You have heard the saying: “All real estate is local.” Keep this in mind when you hear the news headlines which are meant to exacerbate the downturn and drum up ratings by combining all national real estate figures. Because real estate in certain areas of the country is struggling does not mean that other areas are not flourishing. Every property and market is different when you are talking jobs, public policy, speculative building and generation maturity to name a few! Never is this more evident than in the future redevelopment of Eagle Vail’s airport and a substantial investment directed at in-fill projects.
Vail’s Airport, Eagle County Airport, has the highest number of scheduled commercial flights than any other resort market airport in Colorado. And, last December saw an increase of 0.5% over the previous year’s December. Understanding the significance of the airport’s role in the local economy, the Vail Valley Jet Center has begun a $3 million feasibility study to expand all services to accommodate more international commercial charter flights.
Additionally, Ever Vail, Vail Resorts’ latest grand development is in its final stages of approval by the Vail Town Council. According to planners, EverVail will accomplish the following: “The proposed Ever Vail mixed-use project will redevelop a nearly 12-acre site that is currently home to an aging maintenance facility, office buildings and a former gas station, providing the much-needed in-fill development to create a connection between Lionshead Village and Cascade Village. It will bring together mountain operations, affordable and free-market housing, and community benefits.” Once this project is approved, it is a matter of time and healthier market conditions until development proceeds. To learn more, visit http://www.evervail.com/
Vail’s redevelopment of critical infrastructure is driven by positive skier visit growth. According to the Denver Business Journal, early-season skier visits are up 10.1 percent and lift-ticket revenue is up 7.4 percent at Vail Resorts’ properties as of mid-January 2011 (Skier visits up at Vail Resorts’ properties | Denver Business Journal). While the ski resorts are holding their own in terms of skier traffic, real estate is still lagging behind. It is the “lag” that has created tremendous investment opportunities throughout the Rocky Mountains.
When analyzing markets with the greatest investment possibilities, we look for tell tale signs like those seen in our target markets of Vail, Aspen, Breckenridge and Durango. We study key decisions being made by community planners and large industry and put ourselves in the path of progress. To learn more about Resort Realty Capital, please visit www.resortrealtycapital.com.