Posted by:
Erin Eddy
www.ourayland.com
www.ridgwayland.com
Cornerstone Named Best Private Course by Golf Magazine
Greg Norman Course to Host Senior Tournament
MONTROSE – The unparalleled beauty of Cornerstone’s setting atop the Uncompahgre Plateau is enough to set it apart from other mountain developments. But add to that a Greg Norman-designed golf course and be prepared for national recognition.
The January 2009 issue of Golf Magazine, currently on newsstands, has named Cornerstone the #1 Best New Private Golf Course in the country.
The 7,945-yard, par 72 course was touted by the editors at Golf Magazine as “easily the best high-altitude course in the nation, and quite possibly the world.” They called it Norman’s “finest North American project to date.” This prestigious recognition, which bested Donald Trump’s National Bedminster in New Jersey (#2), comes six months after all 18 holes were opened in July.
“This is something we are certainly proud of,” Head Golf Pro and Golf Manager Sean Tannehill said in an interview last week. “This is a golf course that is designed for everybody. My favorite thing about the course is the possibility of playing a multitude of different approaches, which enables a lot of bump and runs and a lot of great shots.”
The editors at Golf Magazine also made note of the way the course uses the natural landscape: “Purists will appreciate the tough forced carries and greens that often demand run-up approach shots, and the fast greens and shaved surrounds even things up for players of all abilities.”
The course was designed according to Norman’s well-known “least disturbance” philosophy, which curtails massive earth movement, reduces large-scale clearing and takes full advantage of the natural features on the landscape. The course covers more than 300 acres and is designed to provide golfers at all skill levels an enjoyable game.
“When Greg Norman first toured the land on snowmobile, he immediately saw the potential for the golf course and we partnered with him knowing that we had selected the best designer in the business,” said Larry Corsen, senior vice president of Hunt Realty Inc., a privately held real estate investment company, and owner and operator of Cornerstone. “We are thrilled to see our dream of Greg’s talent come to fruition and be recognized as the number one private golf course by Golf Magazine. We are truly honored to be at the top of this revered category of golf course in the United States.”
As if the #1 ranking wasn’t enough, Tannehill said that Cornerstone will be hosting the Colorado Senior Amateur Championship the first week in September.
“For us, it is a great way to get senior competitive players to play our course and to this part of Colorado,” said Tannehill. “All of these championships have always been held out on the Front Range [of Colorado] and it is a great opporunity for us.”
Members of Cornerstone have access to a 20-plus acre practice facility and some of the finest golf professionals and staff in the nation. Mark Wood has consistently been ranked one of the top 50 instructors in the country for the past 10 years, and Kathy Hart-Wood, former LPGA touring pro and also a celebrated top 50 instructor as named by Golf for Women, is director of women’s golf. Cornerstone also recently celebrated the opening of its clubhouse, which includes a casual bar and grill, outdoor dining and the Village Mercantile, featuring a golf pro shop and outfitters’ headquarters.
Written by Gus Jarvis
Saturday, December 27, 2008
Saturday, December 20, 2008
County to buy Telluride Real Estate
Posted by Erin Eddy
www.ourayland.com
www.ridgwayland.com
County to Buy Property
by Karen JamesDec 18, 2008 | 173 views | 0 | 0 | | First In-Town Purchase Since 1999
TELLURIDE – The San Miguel County Board of Commissioners passed two resolutions on Wednesday that will advance its plans to purchase property located at 335 W. Colorado Ave.
When finalized, the transaction will represent the county’s first purchase of property within Town of Telluride boundaries since buying the second floor of the Miramonte Building in 1999, according to County Attorney Steve Zwick.
“It has been a long time since the county has acquired property inside the town,” he said, adding that the county hopes to close on the deal by Dec. 24.
“We had the opportunity and we needed to take advantage of it,” said County Administrator Lynn Black.
Legally described as Lots 1, 3 and 5, Block 1, Town of Telluride, Needle Rock Fiber Arts currently occupies a ground level commercial space in the property’s main building and will remain a tenant there following the sale, Black confirmed. Stewart Title of Colorado previously had ground floor offices there until the company moved.
In addition to the main building, some sheds located behind it are also part of the property.
Black said that over the next few months the county plans to consider which of its personnel should relocate to the new building to alleviate overcrowding in its current offices. It will also be looking at ways to make the building more “livable” as it considers future development there, she said.
One of the two resolutions authorizes the financing mechanism by which the county will purchase the property, while the other authorizes Commissioner Chair Joan May to execute all closing documents related to the $4 million acquisition from its current owner, Fruen Properties LLC.
The county plans to enter into a lease/purchase agreement with Salt Lake City-based Zions First National Bank to finance $3 million of the purchase at an interest rate of 5.26 percent that will reset after five years, according to Zwick.
Lease/purchase provides local governments with a method to finance the acquisition of large capital assets such as buildings or cars through a series of one-year payment installments. Renewed annually, these payments do not extend into subsequent years and, therefore, are not technically considered debt according to state law, Zwick said.
“You are not legally obligated, you can walk away at any given year,” he explained. “It’s used by local governments to finance all sorts of things.”
As a result, lease/purchase agreements do not require voter approval according to the state Taxpayers’ Bill of Rights, or TABOR, Amendment that requires a public vote to authorize all new government debt.
“Colorado law allows local governments to finance acquisition of capital assets with lease/purchase,” said Zwick.
www.ourayland.com
www.ridgwayland.com
County to Buy Property
by Karen JamesDec 18, 2008 | 173 views | 0 | 0 | | First In-Town Purchase Since 1999
TELLURIDE – The San Miguel County Board of Commissioners passed two resolutions on Wednesday that will advance its plans to purchase property located at 335 W. Colorado Ave.
When finalized, the transaction will represent the county’s first purchase of property within Town of Telluride boundaries since buying the second floor of the Miramonte Building in 1999, according to County Attorney Steve Zwick.
