Bigger Planes into TEX by Christmas 2011

Thought some of you (and your clients) might find this article interesting!

Enjoy!

George

TEX Could See Bigger Planes by Christmas 2011

by Seth Cagin - Watch Newspapers

11.19.10 - 10:56 am

TELLURIDE - The Telluride Regional Airport is prepared to make improvements to its terminal to accommodate bigger planes in time for the 2011 holiday season, provided that the Telluride-Montrose Regional Air Organization is able to bring flights to the airport by then.

The improvements to the terminal are necessary to meet security requirements, through the creation of a larger space for passengers to wait after being cleared through security. Plans are in place to make the improvements at a cost of about $1.5 million.

And while the airport board has budgeted for the improvements in 2011, it will not necessarily pull the trigger on construction until and unless flights are scheduled.

The airport can accommodate bigger aircraft as of this year due to a $50 million runway improvement that was completed this summer. But whether airlines will utilize the airport is a separate question.

The Regional Air Organization will be n egotiating with airlines to obtain flights to TEX in the spring. If flights are secured, that will allow sufficient time for the necessary terminal improvements to be completed, Jon Dwight , who serves on both the air organization and airport boards told the air organization board.

Scott Stewart, director of the air organization, told the board on Friday that he did not believe airlines would be concerned by the fact that the terminal improvements are merely approved and funded but not yet constructed when they consider whether or not to schedule TEX.

Improved air service to Telluride has been a long-term goal for both the Telluride Regional Airport and the Regional Air Organization, and is now possible since the biggest obstacle, the runway improvements, are complete. To the same end, the airport is also weighing whether to seek approval for commercial flights in and out of TEX after dark.

Air service to TEX has steadily declined over the last decade as service to the Montrose County Airport has improved.

Copyright 2010 Watch Newspapers. All rights reserved.

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Watch Newspapers

Dual Carribbean Citizen via Property Purchase

Catherine Deshayes

7th Heaven Properties, a specialist in the sale of Caribbean properties, has seen sales enquiries up 60% in early part of 2010. Of these nearly 20% are a direct result of the Economic Citizen Partnership which allows purchasers to become island residents...

Under the Partnership agreement, people making a minimum investment of US$350,000 in a property or villa plot are entitled to apply for island Citizenship. Islands to realise the potential in allowing purchasers to become residents have quickly become hot spot destinations and include St.Kitts and Nevis, Dominican Republic, Belize and Dominica - with more to follow including St.Lucia, Grenada and St. Vincent and the Grenadines.

On the island of St Kitts, Oceans Edge (1 bedroom beachfront apartment) www.7thheavenproperties.com/property.asp?Id=541 is for sale for £252,736. Under the Economic Partnership Scheme the eventual purchaser will be in line to become a citizen of St Kitts for life with eligible family members also being given full residency status. Other benefits include:

· Dual citizenship opportunity

· Passports are issued to successful applicants and any eligible dependants

· Residency in St Kitts is not required

· Visa Free travel to a number of countries including European Schengen Countries

· Tax free status on foreign income, capital gains, gift, wealth and inheritance tax

· The right to work in St Kitts

As owner and director of 7th Heaven, Walter Zephrin explains: "In light of the downturn in the economy, increases in taxes across major economies and the significant drop in property value across the globe, the Caribbean remains a strong and vibrant investment option. The ECP provides property buyers and investors with an added incentive to purchase in the region. Having dual citizenship provides the buyer with ease of access to the destination, relocation alternatives and year round access to the sun and sea. Taxes in the Caribbean are generally lower and the region remains stable with diverse appeal."

To date the Caribbean has not suffered a development downturn in any way similar to many destinations.

The region's continuous drive to attract tourists to the islands all but guarantees property investors taking the buy to let option are sure of a sound investment. Walter Zephrin is establishing himself as a trusted and knowledgeable expert in the sales of Caribbean property as new client Rufus Gobat explains "I have known Walter personally for many years, and have always been impressed by his knowledge of the global property investment market and the Caribbean region in particular."

