Rick Carroll of the Aspen Times reports that Aspen’s City Council is considering a conceptual plan to add a $30 million, 32,000-square-foot expansion to the historic Wheeler Opera House.

However, the council members seek assurances about the financial plan. The addition would be built on a vacant downtown parcel owned by the city.

Carroll reported Wheeler executive director Gram Slaton told the council that the $30 million, 32,000-square-foot expansion would be funded by the $27 million Wheeler’s endowment fund, with another $3 million required. The Wheeler is expected to realize about $2.7 million from the city’s real estate transfer tax this year.

Lori Thompson, Colorado Group Realty, received the prestigious Realtor of the Year Award at the Steamboat Springs Board of Realtors annual Inaugural and Rewards Banquet held Oct. 9 at Catamount Ranch Golf Club. Lori received this year’s award as a culmination of a distinguished career with the organization and her willingness to faithfully support the principles which distinguish Realtors® as professionals.

Steve Downs, last year’s recipient, presented the award to Thompson.
“Lori has given unselfishly in service to our Steamboat Springs Board of Realtors,” Downs said. “She was selected because she embodies Realtor principles, and for her active service on committees, and as a director and 2009 president of the Board. Lori gave time to the community while leading the local Board through the rough decision-making process in the real estate market of today.”
Also recognized for his outstanding volunteer participation, as Affiliate Partner of the Year was Bruce Carta of Land Title Guarantee Co. Carta has served as Affiliate Partnership Council Director and 2009 Affiliate Partnership Council President. Crystal Staepel, of Anchor Realty, and Jim Hansen, of Old Town Realty, each received Distinguished Service awards for their leadership roles on special committees.

Jill Limberg, Education Division Vice-President for the Colorado Association of Realtors installed Ulrich Salzgeber, Buyer’s Resource Real Estate, as 2010 president of the Steamboat Board. In addition to Salzgeber, Limberg swore in:
President-Elect/State Director: Suellyn Godino, Prudential Steamboat Realty; Treasurer: Medora Fralick, The Commercial Property Group, LLC;
Past President/State Director: Thompson; Appointed Past President: Doug Labor, Buyer’s Resource Real Estate, and directors Adrienne Stroock, Prudential Steamboat Realty; Tim McCarthy, Mt. Werner Realty; Pam Lindahl, MacArthur & Stine Real Estate; Amy Scarborough, Steamboat Real Estate; Donna Mae Hoots, Real Living Professional Group and Downs, who is with Steamboat Village Brokers.

Dry Creek goes under the gavel 1:30 p.m. Sunday

Prospective buyers planning on attending the Dry Creek Village Auction in Hayden on Sunday are invited to attend a free pre-auction seminar 7 p.m., Thursday, in the banquet room of Rex’s American Grill and Bar in the Steamboat Holiday Inn.
Auctioneer Cookie Lockhart said her company will be represented along with lenders, builders, and the title company prepared with title commitments on all lots.
“Your questions will be answered, most of them without you having to ask,” Lockhart said.
Reservations are appreciated, but not required: cookie@lockhartauction.com, 970 879-0565 or cellular: 303 710-9999.
The auction takes place 1:30 p.m., Sunday, at the Hayden Community Center, 302 Shelton Lane.

Pitkin County’s plan to extend the Aspen airport runway won’t attract larger aircraft but it could pump millions of dollars into the economy each year by filling more seats on existing flights, officials said Tuesday.
Scott Condon of the Aspen Times reported this week the county is working on a proposal to the Federal Aviation Administration to lengthen the runway by 1,000 feet but not strengthen it. The county is seeking an FAA grant for the $15 million project.
Officials said the extension would allow more efficient use of existing flights. Currently, commercial aircraft departing Aspen face occasional weight issues. During the summer, they cannot exceed a certain weight when the temperature tops 80 degrees. In the winter, large amounts of baggage brought by passengers sometimes forces carriers to undersell flights to meet the weight restriction.
SkyWest, which operates service for United Express and Delta, said it didn’t sell 9,575 seats on existing flights in 2006 even though there was a demand.

The Associated Press reported Thursday that according to Freddie Mac, average rates for 30-year home loans stayed below 5 percent for the second-straight week, kick-starting refinancing activity.

The average rate on a 30-year fixed mortgage was 4.87 percent, down from 4.94 percent last week, Freddie Mac said. The last time rates for 30-year home loans were lower was the week ending May 21, when they averaged 4.82 percent.

This week’s average rate for 30-year mortgages remained above the record low of 4.78 percent established in the spring. Last year at this time, the 30-year fixed-rate mortgage averaged 5.94 percent.

Low rates make home buying or refinancing more attractive for consumers. Case in point: refinance applications climbed 18 percent from last week, the Mortgage Bankers Association said Wednesday.

By refinancing at current rates, borrowers could trim nearly $134 off their monthly mortgage payments on a $200,000, 30-year fixed-rate loan, Freddie Mac said.

“Such low rates are spurring mortgage demand,” said Frank Nothaft, Freddie Mac’s chief economist.

Still, borrowers may want to consider the Federal Reserve’s recent announcement that it is slowing down a program intended to lower mortgage rates and boost the housing market. Analysts say mortgage rates should remain low for now but could eventually move higher, and homeowners who want to refinance mortgages shouldn’t drag their feet.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.

The average rate on a 15-year fixed mortgage fell to 4.33 percent from 4.36 percent last week, according to Freddie Mac. This week’s rate on 15-year mortgages was the lowest since Freddie Mac started tracking it in 1991.

The Vail Daily reports that even in the Eagle Valley, sub-$500,000 sales accounted for half of the market in August.

August was the best month by far this year for Vail Valley real estate sales, with 99 properties changing hands. But the year’s real estate deals are still well behind the numbers from last year.

The August sales — charted by Land Title Guarantee Company were more than double the numbers posted in January and March. Most of the sales — 15 — came in Eagle, with 13 sales closing in Vail. Gypsum, where sales have been running close to Eagle most of the year, had just three sales close.

Through the year so far, almost half of all sales have been in the $500,000 and under sector of the market. But sales of $2 million or more still make up just more than half of the dollar volume for all sales so far this year.

Through the first 8 months of 2009, Eagle has the most transactions with 77; Vail Village has the highest dollar volume with $64 million; Bachelor Gulch has the highest price-per-square-foot at $1,227; and Bachelor Gulch has the highest average sales price at $4.38 million. Vail Village has the highest sales price for a residential transaction at $15.9 million.

Even with August’s numbers, the valley’s sales are right at half of last year’s total, while the dollar volume is down by 65 percent.