by Trump, Bernanke and Clayton Moore
The ECT will show you.
1 – A quick check of a local Real Estate site this past weekend currently lists 171 Cordillera Single Family homes for sale and 80 Cordillera Condos and Townhomes currently on the local market. (Click Here) How will this effect local Realtors formerly 700+ strong? If your buyer needs a mortgage for his Cordillera purchase that lender will legally need to be notified that any purchased property is automatically a member of the Cordillera Property Owners Association – and that Association is now named as a Defendant in that lawsuit. (Click Here)
2 – Now consider the local folks that work in Title Companies, some local lawyers that make their living writing Real Estate contracts and again local Mortgage Brokers. Sales haven’t gotten any easier – in an already tight market, now have they? How many jobs are needed at the Vail Board of Realtors – if VBR’s membership numbers continue to drop from their high of 700+ ?
3 – The Plaintiff in the lawsuit announced last week that 3 out of the 4 Cordillera Golf Courses won’t open this Golf season. As a result Eagle County just lost ~40 Golf Course jobs, at a time when our County’s economy can’t afford to lose any jobs. What of local landlords and mortgage companies whose ~40 tenants just got fired? Eagle County just past 200 total home foreclosures (211 actually) last week (Click Here)
4 – Local Alpine Bank has on their books, a currently performing Note of $12.7 Million that was issued to the lawsuits Plaintiff – Alpine recently announced they want to sell that Note at Auction next month. (Click Here) That $12.7 Million dollar Note is secured (in part) by the value of the meticulously maintained – 4 Cordillera Golf Courses. How does said Plaintiff intend to maintain the value of 4 Golf Courses – when ~40 Golf Course Maintenance people no longer work there? Dandelions indeed. Going forward, will Alpine’s (now tainted?) $12.7 Million auction happen as scheduled next month? At what discount off the $12.7 Million? Do you have a job at Alpine? How much more “red-ink” can Alpine’s balance sheet (Click Here) handle in today’s market?
5 – Now add in all the local stores, bar and restaurant owners…etc…that depend on business from folks directly affected by what’s happened (above) and you can easily conclude Eagle County’s economy is going to take ‘a hit’ for sometime.
As to the ECT’s reference to the DEA? Yeah, we call it – Diminished Economic Activity and we’re willing to bet it’s well into the Millions…spread across our Eagle County, Colorado. But don’t worry – if our elected Eagle County Commissioners can just spend a few more million dollars of your tax money on Open Space purchases – everything will be just fine, right Commissioners?
What is our elected County Commissioners response to the overall condition of Eagle County’s economy?
Well for the Commissioners it seems D.E.A. – stands for – Don’t Even Ask…