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Colorado - Fri. 02/27/26 |
A Free Business Publication from Alpine Bank
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U.S. MORTGAGE RATES FALL BELOW 6% FOR FIRST TIME IN MORE THAN THREE YEARS
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Mortgage rates in the United States have fallen below 6 percent for the first time since September 2022, offering limited relief to a housing market constrained by high prices and borrowing costs. Freddie Mac said the average 30-year fixed mortgage rate dropped to 5.98 percent, down from nearly 7 percent a year earlier and well below the peak of just under 7.8 percent in October 2023. Economists said the decline could reduce monthly payments by hundreds of dollars and may encourage some buyers and sellers to act, though there is no clear threshold that would suddenly revive the market. Evidence of increased activity remains mixed, with existing home sales rising in December before falling sharply in January, partly due to severe weather.
Home prices have cooled but remain high, and a majority of Americans say homeownership is out of reach. President Trump cited falling rates in his State of the Union address and ordered Freddie Mac and Fannie Mae to buy up to $200 billion in mortgage-backed securities, though analysts note rates are driven largely by inflation, economic growth and Treasury yields. Economists say supply constraints, not demand, remain the central challenge.
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PARAMOUNT WINS BIDDING WAR FOR WARNER DISCOVERY AFTER NETFLIX DROPS OUT
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Paramount Skydance has emerged as the winning bidder for Warner Bros. Discovery after Netflix declined to match Paramount’s revised $31 per share offer, clearing the way for Paramount to take control of the entertainment company pending regulatory approval. Warner’s board determined Paramount’s bid for the entire company was superior to Netflix’s earlier agreement to buy Warner’s studios and HBO Max for $27.75 a share, or about $72 billion. Netflix said matching the higher price was no longer financially attractive, calling the deal a “nice to have” rather than a necessity.
Paramount’s offer values Warner at roughly $81 billion and includes a larger termination fee, coverage of Warner’s breakup fee owed to Netflix, and accelerated payments to shareholders if the deal is delayed. The transaction would combine Warner Bros., HBO, CNN and other cable networks with Paramount’s portfolio, marking a major shift in Hollywood as legacy media companies seek scale amid changing audience habits. The deal faces federal regulatory scrutiny, including concerns over market concentration and media ownership, but Paramount has said it expects to generate $6 billion in synergies if the merger closes.
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MAP SHOWS COLORADO WOLVES PUSHED FARTHER INTO SOUTHERN FRONT RANGE THIS MONTH
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Two gray wolves moved separately into the southern end of Colorado’s Front Range in early February, reaching watersheds west of Pueblo and Colorado Springs, according to a new map released by Colorado Parks and Wildlife. The movements marked the farthest southeast travel recorded so far for the state’s reintroduced wolves, though none approached urban areas or crossed Interstate 25. Collared wolves were also documented across much of Colorado’s central mountains, nearly spanning the state from north to south, including the San Luis Valley, areas near Vail, Aspen and Leadville, and ranchlands around Walden. CPW said wolves belonging to the state’s four established packs are now roaming less widely as territories become defined. The update follows the January death of a breeding male from the King Mountain Pack during a collar battery replacement, leaving the state with 18 adult collared wolves and additional uncollared animals, including an unknown number of pups.
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LUXURY ASPEN ESTATE HITS THE MARKET FOR $75 MILLION IN GATED COMMUNITY
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A newly built contemporary estate in Aspen’s gated Starwood community has been listed for $75 million after more than five and a half years of design, permitting and construction. The nearly 15,000-square-foot home at 401 Carroll Drive sits on about six private acres and is fully furnished, with a certificate of occupancy allowing immediate move-in. The seven-bedroom, 11-bathroom property includes resort-style amenities such as a full wellness center with spa features, a swimming pool with integrated hot tub, gym, private theater, 800 bottle wine room and cabana lounge, along with a dedicated office, three-car garage, seven gas fireplaces and extensive snowmelt systems for year-round access.
Designed by Whitecap Designs with Studio 133 and KA DesignWorks and built by Janckila Construction, the home features Italian imported furnishings curated by Malibu Design and staged artwork. Listing agent Chris Klug of Aspen Snowmass Sotheby’s International Realty said the property’s scale and acreage are no longer attainable under current Pitkin County land use regulations and energy codes. The listing comes as Aspen’s limited land supply and strong demand continue to push prices higher, with the average single-family home price exceeding $24 million as of January.
