Gateway Land & Development

Category Archives: Uncategorized

Vail real estate

The latest county-wide real estate appraisal found the total market value of Eagle County real estate jumped 12.9 percent, with residential value jumping 11.4 percent compared to the last appraisal numbers from 2015.  According to Eagle County Assessor Mark Chapin, our real estate values are back to where we were pre-recession.  Our market has recovered.

Residential property values are around $1 billion more than the pre-recession peak, with residential property valued at $31.24 billion in 2009 and $32.39 billion in 2017.  The biggest increases are in Gypsum and Eagle where the affordable housing is supposed to be.  If you can find something between $250,000 and $500,000, that is the area where you will find it.  Properties tend to be closer to the half million mark than the lower price.

As property values go up, so do property taxes.  The property valuation notices will come out later this week.  In Eagle County, 45 percent of residential property value is second homes.  Those properties tend to be worth over $2 million each.  Around 60 percent of Eagle County’s property tax burden will be paid by second-home owners.  High end homes did not see the increases that the local markets did but they did not see their values plummet as hard when the recession hit.  A significant part of the overall property value increase was due to the number of local hotels that sold in Vail, which has not happened in many years.  The Park Hyatt sold for $145 million, the Four Seasons sold for $121 million, the Cascade sold for $90 million and the Vail Holiday Inn sold for $22.4 million.

In Colorado, properties are re-appraised every two years in odd numbered year.  This year’s  appraisal is based on market sales that occurred between January 1, 2015 and June 30, 2016.  Under Colorado’s Gallagher Amendment, residential property taxes are limited to 45 percent of all property taxes in Colorado.  Commercial and every other kind of property cover the other 55 percent.  Eagle County voters have seen a property tax hit from the four tax increases approved last year: Eagle County school district, Eagle County ambulance district, Eagle River Fire protection district and Gypsum Fire protection district.

For more information on real estate in the Vail Valley, please visit our website:  www.gatewaytovail.com.

IMG_0491

The 2016/2017 ski season has officiallyclosed in Vail and Beaver Creek.  Vail closed on Sunday, April 23rd.  It’s time to gear up for the summer activities that Vail and Beaver Creek have to offer.  One of my favorite activities in the spring and early summer is whitewater rafting.  The snowpack is a little lower than normal and river enthusiasts are already enjoying the water early this year.  Class I to Class V river trips are available on the Eagle, Colorado and Arkansas Rivers.  Take a day to enjoy the thrills of a half day, full day or multi-day river trip designed for beginner to advanced paddlers.

IMG_0488

If you are planning a multi-day trip, Down River Equipment, a rafting retailer in Wheatridge, has some tips for making your trip successful.  First, identify the river which best fits your group.  If you were lucky enough to draw a permit, then you need to build your team, based on experience, group dynamics and willingness to pitch in.  Make a plan to include where to meet and how vehicles will be shuttled.  Make a gear list taking in account weather, activities and class of rapids.  Delegate tasks so that one person isn’t stuck doing everything for the trip.  Make a budget so everyone shares in the cost of food and the river permit.  Plan a menu keeping in mind people’s diet restrictions and limited prep time on the river.  Execute the plan and go with the flow if unexpected obstacles occur.  After the trip is over, clean your gear, return any borrowed gear and refund any left over money.  Share photos and look forward to your next trip.

For more information on activities in the Vail Valley, please visit our website:  www.gatewaytovail.com.

 

mammoth ski area

This past week the new Aspen Skiing Company and KSL Capital Partners alliance acquired the Eastern Sierra’s Mammoth Mountain, June Mountain, Snow Summit and Bear Mountain, giving the partnership more than 6,000 acres of southern California ski terrain across four resorts that host more than 2 million visits a year.   No price has been announced yet but in 2005 the resort traded hands for $365 million.  This is just two days after the announcement that Aspen Skiing Company and KSL Capital Partners were buying Intrawest Resort Holdings for $1.5 billion which included Steamboat and Winter Park, which gives them an additional 10 new ski areas to add to their rich roster, which includes Aspen Snowmass and Squaw Valley Alpine Meadows.

A new multi-resort pass for Aspen Skiing Company and KSL looks very promising.  Maybe not for 2017-2018, but a ski pass rivaling the $869 Epic Pass for 2018-2019 seems certain.  Vail Resorts’ Epic Pass offers unlimited skiing at more than 40,000 acres spread across 11 major resorts in Colorado, California, Utah, Vermont and British Columbia not counting three urban resorts in the Midwest.  A pass offered by Aspen Skiing Company and KSL Capital Partners would offer skiing on more than 25,000 acres spread across 15 resorts in four states and Canada.  In the resort industry, it’s becoming apparent that the season pass revenue is the proven financial engine, as shown by Vail Resorts which sold more than 650,000 Epic Pass this past year.

