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Colorado - Mon. 01/06/25 |
A Free Business Publication from Alpine Bank
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COLORADO NOW HAS 20 ZIP CODE AREAS WHERE THE MEDIAN HOME PRICE IS $1 MILLION
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Real estate portal RealtyHop recently conducted a study of home listings in every state through October to determine which ZIP codes had the highest median list price in each state. The study revealed there are now 20 ZIP codes in Colorado where the median list price is above $1 million. Not surprisingly, Aspen’s 81611 remains the highest in the state with a median list price of $3.67 million. Not far behind is 81654 in Snowmass, with a median list price of $3.49 million. Telluride’s 81435 is third at $3.39 million.
Colorado’s resort areas still dominate the most expensive home price list, but there is a spill-over effect as well, with ZIP codes like 81621 in Basalt/El Jebel, with a median list price of $1.83 million. Likewise, the 81632 ZIP, which includes Avon, Wolcott and Edwards to the west of Vail, makes the top 20 with a median list price of $1.82 million.
Other ski resort communities in the top 20 are Summit County’s 80424, home to Blue River, Breckenridge, Frisco and Keystone at $1.72 million; Steamboat Springs’ 80487 at $1.69 million, and Crested Butte’s 81224 at $1.35 million. Three Boulder County ZIPs are on the list, led by Boulder’s 80304 at $1.42 million, the mountain towns to the west of Boulder in 80302 at $1.34 million and south Boulder’s 80305 at $1.15 million. The nation’s most expensive ZIP code, for the fifth year in a row, is 94027, in Atherton, Calif., where the median list price is $7.75 million.
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DENVER’S TED GILL PRESENTED THE PRESIDENTIAL MEDAL OF FREEDOM
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Ted Gill, who grew up in the western suburbs of Denver, went to the University of Colorado, founded a software startup Quark and sold it to fund his Gill Foundation and became an influential national voice for gay rights, donating hundreds of millions of dollars to LGBTQ+ causes, was recognized by President Joe Biden with the Presidential Medal of Freedom on Saturday at the White House. The White House announcement said the nation’s highest civilian award is given at the discretion of the president to “individuals who have made exemplary contributions to the prosperity, values or security of the United States, world peace or other significant societal, public or private endeavors.”
Other awardees included: former Secretary of State Hillary Clinton, former Los Angeles Lakers point guard Earvin “Magic” Johnson, William Nye, better known as Bill Nye the Science Guy, José Andrés, Bono, Ashton Carter (posthumous), Michael J. Fox, Jane Goodall, Fannie Lou Hamer (posthumous), Robert Francis Kennedy (posthumous), Ralph Lauren, Lionel Messi, George Romney (posthumous), David Rubenstein, George Soros, George Stevens Jr., Denzel Washington and Anna Wintour.
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DONE DEAL: DENVER’S THIRD-LARGEST LAW FIRM ACQUIRED BY CINCINNATI FIRM
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The Denver-based law firm Sherman & Howard first opened in 1892 and by 2024 had grown to include 125 lawyers and was Denver’s third-largest law firm. Sherman & Howard had Colorado offices in Denver, Aspen, Steamboat Springs and Colorado Springs. It also had offices in Phoenix, Albuquerque, Reno and Las Vegas. Sherman & Howard was officially acquired by Cincinnati-based Taft on Jan. 1. The companies had announced the deal to combine on Sept. 23, 2024. The combined firm employs about 1,050 lawyers and has a total staff of about 1,775 people based at its offices in 10 states and the District of Columbia. Taft won’t immediately take over the Sherman & Howard brand. It plans to slowly introduce the Taft brand alongside the Sherman & Howard name and eventually consolidate to Taft over three to four years, according to the firm.
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PRESIDENT BIDEN BLOCKS MERGER BETWEEN U.S. STEEL AND JAPAN’S NIPPON STEEL
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President Joe Biden, on Friday, officially blocked the takeover of U.S. Steel by Japan’s Nippon Steel. In announcing the decision, Biden said the proposed $14.9 billion acquisition by Nippon would place one of the largest steel producers in the U.S. under foreign control, creating a risk for the nation’s critical supply chains. U.S. Steel and Nippon slammed Biden’s decision as “unlawful” in a joint statement Friday. They accused the White House of manipulating the review process to advance the president’s political agenda. The companies vowed to take “all appropriate action” to protect their rights.
