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Winter 2009-2010 Sl ife r Sm i th & Frampto n Real Estate

In this issue >>

I NSI DE EDGE

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

2

Real deals in the Vail Valley

4

By the numbers

4

Market watch

5

Now boarding

6

Connect live with our experts

6

You’re invited to “My Place”

6

SSF earns Best Print Marketing award

7

Updates on developments around the Vail Valley

8

Calendar of events Photo by Chris McLennen/ Vail Resorts

www.VailRealEstate.com

Real estate market update

10


Real estate market update From Slifer Smith & Frampton President and Managing Broker Jim Flaum As a new ski season approaches, the real estate market in the Vail Valley continues to improve. Over the summer months and into the fall, we have seen signs of optimism both locally and on a national scale. Our area has been, and remains, an incredible place to own real estate. While we have not been immune to the national housing downturn, there are several fundamentals here that have kept our market from experiencing the severe declines that some metropolitan areas have seen. Over the past months, we have seen increases in transaction and closing volumes, bolstering our confidence in the long-term strength of the local market. In Eagle County, September of 2009 was the best month of the year for real estate sales to date. Sales in September topped 100 for the first time this year with 123 total sales. There were 356 real estate closings in the first half of 2009. Closing volume has more than doubled since January; there were 46 transactions in January 2009, compared to the 123 transactions in September, according to Land Title Guarantee Company. The majority of recent market activity is in the $1 million and under price range, with 75% of September’s transactions closing for under $1 million. We are also watching inventory levels closely. As other areas around the country saw a flooding of homes on the market, the levels in the Vail Valley saw a small spike and have retracted recently. In fact, active inventory as of midNovember shows the lowest level in three months. We currently have about three years worth of active inventory. While high-end homes sales have slowed over the past year, buyers are finding extraordinary values. Through September, there were 18 sales over $4 million. At the time of this story, two homes over $10 million have sold or gone under contract in November. Buyer interest is certainly growing; we have seen increased traffic throughout our 18 offices in the Colorado high country, and as well as record numbers of visitors to our website, VailRealEstate.com, confirming the heightened interest in our communities. 2 | I NSIDE EDGE


Nationally, some of the harder hit real estate markets are showing increased activity. Some experts believe that states such as Arizona and California, which can serve as barometers for the national market, have bottomed out and are poised for a turnaround in the coming months. In fact, the California Association of Realtors is predicting that while median home prices in the state will drop again this year, the volume of transactions will increase by 25%.* In Phoenix, housing starts have increased for the past three quarters, and new home inventories continue to drop.** Home prices in 20 major US cities, while still down from last year, have risen June through August according to the Standard & Poor’s/Case-Shiller home price index. As always when winter approaches, we’re anticipating increased market activity as guests arrive from around the world and become enamored with the lifestyle and communities in our area. With the further promise of a great snowfall this winter and season ski pass sales up 14% over last year, our local economies are looking forward to regaining much of the momentum of previous years. An increase in early flight bookings at the Eagle County Airport was reported in September which is usually a solid barometer of economic conditions.

“We’ve definitely noticed a change in the outlooks of both buyers and sellers,” commented Jim Flaum, Slifer Smith & Frampton President and Managing Broker. “We are seeing a cautious optimism in the market that had been missing for the past year or so. Buyers are excited again about the prospect of owning a mountain home and sellers are confident in their opportunities as well.” In a recent Newsweek article, numbers show that baby boomers are still actively buying second homes. “Baby boomers on the cusp of collecting Social Security are bringing some much-needed vitality to the real-estate sector as they capitalize on reduced prices and low mortgage rates by lining up their next homes a few years early.” Reports from the National Association of Realtors showed that people over 55 bought 21% of the homes that were sold in 2008, which is up from 13% from 2001. Today, nearly one out of every four baby boomers owns either a vacation home, land, or a rental property in addition to their primary residence. Buyer interest has increased in the past few months as a result of price decreases in most communities. The average transaction value in September of $819,899

is in line with the year to date average of $969,253. Sellers in this market need to understand that pricing must be realistic in order to encourage offers and make transactions happen. The bottom line for buyers is that there are great opportunities to be had throughout the county with a greater selection than previous years to find that perfect home. Though the real estate market continues to evolve and is at the forefront of many people’s minds, the best things remain the same year after year in Eagle County. The enjoyment of outdoor activities, the incredible natural beauty and time with family and friends will always exist. The ski resorts of Vail and Beaver Creek rival the best in the world with services available to guests ranging from public transportation to world-class medical facilities. All of this completes an environment of convenience, personal growth and security—exactly what we all seek in a vacation destination. * http://www.car.org/economics/housingmarketforecast/ ** http://phoenix.bizjournals.com/phoenix/ stories/2009/11/02/daily16.html

