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 Another three are scheduled to go to auction before the end of the year if they are not first withdrawn, cured or continued.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Among this year’s 28 filings, 10 – or about 36 percent – have been withdrawn or cured.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.”
Saturday, October 25, 2008
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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