There is a lot of speculation that there will be future acquisitions by Aspen Skiing Company and KSL Capital Partners before the winter of 2017/2018.  Many believe it will be based largely on geographic battles with climate change in mind.

 

Park Hyatt

Park Hyatt Beaver Creek Resort and Spa has been purchased by a Dallas-based firm, Ashford Hospitality Prime, Inc. for a price of $145 million which is $766,000 per room.  The purchase of the iconic Park Hyatt Beaver Creek Resort and Spa was completed in just 3 weeks.  The Park Hyatt earned Forbes’ Four Star rating and AAA’s Four Diamond rating.  It was one of nine Colorado resorts on Conde Nast Traveler’s Top Hotels in The American West, part of its annual Reader Choice Awards.

The Ashford Hospitality Prime purchase of the 190-room Park Hyatt tops last years Vail Four Seasons sales price of $121 million to a New York Company and it’s Asian Partner. The Vail Cascade Resort and Spa sold last year for $90 million which was a 292-room resort finishing a $50 million dollar renovation.  The Vail Holiday Inn  also traded hands in January and was bought by a private East Coast group for $22.4 million.  It is being renovated and being re-positioned to be a Double Tree Hotel.

For more information on real estate in the Vail Valley, please feel free to contact:  Betsy Randall at (970) 401-3011 or visit our website:  www.gatewaytovail.com.

Over the years, being in the real estate business, it’s been fun watching the home design trends change.  Like fashion, home designs change a lot. According to Houzz, these are a few trends you can expect to see in homes in 2017.

black-cabinets-brass-hardware

Satin brass finishes have been making a comeback in recent years.  The satin or brushed brass seems to bring a warmer look.

hardworking cabinets in the kitchen 2

Hardworking Kitchen Storage Walls are bringing more open space and creates a one-stop hub freeing up the rest of the space for a breezy look.

white on white bedroom

White With Off White brings a refreshing look.  Balancing a white palette with a creamy off white and natural linen hues creates a breathtaking look that can be rich with character.

Landry room laundry room with shelves

Splurging in Laundry Rooms – Everyone knows that kitchens and bathrooms get the big remodel budgets but laundry room are now seeing the love.  Design tricks include bringing more light into the room and more storage.

outdoor feeling shower outdoor feeling shower 1

Outdoor Feeling Indoor Showers – An outdoor shower is highly desirable but it is not practical in most states year round.  Designers and homeowners are looking to intimate courtyards and creative site placement to create bathrooms that connect deeply to the outdoors while still maintaining privacy.

large-walk-in-closet-with-white-theme-and-daybed

Abundant Storage– Homeowners have demanded more storage space so newer homes are featuring enormous walk-in closets, spacious dressing rooms and plenty of built in cabinets.  Garage are also getting larger to accommodate the larger SUV’s and all of our gear.

Please visit our website:  www.gatewaytovail.com for information on homes for sale in the Vail Valley.

Pink Vail loves you

Pink Vail is the world’s largest ski day to conquer cancer. This year it’s scheduled for Saturday, March 25, 2017.  Everyone has been affected by cancer in some way.  People walk, run, grow facial hair and in Vail, we ski.  The goal of Pink Vail is to have fun while raising funds for the Shaw Regional Cancer Center.  100% of the proceeds stay local, benefiting patient care and survivorship programs at Shaw Regional Cancer Center serving residents of Colorado and round the country.

Pink Vail brings together about 3,000 people dressed in Pink on Vail Mountain for an all day event with live music, deck parties, costume contest and the Celebration Ski Down.

Pink Vail costumes

I lost my real estate partner to cancer 2 years ago and his team “Rebel Yell” will be getting together in memory of our favorite Rebel – Judd Babcock.  The “Rebel Yell” team has raised $70,000 in honor and memory of Judd.  You may sign up to join the team or donate at the same time:  Pink Vail.

It’s rare that a small rural, resort town can provide comprehensive care and truly Shaw Regional Cancer Center exists because of the generous donations, passionate volunteers and talented doctors who are dedicated to restoring the health of cancer patients.

For more information of what’s happening in the Vail Valley, please visit our website at:  www.gatewaytovail.com.

Wild flowers

The Real Estate Market finished strong in 2016 according to Land Title Guarantee Company.  There were 2,048 sales in 2016 which was a 1% decline from 2015.  The total sales volume was $1,957 billion which was also a 1% decline from 2015.  Eagle County has not exceeded $2 billion in a year since 2008.

Inventory remains fairly low especially in the price of $1 million or less and most buyers are local residents.  There is roughly a 6 month inventory in the $1 million or less priced homes which is a sign of a balanced market.  The most expensive home sold in Vail for $23 million which closed in January.  It was on the market for approximately 2 years.  The highest priced overall sale was $121 million which was the Four Seasons Vail.  The average price of a residential sale in Eagle County was $970,184.  Vail Village had the highest price per square foot for a single family home at $1,786 and the state with the most buyers came from Texas.

