VailMountain Announces a State-of-the-Art Gondola to Replace Vista Bahn Express Lift (#16) in Vail Village

Vail Mountain, the largest ski resort in the United States, has already begun making plans for its 50th anniversary in December 2012, by announcing the planned installation of a new, state-of-the art gondola to replace the Vista Bahn Express Lift (#16) inVailVillage.

The new gondola, which will have the number “1” to commemorate Vail’s original gondola in that location, will provide a 40 percent improvement in uphill capacity over the existing Vista Bahn Express Lift (#16) – the highest of any gondola inNorth America. The state-of-the-art gondola, the first installation of its kind inNorth America, will offer new features, such as free Wi-Fi access for guests.

“We could think of no better way to celebrate the 50th anniversary ofVailMountain than by making a dramatic investment to improve the experience for our guests. The new gondola will set a standard for how we transport guests up the mountain, significantly reducing wait times at one of the most popular and recognized lifts anywhere in the world. It will also offer a protected and comfortable ride, completewith free Wi-Fi access,” said Chris Jarnot, senior vice president and chief operating officer ofVailMountain. “The new gondola continues a long tradition of Vail’s investments to set the leading position in guest service anywhere in the mountain resort industry.”

“The new gondola in Vail Village will provide the final touch to Vail’s multi-billion dollar renaissance over the past decade, which has been the result of an incredible partnership between Vail Resorts, the Town of Vail and the entire Vail community,” said Andy Daly, mayor of the Town of Vail. “These investments have ensured Vail’s leadership position in the resort industry for many years to come.

The new gondola will be located in the same location as the existing lift and will reach the same location at Mid-Vail. The gondola is a state-of-the-art lift replacing the technology of the existing high-speed quad lift that was installed in 1985, approximately 26 years ago, and reintroducing a gondola to VailVillagenot experienced since the 1970s. The gondola is proposed to be installed in the spring and summer of 2012 and be operational for opening day of the 2012-2013 ski season, just in time to celebrate the 50th anniversary of Vail.

The base lift facility will be similar to the existing equipment but instead of chairs hanging from a cable, there will be gondola cabins. Unlike the Eagle Bahn Gondola (#19) in Lionshead, which is an enclosed facility, the new gondola will be an open air terminal

The new gondola is subject to Town ofVailand U.S. Forest Service approval. Additional details on the design and approval of the proposed gondola will be available in the coming months.

Thursdays in Vail this winter

Bud Light Street Beat is back for its 13th season!

Brought to you by the Vail Valley Foundation, Thursday nights starting at 6:30pm in Vail are always full of free music and fun. This free concert series takes place on the streets of Vail through April 12,2012. Locals can register to win a Volvo XC70 3.2 AWD car!

Here is a list of the acts:

• December 15th Marcia Ball


• January 19th White Water Ramble


• February 16th Leroy Justice


• March 8th Less Than Jake


• March 15th Lez Zeppelin


• March 22nd TBD


• March 29th Rootz Underground


• April 5th Kinky


• April 12th Funkiphino

Breaking News: U.S. Will Remain a Nation of Homeowners

From RISMEDIA

The U.S. will not become a nation of renters; there are just too many benefits, both financial and otherwise, to own versus rent. That’s according to the combined findings of several recent studies presented during the “Buyer or Renter Nation?” session held during the 2011 REALTORS® Conference & Expo last week.

An analysis over a 31-year period across 23 metropolitan areas compared the ownership benefits in terms of appreciation and interest deductibility and the costs homeowners incur with down payment, taxes, insurance and maintenance. When it was assumed that renters reinvested any savings in rent (versus a higher monthly mortgage payment), maintenance and down payment, renters had a greater portfolio than buyers in 91 percent of the areas examined. However, when the model allowed renters to spend any savings rather than reinvest those savings, 84 percent of buyers came out ahead.

“We knew that homeowners, on average, accumulate more wealth than renters,” said Ken Johnson, editor, Journal of Housing Research at Florida International University. Johnson spoke at the session and conducted the analysis with Eli Beracha. “These findings indicate that homeownership is a self-imposed savings plan. Not everyone should own a home, but from a financial perspective, people who are planning to stay in a property over the long term can benefit from buying.”

