Robert Allen of the Summit Daily News reported Feb. 21 that although demand for affordable housing in Summit County has dropped for households making more than 100 percent of the area median income (AMI), a pair of affordable housing projects valued at a combined $31 million could break ground there as soon as this spring.

Excerpts from Allen’s article follow:

Overall demand for local attainable housing appears to have lessened since the economic downturn, but it’s as steady as ever for folks below the county’s median income levels.

“It’s not the frantic demand it was for anything within the attainable price range,” said Jennifer Kermode, executive director for the Summit Combined Housing Authority.

She said demand remains high for people at 100 percent ($85,100 for a family of four) and below the Area Median Income.

The housing authority’s most recent demand analysis was published in 2007. Kermode said that by the end of April, it’s anticipated that a snapshot will be available including information such as housing inventory and wages “for a baseline trend analysis” to help with planning.

The countywide target is to build 2,500 more attainable housing units; existing units number about 770.

New projects

Both the $12 million Valley Brook development in Breckenridge and Frisco’s roughly $19 million Peak One development are expected to begin construction as early as this spring.

At Valley Brook, 26 of the 42 units have been reserved. Most of them are through the federal Housing and Urban Development low-income program available to people at a bit less than 80 percent of AMI.

Units range to accommodate people up to 120 percent of AMI.

Kermode said most of the reservations have been made by young “start-up families.”

Construction anticipated last year was delayed after a falling-out between the developer and previous contractor.

Kermode said the development is expected to be back before Breckenridge Town Council by March 9.

Peak One development homes are to be available to people making 80 percent to 160 percent of AMI.

For more information about affordable housing including the AMI scale, visit www.summithousing.us.

Janet Urquhart of the Aspen Times newspaper reported March 1 that although lodging occupancy rates in Aspen were off less than 2 percent in Aspen during the month of January, the average daily rate paid by vacationers was off more than 6 percent.
Discount promotions contributed substantially to a trend that has seen the money taken in by lodging operators dip more than actual occupancy.

Excerpts from Urquhart’s article dig into the impact of lower ADR’s on the Aspen economy:
Average occupancy for the month of January was about 68 percent — just 1.6 percent down from the same month a year ago. The average daily rate, or ADR, however, was down 6.4 percent, according to Bill Tomcich, president of local reservations agency Stay Aspen Snowmass. The ADR is a reflection of what lodging properties are charging, and a 6.4 percent drop is significant, he said.

The resort should expect more of the same in February and March, Tomcich told the Aspen Chamber Resort Association board of directors.

If the resort’s occupancy rates hold steady, or even climb a bit, the lodging sector will still bring in noticeably less revenue than those occupancy levels would have meant a couple of years ago. If occupancy rates are down, the impact is even greater.

“That has a huge ripple effect,” Tomcich said. “It’s something that everyone has had to adapt to.”

“The trickle-down effect on something like this is enormous,” agreed Charlie Case, innkeeper at the Annabelle Inn. It translates into smaller hotel staffs and fewer dollars in the pockets of bellhops and front-desk clerks, not to mention a drop in the sales tax revenues that fund everything from Aspen’s free buses to its street plowing.

HomeSense Realty has announced the addition of two real estate agents, Bill Pyle and Carolyn Bird, in Steamboat Springs.

Pyle, a 20-year Steamboat Springs real estate veteran, said he chose HomeSense Realty because of its innovations and commitment to its agents.
“We are excited to be part of a growing and supportive national brand and one that allows us freedom to run our business in a way that best serves the customer,” Pyle said.
He is also active as a PSIA Fully Certified ski instructor for the Steamboat Ski Area with 20 years of teaching experience. The son of a Naval aviator, Pyle grew up all over the world and spent 8 years as a commercial diver in the North Sea and throughout Europe before settling in Steamboat in 1989.
Bird earned her real estate license in 2006 and brings more than 19 years of sales and marketing experience to HomeSense. Bird’s professional background includes positions in the pharmaceutical, ski and advertising industries before she moved to Steamboat in 2007 and working with local real estate developers to help launch, market and sell new-construction luxury real estate. She has lived in ski towns and cities throughout the country and worldwide, including Big Sky, Mont., Crested Butte, Chicago, Boulder, and Chamonix and Bordeaux, France.
Bird is a member of the Steamboat Rotary Club and is active with its International Youth Exchange Program. She speaks French and is also a licensed Realtor in California.
HomeSense Realty operates from 60 offices in 10 states. The company provides real estate services in Colorado, Florida, Indiana, Iowa, Minnesota, Nebraska, North Dakota, Oklahoma, South Dakota, and Wisconsin. To learn more about HomeSense® Realty, visit the website at www.homesenserealty.com.