Archive for February, 2012
The Cordillera Property Owners Association recently received two letters. One from, the former managing partner of the Cordillera Golf Club, and Dr. Jeffrey L. Rush, the new Managing Member of the Cordillera Golf Club. The property owners received the following letter from Lois Deusen, the President of the Cordillera Property Owners Association. Click on the links below to view the letters.
To all Cordillera Property Owners:
The CPOA Board has received two letters regarding the litigation which we want to share with the community. The first is from Dr. Jeffrey L. Rush describing the restructuring of the Club at Cordillera. The second is from David Wilhelm offering to settle the lawsuit against the CPOA and the CTC. The letters are attached and speak for themselves.
As always, we welcome the opportunity to resolve the turmoil in the community and will be taking all appropriate steps to do so. In the meantime, the lawsuit proceeds. We are at the first stages of discovery. Written discovery has been propounded and depositions are being scheduled. We have a trial date of April 2013.
Thank you for your support and continued patience,
Lois M. Van Deusen
Cordillera Property Owners Association
Vail Resorts To Acquire Kirkwood Mountain Resort in Lake Tahoe, Calif., Creating an Unparalleled Offering for Skiers and Riders in the Tahoe Region with the Combination of Heavenly and Northstar
— Heavenly and Northstar pass holders get immediate access to Kirkwood and Kirkwood pass holders get immediate access to Heavenly and Northstar
BROOMFIELD, Colo., Feb. 22, 2012 /PRNewswire/ — Vail Resorts, Inc. (NYSE: MTN) today announced that it has entered into an agreement to acquire Kirkwood Mountain Resort at Lake Tahoe, Calif., recognized by skiers and snowboarders as offering some of the best high alpine advanced terrain in North America. Vail Resorts is purchasing the ski resort as well as the undeveloped sites at the center of the base area which are zoned for residential and commercial development for a purchase price of approximately $18.0 million. The seller will retain a participation interest in the base area parcels and will continue to own the remainder of the real estate development sites. Following the acquisition, Vail Resorts will now operate three world-class mountain resorts in the Lake Tahoe region which between them offer the entire breadth of the skiing and riding experience, including Heavenly Mountain Resort in South Lake Tahoe, Northstar California on the north shore and Kirkwood Mountain Resort.
Vail Resorts also announced that, effective immediately, Heavenly and Northstar pass holders will have access to Kirkwood and Kirkwood pass holders will be able to ski and ride Heavenly and Northstar.
“We are thrilled to welcome Kirkwood into our family as our seventh world-class mountain resort. Kirkwood offers some of the most extraordinary ski terrain found anywhere in North America with high alpine trails and the most annual average snowfall in Lake Tahoe. Kirkwood represents skiing and riding at its purest, something we intend to retain and protect long into the future,” said Rob Katz, chairman and chief executive officer of Vail Resorts. “When combined with Heavenly and Northstar, we will be able to offer our guests and pass holders unparalleled value with the very best that Lake Tahoe has to offer. We are excited to be able to offer Kirkwood to our pass holders right away — it’s like opening day to a whole new season.”
As of today, Epic Pass and Epic Local Pass holders will have unrestricted access to ski and ride Kirkwood. Tahoe Value Pass holders can ski and ride there every day except on Saturdays. Kirkwood pass holders with the following passes will have access to Heavenly and Northstar: Premium Pass holders and 7 Wood Pass holders will have unlimited, unrestricted access to Heavenly and Northstar, while 6 Wood Pass holders will have access to Heavenly and Northstar six days a week, Sunday-Friday, with no holiday restrictions. 5 Wood Pass holders will have access to Heavenly and Northstar five days a week, Monday-Friday. The Company also announced that it intends to retain a Kirkwood-only season pass and Kirkwood-only daily lift tickets, priced comparably to what’s offered today. For more information on how to use your pass at Heavenly, Northstar and Kirkwood, visit www.bestoftahoe.com.
Located about 35 miles southwest of South Lake Tahoe, Kirkwood Mountain Resort offers pure high alpine skiing and riding at its best. The ski resort’s unique location, completely surrounded by National Forest atop the Sierra Crest combined with elevations ranging 7,800 to 9,800 feet, create a geographical predisposition to receive the lightest, driest and most plentiful snow in the Tahoe region with an average of 472 inches annually. Kirkwood offers 2,000 feet of vertical drop and more than 2,300 acres of terrain from groomed beginner runs to hair-raising cornices, cliffs and the most high-angle grooming around. The resort offers four terrain parks, from beginner to advanced, as well as a Boarder X course.
