“The real estate business in ski towns has not stalled, it has vanished.” This quote came from the CEO of Intra West Corporation. Their land sales after 2007 went to zero, and their ski town business totally vanished, with condo sales becoming a thing of the past. They have attempted to enter the beach resort business, with very little growth. They were a major warning to all ski town corporations. The recent Outiside Magazine article on ski towns, quotes the environmental expert for the Aspen Ski Corporation as being very worried about the future of the business, he is concerned about global warming and lack of new skiers.
Intra West Corporation owned 6 major ski areas in 2008, when their sales dropped to zero, and they eventually sold most of their ski areas, and are now considering filing chapter 13 bankruptcy. The Meltdown disaster in Telluride and Aspen is almost as bad. Despite the hype artists and con men like the Judas Duck Telluride Association of Realtors, who came out with a rosy analysis recently, the agents in both of these towns are hurting badly. The foreclosure list is a who is a has been of local brokers. Debt on properties recorded at the clerk and recorders office of San Miguel and Pitkin county, looks like Armageddon is near. How can an agent who made $100,000 per year up to 2007, and now makes 20% of that if they work twice as much and are part of the few, pay off a million dollar note and trust deed in their lifetime on their homes. Is the Big Getaway planned? Millionaires are leaving Aspen in droves, and are taking jobs as cab drivers and pizza delivery in major cities around the nation. Wal-Mart applications are loaded with ex brokers. Who is impressing who, with the estinaspen.com report that shows the sales each week, at 30% to 60% discounts to asking prices three years ago, and homes have been on the market for 3 year. Volume in both ski towns is down 50% to 75% or more from 2007. During the Gilded Age, ski town brokers could make huge commissions, own a home, and ranch and one or two investment properties, and travel anywhere in the world after a $146,000 commission with 3 hours of work, after a visit and referral in the local post office. Landman knows of one agent who is down to $2.28 and cannot get food stamps due to a recent rare commission, and owes the IRS $125,000. MLS? Who needs them? How about SRP for ski towns, from the US Treasury. A Stimulus Relief Package would require around 5 billion, along with SBA loans targeted to agents, around the nation, agents that have seen their lives destroyed by the greed heads on Wall Street. Please step aside California, you had your chance for 60 years. Two major hotels are under foreclosure in the Telluride Mountain Village, with more coming soon. One hundred and ten properties are currently under foreclosure. Bankruptcies are up 500%. Wall Street punks working at the major large banks, did an amazing job of destroying the ski town USA real estate business. Is there any way out of this mess for these family survivors of the Category Five hurricane, that hit in 2007 and continues endlessly? Read my Economic Survival blog.
Intra West Corporation owned 6 major ski areas in 2008, when their sales dropped to zero, and they eventually sold most of their ski areas, and are now considering filing chapter 13 bankruptcy. The Meltdown disaster in Telluride and Aspen is almost as bad. Despite the hype artists and con men like the Judas Duck Telluride Association of Realtors, who came out with a rosy analysis recently, the agents in both of these towns are hurting badly. The foreclosure list is a who is a has been of local brokers. Debt on properties recorded at the clerk and recorders office of San Miguel and Pitkin county, looks like Armageddon is near. How can an agent who made $100,000 per year up to 2007, and now makes 20% of that if they work twice as much and are part of the few, pay off a million dollar note and trust deed in their lifetime on their homes. Is the Big Getaway planned? Millionaires are leaving Aspen in droves, and are taking jobs as cab drivers and pizza delivery in major cities around the nation. Wal-Mart applications are loaded with ex brokers. Who is impressing who, with the estinaspen.com report that shows the sales each week, at 30% to 60% discounts to asking prices three years ago, and homes have been on the market for 3 year. Volume in both ski towns is down 50% to 75% or more from 2007. During the Gilded Age, ski town brokers could make huge commissions, own a home, and ranch and one or two investment properties, and travel anywhere in the world after a $146,000 commission with 3 hours of work, after a visit and referral in the local post office. Landman knows of one agent who is down to $2.28 and cannot get food stamps due to a recent rare commission, and owes the IRS $125,000. MLS? Who needs them? How about SRP for ski towns, from the US Treasury. A Stimulus Relief Package would require around 5 billion, along with SBA loans targeted to agents, around the nation, agents that have seen their lives destroyed by the greed heads on Wall Street. Please step aside California, you had your chance for 60 years. Two major hotels are under foreclosure in the Telluride Mountain Village, with more coming soon. One hundred and ten properties are currently under foreclosure. Bankruptcies are up 500%. Wall Street punks working at the major large banks, did an amazing job of destroying the ski town USA real estate business. Is there any way out of this mess for these family survivors of the Category Five hurricane, that hit in 2007 and continues endlessly? Read my Economic Survival blog.
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