Archive for September, 2011

Sales of existing homes climb 7.7% in August (Marketwatch)


By Steve Goldstein

Updated to correct that sales rose 18.6% from August 2010.

WASHINGTON (MarketWatch) — Sales of existing homes climbed 7.7% to a five-month high in August, as previously delayed deals closed, prices fell and rents rose, according to data released Wednesday. The National Association of Realtors reported that sales rose to a seasonally adjusted annual rate of 5.03 million, up from 4.67 million in July and above the 4.8 million that economists polled by MarketWatch had anticipated. Compared to August 2010, sales surged 18.6%. Two-thirds of real estate agents polled reported rents rising in August. At the same time, the median price was $168,300, a decline of 5.1% from the same period last year. July prices were revised lower to $171,200 from an initially reported $174,000. Inventories fell 3% to 3.58 million units, representing 8.5 months of supply at current sales rates.

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Mortgage rates hit record lows, 30-year at 4.12%


By Ruth Mantell

WASHINGTON (MarketWatch) — With market concerns about European debt and weak U.S. employment, mortgage rates hit record lows in the week ending Sept. 8, Freddie Mac reported Thursday. The average rate on the 30-year fixed-rate mortgage fell to 4.12% — the lowest since Freddie Mac’s data collection started in 1971 — from 4.22% in the prior week, according to the buyer of residential mortgages. A year ago, the rate was at 4.35%. “Market concerns over euro-zone sovereign debt default and a weak U.S. employment report for August placed downward pressure on Treasury bond yields and allowed fixed mortgage rates to hit new lows this week,” said Frank Nothaft, Freddie Mac’s chief economist, in a statement. Meanwhile, the average rate on the 15-year fixed-rate mortgage declined to a record low of 3.33% in the latest week, down from 3.39% in the prior week. These data go back to 1991. The 5-year Treasury-indexed hybrid adjustable-rate matched a record low set in the prior week of 2.96%. These data go back to 2005. And the 1-year Treasury-indexed ARM fell to a record low of 2.84% from 2.89%. These data go back to 1984.

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VAIL’S NEW ON-MOUNTAIN RESTAURANT, “THE 10TH,” TO DEBUT IN DECEMBER


  • ·         Vail announces details and name of new on-mountain restaurant
  • ·         Reservations will be available beginning Oct. 1

VAIL, Colo. – Sept. 7, 2011 – As the next major project in an incredible string of improvements, Vail’s “on-mountain renaissance” continues with the highly-anticipated new table-service restaurant, “The 10th.” The opening of the ski-in, ski-out restaurant is scheduled for Dec. 1, 2011. The name, “The 10th, is a subtle nod to the veterans of the 10th Mountain Division, many of whom, including several of Vail’s founders, became involved in the ski industry upon returning from World War II and dramatically influenced the development of skiing in the United States.

Designed by Zehren & Associates, the more than 13,000 square-foot restaurant is centrally located in the Mid-Vail area and will seat approximately 160 people in the main dining area, 40 in the lounge and an additional 40 on the deck. The main dining area will feature spectacular views of the Gore Range while the south-facing deck will capture the afternoon sun and views of the Look Ma and Challenge trails.

The restaurant’s design and finishes will befit its mountain location, but with a bit more contemporary flair than any of Vail Mountain’s other facilities. The 10th will offer gourmet cuisine in an upscale setting. The emphasis will be on quality and efficiency of service for those who are eager to get back out on the mountain and will also accommodate those who want to relax and enjoy a longer rest. 

“The opportunity to reserve a table and enjoy dining of this caliber is something that we’ve been looking forward to offering our guests for some time,” said Chris Jarnot, senior vice president and chief operating officer of Vail Mountain. “This addition will be another meaningful improvement and reinforces our commitment to differentiate Vail as the best mountain experience available anywhere.”

The 10th will be open to the public, and any guest may make a reservation if seats are available. A portion of the seats will be set aside each day to be reserved by members of the Vail Mountain Club up to one week in advance, at which point all remaining seats will be available for reservations by the public. Walk-in seating will also be available each day. The resort anticipates that a number of its peak holiday periods throughout the season will book up quickly and guests are encouraged to make reservations accordingly. Reservations for the 2011-2012 winter season may be made beginning Saturday, Oct. 1 by calling (970) SKI-VAIL (754-8245).

Ground broke on The 10th in August 2010 for foundation work prior to the 2010-2011 season and construction on the building resumed just after the close of the season. Completion is scheduled for mid-November.

 

For more information about Vail Mountain, visit www.vail.com or contact the Mountain Information Center at (970) SKI-VAIL (754-8425).

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