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SALES IN ASPEN 10% HIGHER IN 2025
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Taxable sales in Aspen totaled $1.44 billion in 2025, a 10 percent increase from $1.30 billion in 2024, according to the city’s most recent monthly sales report. The figures include December 2025 retail transactions and other taxable sales. For December alone, the city reported $190.61 million in taxable sales, up 2 percent from December 2024. Several major sectors posted strong gains for the year, led by construction, accommodations, fashion clothing, and restaurants and bars. Total tax collections for December reached $9.66 million, bringing year-to-date collections to $81.86 million, or 78 percent of the city’s originally budgeted amount for 2025. The city’s 2.4 percent sales tax generated $34.66 million for the year, up 11 percent from 2024, while Aspen’s share of the county sales tax increased 6 percent to $18.44 million.
Sales tax sectors in the last month of 2025:
- Accommodations: $54.24 million in taxable sales in December, down 2 percent from December 2024
- Automobile: $562,539, down 80 percent
- Construction: $19.31 million, up 81 percent
- Fashion clothing: $27.73 million, down 4 percent
- Food and drug: $9.52 million, down 13 percent
- Jewelry/gallery: $15.46 million, up 15 percent
- Liquor/cannabis: $2.19 million, up 2 percent
- Miscellaneous: $22.84 million, up 14 percent
- Restaurants/bars: $24.43 million, up 3 percent
- Sports equipment/clothing: $10.16 million, down 23 percent
- Utilities: $4.16 million, down 31 percent
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IRON MOUNTAIN HOT SPRINGS OPENS SAUNA SUMMIT EXPANSION WITH FIVE NEW SAUNAS
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Iron Mountain Hot Springs opened its new Sauna Summit expansion to the public Thursday, adding a five-sauna, adults-only wellness area above its WorldSprings section as the Glenwood Springs facility marks its 10th anniversary. Construction on the project began in February 2025 and follows recent locker room renovations and the 2023 opening of WorldSprings. The Sauna Summit features five outdoor saunas inspired by international bathing traditions, each offering different temperature ranges and wellness benefits, along with three plunge and mineral pools designed for contrast therapy.
The saunas include a Turkish Hammam-style steam room, a traditional Finnish dry sauna, a red-light clay sauna inspired by South Korea’s hanjeungmak, an aromatherapy sauna modeled after the Russian banya and a Polish salt room-inspired sauna. The adjacent pools include a magnesium-rich hot pool, a potassium mineral pool and a cold plunge held at 45 degrees Fahrenheit. Iron Mountain officials said the expansion reflects years of guest feedback and a long-term vision to establish the facility as a premier wellness destination. Additional outdoor lounging and river-adjacent relaxation space is planned for later this summer.
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PLATEAU VALLEY RANCH PERMANENTLY CONSERVED
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A 160-acre cattle ranch in the Plateau Valley will be permanently protected from development under a conservation easement completed by the Colorado West Land Trust. The Lazy YH Ranch, located on the foothills below the Grand Mesa, is owned by Joann Hall and her family and will remain dedicated to agriculture, wildlife habitat and scenic open space. Hall and her late husband, Doug Hall, began planning the easement before his death in 2023, and she completed the project in his honor. The ranch continues to support seasonal cattle grazing and provides habitat for deer, elk, moose and bears, serving as an important transition zone for wildlife moving between the Plateau Valley and higher elevations on the Grand Mesa and Battlement Mesa.
The largely undeveloped property includes sagebrush uplands, mountain shrub communities, riparian habitat along Middleton Creek and a small aspen stand. The easement connects nearly 500 acres of adjacent conserved private lands with nearby Bureau of Land Management and U.S. Forest Service lands. With this project, the Colorado West Land Trust has now protected nearly 17,000 acres in the Plateau Valley through 22 easements and more than 150,000 acres across six Western Colorado counties.
