Archive for July, 2011
By Steve Goldstein
WASHINGTON (MarketWatch) — Pending home sales rose 2.4% in June, driven by gains in the West and the South, according to an index released by the National Association of Realtors on Thursday. The pending home sales index rose to 90.9 in June from 88.8 in May and was 19.8% above June 2010 levels, which was the low point following the expiration of the home buyer tax credit. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. Cancellations led to a decline in the June existing-home sales report despite the strength in the May pending home sales report. “Though a higher-than-normal cancellation rate can hold back final closing figures, it could well be that some past cancellations are nothing more than delayed buying decisions rather than outright cancellations,” said Lawrence Yun, NAR chief economist.
Note from Terry – We are also seeing a similar trend in Eagle County. So far in July, we have 87 properties under contract. In July, 2010, we had a total of 67 properties go under contract. Let’s hope this increase in under contract properties continues and results in more sales.
To All Cordillera Club Members –
This email provides an update on the litigation and makes a couple of observations regarding the deal that has been proposed to the members.
Litigation Developments. The original complaint was filed on June 20 by certain Club members acting “individually and on behalf of all others similarly situated” against David and Patrick Wilhelm and related entities. On July 2, the attached amended class action complaint (Accepted amended class action suit) was filed to explicitly make class action allegations on behalf of all Club members who paid 2011 dues. At some point in the near future, we expect to make a motion that the case be formally certified as a class action.
You also will recall that the District Court Judge in Eagle County previously granted our request for a Temporary Restraining Order (“TRO”) against the Wilhelms and the other named defendants requiring them to refrain from using “funds from 2011 annual dues received from Club at Cordillera (“Club”) members for any purpose other than the necessary maintenance and operation of the Club’s four golf courses and related facilities.” The Court also ordered defendants to “engage a certified public accountant to perform monthly audits of the 2011 dues for the purpose of confirming that the 2011 dues are used only for the necessary maintenance and operation of the Club golf courses and related facilities.” The TRO has been extended by agreement to August 15.
If the proposed deal (with any adjustments) is not approved, we will be stepping up our litigation activities to prosecute the claims raised in the complaint, including serving discovery directed against the defendants. This last week our attorney sent a letter to the Wilhelms’ attorney stating that all records relating to our dispute, including computer records, should be preserved. The records sought by the letter include records that Wilhelms have regarding their suit against CTC. We shared this letter with counsel for CTC.
Also attached are papers filed by Alpine Bank (MotionInterveneAlpineBank) requesting leave of court to intervene (join) into our suit. Alpine Bank claims that the Wilhelms agreed to a lien on the dues money that our suit claims was obtained by the Wilhelms by fraud. This will all need to be sorted out, but we think the bottom line is that Alpine’s involvement strengthens our litigation position.
We also expect that the Wilhelms will be filing an answer to our complaint in the near future. We’ll pass that along when we receive it.
We have received a couple of inquiries regarding the legal work being done in the case, the $1000 many members have paid, etc. This money sent in for the litigation is only used for litigation purposes, and not for any other. We appreciate the financial support and encouragement that we have received thus far from the community. Again, our group is comprised of attorneys with various legal backgrounds and expertise, who are working together pro bono to prosecute the members’ claims. The only legal charges that we are incurring are for our local counsel, Brett Heckman, who is a highly regarded attorney in Eagle County. We ask that you do not contact Brett directly because the volume is difficult to manage and creates added expense. We have established an email account as a means for you to contact us and to forward questions you may have. It is: email@example.com.
if you haven’t already sent in your voluntary $1,000 contribution, please consider doing so at your earliest convenience. The check should be made payable to Heckman & O’Connor, P.C., Cordillera Litigation Account. Please send to Brett Heckman, Heckman & O’Connor, P.C. P.O. Box 726, Edwards, CO 81632-0726. Funds contributed for the litigation will be used only for the litigation.
Deal/Settlement Discussions. These are going on separately from the litigation. The objective of the deal proponents is reach a deal, if one can be reached, that gets control of Cordillera for Club members. In cases brought as class actions, it is common that settlements are discussed while litigation activities are ongoing. If the proposed deal is accepted by a sufficient number of members, it would be submitted to the court for approval. If the proposed deal is not accepted by a sufficient number of members, then the litigation continues, a modified deal may be attempted, or some combination.
Please feel free to forward this email to anyone you know who should have and did not receive it. We apologize if you have received this email in error. For the class plaintiffs, Cheryl Foley & Chuck Jackson
Kim and I went to the Vilar Center last night in Beaver Creek and the Indigo Girls killed it! They just ooze with talent. It is amazing how two such unique and different voices can blend and harmonize so well. I think we were singing along to nearly every song. The place was packed and as lively and engaging as I’ve seen an audience at the Vilar. It was a spectacular and memorable evening.
In late May, 2011 the Vail Board of Realtors (VBR) converted the Multiple Listing Service (MLS) vendor to Rapattoni. The MLS is the software Real Estate Brokers use to communicate new listings, sales, etc. to the Real Estate community and their clients. It is essential software for Real Estate Brokers.
As with any software conversion, bugs were encountered once the new system went live. In hindsight, it appeared the Board of Directors (BOD) underestimated the resources required to modify and test the new MLS prior to implementation. The Volunteer Task Forces were essential in helping get converted. However, the BOD decided it was too much to ask a group of volunteers to lead the current effort.
To that end, the BOD asked Terry Nolan to take on the role of Rapattoni Project Manager with the sole objective of taking the new MLS system to the next level, as soon as humanly possible. He will also be asked to manage the training effort and all communications regarding the MLS system.
Terry Nolan, a licensed broker with the Prudential and a member of the Board of Directors, is a highly experienced and skilled Project Manager. The BOD felt it was critical to find someone who not only had the experience to lead the effort, but someone who was also a Realtor and understood the needs of Resort real estate professionals.
Terry will be tasked with leading the effort to modify the MLS system to fit our unique requirements in our resort community. He will start immediately.
Terry will still require the assistance of numerous individuals who have volunteered their time in the past. This will be a joint effort between Terry, Realtor volunteers, the very capable VBR Staff, and Rapattoni who has made modifying our MLS system their top priority.
The BOD is pleased that Terry has accepted this role and look forward to his leadership.