Inside Edge - Summer 2008

sLIFer smITH & FrAmPTON reAL esTATe

I NsI De eDGe

News from the most trusted name in Vail Valley real estate since 1962

www.VailRealEstate.com

summer 2008 IN THIS ISSUE >>

The state of our market

2

Market watch

5

An epic pass for epic skiing

6

Luxury real estate network ranks number one

7

Summer ights to Eagle County

7

New developments around the Vail Valley

8

Calendar of events

11

The state of our market From the presidential elections to filling up at the pump, the media has us all “tuned� in to what might happen next in our current economy. The lowering tide of an actual or perceived recession means that all of the ships in the national harbor will be affected; however the effect will be somewhat different in the high country.

A record year, 2007 saw nearly $3 billion in closed real estate, raising the expectations for the coming year although 2008 will undoubtedly mark a slowdown in the Vail Valley market. The first quarter of 2008 has seen a decline in the number of transactions compared with the past few years. Through March, Eagle County closed a total of 380 transactions compared to 658 during the same time frame in 2007. In 2006, there were 627 closed transactions during that same period.

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Sales volume through the first quarter this year was

well. At the time of print, there were approximately

a position where they can take a “wait and see”

$228,388,700 for the county or 86% of the record in

1,800 land and residential listings in the Vail Board

approach until the market returns and prices rise

2007 with $266,688,300. In 2006, the county closed

of REALTORS MLS giving the market a little over a

to levels where they might want to consider selling

$238,965,700 which in comparison to first quarter

year’s worth of inventory and suggesting a buyer’s

their mountain home.

2006 has the market currently only 4% off from 2006.

market.

Despite a decline in the numbers, mountain real

Today’s Eagle County real estate market is poised

ily in the high-end of the market. In 2008, Eagle

estate is still a great place to buy property. Unlike

for opportunities. Buyers have more inventory to

County has seen 4 sales of single-family homes over

other markets in the nation, Eagle County has little

choose from than what they had a year ago and

$10 million: two sales in Beaver Creek, two in Bache-

land left to build upon by developers, limiting the

interest rates are highly favorable. Some buyers may

lor Gulch and the sale of a penthouse unit in Golden

choices that buyers will have in the future. This also

have trepidations about buying a mountain home

Peak for $10.5 million. Slifer Smith & Frampton was

prevents areas from being overbuilt in the Vail Val-

when numbers aren’t where they used to be which

proud to represent all selling sides of these 5 proper-

ley. Limited amount of supply affects our market as

will in turn lead to fewer deals. Some sellers are in

ties and was on both sides in 3 out of the 5 sales.

Positive indications in the Vail Valley are seen primar-

summer 2008 | 3

“Mountain real estate may be slowing a bit when compared to the past couple years, but it still remains appealing as a purchase and we look forward to our future” – Jim Flaum, President and Managing Broker Slifer Smith & Frampton Real Estate

“Mountain real estate may be slowing a bit when compared to the past couple years, but it still remains appealing as a purchase and we look forward to our future” said Jim Flaum, President and Managing Broker of Slifer Smith & Frampton. “We’ve had some solid sales so far in 2008. People continue to aspire to have a home in the mountains, and for that reason alone, it’s a resilient market in the high country. We believe that this period represents one of the best opportunities to purchase in the Vail Valley in the last five years.”

* Data collected from Vail Board of REALTORS MLS and Land Title Guarantee Company.

Information is deemed reliable but not guaranteed.

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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, Aspen/ Snowmass, Denver International and Eagle County airports. CME Premier, our private car service, provides for luxury, privately chauffeured Cadillac sedans, executive vans and fourwheel 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 1-800525-6363.

Market watch Eagle County average sales price* $1,200,000

Eagle County active inventory 12-month trend* 2,000 1,900

$1,000,000

$800,000

1,800 1,700 1,600

$600,000

1,500 1,400

$400,000

$200,000

1,300 1,200 1,100

* Does not include timeshares. Data provided by Land Title Guarantee and was compiled from Eagle County Records. Information is deemed reliable but not guaranteed.

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Ju ly

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‘0 7

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Ap

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

$0

* Does not include timeshares. Source of data is the Vail Board of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed.

summer 2008 | 5

An epic pass for epic skiing Most skiers and snowboarders dream of an ‘epic’ season. Announced this spring, Vail Resorts is making that dream a reality with the Epic Season Pass, a new unlimited, unrestricted season pass that’s valid for the entire 2008-2009 ski season at six of the top resorts in the world: Vail, Beaver Creek, Breckenridge, Keystone, Arapahoe Basin and Heavenly, all for an initial price of only $579, and $279 for children ages 5-12. The Epic Season Pass will only be available for purchase through November 15, 2008. Prices are subject to change so don’t hesitate on getting prepared for next winter.