“It has been a long time since the county has acquired property inside the town,” he said, adding that the county hopes to close on the deal by Dec. 24.
“We had the opportunity and we needed to take advantage of it,” said County Administrator Lynn Black.
Legally described as Lots 1, 3 and 5, Block 1, Town of Telluride, Needle Rock Fiber Arts currently occupies a ground level commercial space in the property’s main building and will remain a tenant there following the sale, Black confirmed. Stewart Title of Colorado previously had ground floor offices there until the company moved.
In addition to the main building, some sheds located behind it are also part of the property.
Black said that over the next few months the county plans to consider which of its personnel should relocate to the new building to alleviate overcrowding in its current offices. It will also be looking at ways to make the building more “livable” as it considers future development there, she said.
One of the two resolutions authorizes the financing mechanism by which the county will purchase the property, while the other authorizes Commissioner Chair Joan May to execute all closing documents related to the $4 million acquisition from its current owner, Fruen Properties LLC.
The county plans to enter into a lease/purchase agreement with Salt Lake City-based Zions First National Bank to finance $3 million of the purchase at an interest rate of 5.26 percent that will reset after five years, according to Zwick.
Lease/purchase provides local governments with a method to finance the acquisition of large capital assets such as buildings or cars through a series of one-year payment installments. Renewed annually, these payments do not extend into subsequent years and, therefore, are not technically considered debt according to state law, Zwick said.
“You are not legally obligated, you can walk away at any given year,” he explained. “It’s used by local governments to finance all sorts of things.”
As a result, lease/purchase agreements do not require voter approval according to the state Taxpayers’ Bill of Rights, or TABOR, Amendment that requires a public vote to authorize all new government debt.
“Colorado law allows local governments to finance acquisition of capital assets with lease/purchase,” said Zwick.
Sunday, December 14, 2008
Telluride Real Estate Update
Written by Ouray News
Posted by:
Erin Eddy
www.ourayland.com
www.ridgwayland.com
December 12, 2008
TELLURIDE — An ordinance that proposes to relax Telluride's Planned Unit Development process — allowing the town's planning and zoning commission more negotiation powers in dealing with PUD applicants — divided the town council on Tuesday.
On one side of the issue were council members who wanted the ordinance — a dense and complicated document — continued until January for more public digestion. On the other were members who said they were ready to pull the trigger on the ordinance, which has been in the works since April.
After a drawn-out hearing that saw one motion narrowly defeated and a spate of public comment for and against passage, the ordinance was approved by a vote of 4-3.
The ordinance was created by P&Z and staff as a way to allow for more flexibility in the design and development of a PUD project — larger type developments, such as condominiums, that eclipse the town's regular review process. The entities have been hammering it out since last April, on direction of council, and it was born as part of an effort to create more vitality in the town's commercial area.
Under the ordinance, rather than developing a project under the basic zoning requirements, applicants and the P&Z commission would negotiate in an exchange of variances for public benefits.
This way, drafters say, the town could get things like common open space, commercial space or parking spaces in exchange for say, increased building height or floor space, making the PUD process more effective.
But some have criticized it for giving P&Z too much oversight and for opening opportunities for developers to provide less affordable housing.
Posted by:
Erin Eddy
www.ourayland.com
www.ridgwayland.com
December 12, 2008
TELLURIDE — An ordinance that proposes to relax Telluride's Planned Unit Development process — allowing the town's planning and zoning commission more negotiation powers in dealing with PUD applicants — divided the town council on Tuesday.
On one side of the issue were council members who wanted the ordinance — a dense and complicated document — continued until January for more public digestion. On the other were members who said they were ready to pull the trigger on the ordinance, which has been in the works since April.
After a drawn-out hearing that saw one motion narrowly defeated and a spate of public comment for and against passage, the ordinance was approved by a vote of 4-3.
The ordinance was created by P&Z and staff as a way to allow for more flexibility in the design and development of a PUD project — larger type developments, such as condominiums, that eclipse the town's regular review process. The entities have been hammering it out since last April, on direction of council, and it was born as part of an effort to create more vitality in the town's commercial area.
Under the ordinance, rather than developing a project under the basic zoning requirements, applicants and the P&Z commission would negotiate in an exchange of variances for public benefits.
This way, drafters say, the town could get things like common open space, commercial space or parking spaces in exchange for say, increased building height or floor space, making the PUD process more effective.
But some have criticized it for giving P&Z too much oversight and for opening opportunities for developers to provide less affordable housing.
Sunday, November 23, 2008
Capella Telluride announces February 2009 Opening
Posted by Erin Eddy
Nov 20, 2008
TELLURIDE – Skiers and snowboarders in the know consider the month of March prime time for skiing in Telluride, when the snowpack is often at its peak. And now, a new level of mountain luxury awaits skiers, as Capella Telluride announces its Feb. 15, 2009 opening. The resort enjoys an ideal ski-in/ski-out location on the mountain, with every detail designed for the most discerning traveler.
Resort guests and owners will benefit from the thoughtful architectural design and layout of Capella Telluride, realized by developers RAL Companies and Affiliates. Nestled in the heart of Mountain Village, the 100 guest rooms and 48 condominium suites afford convenient access to the 1,700 skiable acres of Telluride Ski Resort, complemented by Capella Telluride’s Nordic Lounge. Here, guests will enjoy a taste for Capella’s unparalleled service, as ski valet warm boots, offer hot beverages, assist with and ultimately store guests’ equipment.
And Telluride’s 2008/09 ski season will introduce the new Revelation quad chair lift, giving Capella Telluride skiers access to the challenging Revelation Bowl. For beginner and intermediate skiers and snowboarders looking for a more recreational ride, the Telluride Ski Resort offers a variety of trails suited for every level of downhill enthusiast.
