Monthly Archives: July 2011
Late July 2011
07/13/11
Summer is flying by and things have certainly been busy here in the mountains. We had a great 4th of July celebration earlier this month — check out this video– and since then it’s been non-stop with all of our great summer pastimes, from hiking and biking to rafting, riding and fishing and festivals from yoga to playwrights and the annual Ah Haa Art Auction.
Activity in our real estate market continues to build with the Town of Telluride the hottest spot right now with 12 houses sold YTD and six more currently under contract. This underscores a trend in resort markets reported on in last weekend’s Wall Street Journal in an article titled “Vacation Homes: Why It May be Time to Buy.” Generally speaking we would say the Town of Telluride is trending closer to Aspen while Mountain Village is currently trending more like Vail.
In fact, last week, Mountain Village’s Capella Telluride/Hotel Madeline project’s lender, Swedbank, finalized its acquisition of the hotel, along with the Inn at Lost Creek, in a foreclosure auction. Also last week, Mountain Village approved the properties’ court-appointed receiver, Jack Westergom, of Manhattan Hospitality Advisors, as the hotel’s operator and Westergrom pledged to continue to upgrade the hotel with the hopes of attracting a banner operator for the Hotel Madeline.
As always, please feel free to stop by the office or contact us online or at 970-728-0213 with any questions.