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Real deals in the Vail Valley Free Holidays

Vail Resorts is giving travelers a free night of lodging on the season’s most popular holidays – Thanksgiving Day, Christmas Day, New Year’s Day, Martin Luther King Day, President’s Day and Easter Sunday – in the Company’s managed ski resort condos and townhomes or RockResort properties in Vail and Beaver Creek. The package is restricted and the guest must stay five consecutive nights to receive the holiday night free. Visit HolidaysOnUs.com for details. School of Shred

Vail Resorts is offering free skiing to all Colorado 5th and 6th grade students with four unrestricted days of skiing or snowboarding at each of its Colorado resorts – Vail, Beaver Creek, Breckenridge and Keystone – through The “School of Shred” program. The “School of Shred” pass can also be used for four free days at Arapahoe Basin this season. Kids Fly, Ski Free

Pay for an American Airlines adult fare (age 18 and above) and get one free child’s ticket for ages 2-12 now through Feb. 10, 2010. Families must travel to Vail or Beaver Creek between Sunday and Wednesday and from the resort between Tuesday and Friday. This offer is valid for travel Dec. 1-17, 2009 and Jan. 3 – Feb. 10, 2010 with no blackout dates. Additional restrictions may apply. Visit FlyVail.com for details. Lunch for Less

A $9.95 daily meal at all of Vail Resorts’ on-mountain restaurants will include an entrée, side dish and drink. And, Vail Resorts is investing in its number one seller on the mountain - its burger - by upgrading to higher-quality ingredients and creating a signature special sauce. Take a bite out of the new Epic Mountain Burger this season. For a complete list of all Vail Resorts deals visit Snow.com. 4 | I NSIDE EDGE

By the numbers $599.................The price of Vail Resorts’ unrestricted 6mountain Epic Pass for the 2009/2010 ski season 4.1.....................The percentage of electricity generated from renewable resources in the United States 1,694.................Eagle County’s size in square miles 95......................The market share percentage of Microsoft Windows operating system users, compared to 3% using Mac OS and 2% using Linux 301.5 million...The number of people on socialnetworking and community sites as of August 2009. Become a fan of SSF on Facebook and follow us on Twitter @vailoriginal 23,271...............Number of active registered voters in Eagle County in 2009, through month end October 212 billion........The approximate number of letters, cards, ads, bills and packages moved by the United States Postal Service every year 4.4 million.......The number of iPhones Apple shipped during its first quarter this year. Visit our mobile website optimized for use on any smart phone 5,289.................Skiable acres on Vail Mountain Sources: Snow.com, USAtoday.com, Fortune.com, Forbes.com, EagleCounty.us


Market watch

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Se pt em

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Ja nu ar

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Data provided by Land Title Guarantee Company. Information deemed reliable but not guaranteed.

K illi elle am r s

$0

W

$0

G at ew

$100,000,000

be

$10,000,000

Fo r

$200,000,000

r

$20,000,000

st

$300,000,000

Ju ly

$30,000,000

Ju ne

$400,000,000

M ay

$40,000,000

Ap ril

$500,000,000

M ar ch

$50,000,000

ru ar y

$600,000,000

y

$60,000,000

ay

2009 YTD

s

Market share by closed sales dollar volume

2009 YTD

C ol Ba dw nk ell er

Eagle County closed sales dollar volume

Data gathered from the Vail Board of Realtors MLS. Information deemed reliable but not guaranteed.

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Connect live with our experts Now boarding

We are pleased to announce our new “Live Chat” program which provides live real estate support and information to our online visitors. With over 100,000 visits per month to www.VailRealEstate.com, this new service is an additional way to connect with the growing number of people on our website. Slifer Smith & Frampton is the first real estate company in the Vail Valley to provide this service. Our knowledgeable and experienced brokers will be available during business hours to help answer questions and improve the overall website experience for the consumer.

