SUMMIT COUNTY — The con­ventional wisdom is that ski towns may hurt during economic down­turns but not as much as else­where. Still, edginess is evident in reports from across the West.
  In Steamboat Springs, reports the Pilot & Today, cash-buyers are asking for — and getting — dis­counts on properties as concern spreads about the viability of cred­it sources.
  In Aspen, a development that envisions two large hotels, afford­able housing and a new lift — all in a long-neglected area near the city’s downtown district — is in doubt, reports The Aspen Times.
  Financial consultant Byron Koste told a task force that the out­look for the development is grim because of the absence of financing. In Vail, rumors have been float­ing of imminent foreclosure pro­ceedings by Capmark Financial Group against the Vail Plaza Hotel. This is the major hotel located at the town’s middle entrance on the ski-hill side of Interstate 70. The Vail Daily found circumstantial evidence to support the rumor.
  Town governments are also tightening their belts in expectation of flat and even reduced revenue.
  Vail, for example, is projecting $51 million in revenues next year, compared to $54 million this year. Sales taxes collections are expect­ed to be flat, while real-estate transfer tax is projected to decline nearly 14 percent.
  “I’ve got some anxiety, but I don’t think there’s a reason to panic,” said Stan Zemler, the town manager, told the Vail Daily. 
 

Leave a Reply

Categories

Recent Comments

     

    October 2008
    M T W T F S S
    « Sep   Nov »
     12345
    6789101112
    13141516171819
    20212223242526
    2728293031  

    The Weather

    Breckenridge CO
    January 6, 2009, 10:59 pm
    Snow Snow
    current temperature: 10°F
    real feel: -3°F
    current pressure: 29.76 in
    humidity: 71%
    wind speed: 9 mph WNW
    Windgusts: 11 mph
    sunrise: 7:24
    sunset: 16:56

    dddd
    Support by Eboxlab, LLC.
    Copyright © Breckenridge Real Estate. All rights reserved.