Posts Tagged Bachelor Gulch

Bachelor Gulch March Real Estate Market Update


YTD 2013 Starts Stronger Than 2012

 Welcome to my March Bachelor Gulch Market Update.   2013 has started out a little stronger than 2012.  We’ve had 5 sales year-to-date versus 4 last year.  We also have 4 properties under contract versus only 2 last year.

The first graph below shows the number of Condo and Townhome transactions per year in Bachelor Gulch.  The trend is positive as we recover from the recessionBG Sales per yearBG Listings.

The other graph shows the number of listings in Bachelor Gulch.  We have been hovering in the 20 to 30 listings range for the past year.  Typically we peak in the ski season but we didn’t see much increase this year.

Our other indicators are essentially flat.  The average $/SF sales price is hovering in the $750/SF to $790/SF range.

The difference between final list price and sales price remains a little over 10%, an indicator our list prices are probably still a little too high.

One positive indicator is days on market.  We have seen the average time a listing spends on the market drop from around 300 days to 200 days over the past year.  That is about where we were at our peak.

 

 

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Bachelor Gulch Real Estate Market Update – July, 2012


 

Welcome to my July Bachelor Gulch Real Estate Market Update.  Activity in 2012 continues to track ahead of 2011.  We are definitely experiencing an “L” shaped recovery.  But at least it is a recovery.

In addition to the latest BG trends and stats, this issue contains information on:

  • Update on Eagle County foreclosure filings and sales
  • Overall Eagle County Real Estate activity, which is red-hot in the lower end of the market.

Click on the links below to view the market update and the current BC condo and town home listings and 2012 sales.

Market Update July, 2012

Listings & Sales July, 2012

Summer is well under way.  The few rain showers we received over the past couple of weeks have been a relief.  We are still very dry but a few sprouts of new green grass have been spotted throughout the Valley.

 

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Bachelor Gulch Real Estate Market Update – May, 2012


Welcome to my May Bachelor Gulch Real Estate Market Update.  Activity in the first quarter was lively.  If this keep up, 2012 looks like a good year.

This issue not only contains the latest BG real estate stats and trends, but also stories on:

  • 30 Year Mortgage Rate Hits 30 year low
  • Eagle River Station Development is approved by Eagle Voters

Click on the links below to view the market update and the current BC condo and town home listings and 2012 sales.

Market Update May 12

Listings & Sales May 12

Summer has officially started.  Last weekend’s Blues, Brews, and BBQ festival in Beaver Creek was a well attended success.  The Teva Mountain Games begin this week in Vail.  We attended last year and had a fabulous time.

 

 

 

Managing Broker, Prudential Beaver Creek

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March, 2012 Bachelor Gulch Real Estate Market Update


Welcome to my March, 2012 Bachelor Gulch Real Estate Market Update.  This issue not only contains the latest BG real estate stats and trends, but also stories on:

  • The BG Ritz-Carlton emerges from foreclosure
  • Vail Resorts buys another California ski resort

Click on the links below to view the market update and the current BG condo and townhome listings and 2012 sales.

Bachelor Gulch Market Update, March, 2012

Listings & Sales March 2012

The ski season is nearing the end.  Beaver Creek is open until April 15 but Bachelor Gulch closes on April 8.  It’s been a season a little light on snow but a still a bunch of fun.

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Bachelor Gulch Ritz-Carlton Emerges from Foreclosure


As I expected, the foreclosure of the Bachelor Gulch Ritz-Carlton was the owner’s method to restructure his debt.  It was announced on February 28, 2012, that the owners had completed the recapitalization of the Ritz-Carlton.  The text of the announcement is below:

Gencom & GD Holdings Complete Recapitalization of The Ritz-Carlton, Bachelor Gulch in Avon, Colorado

PR Newswire

MIAMI, Feb. 28, 2012

MIAMI, Feb. 28, 2012 /PRNewswire/ — Affiliates of Gencom and GD Holdings, through a joint partnership, have completed the recapitalization of the 206-room The Ritz-Carlton, Bachelor Gulch, located in Avon, Colorado, today announced Gary Lake, EVP of Gencom.

The Gencom/GD Holdings partnership has successfully completed a long term recapitalization which includes the restructuring of its loans on both the hotel and the residential component of the Resort thereby reinstating its outstanding loans to good standing.  In addition to the debt restructuring, the Resort has embarked on a $10 million renovation program to refresh and enhance the property’s already unique mountain lodge decor within its guest rooms, ballroom/meeting space and public areas.  The renovation program is expected to be completed in early 2014.

