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Colorado - Tue. 12/31/24 |
A Free Business Publication from Alpine Bank
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NOTICE OF HOLIDAY CLOSURE FROM ALPINE BANK
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All Alpine Bank branches will be closed Wednesday, Jan. 1, 2025, for New Year’s Day. We invite you to use Alpine Online or the Alpine Mobile app for 24/7 banking access, even when we are closed. Learn more at the link below. Have a safe and happy New Year!
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'NOCTOURISM' EXPECTED TO BE A BIG TRAVEL TREND IN 2025
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Booking.com has named “noctourism,” a trend that focuses on nighttime travel experiences, a top travel trend for 2025, describing it as a desire to “ditch the daylight crowds for midnight magic.” A global survey of more than 27,000 travelers showed nearly two in three travelers said they have considered “darker sky destinations” for activities such as stargazing (72 percent), once-in-a-lifetime cosmic events (59 percent) and constellation tracking (57 percent). Most activities involve the night sky, but others happen on the ground, from city tours and truffle hunting in Italy at night to full moon picnics by the sea.
Luxury travel company Wayfairer Travel said noctourism experiences rose 25 percent in the past year, with requests for Northern Light viewings in Norway and Iceland, but also night diving in Australia’s Great Barrier Reef and Egypt’s Red Sea. Nocturnal wildlife safaris in Zambia and Kenya and stargazing in Chile’s Atacama Desert are also popular. Hotels from Hawaii to Austria are now offering stargazing activities. The next total lunar eclipse will occur on March 14 and will be visible across much of the world, including the Americas, Western Europe and Western Africa.
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NYSE TO CLOSE JAN. 9 IN HONOR OF LATE FORMER PRES. JIMMY CARTER
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The New York Stock Exchange will close trading on Thursday, Jan. 9, in accordance with a National Day of Mourning for the death of former President Jimmy Carter. It is customary for the NYSE to close trading to honor the passing of a president. The last such occasion was in December 2018 for the death of former President George Herbert Walker Bush. The Nasdaq exchange will also close trading that day. Bond market trading will end early at 2 p.m. ET. Carter, the nation’s 39th president known for his post-presidency peacekeeping and humanitarian work, died Sunday at the age of 100. The practice by the NYSE, founded in the late 1700s, dates back to 1885 when the Big Board closed to honor 18th President Ulysses S. Grant. Along with honoring former presidents, the exchange also closed trading in 1968 following Martin Luther King Jr.’s assassination.
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UNITED AIRLINES OFFERS DAILY FLIGHTS, DURANGO TO HOUSTON, THIS SUMMER
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Beginning in June, United Airlines will offer daily nonstop flights between Houston and the Durango-La Plata County Airport during the summer season. The daily service will start on June 26 and run through Aug. 18. Weekend service will be available prior to the daily service, between May 24 and June 21. United will operate one flight a day, on a 76-seat Embraer E-175 aircraft. Houston is the fourth major hub for air travel to and from Durango. George Bush Intercontinental Airport offers connections to the Southeastern United States as well as Latin American countries. Durango passengers will have direct access to the greater Houston area, and increased flexibility in their travel plans, while visitors from Southeastern Texas can take advantage of increased ease of travel during the summer recreation season.
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180 REPORTS OF AVALANCHES IN 3-DAY SPAN, DANGER REMAINS HIGH
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The Colorado Avalanche Information Center has received an influx of reports of avalanches as it warns that avalanche danger will remain elevated throughout the state through at least New Year’s Day. Colorado Avalanche Information Center public information officer Kelsy Been said Monday morning, Dec. 30, that it has had 180 avalanches reported in public field reports since Dec. 27. About half of those avalanches were naturally occurring, while the other half were triggered by humans. Avalanche danger as of Monday morning was considerable or high throughout much of the northern and central mountains.
The Colorado Avalanche Information Center has avalanche warnings in effect for several mountain ranges including those in and around Summit County and popular backcountry spots like Loveland and Berthoud passes. The Colorado Avalanche Information Center is recommending against traveling in avalanche terrain due to the heightened danger. For the latest avalanche forecast visit Colorado.gov/avalanche.
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FORT COLLINS LAB WORKING TO RESTORE BREADFRUIT TREE FOREST DESTROYED IN LAHAINA FIRE
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Breadfruit trees have traveled far, first carried by Polynesians 4,400 miles across the Pacific to Hawaii from Papua New Guinea. Capt. William Bligh brought it to the Caribbean. But perhaps its most unlikely journey was to a greenhouse on the outskirts of Fort Collins. The breadfruit cutting in a pot at Summit Plant Laboratories is a remnant of one of the trees on the Hawaiian island of Maui, where a 2023 wildfire killed at least 102 people, razed 2,200 homes and businesses, caused $5.5 billion in damages, and wiped out the historic town of Lahaina. If all goes well, the laboratory will use tissue culture technology to generate thousands of new breadfruit trees to send back to Maui. It is a departure for Summit, where the main work is using the technique to grow healthy seed potatoes.
