|
Colorado - Wed. 09/11/24 |
A Free Business Publication from Alpine Bank
|
|
View in Browser
|
|
|
| |
MORTGAGE RATES HIT LOWEST LEVEL SINCE FEBRUARY 2023
|
| |
|
|
| |
|
Mortgage rates fell for the sixth straight week last week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6.29 percent from 6.43 percent, with points falling to 0.55 from 0.56 (including the origination fee) for loans with a 20 percent down payment, according to the Mortgage Bankers Association. That is the lowest level since February 2023 and nearly a full percentage point lower than the same week one year ago. Total mortgage demand rose just 1.4 percent for the week. Refinance applications only increased 1 percent week to week but were 106 percent higher than a year ago. The numbers were so low last year, that even with that large gain, refinancing is still historically low. Applications for a mortgage to purchase a home rose 2 percent for the week but were 3 percent lower than the same week one year ago.
|
| |
|
|
|
| |
COLORADANS MISSING OUT ON MILLIONS IN UNCLAIMED TAX BENEFITS
|
| |
|
|
| |
|
Each year, Coloradans lose out on hundreds of millions of dollars in unclaimed federal tax benefits. Now, a new state law aims to put more of that unclaimed money into people’s pockets by directing the Colorado Dept. of Revenue to persuade more residents to file their tax returns. The goal of the pilot program, which must launch by Aug. 15, 2025, is to help thousands of Colorado households receive funds they’re owed. House Bill 1288 requires the Colorado Dept. of Revenue to help up to 100,000 Colorado households file or amend a federal or state income tax return, or both, and claim the federal or state earned income tax credit, or the federal or state child tax credit, or even all four of those. The move will help Coloradans who participate access some of the largest tax credit programs available. Colorado lost out on $785 million in federal earned income tax credits and federal child tax credits that went unclaimed in 2021.
|
| |
|
|
|
| |
MEOW WOLF IS DIA'S NEWEST ARRIVAL
|
| |
|
|
| |
|
Meow Wolf, the immersive art and entertainment company with an outpost in Denver, just opened a gift shop at Denver International Airport. Located on Concourse C, the Meow Wolf kiosk “invites passengers to explore a collection of artifacts and remnants from The Converged Worlds and merchandise from other Meow Wolf locations; some from all ends in the multiverse.” It officially opened on Sept. 6. Meow Wolf’s Denver installation first opened in 2019 with psychedelic, colorfully lit environments and visual art that echoes its original location in Santa Fe, as well as newer ones in Las Vegas and Grapevine, Texas — with another expected to open this year in Houston. The gift shop offers much of the same merchandise as Meow Wolf’s two existing shops: one inside Convergence Station, just southeast of Empower Field at Mile High, and one inside Elitch Gardens, where it opened the “dark ride” known as Kaleidoscape in 2019.
|
| |
|
|
|
| |
PERMIT NEEDED TO HIKE, CAMP AT COLORADO'S BLUE LAKES
|
| |
|
|
| |
|
The U.S. Forest Service has decided to institute a hiking permit system for the Blue Lakes near Telluride. Located in the San Juan Mountains, the Blue Lakes are popular due to their picturesque turquoise waters and proximity to 14,150-foot Mount Sneffels. But in recent years increased foot traffic has negatively impacted the natural landscape and the experience for hikers. The decision to adopt that plan, announced Tuesday, comes after nearly a year of gathering feedback from the public. While a few amendments have been made – for example, the window when permits will be required shrunk by a month – the plan remains mostly intact. Dana Gardunio at the forest service’s Ouray Ranger District said the permit system could launch by the summer of 2025 if the technology is ready, but it is more likely to be up and running by 2026. Gardunio estimates the permit system will cut the number of summertime visitors by 40 percent, from 13,000 to 7,808 people.