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COUNTY ADOPTS NEW STATE-MANDATED FIRE RESILIENCE CODE
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Mesa County commissioners have adopted new wildfire resilience requirements for homes in unincorporated areas, aligning local building rules with a recently passed state law that mandates minimum fire prevention standards. The regulations take effect July 1 and apply to new homes with building permit applications filed on or after that date, as well as to existing homes undergoing significant modifications, including additions exceeding 500 square feet, siding replacement, or major roof work. Under the policy, certain exterior building materials must meet fire resistance criteria, and property owners will be required to remove or manage vegetation within a specified distance of structures to reduce wildfire risk. County officials said the changes are intended to improve defensible space and structural survivability as wildfire threats increase across Western Colorado.
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ICED OUT: OURAY ICE PARK CLOSING FOR THE SEASON SUNDAY
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The Ouray Ice Park will close for the season on Sunday, March 1, after an unusually short winter marked by persistently warm temperatures that caused ice conditions to deteriorate rapidly. Park officials announced the early closure after roughly a month of climbing, citing safety concerns as warming evenings led to unpredictable and massive ice fall rather than the gradual spring melt typically seen in the gorge. The park opened in late January following a warm start to winter, just days before the annual Ouray Ice Festival, but limited cold weather was not enough to sustain safe climbing conditions through March. Despite the shortened season, officials said the ice climbing community will close it out with special events, including a chili cook-off on Saturday and a “Gaper Day” costume contest on Sunday. Park leaders thanked climbers for their support, noting the challenging season underscored the resilience and dedication of the Ouray ice climbing community.
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AMAZON LOCKER EXPANDS TO THE POST OFFICE
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Amazon has expanded its locker network in Telluride with the installation of a new set of automated lockers outside the Telluride Post Office, responding to sustained demand and ongoing congestion from package deliveries. The lockers, which opened in December and are named “Pam,” join two existing locations — “Danny” outside Clark’s Market and “Dew” in Mountain Village — all spearheaded by local resident Danny Winokur. The Clark’s Market lockers, first installed in May 2024, quickly proved popular and were expanded from 43 to 66 units, followed by a 43-locker installation in Mountain Village later that year. Winokur said the post office location was pursued to help relieve staff overwhelmed by as many as 2,000 Amazon packages per day and to provide residents with a more convenient pickup option.
The post office lockers required months of coordination, including infrastructure work and negotiations with the town’s Historic Preservation Dept. over signage. Amazon ultimately agreed to minimal exterior branding. Winokur emphasized that he has no formal role with Amazon, the town, or the post office, describing his involvement as a community-driven effort to solve a local problem.
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IN WIN FOR BERLAIMONT DEVELOPERS, JUDGE RULES FEDERAL ALASKAN CONSERVATION LAW SECTION APPLIES IN COLORADO
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A federal judge has ruled that a provision of the Alaska National Interest Lands Conservation Act requiring “reasonable use” access to private land surrounded by national forests applies nationwide, including in Colorado, a decision that favors developers of the proposed Berlaimont Estates near Edwards. U.S. District Court Judge Jia Cobb said Congress’ focus on Alaska did not limit the law’s reach and noted that other federal courts have reached the same conclusion. The ruling upholds, for now, the U.S. Forest Service’s approval of a roughly 2.5-mile paved road through the White River National Forest to access the 680-acre inholding where the 19-home luxury development is planned.
Two Colorado environmental groups, Wilderness Workshop and Rocky Mountain Wild, which sued the Forest Service in 2023, said the decision addressed only whether the law applies outside Alaska and does not resolve their broader claims. Those remaining claims challenge whether the Forest Service complied with federal environmental and land management laws. The groups and local opponents continue to raise concerns about wildlife, recreation and wildfire risk, while the developer says mitigation measures are included, and additional permits are still required before construction can proceed.
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UTILITY-SCALE BATTERY ENERGY STORAGE FACILITY PLANNED IN HAYDEN
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A 400-megawatt utility-scale battery energy storage facility proposed by Jupiter Power has been approved by the Colorado Public Utilities Commission and is planned for construction southwest of the Hayden Power Station within town limits. The project, approved as part of a package of 10 energy resource bids, would be built on a 72-acre site near Routt County Road 51 and connect to the Mount Harris substation through a new transmission line. Electricity stored at the facility would be sold to Xcel Energy under a power purchase agreement, with construction expected to begin in 2027 and commercial operations targeted for 2028. The outdoor, containerized battery system would occupy roughly 30 to 40 acres and is expected to support more than 200 jobs during peak construction, with a smaller local workforce once operational.