Breadfruit, “ulu” in Hawaiian, is a symbol of resilience in Hawaiian culture. When the fruit is baked or roasted it has the fragrance of bread. The sap can be used as an adhesive or to treat cuts. The leaves double as sandpaper and the wood can be fashioned into surf boards. The cutting in Fort Collins is one of several collected before the fire, by Eddy Garcia, who runs a regenerative farming operation and an educational nonprofit promoting regenerative farming on Maui. Garcia’s goal is to replant the descendants of those ancestral trees on his properties and offer them to anyone else who wants them. His plan is being aided by a $100,000 donor-directed grant from the Denver Foundation.
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ASPEN, PITKIN COUNTY SEE HIGHER DUI RATES THAN STATE
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Aspen police recorded over twice as many DUIs per capita than the state of Colorado in the past five years. There’s been an average of one DUI charge per 207 Aspen residents per year by the Aspen Police Dept. between Jan. 1, 2020, and Nov. 30, 2024. That’s compared to an average of one statewide DUI charge per 480 residents in the state of Colorado over the same time frame. High rates of road use in and out of Aspen could play a part in the high DUI rate. Though the Aspen population is only around 7,000, nearly 19,000 vehicles cross Castle Creek Bridge every day. Pitkin County has seen an even higher DUI rate over the past five years, with an average of one DUI charge per every 152 people in the county per year, over three times higher per capita than the state.
Local transit options include the Roaring Fork Transportation Authority, the Downtowner, the Basalt Connect, and High Mountain Taxi. Tipsy Taxi is a free late-night transit option. Bartenders and law enforcement supply vouchers. Tipsy Taxi can be contacted at 970-618-1515 and High Mountain Taxi at 970-925-8294.
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DENVER ACTIVATES OVERFLOW COLD WEATHER SHELTERS
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Denver has opened overflow cold-weather shelters throughout the city and will keep them open 24/7 through next week as freezing temperatures and snow showers hound the city. As Denver faces a High Wind Warning and a winter storm swirls in northwestern Colorado, metro temperatures are forecast to fall to 17 degrees overnight Monday and Tuesday. Cold overnight temperatures in the low 20s and below will continue in Denver through Sunday. From 1 p.m. Monday to 11 a.m. next Monday, Jan. 6, people in need of shelter can visit the Stone Creek shelter at 4595 Quebec St., which used to be a Best Western hotel, and facilities at 2601 West 7th Ave. and 375 South Zuni St.
People are also encouraged to go to the city’s regular “front door” shelter access points, including:
- Denver Rescue Mission’s Lawrence Street Community Center at 2222 Lawrence St. for individual men, open from 7 a.m. to 8 p.m. daily
- Samaritan House at 2301 Lawrence St. for individual women, open from 4:30 p.m. to 7:30 a.m. daily
- Urban Peak at 1630 South Acoma St. for 15- to 20-year-olds, open from 8 a.m. to 7 p.m. daily
- The Salvation Army Connection Center for families with minor children, which people should call for intake information at 303-295-3366 from 7 a.m. to 9 p.m. Monday through Friday and 8 a.m. to noon Saturday and Sunday
- For more information about shelter access, visit denvergov.org/findshelter or text INDOORS to 67283.
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U.S. CITIES WHERE HOME PRICES HAVE RISEN THE MOST IN 2024
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Home prices climbed in most major U.S. cities in 2024. In the 50 largest U.S. cities, median home prices are up 5.8 percent through November, compared with all of 2023. Anaheim, California, saw the most growth, with home prices up 12.5 percent. Like other fast-growing markets, it’s close to a major city, Los Angeles, where expensive homes are pushing buyers into surrounding areas. Similar trends can be seen in other metro areas near major cities, such as Newark and Nassau County near New York.
Here are the 15 metro areas with the fastest home price growth so far in 2024:
- Anaheim, California: 12.5 percent
- Newark, New Jersey: 11.3 percent
- New Brunswick, New Jersey: 10.8 percent
- Nassau County, New York: 9.9 percent
- Providence, Rhode Island: 9.8 percent
- West Palm Beach, Florida: 8.6 percent
- Chicago: 8.6 percent
- Detroit: 8.5 percent
- San Jose, California: 8.5 percent
- Fort Lauderdale, Florida: 8.3 percent
- Milwaukee, Wisconsin: 8.1 percent
- Seattle: 8.1 percent
- Miami: 7.9 percent
- Cleveland: 7.5 percent
- Warren, Michigan: 7.5 percent
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MOST EXPENSIVE HOME SALES 2024
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The most expensive U.S. home sale this year was made for an approximately 8,000-square-foot mansion in Southern California, costing its buyer $96 million for the multi-acre property and placing it atop Redfin’s list of priciest home sales this year. The second-most expensive home sold in the U.S. this year was purchased for $77 million, is located in the ski resort town of Aspen and boasts eight bedrooms and nine and a half bathrooms spread across 12,655 square feet of living space—all of which is about a 15-minute drive from downtown Aspen.
