased snowmaking capabilities. Bear-in-mind that this is a 10-year plan, some parts of the plan may be several years out.
VAIL’S LINDSAY VONN DOMINATES WORLD CUP - AUSTRIANS GREEN-EYED
Nothing like a stupid comment to provoke the ire of a World Champion and the world’s most dominant ski racer – especially when you imply that she is fat! Not like Vonn needed any motivation, but the Austrian media recently attributed Vonn’s success in speed events to her carrying “additional weight”. Vonn responded by winning her fourth consecutive downhill race. The two-time defending World Cup Champion is this year’s current overall World Cup leader as well as the Downhill & Super G leader. Austrians have always been the snobs of ski racing and they obviously are having a hard time accepting such dominance from an American. Vonn, who is the favorite to take home several medals at the upcoming Vancouver Winter Olympics, was recently named Female Athlete of the Decade by NBC’s Universal Sports.
REAL ESTATE UPDATE: FINDING A BOTTOM
While real estate activity in the Vail Valley has drastically declined just like every other place in America, acquiring property in the Vail Valley still arouses the interest of many. However, like everywhere else, prospective buyers are proceeding with caution. Buyers are still looking around and for the most part they are just “kicking tires” As real estate brokers, we have been getting the same questions for months…….when are we going to see the bottom? From our perspective, we think we are finding a bottom with respect to pricing, although the concept of a “bottom” has not reached the entire Vail Valley market. From recent activity, the core areas of Vail, Vail Village and Lionshead, seem to have found a bottom in the $900-$1200 per foot price range. Properties priced well have resulted in Buyers jumping in and making deals. The problem with the overall market is that most sellers are not willing to accept those prices and are still priced way above that price range. As a result, activity is limited and will continue to be very limited until such time that sellers who really want to sell adjust their pricing.
So we think we have found a bottom in pricing for Vail Village and Lionshead, but what about Beaver Creek, other areas of Vail and other outlying areas of Eagle County? History and our many years of experience in the Vail Valley real estate market tell us that the Beaver Creek real estate market tends to lag about 6-8 months behind Vail, so this could mean that it could take until summer for Beaver Creek to find its new baseline. As far as East Vail, West Vail, Potato Patch, Avon, Edwards and Eagle-Vail, we expect that it could take up to double that time for things to turn around. With regard to the Eagle and Gypsum market, these areas could be in for extended difficulties as too many homeowners and home-builders are in way over their head and the number of delinquencies, defaults and foreclosures support this.
We hope we are right about the bottom in Vail, but still the overall key for real estate activity to pick up in the Vail Valley is for serious sellers to come out of denial and understand that Vail Valley real estate is just as vulnerable as anyplace else and to have more realistic expectations of the value of their property.
January 2010
EVER VAIL MOVING FORWARD
Vail Resorts’ plans for EverVail are progressing as they received Forest Service approval for the first leg of a proposed two-part gondola from the new base village. Since there will be no skiing access to EverVail, the gondola will be the only access from the mountain to EverVail, but if you are parked in the proposed underground EverVail parking facility, it will offer the shortest walk from car to lift. The second phase of the gondola would continue up to Eagle’s Nest and replace the existing Chair 26.
Vail Resorts unveiled their EverVail plans to the community as they plan to invest $2 billion in the new base village. One major feature of the new village will be a resurrected Red Sandstone Creek, which was shoved underground years ago in a large culvert. VR is making the bold decision to move on with this project despite the economy, however, when you think about it, it makes great sense. In these troubled times, VR can expect more community support and less opposition to a project which will stimulate our economy. In addition, the cost of money is low and due to declining activity, construction costs are down.
PERSPECTIVE: VAIL NEEDS MORE NORTH/SOUTH PEDESTRIAN CONNECTIONS
It seems like the skiing community has a tendency to react to high-profile issues and sometimes ignore the obvious that does not directly affect promotion or tourists. For example, when a Hollywood starlet, a congressman or a Kennedy gets killed from head injuries sustained while skiing, the cries for helmets escalates. While this is a good thing, do we care less when an ordinary person is tragically killed? In mid-December, a West Vail man was killed crossing I-70. It is estimated that 20-30 people per day cross the busy highway between 7 and 8am alone and many more in the afternoon when the lifts close and even more at night. The problem is that for many locals and employees, the distance “as the crow flies” between where they live and where they need to get to is relatively short, but the circuitous route around I-70 make it much further. So why aren’t we talking more about adding pedestrian tunnels under the highway?
The Town of Vail makes demands and setS guidelines for developers to address issues like parking, employee housing, public improvements and green initiatives, but does the Town set reasonable mandates for itself to better serve the community? In recent years, the Town has become obsessed in mandating fire alarm systems and fire sprinkler systems, yet this huge safety issue gets very little attention. We cannot recall the last time, if ever, anyone was killed in a fire, but there has been a history of incidents involving pedestrians crossing I-70. It is illegal to cross I-70 and to do so carries a fine of $22, but that is not the solution. While this is a problem that is clearly in need of attention, the Town and the community-at-large is being neither “proactive” nor “reactive” as this issue rarely even gets much lip service
First and foremost, this is a safety issue that has resulted from poor community planning. Walking across I-70 has been going on forever in Vail and will continue to occur until there is a solution or more people are injured. It is obvious that a connection from Timber Ridge (the Town’s largest employee housing development which is slated for redevelopment) and another from the Sandstone area to EverVail development are desperately needed. While these projects may provide a catalyst to move on pedestrian crossing, best we can tell is that there is no mention in the EverVail plan and not much more than footnotes in the Timber Ridge plan. However, we should not have to wait for either of these to happen to address this issue as this is community problem that our Town should address right away! We simply should not have our residents walking across an Interstate.
Secondary from the safety issue is the need for Vail to connect our Town. Other ski towns mock Vail (mostly out of jealously because we have the best ski hill) and say it is not a “town”, but rather a big highway interchange with a ski village. Without connecting the north and south, that is not an unfair assessment. We need to unify Vail and eliminate the notion of “the other side of the tracks, although Vail is likely the only town in America where those who live on the “other side” still pay more then a $1 million for a home. The Town of Vail and the community need to put this issue in the forefront and develop a solution now! This is a real no-brainer!
BECOME A FAN OF VAIL REALTY ON FACEBOOK
Do you Facebook? If so, become a “fan” of Vail Realty for live updates, airline specials, ski reports, lodging specials, etc. It’s easy. Simply search for “Vail Realty” on your Facebook page and become a fan. In addition, the more fans we add helps us market your property by exploiting Facebook’s network. If you need assistance, contact Lee Williams at lee@vailrealty.com.
OTHER NEWS HEADLINES:
Avon’s Westin Riverfront Cuts Prices 35-40%
Beaver Creek Opens New Haymaker 400-foot Tubing Hill
D.A. Says “No Plea Bargain” for West Vail Bar Shooter/Murderer
“STREET BEAT” Free Concert Series Begin in Vail on January 13th
17-year old Vail Native, Heidi Kloser Makes U.S. Olympic Squad for Moguls
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