Rocky Mountain Real Estate Grok

Rockies Attract Next Generation Time Shares

By Emily Esterson, 12-05-06

Wealthy second-homeowners are nothing new to Rocky Mountain residents -- after all, many of our mountain communities depend on them for seasonal income boosts. Nor are the timeshare residents occupying the less upscale condos and hotel rooms for a few weeks a year. But several companies have combined the concepts: Think uber timeshare. Think castle without the upkeep. Now Washington CEO, a magazine for well-heeled Seattle bosses, has discovered Big Sky, as well as Portofino in Colorado. These "buy-in" clubs are the fastest growing segment of the high-end travel market, reports the magazine, and one which we're sure to see more of in New West territory. Generally, they require a phenomenal buy-in price, between $100,000 and, well, the sky's the limit, really. Most clubs require an invitation or a membership interview. In exchange, the buyer gets the use of a certain level of property for a certain time of year. Such membership clubs seem to be buying properties everywhere, so the choices as to destination are relatively wide, and include, of course, plenty of spaces in the West, from the uber private Yellowstone Club in Montana to adobe suites in Santa Fe. The industry believes such high-end, low-maintenance second home projects will grow in the next few years.

if you're looking for a bargain in the ski-condo market, consider Park City. Still affordable (but its all relative, of course), the town ranked sixth in the Rocky mountian Resort Alliance's average sales price list, according to Mountain News, an industry magazine. The alliance tracks real estate sales in resort towns in Utah, Colorado, Wyoming, Idaho and British Columbia. For example a luxury home costs $1.7 million in Park City, while the same home would cost $2.7 million in Aspen.

It's the economy, stupid: So say real estate agents in the Denver area who blame aggressive lending practices for the sad state of the Denver housing market. Apparently, aggressive lending led to high foreclosures (true enough), high gas prices (a stretch), and increased interest rates (well it had to happen sometime). As the Rocky Mountain News reports, new-home sales in metropolitan Denver dropped nearly 20 percent and existing-home sales were down 9.5 percent during the first nine months of 2006 from the same period in 2005.There was positive news, though -- the Roaring Fork valley and Pitkin and Garfield counties showed record growth, perhaps an indication that buyers are choosing more reasonably-priced rural communities for their real estate dollars.

They've dived into technology start-ups and casinos, and now theSouthern Ute tribe has purchased some real estate with its Southern Ute Growth Fund, worth an estimated $1.7 billion (with a b). The tribe purchased 33 percent of the Lakewood, Colo. Belmar mixed-use development from Continuum Associates. The Ute tribe says its looking for a "future generations" development. The tribe has profited from energy holdings and is looking for more stable investment projects.

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