Fly direct to Vail this winter

This winter, fly the most direct route to the heart of the Rocky Mountains on daily, non-stop large-jet flights from thirteen major cities. Discover how daily flights in and out of Eagle County Airport (EGE) will eliminate long drives, snowy passes, airport delays and parking hassles. New at EGE is the addition of customs services for private aircraft and free wireless internet service in the terminal. For the winter 2009/10 season, Eagle County Airport offers direct flights to and from the following cities: Atlanta, Chicago, Cincinnati, Dallas, Denver, Detroit, Houston, Los Angeles, Miami, Minneapolis, New York La Guardia, New York Kennedy and Newark For a complete flight schedule, visit FlyVail.com 6 | I NSIDE EDGE

You’re invited to “My Place” Our website provides you with real estate search tools you can customize to your interests. Create and save property searches that match your needs, and get e-mail notifications when new and sold properties are posted as well as price changes that match your search criteria. Our system will search all properties in the Eagle County Multiple Listing Service (MLS) to be sure you don’t miss any activity. Save your favorite properties for a quick view of your own personal home collection. To get started setting up a personalized My Place account click on the couch on our homepage.


Slifer Smith & Frampton earns Best Print Marketing award

Slifer Smith & Frampton strives to maintain brand recognition and consistency throughout creative efforts; print materials are designed to complement one another. The Real Estate Update, a weekly full-color publication of current listings, pairs with Elevated Pursuits, a coffee-table book which provides an overview of each community in the Vail Valley and Summit County. “We are honored to be held in this high regard for our print marketing. While we strive to evolve with technological advances and have shifted many of our

efforts to web advertising, our print pieces have been, and always will be a large part of our overall marketing strategy,” said Eric Burgund, Director of Marketing for SSF. “Print continues to drive traffic to our offices, our luxury homes and to our award-winning website. It truly complements our brand.” SSF’s consistent presence in local, regional, national and international magazines and newspapers maintains brand familiarity across the globe. Slifer Smith & Frampton Real Estate is a proud affiliate of Who’s Who in Luxury Real Estate. LuxuryRealEstate.com is the most-viewed luxury real estate website in the world and showcases SSF’s high-end listings to an international audience. The Who’s Who in Luxury Real Estate network includes 1,500 of the world’s finest real-estate companies with properties in more than 100 countries. The Who’s Who in Luxury Real Estate network is governed by the Board of Regents, of which Slifer Smith & Frampton Real Estate is a member.

Photo by Chris McLennen/ Vail Resorts

Slifer Smith & Frampton Real Estate, the Vail Valley’s leading real estate company, was awarded Best Print Marketing by Who’s Who in Luxury Real Estate (LuxuryRealEstate.com) at their annual fall conference held mid-September at the Ritz-Carlton®, Bachelor Gulch. Of the over 1,500 luxury real estate brokerages in the organization, Slifer Smith & Frampton (SSF) was recognized for the exceptional quality, distribution and design of the company’s print marketing materials.

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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.

Four Seasons Private Residences

The Penthouses at Manor Vail

The Landmark Residences

Location: Vail

Location: Golden

Location:

Village

Availability: 12 Pricing: From

of 16 residences remain for sale

$3,200,000

Pricing:

Scheduled completion: Summer

2010

Torzetto Location: East Availability:

Vail

2 residences for sale

Pricing: From

$2,199,000

completion: Construction

8 | I NSIDE EDGE

Availability: 7

complete

Peak

of 17 residences remain for sale

From $3,400,000

completion: Construction

Pricing:

complete

LionsHead

Availability:

6 residences remain for sale

From $2,850,000

Scheduled completion:

March 2010

The Tower Residences at Lion Square

South Fork Meadows

Location: LionsHead

Location: Edwards

Availability: 3

of 9 residences remain for sale

Availability: 1

Pricing: From

$2,995,000

Pricing:

Scheduled completion: December 2009

of 17 residences remain for sale

From $895,000

completion: Construction

complete


The Residences at Park Hyatt Beaver Creek ®

The Westin Riverfront Resort & Spa

Sylvan Square Condominiums

Location: Avon

Location: Eagle Ranch

Location: Beaver

Availability:

Availability: 15

Creek

deeded shared-ownership residences

for sale

77 of 210 residences remain for sale

Pricing: From

$330,000

completion: Construction

Pricing: From

Pricing:

complete

From $300,000

completion: Construction

complete

complete

Highlands at Eagle Ranch Location:

The Pointe Availability: 11

Eagle Ranch

Availability: 28

Edwards

Pricing: From

8 of 16 residences remain for sale

$75,000

completion: Construction

Location:

Availability:

Pricing: From

residences planned

developer homesites available for sale

the low $200,000’s

Brush Creek Village Location: Eagle Availability: 9

residences currently available for sale

Pricing: From

the mid $300,000’s

completion: Construction

of phase 1 & 2 complete

$1,557,000

completion: Construction

of two homes completed

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Calendar of events November 20........... Vail Mountain Opening Day VM