For more information visit www.epicpass.com

A reminder to recycle By recycling one aluminum can per day we can save enough energy to operate a television set for about three hours. About 40% of the waste in the United States is paper, but nationwide we only recycle about 25-30% of our paper waste. Americans throw away close to the equivalent of 30 million trees a year just from newsprint alone. This newsletter is printed on recycled paper using an FSC (Forest Service Council) certified process and we encourage you to recycle this or pass along to a friend.

To learn more about recycling options in the Vail Valley visit www.eaglevalleyalliance.com 6 | I NsIDe eDGe

Luxury real estate network ranks number one Who’s Who in Luxury Real Estate (LuxuryRealEstate.com) dominated Ultimate Homes magazine’s list of luxury-broker networks with the largest number of the most-expensive homes in the world represented by the members of its network. LuxuryRealEstate.com has more than twice the number of luxury properties on the list as the closest peer.

The following “Ultimate” Networks/Organizations are listed by the number of properties they have on the 2008 list:

Now boarding Fly Direct to Vail this Summer

Who’s Who in Luxury Real Estate (LuxuryRealEstate.com) . . . . . . . . . . . . . . . . 420 Sotheby’s International Realty. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 The Leading Real Estate Companies of the World (Luxury Portfolio). . . . . . . . 173 Christie’s Great Estates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 Coldwell Banker (Previews International). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113 Prudential Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 The Institute for Luxury Home Marketing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

Slifer Smith & Frampton Real Estate is the exclusive member of the Board of Regents, the governing body of Who’s Who in Luxury Real Estate, as well as The Leading Real Estate Companies of the World and their elite affiliation, Luxury Portfolio. SSFRE was also recognized as 5th in the “Ultimate Companies” report for their expertise in listing the most exclusive homes.

Source: Ultimate Homes Publication 2008

Direct flights from Dallas, Chicago and Denver into Eagle County Regional Airport continue this summer. Fly on American Airlines and United Airlines and take advantage of all that the Vail Valley has to offer. Now guests may also enjoy the Vail Valley’s fall season experience on American Airlines’ daily, non-stop service to and from Dallas.

For more information visit www.flyvailsummer.com

summer 2008 | 7

New 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.

Vail

Riverfront Village

Beaver Creek

Vail

THE RITZ-cARLTON RESIdENcES®, VAIL

THE WESTIN RIVERFRONT RESORT & SPA

THE TOWER RESIdENcES AT LION SQUARE

Legendary service and lavish appointments highlight this new project that features 71 wholly owned residences.

Located in the midst of the billion dollar renewal & redevelopment of the LionsHead area and neighboring the banks of Gore Creek, remaining residences start at $2,805,550.

Located adjacent to the new Riverfront Express Gondola with direct ski access to Beaver Creek Mountain.

Grand Opening scheduled for the summer of 2008 with full Westin services and amenities. Whole ownership Studio Suites starting at $355,000 and Residences starting at $995,000.

THE RESIdENcES AT PARK HYATT bEAVER cREEK®

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The luxury and amenities you have come to expect can be yours year after year at The Residences at Park Hyatt Beaver Creek®. 15 shared-ownership residences are now available to a select few. Starting at $75,000.

One of the most prestigious ownership opportunities offered during Vail’s renaissance. Designed to complement the resort’s European elegance, The Tower Residences at Lion Square will offer 9 of the finest residences in LionsHead. A luxurious 3-bedroom condo and 2 spectacular 2-story Penthouses are all that remain.

Vail

Vail

Vail

Vail

EVER VAIL

THE PENTHOUSES AT MANOR VAIL

TORZETTO

FOUR SEASONS

North America’s largest “green” mixeduse resort project, a $1.5 billion redevelopment featuring residential, commercial, mountain operations facilities, parking garage, new skier portal with high-speed gondola & public parks.

Seventeen spacious Penthouses offer a premier location and bring a new level of luxury to the Vail Village, each with its own unique character and exceptional views toward Vail Mountain and the Gore Range. Only 9 remain available.

New construction - 6 luxury duplex residences located in East Vail. Three remain to date. Pricing starting at $2,895,000.

Sixteen private residences in Vail Village with world renowned amenities and quality. Completion in 2009.

Pricing on remaining inventory from $5,000,000.

Vail

Avon

Bachelor Gulch

Edwards

timberline lodge condominiums

BEL LAGO

SOUTH FORK MEADOWS

Vail living without the typical Vail pricing. A limited number of 1- and 2Bedroom residences located in West Vail with all the mountain lifestyle amenities but not the typical pricing, starting at $510,000.