For more information on real estate in the Vail Valley please feel free to call me:  Betsy Randall at (970) 401-3011 or visit our website:  www.gatewaytovail.com.

Gateway-logo

 

Vail real estate

Property Tax notices will be going out this month and will reflect an increase after Eagle County voters approved four separate taxes increases in 2016.  The four property tax increases this year include:  Eagle County School District, Eagle County Ambulance District, Eagle River Fire Protection District and Gypsum Fire Protection District.

Your property tax increase will depend on where your property is located.  Everyone in the Eagle River Valley from East Vail to Dotsero pay the tax increase for the schools and the ambulance district.  The tax increase for the Eagle River Fire Protection District will be paid by property owners from Tennessee Pass to Wolcott and areas north and south inside that district.  They will also pay the increased school taxes and ambulance district taxes.  The Gypsum property owners will pay the increased school taxes and ambulance district taxes along with the Gypsum Fire District taxes.

Under Colorado’s tax structure, residential property is taxed at 7.9 percent and Commercial property is taxed at 29 percent.  The commercial property owners will pay considerably more in property taxes.

Property values continue to rise but your residential property tax rates will not go up more than the 2017 increase.  According to Mark Chapin, Eagle County assessor, your residential property tax rates may decrease and here is why:  Under Colorado Gallagher Amendment, residential property taxes are limited to 45 percent of all property taxes in Colorado.  Every other kind of property covers the other 55 percent.  To keep that equation balanced, residential property tax rates will likely decline in 2018, according to Mark Chapin.

For more information on real estate in the Vail Valley, please feel free to call:  Betsy Randall at (970) 401-3011 or visit our website:  www.gatewaytovail.com

Elegant-Christmas-Decoration-Ideas

With Christmas just around the corner we are all scrambling to get holiday cards out, presents wrapped and shipped and plan for houseguests.  Add holiday decorating to the list and you have some serious stress in the making.

A few simple ideas can transform your home for the holidays.  According to Real Simple magazine here are a few easy steps:  For a joyful staircase, attach your holiday cards that you have received on a long string with clips and then run the string up your staircase, creating a fun display of your cards.

Use candles to set a seasonal mood.  Clear off an end table and place of cluster of contemporary candlesticks and glass votives on it.  You can add colorful glass ornaments which will make the display pop.

Inject personal style by turning a bare windowsill into a stylish nook in no time by filling glass jars of varying heights and shapes with left over glass ornaments for a dramatic high impact display.

For modern simplicity: A gorgeous mirror gets a charming border from decorative golden deer and white stockings which accentuates the breathtaking white mantel in a living room.

Holiday window treatments come in all shapes, sizes, and textures.  A dangling ornament in the center of the wreath gives the right amount of pop to his decorative piece.

For a show stopping table arrangement, fill a glass hurricane lamp with an assortment of holiday glass ornaments and surround it with lush greenery.

 hurrican lamp with ornaments holiday-wreath-christmas-window-red-ribbon-diy-ideas-dress-up

Gateway Real Estate would like to wish everyone a Very Happy Holiday!

 

 

 

 

 

Four Seasons Vail

The Four Seasons Resort and Residences sold for a record $121 million.  The sales price of $902,985 per room for the 134-room luxury hotel sets a new price standard, according to CBRE Hotels, the company that put the deal together. The average price in the luxury hotel market was $851,000 per room in 2015.  The record price reflects both the market’s stature and the product’s premium.  New York-based Extell Development Company and Chinese firm Parkland Holdings partnered to buy the Four Seasons.  Barclays had owned the resort since 2009, when it took control of the project when it was still under construction.

The Four Seasons is known for their world-class service, luxury finishes and robust amenity package.  The AAA Four Diamond hotel features 121 hotel guestrooms and 13 two-to-four bedroom condominiums that are currently operating as hotel inventory.  Amenities include a 14,935 square foot space, 7,000 square feet of meeting and event space, Flame restaurant and The Remedy Bar.  The resort also has ski valet facilities near the base of Vail’s Gondola One.

For Vail, the Four Seasons deal marks the second major resort transaction in the past 12 months.  Last December, Los Angeles-based Laurus Corporation purchased the 292-room Vail Cascade Resort and Spa for approximately $90 million and almost immediately announced plans for a $35 million renovation during the off-season. Holiday Inn Vail also traded hands in January for $22.4 million.  A private East Coast group purchased the hotel is renovating and re-positioning the hotel as a Double Tree, according to CBRE.

For more information on real estate in the Vail Valley, please feel free to contact:  Betsy Randall at (970) 401-3011 or email:  betsy@gatewayland.com.  Please visit our website:  www.gatewaytovail.com