Vail Resorts expects to close on the acquisition of Kirkwood Mountain Resort within the next month. Further terms of the agreement were not disclosed. Closing is subject to certain conditions, including transfer of the U.S. Forest Service Permit.
EAGLE COUNTY, Colorado — Vail Resorts is changing its management around for what company CEO Rob Katz said will best position the company to achieve its long-term strategic vision.
Katz said an email to company employees last week announcing that John Garnsey will become president-international as of April 15. The restructuring also means Vail Mountain Chief Operating Officer Chris Jarnot “will take on oversight over Beaver Creek and Doug Lovell, chief operating officer of Beaver Creek, will report to Chris.”
Blaise Carrig, currently a co-president along with Garnsey, will take on the oversight of North American mountain resort operations, according to Katz’s email. And in Summit County, Pat Campbell, the chief operating officer of Breckenridge, will continue to report to Carrig and will also take on oversight of Keystone, while Keystone General Manager John Buhler will now report to Campbell.
Beth Howard, the vice president of mountain dining, will now report to Carrig, and Tim Beck, vice president of mountain planning, will continue to report to Garnsey.
“To think big, we need a team with incredible strength, experience and leadership and we are very fortunate to have leaders who can deliver that and more,” wrote Katz. “For the vast majority of you, these changes should be business as usual. But for all of us, down the road, we will undoubtedly look back on these changes as the building blocks to achieving something very special.”
Will Marks, managing director at JMP Securities and a Vail Resorts analyst, said the company told analysts last year that it was looking at potential expansion in Europe and Asia, and potentially South America.
“This news kind of further highlights that they are serious about expanding outside of the U.S.,” Marks said.
Garnsey said he has already been focusing a lot of his efforts on the international side of the business for about the last year and a half.
“It’s a really exciting opportunity for me to do this,” Garnsey said. “One of the strategies that our company is focusing on is growing the company, and growing it not only domestically, but also globally. One of my roles will be to continue, as I’ve been doing for the last two years, exploring those opportunities.”
Garnsey said part of the role is to understand more about the international ski industry and what opportunities may exist. He said a potential goal, while reiterating that nothing has been defined yet, could be international acquisitions.
“How long that takes, we have no idea,” Garnsey said. “We’re out there trying to listen and learn and understand the landscape.”
Vail Resorts spokeswoman Kelly Ladyga said of the shift that all senior leaders are stepping up to share responsibility for the Mountain Division now that Carrig is taking on leadership at all the North American resorts. She said, via email to the Vail Daily, that Jarnot’s new role is well suited because he has an “intimate knowledge of Beaver Creek, having been VP of marketing for both Vail and Beaver Creek in the past and VP of marketing for the company from 2003-2008, and is very familiar with all of the issues facing Eagle County.”
Lovell, Ladyga said, will continue overseeing Beaver Creek as he does now, with Jarnot becoming Lovell’s “more frequent contact to ensure alignment with all of our company and county-wide objectives, with (Carrig) continuing to provide broad strategic direction for both resorts.”
“And, importantly, John (Garnsey) will remain fully engaged in community efforts in Eagle County and still resides there,” Ladyga wrote.
Community Editor Lauren Glendenning can be reached at 970-748-2983 or firstname.lastname@example.org.
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!
Michael Slevin ǀ Vice President
Prudential Colorado Properties
(o) 970-845-8700 ǀ (m) 970-390-9440
By Steve Goldstein
WASHINGTON (MarketWatch) – Home builder confidence in the market for new single-family homes climbed in February for the fifth straight month to reach the highest level in more than four years, according to a survey released Wednesday. The National Association of Home Builders/Wells Fargo housing market index rose to 29 in February from 25 in January, meaning the gauge has more than doubled since September. Economists polled by MarketWatch had expected a reading of 26. Though that’s still far below the level considered “good” – the seasonally adjusted gauge needs a reading of 50 to do that, which hasn’t been the case since April 2006 – it does indicate improving sentiment for builders. The home-builder gauge tracks closely with single-family housing starts, with the January data from that series due for release from the Commerce Department on Thursday.
- Amy Hoak’s Home Economics: Big suppliers absent from Builders’ Show (marketwatch.com)
Welcome to my February Beaver Creek Real Estate Market Update. This issue contains a recap of 2011 and all related statistics. We were up slightly over 2010 but it will take a while to climb out of the deep hole we dropped into over the past few years.