|
| |
|
|
|
| |
235 MILES ON A TOWNIE BIKE NAMED 'DRAGON WAGON'
|
| |
|
|
| |
|
Michael Blunck just pedaled his Townie bike named "Dragon Wagon" 235 miles from Craig Hospital in Englewood to finish in Crested Butte on Sunday. Concluding his ride along Elk Avenue in Crested Butte for the 20th annual Bridges of the Butte Townie Tour, Blunck endured some serious ascends and descends during his nine-day bicycle ride for charity. Michael Blunck pedaled a single-speed townie bike 235 miles over the course of nine days and was welcomed by dozens of friends, just in time for the 20th annual Bridges of the Butte Townie Tour. Blunck's ride was done to raise money for the Adaptive Sports Center of Crested Butte and support people visiting the center from Craig Hospital who have experienced life-altering injuries or diagnoses, and anyone who seeks to enjoy the physical and mental benefits of adaptive recreation in Crested Butte. Blunck's ride has raised $67,663, or over two-thirds of the $100,000 goal set for 2024.
|
| |
|
|
|
| |
BEAR ENCOUNTERS ON THE RISE IN ASPEN
|
| |
|
|
| |
Encounters between bears and humans have surged this year, as bears increasingly overcome the trash management systems designed to keep them at bay. “A bear has figured out how to enter a trash compactor for the first time this year,” Aspen Parks and Open Space Wildlife Coordinator Lara Xaiz said. Over the past month in Aspen, there have been 15 bear intrusions into unlatched trash cans or dumpsters, one into unlatched compost, three container failures on poly/plastic carts, 19 incidents involving recycling, and 24 metal dumpster failures.
From June 1 to Sept. 5, Pitkin County received 463 bear reports, with 173 involving food and non-food source property damage, all marking a significant increase from the previous year when there were 263 reports and 113 cases of property damage. Bear-resistant trash cans are only effective for 60 to 90 minutes. After that, the bears can usually manage to break in. If a bear continues to frequent an area, residents are encouraged to contact wildlife officials for guidance. The Aspen Police Dept. is also a valuable resource, advising residents to call 970-920-BEAR if a bear is spotted or to contact the police directly if the situation is urgent.
|
| |
|
|
|
| |
WINTER FLIGHT & LODGING BOOKINGS ARE LOOKING UP
|
| |
|
|
| |
In the San Juan Mountains, the tourism industry saw an even booking trend this summer compared to last summer, but the trend is slowly ticking up for fall and winter bookings. They’re hopeful that with peak booking months still ahead, lodging and airline reservations will jump, especially given that a new air carrier, Breeze Airways, has joined the flight roster at Montrose Regional Airport. As for area lodging bookings, executive director of the Telluride Tourism Board, Kiera Skinner, reported that from May 23, when the gondola opened for summer, through the end of August, destination total paid and owner occupancy closed flat YOY at 55 percent.
- While Telluride occupancy was flat, Mountain Village’s occupancy increased by 5 percent.
- The average booking window for the holiday season is about 80 days out, which would be early October. So far, fall lodging bookings (Sept. 1 – Oct. 20) are pacing behind 2023 due to reduced September bookings.
- September is currently tracking 10 percent behind YOY in total occupancy and paid occupancy is pacing 16 percent lower.
- October is pacing ahead YOY with a 5 percent increase in total occupancy and a 3 percent increase in paid occupancy.
- Total occupancy for winter is pacing 26 percent ahead YOY and paid occupancy is up by 12 percent. All winter months are pacing ahead of last year with the most growth in January and March.
|
| |
|
|
|
| |
LA PLATA COUNTY WILL CHARGE DURANGO H.S. STUDENTS TO PARK AT FAIRGROUNDS
|
| |
|
|
| |
|
Durango High School students who park in the neighboring lot at the La Plata County Fairgrounds should prepare to pay a fee of $50 per school year. The Board of County Commissioners approved a resolution Tuesday amending the fairgrounds schedule of fees to include a parking permit for DHS students who use the county lots. Fee revenue, which is $10 more than the annual permit required for students to park on DHS property, will cover what fairgrounds General Manager Emily Spencer calls a “substantial” impact of student-generated trash. Both Spencer and Durango School District 9-R spokeswoman Karla Sluis said the increase in overflow cars was likely due, in part, to the presence of Miller Middle School students at the high school. Miller students are starting the year at DHS after a fire at the middle school construction site forced the district to keep students out of the building for the first few weeks of school. Students will return to Miller on Sept. 24.
