Election News? Town of Eagle Regresses – Gypsum Advances Slightly

by the ECT’s political correspondent

Dateline:  Wednesday, April 4th 2012

Eagle’s Election from last night:

Mayor:  Yuri Kostick (687) v. Ed Woodland (655)  The difference?  32 votes

Town Trustees Elected:

Brandi Resa:  714

Anne McKibbin:  653

Joe Knabel:  595

Didn’t make the cut for Trustee with Eagle voters:  John King (529) Jeremy Cossette (262) Max Schmidt (233) Skylar Mitchell (122)

To visit the Town of Eagle, Colorado’s web site with the election results (Click Here)

Gypsum Election for Town Council:

Winners:  Incumbent Gary Lebo (319), Incumbent Tom Edwards (301), newly elected Beric Christiansen (290)

Didn’t make the cut with Gypsum voters:  Kyle Hall (266) Jim Kinser (255) Ross Graves (212) and Stan McElderry (116)

ECT Analysis:  If Eagle’s election is any harbinger of Eagle’s ERS vote scheduled for Tuesday, May 22nd 2012 – it doesn’t look too good for the Voter Approval of the ERS development project…  Eagle’s top vote getter (Brandi Resa) and Eagle’s newly elected Mayor – campaigned against Eagle River Station – and everyone voting in Eagle knows it.  It also shows that the majority (barely) of Eagle voters aren’t much concerned with the state of Eagle’s struggling economy and clearly are not convinced ERS v2.0 is what Eagle needs to move ahead economically.

ECT caught wondering…if all the families that have since lost their Eagle/Gypsum homes due to Job Loss and moved out of Eagle/Gypsum…were still here to vote…what would today’s election results look like?

The ECT thinks it’s time to keep track of the (NEW) number of home foreclosures in Eagle/Gypsum (by Zip code) – right after this new crew is sworn into office.  So the ECT will!

The good news for Gypsum voters is that they can count on newly elected member Beric Christiansen to keep any eye on all the mitigation issues of any proposed expansion of the Eagle County Regional Airport.

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4 responses

  1. I made the following notes regarding foreclosures on March 2, 2012 – a purely random sample date but it may serve as a reference of some kind if you start following foreclosures. The web site Trulia.com offers good data on zip code real estate activity as well.

    We keep hearing about how the economy’s improving.

    If the local paper’s any indicator, I wonder. I picked up a Vail Daily yesterday when I was in town for a haircut. I looked at it this morning and noted the following:

    There were four pages of real estate for sale photo ads, listing 103 properties. While nobody puts “Reduced!” in those ads anymore, or screams “Shortsale,” prices are a lot lower than they used to be.

    The moneymaker for the local paper, though, were another eleven pages of foreclosure notices, for a total of 65 properties, meaning our local District Courts are still averaging 13 foreclosures per day. Legal Notices are one of the paper’s largest revenue sources, and have been since 2009.

    The average foreclosure was for an outstanding balance of $428,135.50, on an original loan that averaged $433,516. This average includes a few timeshares, which ranged from defaults from $2500 to $44,000, which obviously lowered the average figure.

    The total outstanding principle amount owed on yesterday’s foreclosed real estate notices for the Vail Valley came to $27,828,806 on defaulted loans that originally had totaled $28,612,054.

    A couple of lucky banks are owed up to over $100,000 more than the original loan balance on some loans – meaning the debtor had managed to cash out that amount before the bust and blow it on Harleys, snowmobiles, or some other brief, “good life experience” in Vail. Good thing the banks can legally list these “assets” at that grossly inflated value rather than what they might be worth – 50% less, maybe far less.

    The biggest loser? Bank of America / Countrywide, of course. Bank of New York Mellon and Wells Fargo round out the top three. Local Colorado bank FirstBank had only one foreclosure, though it was for about $700,000 – a price class that simply doesn’t sell anymore.

    An interesting sidenote: a Florida company called Virgin Healthcare defaulted on six “Premium” week units that averaged $43,000 per week of interval ownership, resulting in a default of $230,125.10 on the six timeshares. The units, and the weeks of premium vacation time in them, were at the Westin Riverfront Mountain Villas, where rooms list online for $539.00 per night. That’s where some lucky Florida patient’s healthcare money was going.

    There were exactly 36 “Help Wanted” advertisements in the paper, all for low-wage, mostly seasonal jobs such as table bussers, snow shovelers and clerks. Less than one page in the classifieds. Typical wage – $11 per hour. People who earn $11.00 per hour, working full time, year around, can afford a home that costs about $100,000 if they get really aggressive financing at 3% and eat a lot of catfood.

    • Thanks Charles.
      Interesting read.
      Folks paying attention know what is really going on, in spite of the propaganda coming out of 1600 Pennsylvania Avenue.
      That’s why the moniker at the top of the ECT says “the ECT is dedicated to informing people who have to think for their living”.
      Keep up the good work.
      Keep reading the ECT.
      Feel free to share our online address with other you believe would be interested.

      -CM

  2. Well there is good news for outgoing Eagle Mayor Ed Woodland. Based on these election results, Mr. Woodland’s Bankruptcy, Foreclosure law practice will no doubt have plenty of downvalley business for the foreseeable future.

  3. Our Foreclosures and Property Taxes, 2012 data/info.

    “Eagle County Property Tax Rate (2012)”

    1) Eagle County has one of the highest median property tax rates in the United States –

    2) Eagle County Tax Board may seize the delinquent property and offer it for sale at a public tax forclosure auction, often at a price well under market value.
    * Proceeds of the sale first go to pay the property’s tax lien, and additional proceeds may be remitted to the original owner.

    3) Proceeds from the Eagle County Personal Property Tax are used locally to fund school districts, public transport, infrastructure, and other municiple government projects.

    READ MORE HERE: http://www.tax-rates.org/colorado/eagle_county_property_tax

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