Off the mountain, the hotel’s world-class indoor amenities including the exclusive Capella living room, alpine-inspired spa, indoor pool with floor-to-ceiling retractable windows, fitness center, entertainment venues, climate controlled parking, kids’ club and retail facilities. The resort’s three dining venues will include Onyx Restaurant, featuring haute alpine cuisine, the casual Gray Jay Café for quick gourmet treats and the elegant Suede Bar offering après ski tapas and evening cocktails. Capella Telluride will also introduce a new community ice skating rink, which will act as a meeting place for guests and locals alike.
“We envision Capella Telluride as the vibrant center of this world-class resort town, yet have designed the experience to offer guests the privacy and exclusivity that only Capella can provide,” commented Horst Schulze, CEO of Capella Hotels and Resorts. “Capella Telluride will encompass laid-back elegance reflecting the mountain lifestyle for which the area is renowned.”
Ultimately, the intimate setting of Capella Telluride will honor the unspoiled mountain grandeur that has made Telluride a storied year-round destination. During the height of ski season, outdoor enthusiasts might also try heli-skiing, snowmobiling, cross country skiing, and ice climbing, in addition to traditional mountain skiing and snowboarding.
To introduce Capella Telluride, the resort is offering special winter rates starting at $295 and summer rates starting at $195. Reservations can be made over the phone at 877/247-6688. For more information, visit www.capellatelluride.com.
Nov 20, 2008
TELLURIDE – Skiers and snowboarders in the know consider the month of March prime time for skiing in Telluride, when the snowpack is often at its peak. And now, a new level of mountain luxury awaits skiers, as Capella Telluride announces its Feb. 15, 2009 opening. The resort enjoys an ideal ski-in/ski-out location on the mountain, with every detail designed for the most discerning traveler.
Resort guests and owners will benefit from the thoughtful architectural design and layout of Capella Telluride, realized by developers RAL Companies and Affiliates. Nestled in the heart of Mountain Village, the 100 guest rooms and 48 condominium suites afford convenient access to the 1,700 skiable acres of Telluride Ski Resort, complemented by Capella Telluride’s Nordic Lounge. Here, guests will enjoy a taste for Capella’s unparalleled service, as ski valet warm boots, offer hot beverages, assist with and ultimately store guests’ equipment.
And Telluride’s 2008/09 ski season will introduce the new Revelation quad chair lift, giving Capella Telluride skiers access to the challenging Revelation Bowl. For beginner and intermediate skiers and snowboarders looking for a more recreational ride, the Telluride Ski Resort offers a variety of trails suited for every level of downhill enthusiast.
Off the mountain, the hotel’s world-class indoor amenities including the exclusive Capella living room, alpine-inspired spa, indoor pool with floor-to-ceiling retractable windows, fitness center, entertainment venues, climate controlled parking, kids’ club and retail facilities. The resort’s three dining venues will include Onyx Restaurant, featuring haute alpine cuisine, the casual Gray Jay Café for quick gourmet treats and the elegant Suede Bar offering après ski tapas and evening cocktails. Capella Telluride will also introduce a new community ice skating rink, which will act as a meeting place for guests and locals alike.
“We envision Capella Telluride as the vibrant center of this world-class resort town, yet have designed the experience to offer guests the privacy and exclusivity that only Capella can provide,” commented Horst Schulze, CEO of Capella Hotels and Resorts. “Capella Telluride will encompass laid-back elegance reflecting the mountain lifestyle for which the area is renowned.”
Ultimately, the intimate setting of Capella Telluride will honor the unspoiled mountain grandeur that has made Telluride a storied year-round destination. During the height of ski season, outdoor enthusiasts might also try heli-skiing, snowmobiling, cross country skiing, and ice climbing, in addition to traditional mountain skiing and snowboarding.
To introduce Capella Telluride, the resort is offering special winter rates starting at $295 and summer rates starting at $195. Reservations can be made over the phone at 877/247-6688. For more information, visit www.capellatelluride.com.
Saturday, November 8, 2008
Telluride and Fat Tire?
New Belgium Brewing Announces Partnership With Telluride Ski Resort
Written by the Ouray County Watch
Posted by:
Erin Eddy
www.ourayland.com
www.ridgwayland.com
FT. COLLINS, Colo. – The makers of Fat Tire Amber Ale, New Belgium Brewing Company, announced a sole partnership with the Telluride Ski Resort this week. Eight of the resort’s mountain bars and restaurants will feature New Belgium’s full portfolio of seven year round beers in Telluride. New Belgium will also serve more esoteric beers including the hand-bottled La Folie, a wood-aged beer, and selections from New Belgium’s Lips of Faith program, which enables New Belgium employees to creatively brew their own specialty beers for distribution.
“We are looking forward to partnering with Telluride Ski Resort, as both our companies focus on providing a great product while practicing sustainable business solutions,” said Colorado Beer Ranger Edward Hines. “We’re also very excited to offer some of our harder-to-find beers like Lips of Faith selections, Trippel, Abbey and La Folie to an audience from around the world.”
New Belgium Brewing is nationally recognized for its progressive environmental activities. From its inception, New Belgium has made every effort to minimize resource consumption, maximize energy efficiency and recycle at every opportunity. In fact, New Belgium became the country’s first brewery to subscribe to wind energy after employee owners voted to help finance the transition with a portion of their bonuses in 1999.
“The Telluride Ski Resort is committed to offering exceptional products at our resort, and New Belgium Brewing Company is the perfect fit,” said Matt Skinner, vice president of sales and marketing for the resort. “We are excited to present New Belgium as our partner to our national and international winter enthusiasts and beer connoisseurs.”
Written by the Ouray County Watch
Posted by:
Erin Eddy
www.ourayland.com
www.ridgwayland.com
FT. COLLINS, Colo. – The makers of Fat Tire Amber Ale, New Belgium Brewing Company, announced a sole partnership with the Telluride Ski Resort this week. Eight of the resort’s mountain bars and restaurants will feature New Belgium’s full portfolio of seven year round beers in Telluride. New Belgium will also serve more esoteric beers including the hand-bottled La Folie, a wood-aged beer, and selections from New Belgium’s Lips of Faith program, which enables New Belgium employees to creatively brew their own specialty beers for distribution.