23........... A Christmas Carol, Nebraska ............... Theatre Caravan VC

20........... Bud Light Street Beat free concert VV 22........... VPAC Guild Pre-Show Reception

25........... Curtis Adams Magic That Rocks VC

............... “100 Years of Broadway” VC

27........... Super Diamond VC

23........... Talons Challenge BC

28........... Cirque Le Masque VC

25........... Colorado Symphony Orchestra VC

28,29...... Holiday Ice Show DA

26........... New Shanghai Circus VC

2............. Christmas on Broadway Parade EG

29........... B.B. King VC

29-31...... Bon Appetit Culinary & Wine Focus BC

4-6.......... Birds of Prey World Cup BC

30........... The Von Trapp Children VC

31........... Momix “The Best of Momix” VC

January

February

6............. Chee-Yun & Friends VC

1............. Open Wings, Broken Strings VC

6,23........ Telemark Workshop VM

3............. The Pink Floyd Experience VC

8............. Andrew Clements’ Frindle,

4,11,18,25.Unlimited Adventure speaker series DP

25........... Beaver Creek Mountain Opening Day BC

December

6............. David Archuleta VC 7-13........ Vail Snow Daze VV, VM, LH 11........... The Giving Tree Christmas Tree Lighting ER 11,12,13... The Nutcracker, Friends of the Dance VC 11-13...... Her Turn Women’s Ski Clinic VM

............... Griffin Theatre Co. VC

14........... Cherish the Ladies Celtic Christmas VC

10........... Beaver Creek Snowshoe Series BC

16........... Bud Light Street Beat free concert VV

14........... Vanguard Jazz Orchestra VC

............... “Sounds & Sights of Russia” VC

16........... Charlotte’s Web, Theatreworks USA VC

15,16...... STOMP VC

7............. Beaver Creek Snowshoe Series BC

17........... Kids Telemark Workshop VM

11........... A Year with Frog and Toad VC

17........... Punch Brothers featuring Chris Thile VC

13........... Telemark Workshop VM

19........... Béla Fleck & the Flecktones ............... “The Holiday Tour” VC 10 | I NSIDE EDGE

5............. The Second City VC 6............. I Musici de Montreal


14,15...... “An Evening on Broadway” ............... Vail Valley Theatre Co. VC 14-16...... CarniVail Mardi Gras celebration VM, VV, EN 18........... Glen Campbell VC 20........... La Traviata, Teatro Lirico D’Europa VC 21........... Die Fledermaus, Teatro Lirico D’Europa VC 23........... Russian National Orchestra ............... with Yuja Wang, Piano VC 24........... Bud Light Street Beat free concert VV 27........... Los Lonely Boys & Alejandro ............... Escoveda Acoustic VC

March 2............. Alwin Nikolais Celebration,

7............. Beaver Creek Snowshoe Series BC

Legend

7............. Le Grande Cirque VC

VV.................. Vail Village

7............. Kids Telemark Workshop VM

VM................. Vail Mountain

9............. The Capitol Steps VC 10........... “One Night of Queen” VC

LH................... LionsHead GP.................. Golden Peak DA.................. Dobson Ice Arena

13........... Feast presents “Celtica Sinfonia” VC

DP.................. Donovan Pavilion

13........... Telemark Workshop VM

BC.................. Beaver Creek

16,17...... Alvin Ailey American Dance Theater VC 21........... Chicago City Limits presents wikiphobia VC

VC.................. Vilar Center EG.................. Town of Eagle ER................... Eagle Ranch

22........... Angela Au, Piano VC

April 1-4.......... Vail Film Festival LH, VV

............... Ririe-Woodbury Dance VC

5............. Beaver Creek Mountain Closing Day BC

3,17,25,31.. Bud Light Street Beat free concert VV

7, 14....... Bud Light Street Beat free concert VV

4,5.......... CATS VC

7-10........ Taste of Vail LH, VV

4, 11....... Unlimited Adventure Speaker Series DP

12-18...... Spring Back to Vail VM, LH, GP, VV

5-7.......... Her Turn Women’s Ski Clinic VM

15........... Nate the Great, Theatreworks USA VC

6............. Chick Corea VC

18........... Vail Mountain Closing Day VM wint e r 2 0 0 9 - 2 0 1 0 | 11


Inside Edge Newsletter  

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