Archive for February, 2012
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.
- The Resort Company LLC Acquires Western Seasons Management (prweb.com)
- The PSIA Logan Academy at Vail – A Fabulous Experience (beavercreekvoice.com)
- Vail Home Raffle Raises Money for School; Offers Luxury Resort Home in Vail, Colorado with Taxes Paid. (prweb.com)
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.
One advantage to officing in Beaver Creek is that our office is about 75 yards from a chairlift. Dave Whitman and I decided to get out of the office and make a few turns. It was a beautiful day in Beaver Creek! Wish you were here!
Perched next to Michelle Obama at President Obama’s State of the Union campaign speech, in full view of the TV cameras, was Warren Buffett’s secretary, the woman who Buffett tells us pays more taxes than he does, her multibillionaire boss. She served as a convenient prop for Obama’s latest round of class warfare. I deconstructed Buffett’s specious claim four years ago when he first made it. Apparently, it’s time for an update.
His assertion is that he and the super rich pay a lower tax rate than their “secretaries and receptionists.” The key word here is “rate.” Obviously, when considering the amount of total tax dollars collected, the rich pay an inordinate share — far more than their “fair share” — of the overall income tax burden. The top 1 percent pays 37 percent of all individual federal income taxes; the top 10 percent pays 70 percent; and the bottom 50 percent carries only 2 percent of the burden.
Buffett extracts a pound of lie from an ounce of truth while throwing in a heavy dose of half truths and convenient omissions. While it’s true that rich and not-so-rich investors pay lower tax rates on things like capital gains, dividends, and interest on municipal bonds than is paid on ordinary wage and salary income, there are perfectly good reasons for that.
Corporations that pay dividends to shareholders do so with after-tax dollars, having already paid a corporate income tax on their earnings. The lower tax rate that shareholders
have paid in the past on dividend income when they file their individual tax returns serves to offset some — but not all — of this double taxation. (The lower tax rate on ordinary dividend income, unfortunately, is being eliminated.)
Likewise, the capital gains tax is also double taxation, as eloquently explained by economists Victor Canto and Harvey Hirschorn in more words than space allows here. Moreover, if a stock increases in value over the years, much of the gain is illusionary, eroded by inflation. The capital gains tax makes no allowance for this. A lower tax on capital gains is a productive incentive for people to defer current consumption and invest in the future, creating wealth for themselves and society.
But Buffett’s worst manipulation is lumping together income taxes and payroll taxes in the comparison with his secretary. Payroll taxes are for specifically dedicated programs like Social Security and Medicare. Investment income isn’t and shouldn’t be subject to the payroll tax, and Buffett has far more investment income than his secretary.
Income taxes are sharply progressive, with almost 50 percent of Americans paying nothing at all. Conversely, a uniform Social Security tax rate (normally 6.2 percent each for employee and employer; although a 4.2 percent employee rate is temporarily in effect) is levied on an employee’s salary, capped at an income limit of $110,100 in 2012 (increasing each year with inflation). So, obviously, a lower-salaried secretary would pay a greater percentage of her income in payroll taxes than a much higher-salaried boss whose income is well above $110,000. But, again, this is for good reason. Social Security benefits are similarly capped. From its inception, Social Security was described as a forced savings plan for your own retirement or disability. If the Social Security tax on individuals had no limit, it would be just another income transfer/welfare program, which is precisely what liberals want.
With no cap, the normal, combined employee/employer rate of 12.4 percent on a $1 million salary would result in a tax of $124,000 in 2012 instead of $13, 652. That’s an increase of about $110,000. On a $10 million salary, that would be a tax increase of about $1,226,000. And this would be on top of income taxes, which Democrats also want to increase. This is grand larceny.
Read more: Mike Rosen – The Denver Post http://www.denverpost.com/rosen#ixzz1lFSOz4s8