The overall market was also up slightly in 2011, mainly due to the increase in the sale of distressed properties (bank owned and short sales).
On a different theme, I attended the National Association of Realtors (NAR) annual conference last fall in my role as VBR Board Member and MLS Director. I’ve included some comments from the NAR chief economist and his perspective on the housing market.
Click on the links below to view the market update and the current BC condo and town home listings and 2011 sales.
We continue to get snow although not to the extent of last season. Nevertheless, skiing is excellent.
Best Wishes to you and your family.
Welcome to my February Wildridge Real Estate Market Update. Sales in 2011 didn’t quite measure up to 2010. This edition of the market update contains all year-end statistics.
Click on the link below for the latest market update, current listings, and 2011 sales.
Best Wishes to you and your family.
On Friday the real estate brokers in the Beaver Creek Lodge office were hosted at Zach’s restaurant in Bachelor Gulch. The occasion was to learn more about Vail Resorts Signature Clubs in the Vail Valley. The Signature Clubs include the Vail Mountain Club, Arrabelle Club, Game Creek Club, Passport Club (all in Vail, Colorado) and the Beaver Creek Club, Bachelor Gulch Club, and Arrowhead Club (all in Beaver Creek, Colorado). Red Sky Ranch Golf Club is also part of the Signature Clubs.
In addition to a fabulous lunch, Tinsley Buffington, part of the Signature Clubs sales team, gave a detailed and interesting presentation on the Clubs. There really is a club for everyone in the Vail Valley. These clubs are a great way to quickly integrate new homeowners into the community. They offer not only great facilities, but all have many activities to choose from.
I have skied with the Bachelor Gulch Men’s Club and they are a fun group of guys. We have even accomplished the Talon’s Challenge as a group.
So it was a fun and educational day. See our group below with Zach’s in the background.
I was recently selected to attend the PSIA (Professional Ski Instructors of America) Logan Academy in Vail. Vicki and Kent Logan of Vail have supported the Vail and Beaver Creek Ski and Snowboard Schools for years by sending a select few to the PSIA National Academy in Utah in the Spring. This year, in addition to the National Academy, the Logans underwrote a PSIA Academy in Vail.
The Academy brings together members of the PSIA National Team and Vail and Beaver Creek ski instructors for 3 days of personal growth. I was lucky enough to be selected for the Academy.
I skied with Nick Herrin, an 8-year member of the National Team and 7 other instructors from Vail and Beaver Creek. What an incredible 3 days. Nick guided us on an exploration of our own skills and knowledge of the ski instruction universe. Everyone one of us skied away with a much deeper understanding of not only our own strengths and focus areas, but how to translate that knowledge into making us better and stronger ski instructors. It was an experience I wish every ski instructor could go through. Luckily, I think the Logans are planning on making this an annual event.
Most of all, thanks to Nick for his patience, experience, and knowledge that exposed us to new ways of thinking and skiing. I’m both physically and mentally exhausted after the 3 days but would do it again in an instant. The photo above is of our group.
We have had many successes in Cordillera this past year together with the challenges, and we’d like to tell you about a few of them. Many of you have called us to ask questions and we always welcome your inquiries. It’s important to have the facts, so call us any time.
One misconception is that financing institutions will not loan on Cordillera properties. Many, if not all of the sales, this past year have been financed and we will be happy to share the names of those participating institutions with you.
Since January 1, 2011, we have had over $33 million in sales; 22 homes have sold with an average selling price of $1.5 million. There are currently 10 properties under contract, due to close shortly. Just this past weekend, we had several brokers showing property and they placed 3 homes under contract.
We have observed that many of the new buyers in Cordillera are friends of owners and are confident that a resolution to the lawsuit is on the horizon. They feel that now is a good time to buy in Cordillera with the unbeatable values that are available. Interestingly, several of the buyers have been attorneys who have read the information regarding the lawsuits and feel comfortable with their purchases.
The Lodge and Spa has initiated a Cordillera membership for a minimal fee that makes all of the Lodge and Spa amenities available to Lodge members. The Grouse on the Green and Mirador Restaurant are open to the public and as popular as ever. Their list of special events for members is extensive, so call us for more information.
The Cordillera Vail Club at the base of Vail Mountain has initiated a special offering that gives 2 free days use of The Club to folks who may be interested in joining. You do not have to be a Cordillera owner to take advantage of this opportunity. Again, call us for more information.
We have been told that negotiations with The Club are taking place. The Cordillera team is optimistic that there will be a settlement in the near future.