November 2008

St. Regis Could Potentially Fetch $100 Million for Starwood

St. Regis Could Potentially Fetch $100 Million for Starwood

Over recent months Starwood Resorst and Hotels Worldwide Inc. has announced the need to sell several several of its hotel properties.  In early November, Starwood sold the Turnberry Resort in Scotland for approximately $100 million to the Dubai-based Leisurecorp, who then entered into a 30 year management agreement.  The sale of their properties will be married to long term management agreements in which Starwood would sell the bricks, but keep the brains. 

The St. Regis in Aspen is among the properties to hit the chopping block.  If the St. Regis sells, guests and residential owners will not likely see any change in the hotel and day to day operations as Starwood will still manage the property. 

 Few comparable properties have been sold in Aspen, therefore the listing price is yet to be determined, and will most likely not be public information. 

 

Posted by rebecca on November 26, 2008 in
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Runway Extension Could Mean Higher Tower

Runway Extension Could Mean Higher Tower

The FAA could force Pitkin County to build a 188-foot airport control tower to enable air traffic controllers to see the end of the extended Sardy Field runway.  The new tower would be four times the height of the current 47-foot facility.

The official decision has not been made and county official expect a opposition from neighboring property owners.  The decision is not expected until sometime in early 2009.  Alternative such as closed circuit television monitors and a version on virtual reality are being considered by the FAA, but the current configurations do not meet the sight/height safety requirements enforced by the FAA.

Posted by rebecca on November 26, 2008 in
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Ski Season is Almost Upon Us...

Ski Season is Almost Upon Us...

Thanksgiving is this Thursday, and along with the turkey and trimmings, another much anticipated holiday is upon us in Aspen.  The 2008-2009 ski season begins November 27th accompanied by the Women’s World Cup races held on Aspen Mountain.   Although natural snow has been slightly sparse early this season, mountain crews have been eagerly making snow in anticipation of opening day.   For many locals and visitors alike, skiing on Thanksgiving Day on Aspen or Snowmass Mountain is a long standing tradition, and this year will be no exception.

For more information on snow and skiing conditions, visit www.aspensnowmass.com.

Happy Holidays!

Posted by rebecca on November 25, 2008 in
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Aspen High School Hockey Team Begins Road Trip To Germany And Switzerland

Aspen High School Hockey Team Begins Road Trip To Germany And Switzerland

Aspen Junior Hockey initiates boys and girls in the program starting around ages 6-7.  Most kids remain active in the program through high school.  Every other year, Aspen High School hockey players are rewarded for their years of dedication with a trip to Europe, paid for by contributions and raffles, that includes games with teams from Germany and Switzerland.  This year's 11 day trip began a few days ago and is set to include games against top German and Swiss club teams.

Between practices and games, Aspen players, coaches and parents take in the the sights and get to know their opponents away from the ice at joint team dinners and social events.

Considered a bonding experience for the top 22 players that will make up the nucleus of the Aspen High School Hockey Team, this semi-annual trip paid off two years ago with Aspen winning the 5A State Hockey Championship. 

My son, Taylor was on that trip and championship team.  On the contrary, my son, Andrew's trip was cancelled in 2001 as a result of the 9-11 attacks.

Aspen Junior Hockey and Aspen Valley Ski and Snowboard Clubs are the two largest youth sports organizations in the Roaring Fork Valley.

Posted by gary on November 21, 2008 in
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Gray Line Begins Denver-Aspen Service To Compete With CME

Gray Line Begins Denver-Aspen Service To Compete With CME

Gray Line Colorado began new luxury service between Aspen and Denver International Airport last Monday.  The service is non-stop aboard motor coaches that offer only window or aisle seats, GPS tracking and on-board entertainment.

The one-way fee is $100.  24-hour advance reservations are requested but Gray Line will try to accommodate walk-up service.  Please call 970-544-2057.

Posted by gary on November 21, 2008 in
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Whole Foods on Hold

Whole Foods on Hold

The much anticipated opening of Whole Foods in Basalt has been delayed.  According to a representative of the developer, construction on the building is delayed until spring because of the national credit crunch.  Vice president of development for Joseph Freed and Associates (JFA), said the firm needs to solidify its financing before work can resume on the project, and that process will take several months.

Construction was halted Labor Day weekend, with hopes that it would resume later in the fall.  But an ominous sign came this week when a large crane was removed from the property. 

Despite the delays, Whole Foods has reassured the owner that they are planning on honoring their lease agreement. 

Posted by rebecca on November 20, 2008 in
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Aspen Airport's Future is Underground

Aspen Airport's Future is Underground

Aspen-Pitkin County Airport officials have unveiled an ambitious plan to improve parking at Sardy Field.  $40m is projected to be the cost of building an underground parking structure on the site of the current surface parking lots at Aspen's Sardy Field.  Jim Elwood, airport director said that the underground parking would replace the existing surface lots.  There is no word from airport officials as to the eventual net gain or loss of parking spaces.

Elwood told the Pitkin County Commissioners that the airport has projected a possible 10% reduction in general aviation activity in 2009 as a result of the national economic slump.

The good news is that airlines that already fly into Aspen indicate that there will be 13 % more available seats and 6% more flights this year than in 2008.

Good fares and seats should be more available than anytime in recent memory.  Book yours today.

Posted by gary on November 19, 2008 in
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Day Parking at Snowmass Reduced

Day Parking at Snowmass Reduced

The Aspen Skiing Company announced today that day parking rates at the Two Creeks parking lot are being reduced.  Daily parking during the week will be $5, $10 on weekends.  Last year, daily parking was $13.

Skico is trying to ease the parking crunch at the Rodeo Grounds lot by offering reduced rates at the Two Creeks lift. 

 

Posted by gary on November 19, 2008 in
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Unobstructed Views…Forever

Unobstructed Views…Forever

Overlooking the common open space, this beautiful homesite will always have spectacular views of Mount Sopris and the wide open meadows below. Located in Missouri Heights, this 2.69 acre lot is minutes from shopping and dining in Basalt and Carbondale. This homesite has everything in place, including utilities and paved roads, to ease the construction process for a home that is only limited by the building envelope and your imagination.  Price reduced to $375,000.

Posted by gary on November 19, 2008 in
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Aspen's Most Expensive Sales

Aspen's Most Expensive Sales

Aspen/Snowmass has earned a reputation for expensive real estate.  Have you ever wondered how  expensive?

There have been only 21 residential sales reported with prices more than $15,000,000.  Brokers at Joshua & Co. have been the listing broker for 43% of the sales; the selling broker for 38% of the sales; and the listing and selling broker for 14% of the sales.

I currently hold the spot for the 4th most expensive residential property ever sold in Aspen at $26,000,000. 

We do a lot of things well at Joshua & Co. but we excel at the high end of  Aspen's luxury real estate market. 

Feel free to contact me at gmf@rof.net for a confidential consultation.

Gary

 

Posted by gary on November 18, 2008 in
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