“We are looking forward to partnering with Telluride Ski Resort, as both our companies focus on providing a great product while practicing sustainable business solutions,” said Colorado Beer Ranger Edward Hines. “We’re also very excited to offer some of our harder-to-find beers like Lips of Faith selections, Trippel, Abbey and La Folie to an audience from around the world.”
New Belgium Brewing is nationally recognized for its progressive environmental activities. From its inception, New Belgium has made every effort to minimize resource consumption, maximize energy efficiency and recycle at every opportunity. In fact, New Belgium became the country’s first brewery to subscribe to wind energy after employee owners voted to help finance the transition with a portion of their bonuses in 1999.
“The Telluride Ski Resort is committed to offering exceptional products at our resort, and New Belgium Brewing Company is the perfect fit,” said Matt Skinner, vice president of sales and marketing for the resort. “We are excited to present New Belgium as our partner to our national and international winter enthusiasts and beer connoisseurs.”
Saturday, October 25, 2008
Telluride Real Estate
Posted by: Erin Eddy
www.ourayland.com
www.ridgwayland.com
Foreclosure Filings Up Throughout County
by Karen JamesOct 23, 2008
All Market Segments Affected
TELLURIDE – With two months remaining in the fiscal year, foreclosure filings in San Miguel County are up 47 percent compared to the 2007 year-end total, county records show.
The county has opened 28 foreclosure files since January, of which seven – or 25 percent – have occurred during the last three weeks.
The county opened a total of 19 files during fiscal year 2007.
“We’re already past last year and we’re just in the first month of the fourth quarter,” said County Treasurer, Public Trustee and Public Registrar Janice Stout. “I’m just amazed with the number we’ve had.”
Among the 19 filings in 2007, a total of six – about 32 percent – eventually sold in foreclosure auctions.
This year, two of the 28 properties have been sold at auction. Another three are scheduled to go to auction before the end of the year if they are not first withdrawn, cured or continued.
Despite the overall increase in filings, with so few sales scheduled in the next two months, 2008 foreclosure sales cannot outnumber those in 2007.
But considering that 12 foreclosure sales could take place by the end of next February if they are not somehow remedied, 2009 could run the risk of producing a bumper crop of foreclosures.
“Maybe 09 will be record sales,” Stout said.
Among this year’s 28 filings, 10 – or about 36 percent – have been withdrawn or cured. One more, a filing for the Rosewood Telluride Resort and Hotel, is on hold until further notice.
In June, Lot 129, LLC and West Galena Holdings, owned by New York City-based developer Aaron Honigman, filed for Chapter 11 Bankruptcy protection one day before the property was to appear on the auction block. As a result, a week-to-week stay of the foreclosure has been in place since then, which Stout will continue to impose until otherwise directed by the court.
Outstanding principal on the Rosewood deal, a pre-construction bridge loan, is $50 million.
“There does seem to be a rush of filings,” said Stout, adding that she believed the accelerated filing pace will continue if the economy remains in its current state.
That said, a relative few of those are likely to result in foreclosure sales if history serves as an accurate predictor.
The filings span across virtually all segments of the real estate market. They range from a fractional interest in Mountain Village with $40,000 in outstanding debt, to a Mountain Village Home against which two foreclosure filings worth a total of about $10.1 million have been made.
According to Stout, the first foreclosure was filed on a deed of trust where the home was put up as collateral to guarantee a loan to a business. The second foreclosure was filed on a mortgage on the home itself.
In between those extremes are filings for Hastings Mesa and Norwood homes, an Ice House condominium and two vacant lots in Mountain Village among others.
“It’s pretty much across the board,” Stout said.
She speculated that one reason for the steady rate of foreclosure filings over the past few weeks could be the passage of Colorado House Bill 08-1402. The bill, which took effect on Aug. 1, requires that mortgage lenders provide the direct telephone number of their loss mitigation departments, and that of the Colorado Foreclosure Hotline, to buyers in danger of being foreclosed upon at least 30 days before the relevant paperwork is filed.
Stout said she received no filings during the month of August as the law took effect, which probably created a backlog that is working itself out now.
“People that were living with a high amount of debt are going to be the first ones to go,” said Matthew Hintermeister, a real estate agent, who noted the presence of several multi-million dollar properties on the foreclosure list.
Hintermeister, past president of the Telluride Association of Realtors, speculated that when the Dow Jones Industrial Average plummeted nearly 3,000 points over three weeks toward the end of September, cash flow may have been disrupted for investors who, through margin accounts established with brokerage firms, had taken out loans using securities as collateral.
Although investors can borrow against the value of his or her securities through margin accounts, a minimum of equity must be maintained in them. If the value of the pledged securities were to fall far enough – as would likely have been the case during those tumultuous weeks – a “margin call” would require the borrower to sell off securities or deposit cash (cash that may have otherwise been paying the mortgage on a second home) or perhaps do both – in order to replenish the account equity.
The brokerage retains the right to sell the pledged securities and may not be required to consult the margin account holder before doing so, according to Investopedia.com, an investor education website owned by Forbes Media. In fact, the website goes on to state that the firm may also have the right to sell the securities before the investor has been given a chance to meet the margin call.
“It can happen incredibly fast,” Hintermeister said.
Hintermeister added that some Aspen area real estate brokers with whom he recently spoke told him that they are seeing people abandon large deposits – some worth hundreds of thousands of dollars – on projects that are still being completed.
“They’ve already told brokers that they are prepared to walk away because they don’t have the money to close,” he said.
“That’s big money to be walking away from.”
www.ourayland.com
www.ridgwayland.com
Foreclosure Filings Up Throughout County
by Karen JamesOct 23, 2008
All Market Segments Affected
TELLURIDE – With two months remaining in the fiscal year, foreclosure filings in San Miguel County are up 47 percent compared to the 2007 year-end total, county records show.