Bel Lago on Nottingham Lake, Avon’s finest. Be on the edge of Avon’s redevelopment with views over the lake and on to Beaver Creek. Mountain living with all the comforts.

THE RESIDENTIAL SUITES AT THE RITZ-CARLTON®, BACHELOR GULCH

A limited number of whole ownership condominium suites enhanced by the legendary Ritz-Carlton® service and amenities. Studios, 1- and 2-bedrooms from $639,000.

New 4- and 5-bedroom duplex residences with big views and high end finishes, located just 1 mile west of Riverwalk in Edwards. Priced from $959,900.

summer 2008 | 9

Cordillera

Red Sky Ranch

Eagle

PARAMONTE

JUNIPER TRAIL

bRUSH cREEK VILLAgE

The first fractional ownership opportunity in Cordillera, Paramonte Private Residences offer access to lavish spa facilities, four star impeccable hotel services and a myriad of amenities–it’s everything you’re living for... and more.

Overlooking lush fairways to the mountains beyond, Juniper Trail is an exclusive collection of 4-bedroom, 4.5-bath single-family homes created by one of the country’s top resort builders. Prices starting at $1,895,000.

A brand new private community of 2-, 3- and 4 bedroom townhomes and duplexes in Eagle just steps from the ice rink and adjacent to Eagle Ranch.

Pricing starting at $437,000.

Eagle Ranch

Eagle Ranch

Eagle Ranch

SYLVAN SQUARE

AIdAN’S MEAdOW

HIgHLANdS AT EAgLE RANcH

The last condominium neighborhood in Eagle Ranch is ready! Only 16 2bedroom flats are in the heart of Eagle Ranch Village within steps of fitness center, theater, restaurants and shops.

From the mid-$300,000’s.

Single-family residences with all the amenities of Eagle Ranch. 12 homes available, starting at $675,000.

Large, elevated custom single family homesites starting in the mid $200,000’s.

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Calendar of events June

August 1-10

Vail International Dance Festival FA, Vc

1-3

Rocky Mountain Antique Festival LH

Volleyball Tournament VF, FP

2-3

Beaver Creek Arts Festival bc

Bravo! Columbus Jazz Orchestra FA

7

Dancing in the Streets VV

27-29 Bravo! Rochester Philharmonic FA

7-10

Wine & Spirits Festival bc

28-30 Vail Lacrosse Shootout FP, VF, AV, dP, Ed

8-10

Vail Arts Festival LH

5-8

Teva Mountain Games VV

Ongoing Events

13-15 Vail King of the Mountain 25

30

Alpine Gardens 20th Anniversary Celebration FP

15-17 Vail Street Sale LH, VV 22-24 Colorado Stage International Cycle Classic VV

July

29-30 Gourmet on Gore VV

1-5

Vail Lacrosse Shootout FP, VF, AV, dP, Ed

29-31 Vail Jazz Party cV

2-3

Bravo! Rochester Philharmonic FA

30-31 Beaver Creek Oktoberfest bc

3

Westin Riverfront Resort & Spa

31

Rotary Duck Race VV

Salute to the USA AV 4

Vail America Days LH

September

4

Bravo! Patriotic Concert FA

1

Vail Jazz Party cV

5-7

Vail Oktoberfest LH

6,7,9,11,12,14 Bravo! Philadelphia Orchestra FA 17

Bravo! National Repertory Orchaestra FA

18,19,20,23,24,25 Bravo! New York Philharmonic FA 18-20 Avon Fine Art & Wine Affair AV 26

Colorado Eagle River Ride bc

26-27 Vail Invitational Soccer Tournament FP 27-31 Vail International Dance Festival FA, Vc

12-14 Vail Oktoberfest VV 27

Chili Cook-Off LH

Sundays, June 15-Sept. 7 Vail Farmer’s Market VV Tuesdays, June 17-Aug. 19 Bud Light Hot Summer Nights Free Concert FA Fridays, July 4-Aug. 29 Friday Afternoon Club EN Thursdays, July 31- Aug. 28 Jazz at Vail Square LH Thursdays, June 12-Aug. 21 Beaver Creek Rodeo AV Saturdays, June 14-Sept. 13 Edwards Farmers Market EW Saturdays, starting June 14 Minturn Market MN

Legend VV = Vail Village bc = Beaver Creek FP = Ford Park EN = Eagle’s nest dP = Donovan Park AV = Avon Ed = Edwards

LH = Lionshead cV = Cascade Village Vc = Vilar Center FA = Ford Ampitheatre VF = Vail Athletic Field MN = Minturn s u m m e r 2 0 0 8 | 11