According to the most recent data from the Federal Reserve Board, a homeowner’s net worth is 45.9 times that of a renter’s.

Another analysis conducted by Johnson, Beracha, Hilla Skiba and Mark Hirschey determined that housing affordability is at record levels.

Twenty-three states are at 30-year record levels of affordability based on price-to-income ratios, and all 50 states are at 30-year record affordability levels based on mortgage payment-to-income ratios.

“Homeownership is more affordable today than at anytime over the last 30 years,” said Johnson.

Beyond the financial advantages of homeownership, Johnson also cited several studies that have demonstrated how homeownership enhances civic pride, improves voter turnout, increases personal happiness, reduces crime, and provides a better familial environment.

“These findings are no surprise to REALTORS®,” said NAR President Ron Phipps. “We, like the nation’s 75 million homeowners and many other who aspire to one day own a home, know homeownership is an investment in the future of our families, communities, and nation. That is why we will continue to fight for public policies that promote responsible, sustainable homeownership; we believe that anyone who is able and willing to assume the responsibilities of owning a home should have the opportunity to pursue that dream.

Bank owned moving quickly in Eagle County

Sales of bank-owned properties and “short” sales are driving the county's down valley real estate market.

In the lower valley, and especially in Gypsum, there are some bargains available. One bank-owned property is worth more than $180,000 on the county's property-tax rolls. It's on the market at $104,900. An older single-family, one-bedroom home there is listed for less than $90,000.

There were 132 completed real estate sales in the county in September, the highest one-month total since October of 2008. But three years ago, those sales totaled more than $165.3 million. The total for September of this year was just less than $83 million. In fact, September's sales volume was only 35 percent of the total recorded in September of 2010 on 18 fewer sales.

Bank-owned property — about 20 percent of September's total — seems to be moving pretty quickly.

In the Vail Multiple Listing System there are currently a total of 29 Bank owned properties listed for sale as of 11/10/2011. Bank owned can be a perceived value but Buyers should also consider there is value in regular properties for sale.

It's Time to Buy That House

From the Wall St Journal

U.S. house prices have plunged by nearly a third since 2006, and homeownership rates are falling at the fastest pace since the Great Depression.

The good news? Two key measures now suggest it's an excellent time to buy a house, either to live in for the long term or for investment income (but not for a quick flip). First, the nation's ratio of house prices to yearly rents is nearly restored to its prebubble average. Second, when mortgage rates are taken into consideration, houses are the most affordable they have been in decades.

Two of the silliest mantras during the real-estate bubble were that a house is the best investment you will ever make and that a renter "throws money down the drain." Whether buying is a better deal than renting isn't a stagnant fact but a changing condition that depends on the relationship between prices and rents, the cost of financing and other factors.

But the math is turning in buyers' favor. Stock-oriented folks can think of a house's price/rent ratio as akin to a stock's price/earnings ratio, in that it compares the cost of an asset with the money the asset is capable of generating. For investors, a lower ratio suggests more income for the price. For prospective homeowners, a lower ratio makes owning more attractive than renting, all else equal.

Nationwide, the ratio of home prices to yearly rents is 11.3, down from 18.5 at the peak of the bubble, according to Moody's Analytics. The average from 1989 to 2003 was about 10, so valuations aren't quite back to normal.

But for most home buyers, mortgage rates are a key determinant of their total costs. Rates are so low now that houses in many markets look like bargains, even if price/rent ratios aren't hitting new lows. The 30-year mortgage rate rose to 4.12% this week from a record low of 3.94% last week, Freddie Mac said Thursday. (The rates assume 0.8% in prepaid interest, or "points.") The latest rate is still less than half the average since 1971.

As a result, house payments are more affordable than they have been in decades. The National Association of Realtors Housing Affordability Index hit 183.7 in August, near its record high in data going back to 1970. The index's historic average is roughly 120. A reading of 100 would mean that a median-income family with a 20% down payment can afford a mortgage on a median-price home. So today's buyers can afford handsome houses—but prudent ones might opt for moderate houses with skimpy payments.