The county has opened 28 foreclosure files since January, of which seven – or 25 percent – have occurred during the last three weeks.
The county opened a total of 19 files during fiscal year 2007.
“We’re already past last year and we’re just in the first month of the fourth quarter,” said County Treasurer, Public Trustee and Public Registrar Janice Stout. “I’m just amazed with the number we’ve had.”
Among the 19 filings in 2007, a total of six – about 32 percent – eventually sold in foreclosure auctions.
This year, two of the 28 properties have been sold at auction. Another three are scheduled to go to auction before the end of the year if they are not first withdrawn, cured or continued.
Despite the overall increase in filings, with so few sales scheduled in the next two months, 2008 foreclosure sales cannot outnumber those in 2007.
But considering that 12 foreclosure sales could take place by the end of next February if they are not somehow remedied, 2009 could run the risk of producing a bumper crop of foreclosures.
“Maybe 09 will be record sales,” Stout said.
Among this year’s 28 filings, 10 – or about 36 percent – have been withdrawn or cured. One more, a filing for the Rosewood Telluride Resort and Hotel, is on hold until further notice.
In June, Lot 129, LLC and West Galena Holdings, owned by New York City-based developer Aaron Honigman, filed for Chapter 11 Bankruptcy protection one day before the property was to appear on the auction block. As a result, a week-to-week stay of the foreclosure has been in place since then, which Stout will continue to impose until otherwise directed by the court.
Outstanding principal on the Rosewood deal, a pre-construction bridge loan, is $50 million.
“There does seem to be a rush of filings,” said Stout, adding that she believed the accelerated filing pace will continue if the economy remains in its current state.
That said, a relative few of those are likely to result in foreclosure sales if history serves as an accurate predictor.
The filings span across virtually all segments of the real estate market. They range from a fractional interest in Mountain Village with $40,000 in outstanding debt, to a Mountain Village Home against which two foreclosure filings worth a total of about $10.1 million have been made.
According to Stout, the first foreclosure was filed on a deed of trust where the home was put up as collateral to guarantee a loan to a business. The second foreclosure was filed on a mortgage on the home itself.
In between those extremes are filings for Hastings Mesa and Norwood homes, an Ice House condominium and two vacant lots in Mountain Village among others.
“It’s pretty much across the board,” Stout said.
She speculated that one reason for the steady rate of foreclosure filings over the past few weeks could be the passage of Colorado House Bill 08-1402. The bill, which took effect on Aug. 1, requires that mortgage lenders provide the direct telephone number of their loss mitigation departments, and that of the Colorado Foreclosure Hotline, to buyers in danger of being foreclosed upon at least 30 days before the relevant paperwork is filed.
Stout said she received no filings during the month of August as the law took effect, which probably created a backlog that is working itself out now.
“People that were living with a high amount of debt are going to be the first ones to go,” said Matthew Hintermeister, a real estate agent, who noted the presence of several multi-million dollar properties on the foreclosure list.
Hintermeister, past president of the Telluride Association of Realtors, speculated that when the Dow Jones Industrial Average plummeted nearly 3,000 points over three weeks toward the end of September, cash flow may have been disrupted for investors who, through margin accounts established with brokerage firms, had taken out loans using securities as collateral.
Although investors can borrow against the value of his or her securities through margin accounts, a minimum of equity must be maintained in them. If the value of the pledged securities were to fall far enough – as would likely have been the case during those tumultuous weeks – a “margin call” would require the borrower to sell off securities or deposit cash (cash that may have otherwise been paying the mortgage on a second home) or perhaps do both – in order to replenish the account equity.
The brokerage retains the right to sell the pledged securities and may not be required to consult the margin account holder before doing so, according to Investopedia.com, an investor education website owned by Forbes Media. In fact, the website goes on to state that the firm may also have the right to sell the securities before the investor has been given a chance to meet the margin call.
“It can happen incredibly fast,” Hintermeister said.
Hintermeister added that some Aspen area real estate brokers with whom he recently spoke told him that they are seeing people abandon large deposits – some worth hundreds of thousands of dollars – on projects that are still being completed.
“They’ve already told brokers that they are prepared to walk away because they don’t have the money to close,” he said.
“That’s big money to be walking away from.”
New ski lift in Telluride
Posted by: Erin Eddy
www.ourayland.com
www.ridgwayland.com
Revelation Lift Nears Completion
Written by Martinique DavisOct 23, 2008
Ski Area’s Vertical Drop Now 4,425 Feet
TELLURIDE – The dusting of white shrouding the uppermost reaches of the Telluride Ski Area serves to remind us that winter – and all its snowy spoils – is on the way. The only thing more enticing to a skiers and boards than a pristine, white vista is perhaps the sight of a new ski lift stretching up the mountain.
Construction of the Revelation Lift is steadily moving forward as evidenced by the now-visible top terminal that sits high on the Gold Hill ridge. The lift will access terrain that falls dramatically from the Gold Hill ridge onto northeastern aspects. These snow-magnet slopes had previously been the focus of powder day reveries only, but that will change with the opening this winter of Revelation Bowl and its corresponding Leitner-Poma quad lift.
Situated above tree line, Revelation Bowl offers advanced and expert terrain in a setting that, with its far-reaching mountain views and wide-open, treeless expanse, evokes a European ski experience. Skiers and riders will be able to choose ridgelines in either direction offering steeper pitches and rock features, or rolling groomed terrain down the middle.
Last winter’s opening of Black Iron Bowl, Palmyra Peak and Gold Hill Chutes 6-10 significantly increased the resort’s selection of hike-to terrain, and with the opening of Revelation Bowl this winter, the Telluride Ski Resort will have undergone a nearly 400-acre growth spurt in just two years.