|
| |
|
|
|
| |
EAGLE COUNTY COMMISSIONERS GIVE THE GO-AHEAD FOR GEOTHERMAL PROJECT
|
| |
|
|
| |
The Eagle County Board of Commissioners on Monday asked staff to go ahead with plans for a “geoexchange” heating and cooling system for the county building to replace the current heating and cooling system in the roughly 30-year-old building. County Climate Programs Coordinator Kate Kirkman told the commissioners there’s currently about $4.1 million in grant revenue available for the work, currently estimated at roughly $9.5 million. But, she added, contracts need to be signed in the next month or so to accept those grants. That work will start with drilling several boreholes on the county building campus. Those holes, which Kirkman described as “not very deep,” will have to be sunk to roughly 500 feet each. At that level, they’ll hit a consistent temperature of 55 degrees Fahrenheit. That air can then be adjusted for seasonal comfort. By the numbers:
- $3.75 million: Replacement cost of current heating and cooling equipment in the county administration building.
- $9.5 million: Cost of a geothermal system for the building.
- $4.85 million: Current amount of grant reimbursements for that system.
- $4.65 million: Current estimate of final cost to the county for the new system.
- The current systems are roughly two years overdue for replacement and are being frequently repaired.
|
| |
|
|
|
| |
CAR-SEAT SAFETY CHECKS OFFERED SUNDAY IN STEAMBOAT
|
| |
|
|
| |
|
Steamboat Springs Fire Rescue will offer free car-seat safety checks 1 to 3 p.m. on Sunday, Sept. 15. Firefighters certified as child passenger safety technicians can install and inspect infant and children’s car seats. Proper car- and booster-seat fits and installation can be tricky, so certified technicians can identify and fix common mistakes parents may not know they are making in order to decrease chances a child may be injured in a crash. Car crashes are a leading cause of death among children 13 and younger nationwide, according to the National Highway Traffic Safety Administration. The car-seat safety check will take place at the Mountain Fire Station, 2600 Pine Grove Rd. in Steamboat. Reservations are requested through the city’s online portal at tinyurl.com/y4j2mck4 as limited spots are available.
|
| |
|
|
|
| |
NEW SEASONAL FISHING CLOSURE ON PARTS OF BLUE RIVER & TENMILE CREEK
|
| |
|
|
| |
|
A new seasonal fishing closure is in place on parts of the Blue River and Tenmile Creek this year from Sept. 1 through Dec. 1, according to Colorado Parks and Wildlife. The Colorado Parks and Wildlife Commission last year updated fishing regulations for the Dillon Reservoir, Blue River and Tenmile Creek in response to a declining brown trout population. The regulations require that all brown trout over 14 inches in length be returned to the water immediately upon catch. The regulations also created the seasonal closures on the Blue River from Coyne Valley Road three miles north of Breckenridge downstream to the Dillon Reservoir and on the Tenmile Creek from the confluence of West Tenmile Creek near Copper Mountain downstream to the Dillon Reservoir.
|
| |
|
|
|
| |
XCEL WARNS RESIDENTS OF POTENTIAL EXTENDED OUTAGES & SHUTOFFS
|
| |
|
|
| |
|
As the changing climate increases wildfire risk in Colorado, Xcel Energy is telling mountain residents to expect more extended power outages and to plan for the possibility that power could be shut off for public safety. Summit County residents can expect those heightened wildfire safety operations, which the utility company calls “enhanced power safety settings,” to continue with regularity due to the heightened risk of wildfire. The power lines will de-energize within about 1/10 of a second if something like a tree touching the line triggers them, and they will not automatically re-energize. Under these protocols, crews have to go to visually inspect the line before re-energizing it, leading to extended power outages. Xcel Energy is working to improve communications with customers about when enhanced power safety settings are in place.
