Posts Tagged June

Cordillera Golf Club settles legal dispute, plans sale – Denver Business Journal


 

New Media Editor- Denver Business Journal

Cordillera Golf Club LLC, an Eagle County golf and residential complex that filed for Chapter 11 bankruptcy protection in June, said late Wednesday that it had “completed successful mediation” in a legal battle with property owners and creditors.

Cordillera — which operates as the Club at Cordillera in Edwards, near Beaver Creek — also said that it has agreed to be sold by the end of the year. The settlement is subject to court approval, it said.

In a statement, Cordillera said it “has completed successful mediation with all major parties [in the dispute] including the Cordillera Property Owners Association (CPOA), the Cordillera Transition Committee (CTC) and the Official Creditors Committee (OCC).”

The mediation, it said, “has provided a framework for resolution of suits among membership and ownership over financial matters, dues structures, ownership rights and the future of the club facilities of Cordillera.”

Those facilities include three golf courses and a teaching course as well as an athletic club and three clubhouses with restaurants.

Cordillera has some 1,100 homeowners, several hundred of whom had joined in a class-action lawsuit against the club.

The dispute did not involve the adjacent Lodge and Spa at Cordillera, which is separately owned.

“I am happy that we were able to come to a resolution of disputes that have affected our homeowners, club members, the community and my family for more than two years,” club owner David Wilhelm said in the statement. “It’s time to move on in the most positive way.”

Under the settlement agreement, “the parties agreed that the club will be sold prior to year end 2012,” Cordillera’s statement said.

“It is expected that all cash bids for the operating assets for the club will be received by Dec. 3,” the statement added. “In the event of multiple bids, an auction will be held on Dec. 10 to select the highest and best bid. In the auction process, Cordillera will likely be sold as a single asset. The sale will close before Dec. 28.”

Cordillera in June filed for Chapter 11 protection after failing to reach “a mutually acceptable agreement with certain stakeholders in the community.”

The filing came in the wake of dueling lawsuits involving property owners and Wilhelm, with one issue being a decision not to open some of the club’s golf courses last year, according to Vail Daily coverage of the issue.

The Chapter 11 filing (download here) listed both assets and liabilities ranging from $10 million to $50 million.

 

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Sales of new U.S. homes climb in July – MarketWatch


 

By Jeffry Bartash

WASHINGTON (MarketWatch) – Sales of new single-family homes in the U.S. climbed to an annual rate of 372,000 in July from 359,000 in June, the Commerce Department said Thursday. Sales in June revised up from an original reading of 350,000. Economists polled by MarketWatch had forecast new home sales to rise to a seasonally adjusted 365,000 last month. The biggest increase took place in the Northeast, where sales rose nearly 77% after falling 55% in June. Sales also rose 7.7% in the Midwest. In the South, sales declined by 1.6% and purchases fell 0.9% in the West. New home sales are 25.3% higher compared to one year ago. The median price of new homes, meanwhile, dropped 2.1% to $224,200 last month from $229,100 in June. And the supply of new homes available for purchase on the U.S. market fell to 4.6 months at the current sales pace from 4.8 months in the prior month. The combination of faster sales and a slow rate of construction resulted in the number of new homes on sale falling to a record low of 142,000 in July.

 

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8 Signs Housing Is on the Mend


 

Some Americans are still jittery over the housing market, but here are eight positive signs that should quell some of their fears.

  1. Housing prices are on the rise across the country.
  2. Foreclosures have slowed. Analysts suggest that as the supply of distressed homes slows, buyers will be forced into higher-price properties too.
  3. Inventories of for-sale homes on the market are decreasing. In fact, inventories of for-sale homes have dropped 24 percent from a year ago.
  4. Mortgage rates are at ultra record level lows, for those who can qualify
  5. Housing starts rose 6.9 percent in June. Also, existing-home sales were up 4.5 percent higher in June compared to one year ago.
  6. Home building stocks are on the rise.
  7. For investors who are buying homes, rents are soaring, allowing them to cash in on their investments. Rental prices are at a 10-year high as median units rent for $710 a month.
  8. Home affordability is at record highs for the median income family, due to falling home values and super low mortgage rates. In fact, a recent study found that it is cheaper to buy a home than rent in basically ever major city in the U.S. For those who buy, you can save the cost of renting by owning the home for five years or less.

But while the signs point to a housing market on the mend, some Americans still remain hesitant. Many Americans are still underwater on their mortgage, owing more on their home than it is currently worth. Also, the economy continues to weigh on the recovery, particularly a dampening employment outlook, which analysts see as tied to housing.

Still, The Wall Street Journal concludes in a recent article that if you take into account all the positive signs lately in the housing market, “housing presents an attractive long-term investment that should hold steady or even have upside surprise in the short term.”

 

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U.S. housing starts rise 6.9% in June – MarketWatch


 

By Jeffry Bartash

WASHINGTON (MarketWatch) – Construction on new U.S. homes in June rose 6.9% to an annual rate of 760,000, the highest level since October 2008, but building permits fell slightly, the Commerce Department reported Wednesday. Housing starts in May were revised up to 711,000 from an original reading of 708,000. Economists surveyed by MarketWatch had expected housing starts to rise in June to an annual rate of 750,000 on a seasonally adjusted basis. Permits for new construction, viewed as a gauge of future demand, edged 3.7% lower to an annual rate of 755,000 from 784,000 in May. Permits for single-family homes, which account for three-quarters of the housing market, rose a scant 0.6% to an annual rate of 493,000 last month. More than half of the increase in housing starts in June involved buildings with five or more units.

 

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