The resort’s vertical drop is now one of the largest in North America at 4,425 feet, with 3,845 vertical feet lift-served.
To handle all of that new terrain, the ski resort recently purchased three new Prinoth Snowcats. The additional cats will provide greater nightly coverage and consistent grooming of signature runs like Plunge and See Forever.
Additionally, two WWII vintage 105mm howitzers, with their own stationary bunkers, have been installed for avalanche control, enabling Gold Hill, Palmyra Peak and Black Iron Bowl to open sooner on powder days.
“The patrol is very excited about what this will do in terms of the speed and effectiveness of their work – moreover, the safety it’s going to provide their staff,” Telluride Ski and Golf CEO Dave Riley said of the new Howitzers in an interview earlier this fall. “It’s going to speed things up while making things a lot safer.”
Telski is also opening two new restaurants on the mountain this winter. Keeping with the theme of a European ski experience, Alpino Vino is a European-styled hütte near the top of Gold Hill that will offer fine wines, cheeses and appetizer plates. Alpino Vino will be located in what many locals refer to as the Trommer House (a private home built by Eric Trommer), which has sat idle since the Ski Area purchased the property nearly a decade ago. Crews recently began remodeling the stone and wood chalet, and the restaurant’s doors are slated to open to the public for the first time this winter.
For après ski, the new Hop Garden in Mountain Village will offer the ambiance of a traditional German beer garden, with 10 specialty beers on tap and craft beers from around the world highlighted daily, as well as a menu of hot and cold fare. The Hop Garden is located in the space previously occupied by the Skier’s Union, at the base of Lift 4.
www.ourayland.com
www.ridgwayland.com
Revelation Lift Nears Completion
Written by Martinique DavisOct 23, 2008
Ski Area’s Vertical Drop Now 4,425 Feet
TELLURIDE – The dusting of white shrouding the uppermost reaches of the Telluride Ski Area serves to remind us that winter – and all its snowy spoils – is on the way. The only thing more enticing to a skiers and boards than a pristine, white vista is perhaps the sight of a new ski lift stretching up the mountain.
Construction of the Revelation Lift is steadily moving forward as evidenced by the now-visible top terminal that sits high on the Gold Hill ridge. The lift will access terrain that falls dramatically from the Gold Hill ridge onto northeastern aspects. These snow-magnet slopes had previously been the focus of powder day reveries only, but that will change with the opening this winter of Revelation Bowl and its corresponding Leitner-Poma quad lift.
Situated above tree line, Revelation Bowl offers advanced and expert terrain in a setting that, with its far-reaching mountain views and wide-open, treeless expanse, evokes a European ski experience. Skiers and riders will be able to choose ridgelines in either direction offering steeper pitches and rock features, or rolling groomed terrain down the middle.
Last winter’s opening of Black Iron Bowl, Palmyra Peak and Gold Hill Chutes 6-10 significantly increased the resort’s selection of hike-to terrain, and with the opening of Revelation Bowl this winter, the Telluride Ski Resort will have undergone a nearly 400-acre growth spurt in just two years.
The resort’s vertical drop is now one of the largest in North America at 4,425 feet, with 3,845 vertical feet lift-served.
To handle all of that new terrain, the ski resort recently purchased three new Prinoth Snowcats. The additional cats will provide greater nightly coverage and consistent grooming of signature runs like Plunge and See Forever.
Additionally, two WWII vintage 105mm howitzers, with their own stationary bunkers, have been installed for avalanche control, enabling Gold Hill, Palmyra Peak and Black Iron Bowl to open sooner on powder days.
“The patrol is very excited about what this will do in terms of the speed and effectiveness of their work – moreover, the safety it’s going to provide their staff,” Telluride Ski and Golf CEO Dave Riley said of the new Howitzers in an interview earlier this fall. “It’s going to speed things up while making things a lot safer.”
Telski is also opening two new restaurants on the mountain this winter. Keeping with the theme of a European ski experience, Alpino Vino is a European-styled hütte near the top of Gold Hill that will offer fine wines, cheeses and appetizer plates. Alpino Vino will be located in what many locals refer to as the Trommer House (a private home built by Eric Trommer), which has sat idle since the Ski Area purchased the property nearly a decade ago. Crews recently began remodeling the stone and wood chalet, and the restaurant’s doors are slated to open to the public for the first time this winter.
For après ski, the new Hop Garden in Mountain Village will offer the ambiance of a traditional German beer garden, with 10 specialty beers on tap and craft beers from around the world highlighted daily, as well as a menu of hot and cold fare. The Hop Garden is located in the space previously occupied by the Skier’s Union, at the base of Lift 4.
Sunday, October 12, 2008
Three candidates stump for one commissioner seat
Posted by Erin Eddy
by Gus Jarvis
Oct 09, 2008
TELLURIDE – Republican candidate Bill Wenger and Democratic candidate Oak Smith made their arguments on Monday night why one of them should be the next San Miguel County Commissioner to represent its 3rd District instead of incumbent Green Party candidate Art Goodtimes, who is seeking his fourth term as commissioner.
Monday’s debate in Telluride’s Christ Church was rather non-confrontational, aside from a few criticisms by Smith of Goodtimes’s representation, or lack thereof, of the county’s rural/ranching 3rd District.
“It’s a responsibility of representing the specific needs of the 3rd District,” Smith said. “Art here didn’t even carry his home district in two of three of his previous elections. For my real, personal experience on growing up on a farm and running my own business, I am uniquely qualified. It is time for a change. Sixteen years is too long to hold this office.”
Smith, a 27-year county resident, is the current Materials Management Supervisor at Wilkinson Public Library and is the former owner of the Oak Blade and Forge Co. Smith was also a member of the San Miguel County Planning Commission for 11 years, five of which he was chair.
In defense, Goodtimes later said that Smith’s statements had some misconceptions.