Buying a Home is a safer bet than buying Gold

Homeowners Can’t Get Enough (Of Buying Homes)

Believe it or not, 57% of current homeowners said owning a home is among the best long-term investments they could make – even more than buying gold and putting cash under a mattress (go figure). If you think about it, that’s a bold statement considering how many people have lost their homes to foreclosure thus far. As a matter of fact, 80% of these folks say they want to buy another house in the future. But wait, there’s more. When we broke down this stat by age, we found out that an astonishing 69% of current homeowners age 55 years old or older (we’re talking retired or almost retired Baby boomers here) plan to buy another home. Must be something about that homebuying rush that they can’t get enough of, eh?

Buying A Home Ain’t No Walk In The Park

Most housing markets may be “offering” a blue light special on real estate all year long, but times have changed. The home buying process isn’t easy anymore.

Hands down, the biggest barrier to being a homeowners is saving up for a down payment (though this isn’t necessary a bad thing ’cause you should be putting at least 20% down. Letting people buy with zero down was one of many things that got us into this mess of a housing crisis). This especially rang true for Millennials (18-34 year olds) – 62% said this was among the biggest hurdles that they faced in trying to buy a home. On the flip side, qualifying for a mortgage and having a poor credit history were a bigger concern among Gen X’ers (35-54 year olds).

Rate on 30-year mortgage falls to record 4.09 pct.

From the Denver Post

WASHINGTON—Fixed mortgage rates fell to the lowest level in six decades for the second straight week. But few Americans can take advantage of the historically low rates.
Freddie Mac said Thursday that the average rate on the 30-year fixed mortgage fell to 4.09 percent this week, down from 4.12 percent. That's the lowest rate seen since 1951.

The average rate on the 15-year mortgage, a popular refinancing option, fell to 3.30 percent from 3.33 percent. Economists say it is likely the lowest rate on the 15-year ever.

Mortgage rates tend to track the yield on the 10-year Treasury note. Worries over Europe's debt crisis are pushing investors to shift money into safe Treasurys, forcing the yield lower.

Over the past year, the average rate on the 30-year fixed mortgage has been below 5 percent for all but two weeks. That compares with five years ago, when the average 30-year fixed rate was near 6.5 percent. A decade ago, it exceeded 8 percent.

Still, cheap mortgage rates haven't helped home sales. Sales of new homes are on pace for the worst year on records dating back a half-century. The pace of re-sales is shaping up to be the worst in 14 years.

Many Americans are in no position to buy or refinance. High unemployment, scant wage gains and large debt loads have kept them away.

Others can't qualify. Banks are insisting on higher credit scores and 20 percent down payments for first-time buyers. Some homeowners have too little equity invested in their homes to meet loan requirements.

Most people must also pay extra fees to get the low mortgage rates. Those fees are known as points, with one point equaling 1 percent of the total loan amount.

The average fees for the 30-year held steady at 0.7 point. Fees paid on 15-year fixed loans and both 5-year and one-year adjustable rate loans were all at 0.6 point.

Once fees are factored in, the average rate on the 30-year loan rises from 4.09 percent to 4.25 percent, Freddie Mac said.

A drop in mortgage rates could provide some help to the economy if more people could refinance. The Obama administration is looking at expanding a government program to help more eligible homeowners refinance. When people refinance at lower rates, they pay less interest on their loans and have more money to spend.

But many homeowners with good jobs and stable finances have already refinanced in the past year. The average rate on the 30-year fixed loan fell to 4.17 percent last November, and to 4.15 percent last month. Both were previous lows.

Homeowners typically pay a few thousand dollars in closing costs when they refinance. To refinance again, most experts say rates would need to fall an additional 1 percentage point to make it worthwhile.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.

The average rate on a five-year adjustable-rate mortgage rose to 2.99 percent. That's higher than last week's 2.96 percent, the lowest records dating to January 2005 and the sixth straight week of record lows for this type of loan.

The average rate for the one-year adjustable-rate mortgage fell to 2.81 percent from 2.84 percent. That's the lowest on records going back to 1984.