Opened in November 2002, The Ritz-Carlton, Bachelor Gulch is a AAA 5-Diamond luxury ski in/ski out boutique hotel nestled at the base of the world-renowned Beaver Creek Resort and is the focal point of the Bachelor Gulch Village.  The Resort features the internationally acclaimed Wolfgang Puck’s Spago Restaurant, a world-class spa and has been the recipient of numerous awards and accolades since its opening, including:

  • Conde Nast Traveler “2012 Gold List: The World’s Best Places to Stay” – (January 2012)
  • Travel +  Leisure “The World’s Best 500 Hotels” – #1 in Colorado (January 2012)
  • Forbes Four-Star, AAA Five-Diamond Resort
  • AAA Four-Diamond Restaurant, Spago by Wolfgang Puck
  • Forbes Four-Star Spa
  • Golf Digest “The 75 Best Golf Resorts” – #19 (November 2011)
  • Conde Nast Traveler “#1 Spa Resort in the Continental U.S.”

About Gencom
Founded in 1987 by Karim Alibhai, Gencom is a leading domestic and international investment and development firm specializing in the hospitality and residential real estate sectors. By aligning itself with prominent investors and institutional relationships, Gencom has maintained a strong market position with both luxury and mixed-use hotels and resorts with significant residential components, and in other hospitality-related investments that include both portfolios and single assets. The firm continues to opportunistically grow its portfolio holdings in key resort and urban markets in the United States, Canada, Mexico, Caribbean and Europe. Gencom is headquartered in Miami with representative offices in Houston and London. For more information, visit www.gencomgrp.com.

About GD Holdings
GD Holdings, LLC is a privately held real estate investment company engaged in the acquisition, development, ownership and management of hotels and commercial real estate assets. The firm was established by Salomon Juan Marcos, Chairman and CEO of Grupo Denim (www.grupodenim.com.mx), which brings with it a tradition of decades of success in the apparel industry.  The firm and Mr. Marcos employ a highly disciplined investment approach focused on value creation, capital preservation, and enduring quality.

SOURCE Gencom

 

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New Beaver Creek Managing Broker


I am pleased to announce that Terry Nolan has accepted the position of Managing Broker for both the Beaver Creek Lodge and Villa Montane offices.

 

 

 

 

 

 

 

Terry brings experience and a keen interest in serving in this role – to lead and support the brokers of the offices, Melanie Seatvet, and the company.  His organizational qualities, vision, accountability and proactive attitude will be a great asset to all of us.

In the coming days and weeks you will hear from Terry about upcoming opportunities to meet.  In the interim I encourage you to reach out to him with your thoughts as we make this transition.

Please join me in welcoming Terry in his new role!

Thank you,

Michael

Michael Slevin ǀ Vice President
Prudential Colorado Properties
(o) 970-845-8700 ǀ (m) 970-390-9440
PrudentialColoradoProperties.com

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Lender Files Foreclosure Notice on Ritz-Carlton, Bachelor Gulch Owner


Ritz-Carlton, Bachelor Gulch

Last week the lender that holds a $61 million note on the Ritz-Carlton building in Bachelor Gulch filed a foreclosure notice.  The details are:

  1. Notice filed on 4/27/11
  2. Currently scheduled sale date is 8/24/11
  3. The original outstanding balance was $61 million
  4. The outstanding principal balance is $61 million
  5. The lender is Lehman Brothers Holdings Inc., Doing Business as Lehman Capital, a Division of Lehman Brothers Holdings Inc.
  6. The grantor is Bachelor Gulch Properties, L.L.C.

Doing a little digging, Bachelor Gulch Properties, L.L.C. is part of the Gencom Group, headquartered in Miami.  From the Gencom website; “Founded in 1987 by Karim Alibhai, Gencom Group is one of the nation’s leading domestic and international investment and development firms specializing in the hospitality and residential real estate sectors.”

Don’t confuse the owner of the building with the management company of the hotel, which is Ritz-Carlton.  Gencom owns the real estate and has a management contract with Ritz-Carlton to operate the hotel. 

Personally, I don’t see this proceeding to a sale in August.  This could be a move by Gencom to restructure their financing.  I don’t see this having any impact on property values in Bachelor Gulch or skiing in Bachelor Gulch next season.  Whatever does happen, it will be interesting to watch.

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2010 Bachelor Gulch Condo Sales Up 67% Over 2009


Finally, some signs of life in our Bachelor Gulch real estate market.  Click below to see my latest market update and current listings and 2010 sales in Bachelor Gulch.

Market Update Jan 11

Listings & Sales Jan 11

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