“I didn’t lose my district,” Goodtimes said. “I won both times in my district.” Goodtimes said “ecowisdom, social justice and grassroots Democracy” would be the focus of his next term, if reelected. “I am very proud of what has happened in San Miguel County and I hope you would reelect me.”
Goodtimes has lived in the county since 1980 and is the co-founder of Sheep Mountain Alliance. He has served as a reporter, editor and columnist for most of the county newspapers including the Telluride Times, San Miguel Journal and The Telluride Watch among others.
Wenger, who was elected to the District 2 commissioner seat in the early 90s, said there is change in the air for San Miguel County and he would like to be a part of that change.
“I stepped up years ago because the county was experiencing a time of change,” Wenger said. “I stepped up because I wanted to impact change. I am here today because again, we are at a time of change. We are facing a construction industry that is going to dwindle.
“We created a finite inventory that has fueled our economy but we need to look into a future that gives jobs to citizens. I also believe the 3rd District needs to have a voice and I intend to be their voice in this government.”
Wenger, a 23-year resident of the county, is the current maintenance shop manager at Viking Rentals and is owner of Geo Pro, an excavating and blasting company. Wenger was also the manager of the second largest underground uranium mine in the United States.
The candidates more or less agreed on several issues Monday night, including the importance of affordable housing and childcare. They also agreed that a regional transportation district is an option if funding can be found, and that water treatment in Norwood and Telluride are problems that need to be addressed.
One sticking point came when Wenger asked Smith how he would have represented the 3rd District had he been commissioner when the county agreed to contribute money to fund the acquisition of the Valley Floor. (The county commissioners at the time ultimately agreed to give $200,000, but faced opposition from many West End residents.)
“Oak, you said you want to be a voice for the West End,” Wenger said. “What I understand at that meeting in Norwood that there was resistance from that neighborhood. If you had been county commissioner, how would you have voted?”
“I would have voted to give the $100,000 to the Valley Floor,” Smith answered. “The Valley Floor is going to be good for the West End of the county. Just as I would have wanted to give the $100,000 to keep the Valley Floor open, I would have gone to bat for the ranchers for grazing rights.”
Goodtimes, in his closing statement, said he was proud to be a part of that decision.
“The county gave $200,000 to the Valley Floor,” Goodtimes said. Because of the decision at the valuation trial to raise the price to $50 million, “the county upped its ante.”
Goodtimes then asked Wenger what role the mining industry has in San Miguel County. With a uranium mill proposed in Paradox Valley in adjacent Montrose County, the county could face a new uranium boom of its own.
“I see it [mining] as limited,” Wenger answered. “I see uranium not creating greenhouse gases. I managed the second largest uranium mine in the U.S. It has a place. There is a downside that you have to be aware of and deal with but it can be done. We have learned a lot over the years. We are not in the 1920s anymore. It does have a place.”
Two more commissioner debates are planned, although dates and times have yet to be determined.
by Gus Jarvis
Oct 09, 2008
TELLURIDE – Republican candidate Bill Wenger and Democratic candidate Oak Smith made their arguments on Monday night why one of them should be the next San Miguel County Commissioner to represent its 3rd District instead of incumbent Green Party candidate Art Goodtimes, who is seeking his fourth term as commissioner.
Monday’s debate in Telluride’s Christ Church was rather non-confrontational, aside from a few criticisms by Smith of Goodtimes’s representation, or lack thereof, of the county’s rural/ranching 3rd District.
“It’s a responsibility of representing the specific needs of the 3rd District,” Smith said. “Art here didn’t even carry his home district in two of three of his previous elections. For my real, personal experience on growing up on a farm and running my own business, I am uniquely qualified. It is time for a change. Sixteen years is too long to hold this office.”
Smith, a 27-year county resident, is the current Materials Management Supervisor at Wilkinson Public Library and is the former owner of the Oak Blade and Forge Co. Smith was also a member of the San Miguel County Planning Commission for 11 years, five of which he was chair.
In defense, Goodtimes later said that Smith’s statements had some misconceptions.
“I didn’t lose my district,” Goodtimes said. “I won both times in my district.” Goodtimes said “ecowisdom, social justice and grassroots Democracy” would be the focus of his next term, if reelected. “I am very proud of what has happened in San Miguel County and I hope you would reelect me.”
Goodtimes has lived in the county since 1980 and is the co-founder of Sheep Mountain Alliance. He has served as a reporter, editor and columnist for most of the county newspapers including the Telluride Times, San Miguel Journal and The Telluride Watch among others.
Wenger, who was elected to the District 2 commissioner seat in the early 90s, said there is change in the air for San Miguel County and he would like to be a part of that change.
“I stepped up years ago because the county was experiencing a time of change,” Wenger said. “I stepped up because I wanted to impact change. I am here today because again, we are at a time of change. We are facing a construction industry that is going to dwindle.
“We created a finite inventory that has fueled our economy but we need to look into a future that gives jobs to citizens. I also believe the 3rd District needs to have a voice and I intend to be their voice in this government.”
Wenger, a 23-year resident of the county, is the current maintenance shop manager at Viking Rentals and is owner of Geo Pro, an excavating and blasting company. Wenger was also the manager of the second largest underground uranium mine in the United States.
The candidates more or less agreed on several issues Monday night, including the importance of affordable housing and childcare. They also agreed that a regional transportation district is an option if funding can be found, and that water treatment in Norwood and Telluride are problems that need to be addressed.
One sticking point came when Wenger asked Smith how he would have represented the 3rd District had he been commissioner when the county agreed to contribute money to fund the acquisition of the Valley Floor. (The county commissioners at the time ultimately agreed to give $200,000, but faced opposition from many West End residents.)
“Oak, you said you want to be a voice for the West End,” Wenger said. “What I understand at that meeting in Norwood that there was resistance from that neighborhood. If you had been county commissioner, how would you have voted?”
