New Website for Real Estate Deals in Breckenridge

In markets like the current one, it is not unususal for there to be really good deals in certain pockets of real estate. This is certainly true in Breckenridge, Colorado.

A new website, http://www.BestDealsBreck.com has been created to display such opportunities. It deserves serious consideration by those prepared to act quickly since good deals do not stay on the market for long.

Check it out.

Earnings down, but pass sales up for Vail Resorts

Bob Berwin reports in the June 5, 2009, issue of the Summit Daily News:

Execs hope pass sales will spur visits next season.

Season pass sales and usage continues to be bright spots for Vail Resorts at the end of a challenging season.

In spite of a 20.9 percent drop in bottom line earnings, advance season pass sales for next year are up 37 percent from last year. This revenue is quickly growing into a larger slice of the company's overall revenue picture, from 26 percent in the 2007-8 ski season, to 34 percent for the 2008-9 season.

Total skier visits were down about 5.3 percent for the 2008-9 season. Destination guests made up 57 percent of Vail Resort's total visitation, compared with 63 percent last season. Visits by non-season pass holders dropped by 22 percent.

These results were impacted by the continued severe downturn in the economy.

On the real estate side, Vail Resorts reported revenues of $9.4 million for the third quarter of 2009, compared to $54.5 million for the same quarter last year, resulting in a $4.7 million loss.

The company's operating expenses were down $12.8 million, or 8.1 percent compared to last year. Forest service and credit card fees were down along with labor costs which resulted from a company-wide wage cut implemented in April, 2008.

Lodging revenue was up 3 percent for the third quarter, mainly from revenue generated by Colorado Mountain Express, a recent acquisition of Vail Resorts. But overall lodging revenue was down 26.9 percent. Lodging deals helped drive skier visists, but also pushed down average room rates.

Rob Katz, CEO for Vail Resorts, said he thinks advance sales of season passes for next year will create momentum going into the 2009-10 season.

For information about real estate opportunities in Breckenridge, contact Susan Gunnin, or visit www.breck4sale.com.

Village at Breckenridge plans $19 million expansion

As reported in the Summit Daily News, February 28, 2009, by Robert Allen, homeowners of the iconic, 'Seventies-type feel' Village at Breckenridge have approved a $19 million refurbishment to begin in 2010. In need of an update, the homeowner's association general manager commented that "it was running second for the ugly award in town". [No report on what is first!!]

The buildings will get new roofs, decks, windows, railings, and the skins of the five buildings will be improved. The theme will be 'mountain elegance with historic features', and the existing Plaza III building will have a clock atop the elevator shaft. The ground level will be transformed so it will look like a village.

The Village includes some 235 residential and 28 commercial units. The residences range from 386 square feet to 1,800 square feet. The project will cost property owners an average of $76 per square foot.

Reports of possible 15 to 20 percent lower labor and construction costs, due to the national economic slump, and probable lower loan rates make the project feasable at this time. The price could actually come in at less than $19 million.

Project construction is to begin in April, 2010 and be complete in eight months. All five buildings will be improved simultaneously.

The HOA voted overwhelmingly to go forward on January 31, 2009. It is expected to go out to bid in April.

The project is hoped to make the Village area more vibrant, attracting more restaurants such as Teddeo's Italian Restaurant which recently moved to on of the Village buildings.

Improvements to the central deck area have been considered, but aren't included in the project price.

For more information about the Village, contact Susan Gunnin.

Breck home-size policy to be decided through consensus

Council takes heat for preservation proposal

Robert Allen of the Summit Daily News reported February 13th, 2009, that although Breckenridge officials want to restrict home size to preserve neighborhood character, a task force should be created aimed at finding a consensus.

Last week, the town hosted two open-house meetings with residents from about 25 Breckenridge neighborhoods. In both meeting, most shared the view that maintaining the size and scale of homes in their neighborhood was important. But a wide majority disagreed with the town's proposal of capping the maximum home size at 80 percent of the average, current home sizes.

What is intended is to avoid the situation where a 10,000 square foot home is built amid homes averaging, say 4,000 square feet.