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UNITED AIRLINES RAMPS UP PLANS FOR CONNECTING ITS FLEET TO STARLINK
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In September, United Airlines announced the carrier would start testing the connection to Starlink, Elon Musk’s satellite network that provides high-speed internet service around the world, sometime in 2025. Now, United officials say they are accelerating the timeline and expect to begin testing Starlink in February, with the first commercial flight anticipated in spring on a United Embraer E-175 aircraft, used for regional flights. United plans to equip its entire regional fleet, about 200 planes, with the service by the end of the year. United plans to connect all of its roughly 1,000 airplanes to the service, which the company has said would make the agreement the largest that Starlink has with a commercial airline.
Once United’s planes are connected to Starlink, passengers will be able to livestream TV shows and movies without a lag from buffering. Passengers will be able to shop online, play games, download and upload documents and edit files in real time. Access will be free for customers signed up for MileagePlus, United’s loyalty program.
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FORD, GM REPORT BEST SALES OF NEW VEHICLES SINCE 2019
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American legacy automakers General Motors and Ford Motor on Friday both reported their best annual U.S. new vehicle sales since 2019, led by growth of electrified vehicles such as all-electric and hybrid models. GM reported 2024 sales of more than 2.7 million vehicles, up 4.3 percent from a year earlier. The automaker sold 2.9 million units in 2019. Ford on Friday reported 2024 sales of 2.08 million vehicles, up from just under 2 million in 2023. In 2019, the automaker sold 2.42 million vehicles in the U.S. GM said sales were driven by increases in all four of its U.S. brands as well as a roughly 50 percent rise in sales of electric vehicles to more than 114,400 units. Electrified vehicles, including hybrids and EVs, represented 13.7 percent of Ford’s total annual sales.
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CDOT: NO IMPROVEMENTS AT INTERSTATE 70 EXIT 205
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The Colorado Dept. of Transportation conducted an 18-month study on the traffic patterns of Colorado Hwy. 9 and U.S. Hwy. 6 now and projected 20 years from now. Part of the study included the improvements of two exits on Interstate 70: Exit 203 at Frisco and Exit 205 between Dillon and Silverthorne. Now, CDOT has decided to “specifically exclude capacity improvements” to Exit 205. What was originally envisioned was a “diverging diamond” interchange, a traffic slowing mechanism which diverts cars in different directions without forcing them to wait at a stoplight. It would have created a six-lane corridor on Colorado Hwy. 9 and U.S. Hwy. 6, which CDOT cited as its reason to nix the plans. Previously, county officials also shared the sentiment that Exit 203’s issues were far worse than Exit 205’s and needed to be addressed more immediately.
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WHAT ASPENITES HAD TO SAY ABOUT THE ENTRANCE TO ASPEN…ONE MORE TIME
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The city of Aspen released results from a survey of city voters regarding the entrance to Aspen. The city hired Probolsky Research to survey registered Aspen voters from Nov. 23 to Dec. 3 to guide the city’s decision-making in future discussions about the entrance. Voters were asked questions about traffic congestion and travel times, the importance of a community-led discussion regarding the entrance, potential costs of the project and different entrance to Aspen alternatives. The survey deadline was extended to Dec. 12 to reach as many people as possible.
Results from a 300-response survey sample most matching the demographics of the city's 5,284 registered voters showed 52 percent of the respondents favored the option called the modified direct or preferred alternative as their first choice. It would reroute all or a portion of the lanes of Colorado Hwy. 82 over the Marolt and Thomas open spaces. About 25 percent of respondents ranked a three-lane shifted replacement of the current bridge as their first choice for an entrance alternative, the second-most popular first-choice option. About 42 percent ranked the split-shot alternative as their second choice. The split-shot would build a new two-lane road across the Marolt Open Space and keep outbound traffic on the S-curves.
