Colorado - Wed. 05/05/21 A Free Business Publication from Alpine Bank View Online View in Browser
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ANOTHER VICTIM OF THE PANDEMIC, DOWNTOWN OFFICE SPACE

 
 
 

Real estate firm CBRE released its market report of office space in Denver which showed the results of the 2020 coronavirus pandemic. The overall marketwide vacancy rate for Denver at the end of the first quarter 2021 was 16.8 percent. That is the highest it has been in more than 10 years. The vacancy rate for downtown Denver was 19.7 percent. At the same time, a record 8.3 million square feet of industrial space is under construction in the Denver market. Of the square feet under construction, more than 60 percent, some 5.2 million square feet, is being built to the specifications of incoming occupants.

 
- Denver Post, 05.05.21
 

NUMBERS OF BIRTHS, BIRTH RATE IN THE U.S. PLUMMETED LAST YEAR

 
 
 

The Centers for Disease Control and Prevention’s National Center for Health Statistics released a report Wednesday which showed about 3.61 million babies were born in 2020, that is down 4 percent from 2019 and the lowest number in more than 40 years. The total fertility rate, which reflects the average number of babies a woman would have over her lifetime, fell to 1.64. That is the lowest rate recorded since the government began tracking it in the 1930s.

 
- Wall Street Journal, 05.05.21
 

NET WORTH OF AMERICANS

 
 
 

Every three years, the Federal Reserve Board issues the Survey of Consumer Finances to share information about family net worth and income in the U.S. The most recent report released in September 2020 (using data collected in 2019) shows the median U.S. household net worth is $121,700. For those Americans ages 65 to 74, the median net worth is $266,400. The average net worth for this age bracket is $1,217,700, however that figure is skewed higher from high net worth households, thus the median is a more representative figure.

 
- CNBC.com, 05.05.21
 

REAL ESTATE BOOM PUSHES HOME PRICES HIGHER IN THE ROARING FORK VALLEY

 
 
 

The buying boom in real estate has pushed home prices higher all across Colorado and according to the Colorado Association of Realtors, the median price of a Glenwood Springs home reached $713,500 in March. That is up 24.2 percent from the median price in 2020 which was $573,500. Of course, that sale price is only if a buyer can find a home for sale. In the first quarter of 2021, there were 39 homes sold in Glenwood Springs, 9.5 percent more than in 2020, but in March there were only 26 homes listed for sale, less than half the number, 56, that were listed in March 2020.

 
- GS Post-Independent, 05.05.21
 

NO DRIVE-IN MOVIES AT BUTTERMILK THIS SUMMER

 
 
 

One of the few gathering events in the pandemic year of 2020, was the showing of drive-in movies at Buttermilk Ski Area. The movies were a big hit. On Tuesday, the Aspen Skiing Co. announced there would be no drive-in movies at Buttermilk this summer as Skico withdrew its request to use the county-owned parking lot at Buttermilk to show the movies. Skico withdrew its request because of a building boom in Pitkin County and the Buttermilk parking lot is one of the very few areas construction companies can use as a staging area for large equipment.

 
- Aspen Times, 05.05.21
 

STATE OF COLORADO MOBILE VACCINE CLINIC ROLLS INTO MESA COUNTY

 
 
 

The state of Colorado mobile vaccine clinic rolled into Grand Junction Tuesday and will have several stops in Mesa County over the next few days. The mobile clinic administers free vaccinations of the Pfizer vaccine. Appointments are encouraged, but not required. No ID is required to receive the vaccine. Appointments and information are available at mobilevax.us. The mobile clinic will be at Lincoln Park in Grand Junction today from 10 a.m. to 6 p.m. It will be in Palisade Friday at Veteran's Memorial Park; Saturday in Fruita at Civic Center Park; and Sunday in Delta. Next week, there will be stops in Collbran, DeBeque, Gateway and Clifton.

 
- GJ Daily Sentinel, 05.05.21
 

SPLIT SESSIONS FOR THIS YEAR'S TELLURIDE BLUEGRASS FESTIVAL

 
 
 

Planet Bluegrass, the Lyons-based organizer of the Telluride Bluegrass Festival, has come up with a creative plan to accommodate the smaller crowds and social distancing necessary to hold the 47th annual Telluride Bluegrass Festival. There will be two sessions. There will be the usual session on the traditional Solstice weekend, June 17-20, but there will be another session the weekend before, June 11-13. Attendance will be limited to 2,500 each day of the festival. Those holding tickets from 2020 will have preference for the 2021 festival and organizers are contacting those people with ticket options. Tickets for locals will go on sale May 19. Complete information and a schedule of performers is available at bluegrass.com/telluride.

 
- Telluride Daily Planet, 05.05.21
 

REAL ESTATE BOOM HITS DOWNTOWN STEAMBOAT, TOO

 
 
 

As in all other resorts communities across the West, residential real estate sales in Steamboat Springs have been on fire since March last year. That boom has extended to downtown Steamboat as well. According to the Routt County Assessor, 14 properties in the Lincoln Avenue area have sold since May 2020. Those sales, involving condominiums, restaurants and entire buildings, totaled $19.2 million. In just the last six months, four prominent buildings have sold: 822 Lincoln Ave.; the McGill Law Building at 1107 Lincoln Ave.; a building at 1125 Lincoln Ave.; and the building at 929 Lincoln Ave.