Some meeting attendees felt that people who want to build such a 10,000 square foot home would simply take their plans -- and potential tax dollars -- elsewhere. Others pointed out that a design-based, rather than size-based, approach could better fit with what neighborhoods want. Many said they'd prefer to have the policy address specific subdivisions rather than the town overall. Maybe this is more an issue for the historic district than for outlying areas.

Town mayor John Warner concluded the work session by suggesting a task force of stakeholders such as a real estate agent, a home builder, a member of the town staff and others to "create a menu of options" for future discussion. Such a task force will be assembled to convene sometime soon regarding a neighborhood preservation policy. The policy would apply to homes in neighborhoods without platted building envelopes. Single-family homes and some duplexes are the only structures with no square-footage limits in the town's current development code.

For more information, contact Susan Gunnin, or go to www.breck4sale.com.

Town of Blue River approves sewer annexation

A Summit Daily News article by Robert Allen on February 4, 2009, reports that the Town of Blue River (about 2 miles south of Breckenridge) voted to be annexed by the Upper Blue Sanitation District. Gradually over time, the approximately 680 residents of Blue River will have the option of replacing existing septic systems with sewer service.

This news is interesting in that, historically, the town has voted against any potential intrusion into the town's "rural character". But it appears the advantages of sewer service outweighed these concerns.

Residents won't be required to connect to the sewer until their current [septic] systems fail, and then would only be required to connect if they were within 400 feet of a sewer main.

Construction will begin at the south end of town but probably not for another year and a half. The South Blue River Treatment Facility next to the Eldorado Subdivision is planned to serve the entire town.

Presently, most of the town's residents use septic systems. The threat of failing systems, the expense of replacing them, and the gradually increasing population density affected the outcome of the election.

The Upper Blue Sanitation District was formerly known as the Breckenridge Sanitation District.

If you want to learn more about how this might affect real estate in the Blue River area, contact Susan Gunnin

Vail: Full Speed Ahead On New Improvements

Vail Resorts says it plans to spend at least $100 million on projects to upgrade its five ski properties.

September 4, 2008 - The Denver Post

Vail Resorts (owner of Breckenridge Ski Area) plans to showcase at least $100 million in capital improvements this year at its five ski resorts. The spending, which could rise to $115 million by the end of the year, is more than the combined total for all other Colorado ski resorts.

National economic weakness and a slight decline last year in Colorado's total skier visits have not caused Vail to rein in the spending program. According to Bob Katz, Vail chief executive, "We have not pulled back on a single improvement".

Projects include a new eight-passenger gondola at Keystone, a new base area with dining and lodging at Breckenridge's Peak 7, the opening of the Arabelle hotel in Vail Square and a $7 million renovation of the former Inn at Beaver Creek.

Katz also announced:

• Within two years, Vail will doulbe from 5 percent to 10 percent its program to reduce energy consumption through conservation and equipment upgrades
• Sales of the Epic Season Pass -- allowing unlimited skiing at all Vail Resorts for $579 -- have been strong
• A new lodging promotion offers one free night at various Vail Resorts hotels during the season's biggest holidays if four consecutive nights are purchased.

Copper Plan Gets Green Light

Commissioners conditionally approve major base-area changes

In an article in the Summit Daily News, August 13, 2008, Bob Berwin reports that the Summit County Commissioners approved a plan to resdistribute about 420 units of previously approved unbuilt density at Copper Mountain, focusing development in the core of the resort.

Copper officials said the redevelopment will breathe new life into the resort's base area by building a critical mass of beds and commercial activity with the addition of new residential units and a condo-hotel on the site of the Chapel parking lot. This is a scaled-down version of several previously denied proposals.

According to Gary Rodgers, president and CEO of Copper Mountain, "the sequencing of any development is yet to be determined" explaining that the resort and county still have to nail down the details of the conditions attached to the development approval.

"It's been a long road to get here," Rogers continued. "It's our goal to now move forward and work with all stakeholders on the execution of this plan over the coming years."

Overall, the development will provide significant public benefits, and the amendment falls within the guidelines of existing county regulations. Those benefits include new trail connections, stream restorations and donations to the Chapel Foundation and the Summit Housing Authority.