June 2009

New Colorado Law Requires Capital Reserve Policy for Condo Associations

New Colorado Law Requires Capital Reserve Policy for Condo Associations

Colorado recently enacted a state law that requires condominium associations to have a capital reserve policy.  The law does not actually force associations to maintain a capital reserve minimum, but it does require that they have a policy in place to deal with major complex repairs.  Recently some Pitkin County Housing Authority complexes have suffered because of a lack of funds or strategy to deal with major repairs needed on units and common area.  The law will effect both free market condominium complexes and those managed by local housing authorities.

 

Posted by rebecca on June 10, 2009 in
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Seattle Like Weather Sticks Around

Seattle Like Weather Sticks Around

Unseasonably cool, wet weather arrived in Aspen several weeks ago and it seems like it is hear to stay.  In an average year, monsoon season hits Aspen mid to late summer which brings late afternoon thunderstorms that typically leave the valley before you know they arrived. 

This year, however lawns are greener than usual and caretakers and turning off sprinkler systems in order to avoid killing the grass due to the extra moisture.  The only concern is that the moisture will grow new brush in the mountains that can lead to future fire hazards.  Local fire officials are warning rural residents to keep their grass and shrubs mowed to minimize the threat of fire.

The National Weather Service is calling for overcast skies and a chance of rain throughout this week and into next weekend.

 

Posted by rebecca on June 09, 2009 in
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Aspen Board of Realtors Monthly Newsletter

Aspen Board of Realtors Monthly Newsletter
Centurion Group presents new Lift 1A hotel planThe Centurion Group presented reworked designs for the proposed Lodge at Aspen Mountain to about 25 members of the community at the end of May.  Two different plans were presented at the meeting, one where there is a large, one-story gap separating two of the building’s segments, and the other with two narrower gaps breaking the building up further.  The building was reduced in size by several thousand square feet and broken up visually by mixing up the architectural styles in the different segments.  The Lodge at Aspen Mountain was part of the Lift One Master Plan that was scheduled to go before voters in May, until Centurion and the other developer involved, Roaring Fork Lodging Co., withdrew.  Community opposition to the project focused primarily on the size of the building in Centurion’s proposal for a 75-room hotel mixed with fractional and single ownership condominiums.  Some of the changes include: -          74 hotel rooms averaging 450 square feet, down from 75 averaging 500 square feet in the original application;-          22 fractional units averaging 2,800 square feet, down from 26 fractionals averaging 3,000 square feet;-          Seven whole ownership units at 3,700 square feet apiece, compared to five at 4,500 square feet originally proposed. “It’s much less visually impactful,” Centurion partner John Sarpa told ABOR. He expects to present both plans at an open community meeting later this month, and hopes to have them before City Council by July.  Aspen – Election changes little on CouncilConventional wisdom suggests that the philosophical makeup of the Aspen City Council changed little as a result of last month’s election, even though two incumbents lost their seats.  Derek Johnson, the founder of D&E Sports and director of retail sales for the Aspen Skiing Co. shares much of the resort orientation that Jackie Kasabach, a longtime manager at the Gant, brought to the table. Both are considered advocates of affordable housing, environmentally sensitive and open-minded toward the needs of the business community, including developers. Both Torre and outgoing councilman Jack Johnson have supported large projects such as the Limelite redevelopment, and voted against them, as with the original proposal for a large hotel and condominium project at the base of Lift 1A on Aspen Mountain.  If there is a change, it will likely be reflected in the fact that Mayor Mick Ireland, a skeptic of nearly all development, will no longer have the strong allies on council he once had in Jack Johnson and J.E. DeVilbiss. ACRA proposes lodging districtAspen Chamber Resort Association officials hope to convince a majority of commercial property owners in Aspen to sign off on a new bed tax in order to raise an estimated $1 million annually for marketing. The proposed marketing district would ask to tack a 1 percent fee onto daily room rates at hotels and lodges within its proposed boundaries. ACRA officials need the support of at least 50 percent of the commercial properties – as determined by property valuations – on a petition asking the City Council to put the district on the ballot.   Hospital wins conceptual approval for expansionAspen City Council voted unanimously to conceptually approve a 214,395-square-foot expansion of Aspen Valley Hospital.   The additional space will allow for expansion of the emergency and imaging departments, a surgical suite, central plant upgrades, as well as new medical office space, patient and family services, and a rooftop helipad. It also includes a new underground parking garage and surface lot that would accommodate 338 spaces.  The expansion will occur in four phases, with a complete build-out expected in 2016.  Aspen Jewish Center wins approvalAspen City Council unanimously approved creation of a Jewish Community Center on the site once occupied by the Silver Lining Ranch at the end of Ute Avenue. The 14,000-square-foot facility is owned by the Jewish Resource Center Chabad. It will be the venue for a preschool, a Hebrew school, a synagogue, adult education and special events. Council directed city staff to monitor traffic and ensure safety along Ute Avenue, which will see heavier use as a result of the approval. Ski areas fared recession winter wellThe nation’s ski areas reported 57.1 million visits for the 2008-09 season, 5.5 percent fewer than the previous year, according to a report last month from the National Ski Areas Association. Day-ski areas in close proximity to major metropolitan markets benefited as many skiers and snowboarders stayed closer to home. Destination resorts often reported fewer overnight visits and shorter stays.  The Aspen Ski Company reported in mid-April that business here was down 10 percent.  
Posted by rebecca on June 02, 2009 in
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