 
- Steamboat Today, 05.05.21
 

MOST RESTRICTIONS OFF, SUMMIT COUNTY MOVING TO LEVEL GREEN

 
 
 

The Summit County public health department Tuesday announced the county is moving to Level Green today. That means all capacity limitations for businesses and restaurants are removed as is the six-foot social distancing requirement. The mask mandate for indoor locations such as grocery stores, restaurants and retail shops, will remain in place. However, for indoor locations, if there is confirmation that all people are vaccinated, masks are not required. For gatherings of 500 people or more, venues need to have approval from the Colorado Dept. of Public Health and Environment.

 
- Summit Daily, 05.05.21
 

BRECK SKI PATROL VOTES 43-42 TO UNIONIZE

 
 
 

The result of the vote by the ski patrollers at Breckenridge Ski Resort was reported Monday, May 3 and of the 88 ballots, there were 43 in favor of unionization, 42 against and three votes were voided. As a result of the one-vote margin, the Breckenridge ski patrollers will join the Communications Workers of America labor union. The vote by the Breckenridge patrollers follows the March unionization vote by the ski patrol at Keystone Ski Resort. The Keystone patrollers voted 35-34 not to unionize.

 
- Summit Daily, 05.05.21
 

THERE ARE PLACES IN THE U.S. WHERE THERE ARE MORE HOMES FOR SALE

 
 
 

In Colorado and throughout many locations in the West, the boom in real estate sales has resulted in dramatic fall in the inventory of homes for sale. So much so, that in many locations, whenever a home goes on the market it sells immediately, many times for more than the listing price. However, a study using data from Zillow, shows that there were 18 metro areas where the inventory actually went up from February to March. Here are the top 15:

  • San Jose 13.9 percent
  • Seattle 10.1 percent
  • San Francisco 8.9 percent
  • Stockton, Calif. 7.1 percent
  • Washington, D.C. 5.9 percent
  • Ventura, Calif. 5.7 percent
  • Boston 4.4 percent
  • Minneapolis/St. Paul 4.4 percent
  • Fort Collins, Colo. 4 percent
  • Boise City 3.8 percent
  • Portland 3.6 percent
  • Sacramento 3.4 percent
  • San Diego 3.4 percent
  • Los Angeles 2.4 percent
  • Salt Lake City 2.4 percent
 
- Grow.acorns.com, 05.03.21
 

VOTE FOR THE BEST ATTRACTIONS TO VISIT THIS SUMMER

 
 
 

USA TODAY conducts its readers' polls of the 10Best, and now USA TODAY is seeking votes on the best attractions to visit this summer. Vote once per day for your favorite in each category until voting ends on Monday, May 24 at noon ET. The 10 best winners, chosen by your vote, will be announced on Friday, June 4:

  • www.10best.com/awards/travel/best-aerial-adventure-park/
  • www.10best.com/awards/travel/best-aquarium-2021/
  • www.10best.com/awards/travel/best-botanical-garden-2021/
  • www.10best.com/awards/travel/best-safari-park/
  • www.10best.com/awards/travel/zoo/
  • www.10best.com/awards/travel/best-zoo-exhibit/
 
- USA TODAY, 04.30.21
 

WHEN MUST COLORADO EMPLOYEES HAVE PAID LEAVE TO GET A COVID-19 VACCINATION?

 
 
 

The Colorado Division of Labor Standards and Statistics weighs in with updated guidance on this topic of paid leave under the Healthy Families and Workplaces Act (HFWA). The HFWA took effect on July 15, 2020. Under this law, employers with 15 or fewer employees are exempt from the HFWA for 2021 but will be covered in 2022. However, for 2021, they are required to provide additional leave for COVID-19-related care in 2021, including preventative care such as a COVID-19 vaccination. This supplemental leave is based on the declaration of a Public Health Emergency signed by Governor Polis. Here’s more: https://bit.ly/3xgq1zZ

 
- Dalby, Wendland & Co., P.C., www.dalbycpa.com
 
 
 
 
 
 
 
 
MARKET UPDATE - 05/04/2021 Close
 
(Courtesy of Alpine Bank Wealth Management*)
 
 
Close
Change
Dow Jones Industrials
 
34133.03
 
+19.80
 
S&P 500
 
4164.66
 
-28.00
 
NASDAQ
 
13633.50
 
-261.61
 
10-year Treasury yield
 
1.59
 
-0.01
 
Gold (CME)
 
1775.80
 
-15.60
 
Silver (CME)
 
26.53
 
-0.40
 
Oil (NY Merc)
 
65.69
 
+1.20
 
Natural Gas ($/MMBtu)
 
2.96
 
NC
 
Cattle (CME)
 
113.02
 
-2.27
 
Prime Rate
 
3.25
 
NC
 
Euro (per U.S. dollar)
 
0.83
 
+0.01
 
Canadian dollar (per U.S. dollar)
 
1.23
 
+0.01
 
Mexican peso (per U.S. dollar)
 
20.22
 
+0.05
 
30-year fixed mortgage rate (Freddie Mac 04/29/2021)
 
2.98
 
+0.01
 
*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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