“I would have voted to give the $100,000 to the Valley Floor,” Smith answered. “The Valley Floor is going to be good for the West End of the county. Just as I would have wanted to give the $100,000 to keep the Valley Floor open, I would have gone to bat for the ranchers for grazing rights.”
Goodtimes, in his closing statement, said he was proud to be a part of that decision.
“The county gave $200,000 to the Valley Floor,” Goodtimes said. Because of the decision at the valuation trial to raise the price to $50 million, “the county upped its ante.”
Goodtimes then asked Wenger what role the mining industry has in San Miguel County. With a uranium mill proposed in Paradox Valley in adjacent Montrose County, the county could face a new uranium boom of its own.
“I see it [mining] as limited,” Wenger answered. “I see uranium not creating greenhouse gases. I managed the second largest uranium mine in the U.S. It has a place. There is a downside that you have to be aware of and deal with but it can be done. We have learned a lot over the years. We are not in the 1920s anymore. It does have a place.”
Two more commissioner debates are planned, although dates and times have yet to be determined.
Saturday, October 11, 2008
Be bear aware: activity increases in the fall
Posted by Erin Eddy
Denver
October 10, 2008
DENVER — Autumn is when black bears become more active, setting the stage for an increase in bear sightings and possibly encounters.
The Colorado Division of Wildlife (DOW) reminds residents and visitors that bears are searching for food to prepare for the denning season, which begins in early to mid-November. From now until then, bears will look for food wherever they can find it and the result may lead them closer to people or homes.
While Colorado's bears usually run, rather than confront humans, encounters do occur and people should know a few things about how to react, or better yet, how to avoid an encounter altogether by reducing the likelihood of attracting bears in the first place.
Human injuries caused by bears are rare in Colorado. In the few cases when people are injured, it usually involves food left where bears can find it, or is the result of a surprise encounter.
When bears become habituated to food left out by people, it can lead to conflicts, property damage, the possibility of injury and eventual destruction of the bear. The DOW has the following recommendations to reduce the chances of having a close encounter with a black bear on a homeowner's property:
n Do not feed wild animals (against the law to feed foxes, coyotes or bears) and play it safe if you have bird feeders in bear country. Feeding wildlife, including birds, can draw bears into an area. Once bears become comfortable in an area where they find food, they will continue to return. Bears have an amazing ability to recall areas where food was easily available from year to year. A "neighborhood bear" can become a real problem for homeowners and neighbors.
n Tips for safely feeding birds include: restrict feeding to when bears hibernate, which is generally November through April; avoid bird foods that are particularly attractive for bears, such as sunflower seeds, hummingbird nectar, or suet; bring feeders inside at night or suspend them from high crosswires; and temporarily remove feeders for two weeks if visited by a bear. Encourage your neighbors to do the same.
n Don't place garbage outside until pick-up day. A 1994 Arizona study discovered that putting trash cans out the morning of the pickup reduced bear visits from 70% to less than5%. Garbage or food items, including pet food, should be stored inside the garage or secure storage shed. Garage doors should not be left open except for very brief periods during the day.
n Keep your distance. If a bear shows up in your backyard, stay calm. From a safe distance, shout at it like you would to chase an unwanted dog. Children should understand not to run, approach or hide from a bear that wanders into the yard, but, instead, to back away and walk slowly to the house.
n Eliminate temptation. Bears that visit areas of human habitation are drawn there by food. Neighbors need to work together to reduce an area's appeal to bears.
For more information and tips on preventing conflicts with bears, go to DOW's webpage (http://wildlife.state.co.us) and the link Wildlife Species.
Denver
October 10, 2008
DENVER — Autumn is when black bears become more active, setting the stage for an increase in bear sightings and possibly encounters.
The Colorado Division of Wildlife (DOW) reminds residents and visitors that bears are searching for food to prepare for the denning season, which begins in early to mid-November. From now until then, bears will look for food wherever they can find it and the result may lead them closer to people or homes.
While Colorado's bears usually run, rather than confront humans, encounters do occur and people should know a few things about how to react, or better yet, how to avoid an encounter altogether by reducing the likelihood of attracting bears in the first place.
Human injuries caused by bears are rare in Colorado. In the few cases when people are injured, it usually involves food left where bears can find it, or is the result of a surprise encounter.
When bears become habituated to food left out by people, it can lead to conflicts, property damage, the possibility of injury and eventual destruction of the bear. The DOW has the following recommendations to reduce the chances of having a close encounter with a black bear on a homeowner's property:
n Do not feed wild animals (against the law to feed foxes, coyotes or bears) and play it safe if you have bird feeders in bear country. Feeding wildlife, including birds, can draw bears into an area. Once bears become comfortable in an area where they find food, they will continue to return. Bears have an amazing ability to recall areas where food was easily available from year to year. A "neighborhood bear" can become a real problem for homeowners and neighbors.
n Tips for safely feeding birds include: restrict feeding to when bears hibernate, which is generally November through April; avoid bird foods that are particularly attractive for bears, such as sunflower seeds, hummingbird nectar, or suet; bring feeders inside at night or suspend them from high crosswires; and temporarily remove feeders for two weeks if visited by a bear. Encourage your neighbors to do the same.
n Don't place garbage outside until pick-up day. A 1994 Arizona study discovered that putting trash cans out the morning of the pickup reduced bear visits from 70% to less than5%. Garbage or food items, including pet food, should be stored inside the garage or secure storage shed. Garage doors should not be left open except for very brief periods during the day.
n Keep your distance. If a bear shows up in your backyard, stay calm. From a safe distance, shout at it like you would to chase an unwanted dog. Children should understand not to run, approach or hide from a bear that wanders into the yard, but, instead, to back away and walk slowly to the house.
n Eliminate temptation. Bears that visit areas of human habitation are drawn there by food. Neighbors need to work together to reduce an area's appeal to bears.
For more information and tips on preventing conflicts with bears, go to DOW's webpage (http://wildlife.state.co.us) and the link Wildlife Species.
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