On The Lookout for Spring
After more than 60″ of snow in March and another 12″ just this week, I’ve officially hung up my skis for the season and dusting off the golf clubs. The winter and après events around town are winding down, but the awesome summer lineups are being finalized and announced soon. This past week, I’ve spoken with several colleagues about some exciting new developments in Colorado, Florida and Mexico that I wanted to share, so don’t miss those below!
For Q1 of 2024, closed sales are up 49.5%, new contracts are up 19.6% and new listings are up 7.9% compared Q1 of 2023. This is a welcome change from the more limited statistics we’ve seen the past few years. Although inventory still remains at historic lows, consistently hovering about 310-320, as many new properties come on the market, there are just as many, if not more, going under contract each day. All across the board, these properties going under contract are homes that have just come on the market and properties that have been on the market for a while. There are still many opportunities to be found, especially in terms of how to monetize your home, so scroll down for 3 of my key tips. Keep in mind, I frequently possess exclusive knowledge of off-market properties which haven’t graced the MLS yet. If you have a specific type of property in mind, don’t delay. I strongly suggest partnering with a seasoned real estate agent—be it myself or your trusted advisor—as soon as possible.
New Developments in Colorado, Florida and Mexico
Telluride Mountain Village
TELLURIDE, COLORADO
Telluride Mountain Village has approved the development of two 5-star hotels – the first in the town. Coming soon will be The Four Seasons and Six Senses hotels. The Six Senses Hotel and Residences will include 50 hotel beds, 20 condominiums, 31 lodge units, 18 employee dormitories and two employee apartments. Residents can expect a range of amenities that include a gym, cinema, lounge and game room. Public amenities will “go above and beyond,” to include two restaurants, conference space, spa and rooftop pool. Reach out to my colleague Teddy Errico for more information on either of these projects in Telluride.
Club Adena
OCALA, FLORIDA
Welcome to Club Adena, where world class amenities redefine the art of living. Tee Off on our pristine 18 hole golf course, designed to challenge and captivate enthusiasts of the sport. Savour the ultimate in luxury with 5-star services and amenities at one club. Enjoy premium services including a world renowned health facility that includes access to industry health care technologies, exclusive to members at Club Adena. The Private Residences at Club Adena is the exclusive signature at Club Adena. Featuring a limited collection of luxurious Estate Homes carefully curated and customized to incorporate top-of-the-line finishes and magnificent vistas. Reach out to my colleague Stacey Rollins for more information on this project.
Contigo Cerritos
CERRITOS BEACH | EL PESCADERO, BCS
Nestled between mountainous desert landscape and golden sand, Contigo Cerritos is the perfect balance of luxury and adventure. Ideally situated about an hour from the Los Cabos airport and ten minutes from historic Todos Santos, Cerritos Beach is a hidden gem in Baja, Mexico. Long known as a surfers paradise, Cerritos has quickly evolved into a sophisticated yet bohemian enclave on the Pacific Ocean. Envisioned and designed to enhance the natural beauty of its stunning location, Contigo Cerritos is an intimate village of highly designed yet unobtrusive buildings shared by only four neighbors each. Because of the large, almost two-acre property and small number of Residences, Contigo Cerritos provides the luxury of an uncrowded, unrushed paradise. Each residence is a world unto its own, with stunning ocean views, large patios with firepits to watch the sunsets and private enclosed garages all with a secured, gated access. Reach out to my colleague Karina Christensen for more information on this project.
1 – Research The Short-Term Rental Regulations In Your Area
Locally in the Vail Valley, we’ve been closely watching Senate Bill 33 which proposes that any property being used as a short term rental for more than 90 days per year will be classified as a lodging property beginning in 2026. If it had passed, this would have essentially quadrupled property taxes for thousands of short-term rentals across Colorado. So far, there has been significant opposition to the bill as it would “devastate the tourism economy that ski towns rely on”. They are working on re-introducing the bill with new details, so we will keep watching to see what happens. Summit County went through it’s own battle for short-term rental regulations last year, so it is important to rely on a trusted advisor who works in the area of your property to be aware of what local or regional regulations may affect your monetization. In my opinion, legislators would be in a better position to incentivize homeowners to rent their properties to the local workforce rather than penalizing them for pursuing short-term rentals. We have a couple of programs here that work that way and I think it’s a viable solution for everyone that should be explored deeper. In any case, we will keep watching and keep you posted on the next update!
2 – Interview Different Management Companies, Splits & Offerings
Not all rentals are equal and not all rental management companies are either. In the Vail Valley, we have some complexes and buildings that require owners to use their in-house or preferred rental management company. Management splits vary across the board, but generally in our area, owners can expect anywhere from a 50/50 split to a 80/20 split. Some companies offer limited rental management services, while others will provide a comprehensive property and rental management service. For example, Cuvèe goes beyond just simply renting homes. They customize an “Art of Discovery” experience for every guest, provide an unmatched level of service throughout the process and even have a design/remodel team that can help you upgrade your home once it is part of their portfolio.
“Cuvée comes highly recommend from my peer group, but we honestly had no idea the level of service, the level of attention to detail. Every single detail was called out. The experience is unmatched.” – Ray Higgenbotham
If you’d like to learn more about how to become part of the Cuvèe portfolio, give me a call at (970) 471-1223.
3 – Invest In The Proper Showcase
Whether you decide to manage your own rental home or decide to work with a company, the importance of high quality media simply cannot be stressed enough. We live in a day and age where there is no excuse for dim, blurry photos and short, boring descriptions. Just like with real estate, you have ONE chance at a show-stopping first impression. Your ROI on a professional photographer/videographer etc. will more than pay off in the long run on potentially your biggest asset because your showcasing your home in the best light to attract the right type of renter.
Local Youth Take 1st Place
Vail, Colorado
Under the mentorship of Executive Chef Santosh Koradi of the Park Hyatt Beaver Creek, the kids of YouthPower365, a program headed by the nonprofit Vail Valley Foundation, wowed the Taste of Vail event judges and guests with the most impressive creation of the day while representing 8100 Mountainside Bar & Grill. The dish – juniper berries and sambuca sirloin gravlax with potato waffles, yuzu caviar and micro greens – was served with superior artistry and delivered a tantalizing array of distinct flavors in one single bite. Continue Reading
CO Snowpack Looking Good
Vail, Colorado
The good news is that the snowpack around Colorado is looking pretty good heading into spring and summer. In fact, more than 70% of the state is reporting no drought conditions, a significant change from the start of this year, when just less than 35% of the state was in zero-drought status. After a slowish start, the snow water equivalent at measurement sites on Vail Mountain, Copper Mountain and Fremont Pass are all near or just above 100% of the 30-year median. The long-range forecast for the summer calls for above-average temperatures and below-average precipitation through the summer months. Continue Reading