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FOUNDATION GRANT WILL PROVIDE FREE DURANGO TRANSIT RIDES FOR VETERANS
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The Michael and Elaine Moravan Foundation donated $10,000 to Durango Transit last month to provide a year’s worth of free public transit services to veterans. The donation will fund 333 one-year transit passes for veterans. The city typically sells about 100 passes per year on average, so the donation is expected too accommodate free veterans passes for the next three years. Transit officials said the foundation has requested quarterly updates and has "expressed interest in keeping the program going beyond this original donation depending on demand.” Standard annual transit passes are purchasable at the Durango Transit Center for $360. Annual transit passes are already available to veterans at a discounted rate of $30 per year, or 8 percent of the regular cost. To date, 19 veterans have secured free passes.
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WINTER PARK UNLOCKED
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Winter Park Resort and its owner, Denver-based Alterra Mountain Co. have big plans to develop the ski resort 60 miles northwest of Denver into a "year-round world-class destination” for diverse groups of visitors, according to the plan submitted to the town of Winter Park in December. Winter Park Unlocked is designed as a partnership between the Winter Park Recreation Assoc., the town of Winter Park, Alterra Mountain Co. and the U.S. Forest Service, with the upgrades funded through a "“significant private investment” from Alterra. The plan proposes projects on 177 acres scattered across the resort, much of it building six- to eight-story buildings on what today are parking lots.
Alterra's master plan calls for adding over 2,000 units of residential and visitor lodging, expanding the resort's skiable terrain by over 350 acres, changing the ski area's base village, adding new snowmaking and both building new restaurant spaces and improving existing dining options. Winter Park Resort has a total of 3,081 skiable acres with 28 lifts and 171 trails. In 2024, Winter Park Resort completed a workforce housing complex, Conifer Commons, which added more than 330 beds for Winter Park employees. The town of Winter Park anticipates its land-use approval processes to take one year or more before construction around the base area begins.
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PEOPLE MOVING TO COLORADO…NOT SO MUCH ANY MORE ACCORDING TO U-HAUL
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Moving and storage company U-Haul annually ranks states in its Growth Index by the number of one-way rentals of its trucks, trailers and moving containers throughout the year. The Growth Index gives a measurable indication of newcomers to a state. Over the past 10 years, Colorado has been ranked among the top 10 growth states four times. In 2023, it ranked No. 9. However:
- Last year, 2024, Colorado dropped 31 places to No. 40
- That is the largest drop by any state last year
- Colorado also saw more departures of U-Haul rentals going one-way last year than arrivals
- U-Haul arrivals to Colorado dropped more than 4 percent
- Departures fell about 2 percent
- Total U-Haul traffic in and out of Colorado: arrivals, 49.7 percent; departures, 50.3 percent
- It was generally true for all the states of the Mountain West as Nevada, Wyoming and New Mexico all dropped by about 20 points from a year earlier
- Overall, people moving from one state to another slowed down in 2024
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DENVER’S BEST NEIGHBORHOODS IN 2024: HERE’S 5280’S RATING
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5280 Magazine revealed its sixth annual Best Neighborhoods in Denver. For its evaluation, magazine staff measured all 78 official Denver neighborhoods using its “Process,” which assigned values to: home values, school quality, safety, and those distinctive aspects that set a place apart like its cultural offerings, food access, bike-ability, open spaces, and more. Here are the top 10, with the neighborhood’s population and average home sale price in 2023:
- Washington Park: 7,188 (population); $1,915,886 (average home sale price 2023)
- Berkeley: 8,789; $962,200
- South Park Hill: 9,009; $1,029,963
- Congress Park: 11,362; $857,123
- Country Club: 3,138; $2,404,501
- University: 9,496; $812,840
- Platt Park: 6,672; $1,037,471
- Wellshire: 3,062; $1,276,494
- Washington Park West: 7,645; $1,102,032
- Sloan’s Lake: 7,851; $982,091
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MARKET UPDATE - 01/03/2025 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 01/02/2025)
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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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