Andy Daly, co-developer of Alpine Mountain Ranch just outside Steamboat hasn’t lost his appetite for undeveloped land near ski areas.
The Associated Press reported Friday that Daly partnered with brothers Tom and Ken Gart, of Denver, to purchase Powderhorn Resort ski resort on the edge of the Grand Mesa east of Grand Junction at auction this week for $1.4 million.
Along with four lifts and 1,600 skiable acres they picked up a 700-acre land parcel with the potential to be developed into a golf course and home sites.
I call that a big score over the long haul. It’s true, Powderhorn has been a blip on the Colorado ski landscape — it logs about 75,000 skier visits a year. But that could change rapidly as energy workers return to the Colorado River Valley.
Daly and his partners intended to add a tubing park before the coming ski season.
They haven’t asked for my advice yet, but here it comes — invest in a terrain park and some lighting and watch high school and college students from Grand Junction flock to Powderhorn on Wednesday nights for a study break.
Daly knows the ski industry pretty well. Before becoming president and chief executive of Vail Associates (predecessor of Vail Resorts) he worked at Aspen Highlands, Copper Mountain and Eldora.
Million dollar sales close the 1st week of August
Closings in the last two days of the work week were strong with a $1.1 million sale of a property near Clark (details unreported) on Thursday, and the sale of a three-bedroom condo in Aspen Lodge at Trappeur’s Crossing for $650,000 on Friday.
Also on Friday, a 4,540-square-foot home built in 1996 on Meadowbrook Circle in Mountain View Estates sold for an even $1 million.
Routt County foreclosures continue at a brisk pace
Routt County Trustee Jeanne Whiddon confirmed this week that the pace of foreclosure filings (notices of election and demand) aren’t slackening when compared to last year, in fact she thinks they could exceed last year’s 303 by 20 or 30 filings.
However, Whiddon does see a modestly optimistic sign in the trends.
It’s important to keep in mind, she said that a significant number of NED’s are withdrawn or cured before they go to a bank sale.
In 2010, the ratio of sales to withdrawals was growing. In 2011, that has reversed, with the balance gradually shifting back in the direction of foreclosure filings being resolved before the owners lose their real estate.
Average rate on 15-year mortgage at a record low
The average rate on a 15-year fixed mortgage has fallen to a record low, leading to an increase in refinancing applications, The Associated press reported Thursday. But that may not be sufficient to lift the struggling housing market or boost the weak economy.
The rate on the 15-year loan dropped to 3.54 percent this week from 3.66 percent last week, Freddie Mac said Thursday. That’s the lowest since the mortgage buyer began tracking it in 1991. Analysts say they think it is lowest rate of all time, according to the AP.
The average rate on the 30-year fixed loan fell to a yearly low of 4.39 percent from 4.55 percent the previous week.
Mortgage rates typically track the yield on the 10-year Treasury note. A slumping U.S. economy has led many investors to shift money from stocks to safer bonds. That has depressed Treasury yields to their lowest level this year. Bond yields fall as demand increases.