|
| |
|
|
|
| |
PEDAL FOR PREVENTION ACROSS TEN COUNTIES, SEPT. 23-29
|
| |
|
|
| |
The fifth Annual Pedal for Prevention will be held Sept. 23-29, across the 10 Colorado counties served by the Mind Springs Foundation, including the towns of Aspen, Craig, Eagle/Vail, Glenwood Springs, Granby, Grand Junction, Meeker, Rangely, Rifle, Steamboat Springs and Walden. September is National Suicide Prevention Awareness Month. In the U.S., a person dies by suicide every 13.7 minutes, claiming more than 46,000 lives each year. Suicide is the fourth leading cause of death in the U.S. among adults 18-65, and the second leading cause of death among teens and young adults.
Pedal for Prevention brings together survivors of suicide, their families, friends and supporters of suicide prevention and awareness. This event is an opportunity to “move” for something that matters- whether that’s for health, recovery, or in memory of a loved one with the goal to raise money for life saving suicide prevention and mental health treatment through West Springs Hospital and its Psychiatric Emergency Department. Alpine Bank is proud to be the presenting sponsor. For more information or to register for the event, visit the link below.
|
| |
|
|
|
| |
FIVE COLORADO SMALL BUSINESSES RANK AMONG U.S. CHAMBER'S TOP 100
|
| |
|
|
| |
Five small Colorado businesses rose to the top out of thousands of applicants vying to be named best in the nation by the U.S. Chamber of Commerce. The organization announced an inaugural list of 100 small businesses last week that it calls the "best and brightest in America." The list, dubbed the CO-100 in a nod to the Chamber's digital platform for small businesses, analyzed 14,000 applications from small and mid-sized companies nationwide. More than half (64 percent) generated $1 million or more in revenue last year.
The 100 businesses were recognized for excellence in innovative growth, commitment to community, micro-business leaders, adaptability, customer service, global reach, digital innovation, legacy, disruptors and positive employee culture. Combined, the top 100 businesses generate more than $400 million in annual revenue and employ more than 5,000 people. The five Colorado businesses that made the list are:
- Woof. Based in Denver, Woof makes dog care products. Launched in 2019, the company's foundational product is the Pupsicle, a reusable toy that can be filled with treats. Woof was honored in the growth category.
- repurposedMATERIALS. Founded in 2010, Lafayette-based repurposedMATERIALS finds ways to keep used and discarded industrial material out of landfills. For example, the company connects surplus materials like vinyl billboards and conveyor belts with customers who repurpose them. The company was honored in the adaptability category.
- Holidaily Brewing Company. Golden-based Holidaily describes itself as the only certified woman-owned and gluten-free brewery in the U.S. The company was founded by cancer survivor Karen Hertz in 2016. Holidaily was honored in the disruptors category.
- The Cavern Men’s Barber Lounge. Based in Colorado Springs, The Cavern pairs haircuts, beard detailing and facials with a relaxing atmosphere and complimentary beer or wine. The company was honored in the customer service category.
- Waldschänke Ciders & Coffee. The Denver-based cidery bills itself as the city's only Swiss-inspired cidery, which has unfiltered and less-carbonated ingredients. Waldschänke was honored in the culture category.
|
| |
|
|
|
|
|
| |
|
MARKET UPDATE - 09/10/2024 Close
|
| |
|
(Courtesy of Alpine Bank Wealth Management*)
|
| |
|
Canadian dollar (per U.S. dollar)
|
| |
|
|
|
|
Mexican peso (per U.S. dollar)
|
| |
|
|
|
|
30-year fixed mortgage rate (Freddie Mac 09/05/2024)
|
| |
|
|
|
|
|
*Not FDIC insured. May lose value. Not guaranteed by the bank.
|
| |
|
| |
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.
|
| |
|
|
| |
| Make changes to your subscription or unsubscribe here. |
| © 2025 Alpine Bank. |
| |
|
|