Town and county officials said the project fits with Hayden’s energy sector history and could help boost the local tax base. The approval comes as Xcel prepares to return Hayden Power Station Unit 1 to service next week and partially restart Unit 2 by mid-March, following a shutdown tied to equipment damage. The coal-fired plant is scheduled to retire Unit 2 in 2027 and Unit 1 in 2028, with Xcel continuing to explore replacement energy resources for the area.
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COLORADO’S BUSTANG BUS SERVICE FACES $25 MILLION ANNUAL DEFICIT AS STATE PILOT PROGRAM ENDS
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Colorado transportation officials are confronting a major funding shortfall for the Bustang bus system as temporary state and federal funding that fueled a three-year expansion expires at the end of the current fiscal year. Bustang ridership has doubled over the past three years to more than 350,000 annual trips, with a 21 percent increase last year alone, but the service costs about $50 million annually while fares cover less than 10 percent of that total. With $65 million in one-time funding from a state pilot program and the American Rescue Plan Act running out, the Colorado Dept. of Transportation projects an ongoing deficit of at least $25 million per year if service levels are maintained.
CDOT leaders say they are seeking short-term solutions, including reallocating roughly $19 million from other programs to get through fiscal year 2027, but acknowledge long-term funding options are limited. Transportation commissioners debated whether the state can afford to sustain the expanded service, while others emphasized Bustang’s role as a public service that provides critical mobility options and supports a multimodal transportation future for Colorado.
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COLORADO CONSIDERS EARLIER-THAN-NORMAL ACTIVATION OF DROUGHT TASK FORCE AS SNOWPACK CONTINUES TO LAG
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With historically low snowpack and record-breaking warmth through the first four months of the 2026 water year, Colorado officials are weighing whether to activate the state’s Drought Task Force earlier than usual. State water and climate experts say conditions typically monitored later in spring or summer are already severe enough to prompt discussions about coordinated drought response, including impacts to agriculture, municipal water supplies, wildlife, recreation and emergency planning. The task force, last activated during the 2020-21 drought, would bring together senior leaders from multiple state agencies to assess conditions, recommend emergency actions and coordinate with the governor’s office on potential state and federal support.
- Statewide Conditions: About 9 percent of Colorado is experiencing extreme drought or worse as February ends, with much of the state already classified in some level of drought following a warm, dry winter.
- Western Slope: The entire Western Slope is in drought, with some of the worst conditions in the nation. Pockets of exceptional drought — the most severe category — are present in Pitkin, Eagle, Summit, Lake and Park counties.
- Snowpack Statewide: Colorado’s snowpack is at 64 percent of normal despite February storms, and the 2026 water year currently ranks 45th out of 46 years on record for snow water equivalent.
- Colorado River Headwaters: Snowpack in the Colorado River headwaters basin is at 63 percent of normal, among the lowest levels recorded in the 41-year dataset.
- Yampa, White and Little Snake Basins: These northern basins are at about 70 percent of normal snowpack and remain near historic lows despite recent storms.
- Precipitation Trends: Large portions of Western Colorado, including Summit, Eagle, Pitkin, Grand, Lake, Garfield, Routt and Rio Blanco counties, have seen near-record low precipitation over the past 12 months.
- Temperature Trends: While January narrowly missed being the warmest on record, nearly all rolling periods from three to 24 months ending in January are the warmest on record, compounding drought impacts.
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MARKET UPDATE - 02/26/2026 Close
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(Courtesy of Alpine Bank Wealth Management*)
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Canadian dollar (per U.S. dollar)
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Mexican peso (per U.S. dollar)
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30-year fixed mortgage rate (Freddie Mac 02/26/2026)
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*Not FDIC insured. May lose value. Not guaranteed by the bank.
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Alpine Bank is an independent, employee-owned organization with headquarters in Glenwood Springs and banking offices across Colorado's Western Slope, mountains and Front Range. Alpine Bank serves customers with retail, business, wealth management*, mortgage and electronic banking services. Learn more at alpinebank.com.
*Alpine Bank Wealth Management services are not FDIC insured, may lose value and are not guaranteed by the bank.
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