Top 10 Most Expensive Homes Sold This Year:
- Carpinteria, California: $96 million for an 8,000-square-foot, five-bedroom
- Aspen, Colorado: $77 million for a 12,655-square-foot, eight-bedroom
- Brooklyn, New York: $75 million for a 1,250-square-foot, two-bedroom
- Miami, Florida: $72.2 million for a 12,552-square-foot, nine-bedroom
- Aspen, Colorado: $66.5 million for a 6,180-square-foot, five-bedroom
- Carpinteria, California: $65 million for a 10,902-square-foot, five-bedroom
- Hollywood Hills, California: $62.8 million for an eight-bedroom, 18-bathroom
- Miami, Florida: $62.5 million for a 12,807-square-foot, seven-bedroom
- Reno, Nevada: $62 million for a 14,197-square-foot, seven-bedroom
- Malibu, California: $61 million for a 10,527-square-foot, five-bedroom
Luxury home values exceeded appreciation of typical homes for at least five consecutive months this year, according to Zillow, with standard luxury homes being worth an average of about $1.6 million across the U.S. as of this summer. Luxury home values in the U.S. jumped 3.9 percent from 2023 to 2024, marking a faster appreciation than the 3.2 percent annual growth experienced by typical U.S. homes.
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PLACES TO VISIT IN 2025, ACCORDING TO AIRBNB
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Travel is continuing to rise to pre-Covid levels, according to U.N. Tourism. And Airbnb’s annual list of trending destinations highlights the international locations guests are most eager to visit next year. The list shows three key travel trends that will likely dominate the new year: experiential travel, group travel, and people traveling farther away. Airbnb’s data also shows that beach destinations and cities that are more off the beaten path than travelers are used to are of particular interest. The United States was the only country with five cities on the list.
These are Airbnb’s destinations to visit in 2025 in The Americas:
- Puerto Escondido, Mexico
- Green Bay, Wisconsin, U.S.
- Charleston, South Carolina, U.S.
- Cartagena, Colombia
- La Serena, Chile
- Vancouver, British Columbia, Canada
- Mar del Plata, Argentina
- Baton Rouge, Louisiana, U.S.
- Florianópolis, Brazil
- Houston, Texas, U.S.
- Brasília, Brazil
- Jacksonville, Florida, U.S.
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2025 BUCKET LIST FOR COLORADO ADVENTURE
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It’s about time for a 2025 bucket list if you resolve to have an adventurous year:
- Delight in Rocky Mountain winter: You won’t be able to drive Trail Ridge Road, the “Highway to the Sky” that closes for the snowy season. But you won’t have to worry about the tourist masses drawn to that road in the summer. You won’t have to worry about a timed-entry permit. That’s Rocky Mountain National Park in the winter — less fuss, more solitude. When to go: Now through March.
- Board the Winter Park Express: Heading into the ski season, Amtrak’s Winter Park Express announced expanding service and cutting prices. Tickets started at $19 for the ride from Denver’s Union Station to Winter Park Resort — a win for the Colorado Dept. of Transportation, which would prefer fewer cars on Interstate 70. Carry on your skis or snowboard at no extra charge and sit back and enjoy panoramic views from the train’s Sightseer Lounge. When to go: Now through March.
- Visit Colorado National Monument: All too often Coloradans drive through Grand Junction and never stop on their way to red rock dreamscapes around Moab. Little do they know they pass a similar dreamscape. CNM boasts towering canyons, monoliths and pinnacles of its own. The paved, 23-mile Rim Rock Drive is the way to see it all. When to go: Cooler in spring or fall.
- Check out Penitente Canyon: In a certain pocket of the San Luis Valley, farm fields and sage flats suddenly give way to rocks that soar like a cathedral. This is Penitente Canyon, a place steeped in lore. It is the place where a persecuted sect of Catholic men, Los Hermanos Penitentes, practiced grim rituals in secret. Now this is a place that calls to sport climbers. The rock is packed with bolted routes. But Penitente Canyon is not just for climbers. Mountain biking has been a more recent focus of land managers and stewards; a reimagined single-track network roams more than 20 miles. When to go: Cooler in spring or fall.
- See Rifle Falls: Rifle Falls is a tropical scene that emerges out of nowhere in this far west, desert region of the state: a triple cascade shooting from a limestone cliff to a lush, verdant floor. This is the popular image that has circulated around social media. But there is more than meets the eye here at the surrounding state park. When to go: Summer most popular; winter for “ice caves.”
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MARKET UPDATE - 12/30/2024 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 12/26/2024)
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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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