Vacation Home Sales up in 2010

Vacation-Home Sales Up in 2009 but Investment Sales Down

Washington, March 31, 2010

(March 31, 2010) – Vacation-home sales recovered in 2009 while investment sales fell sharply, according to the National Association of Realtors®.


NAR’s 2010 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2009, shows vacation-home sales rose 7.9 percent to 553,000 last year from 513,000 in 2008, while investment-home sales fell 15.9 percent to 940,000 in 2009 from 1.12 million in 2008. Primary residence sales rose 7.1 percent to 4.04 million in 2009 from 3.77 million in 2008.


NAR Chief Economist Lawrence Yun said, “The typical vacation-home buyer is making a lifestyle choice, with nine out of 10 saying they intend to use the property for vacations or as a family retreat,” he said. “Investment buyers primarily seek rental income, with six in 10 planning to rent to others, although one in five wants a family member, friend or relative to use the home.”


Only one in four vacation-home buyers plan to rent their properties to others, while one in five investment buyers plan to use their homes for vacations or as a family retreat. However, 26 percent of vacation-home buyers and 8 percent of investment buyers intend to use the property as a primary residence in the future.


The market share of homes purchased for investment was 17 percent in 2009, down from 21 percent in 2008, while the vacation-home share rose a percentage point to 10 percent. The total share of second homes declined from 30 percent of sales in 2008 to 27 percent last year. “First-time buyers were at record levels in 2009 with fewer sales of second homes,” Yun said.


The median transaction price of a vacation home was $169,000 in 2009, compared with $150,000 in 2008. “The higher vacation home price may reflect increased sales in higher priced markets, particularly in areas of Florida and California where prices became highly attractive for buyers over the past year,” Yun said.


Half of vacation homes purchased last year were in the South, 21 percent in the West, 17 percent in the Midwest and 12 percent in the Northeast. Seven out of 10 were detached single-family homes.



The median investment property sold for $105,000 last year, down 2.8 percent from $108,000 in 2008. There were more investment sales in the West in 2009, consistent with reports in California of a high share of all-cash purchases, notably in lower price ranges.


The distribution of investment sales was fairly close to the distribution of population: 35 percent in the South, 25 percent in the West, 24 percent in the Midwest and 16 percent in the Northeast. There was a higher share of condos in investment sales: 27 percent of investment homes were condos vs. 21 percent of vacation homes.
Similar to 2008, cash factored strongly in the second-home market: three out of 10 vacation-home buyers in 2009 paid cash for their properties, while half of investment buyers paid cash. Fairly similar ratios for each group indicated portfolio diversification or good investment opportunities were factors in the purchase decision.


The typical vacation-home buyer in 2009 was 46 years old, had a median household income of $87,500, and purchased a property that was a median distance of 348 miles from their primary residence; 34 percent were within 100 miles and 40 percent were more than 500 miles.


Investment-home buyers last year had a median age of 45, earned $87,200, and bought a home that was relatively close to their primary residence – a median distance of 24 miles. Roughly one in four investment buyers purchased more than one property in 2009.


Three out of four second-home buyers were married couples.


Demographically, the long-term demand for second homes looks favorable because large numbers of people are in the prime years for buying a second home. “Historically, people become interested in buying a second home in their mid 40s,” Yun said. “The large number of people who are now in their 30s and 40s will dominate the second-home market in the coming decade with a strong underlying demand, although sales in a given year will vary depending on the economy. Mortgage lending for second homes was extraordinarily tight in 2009 but it is likely to ease a bit in 2010.”


Currently, 40.1 million people in the U.S. are ages 50-59 – a group that dominated sales in the first part of the past decade and established records for second-home sales. An additional 44.4 million people are now in the primary buying demographic of 40-49 years old, and another 40.6 million are 30-39.


Buyers were more likely to purchase investment homes within a metropolitan area, while vacation homes were generally located in a rural area, small town or resort.


Vacation-home buyers plan to keep their property for a median of 16 years while investment buyers plan to hold their property for a median of 12 years.



NAR’s analysis of U.S. Census Bureau data shows there are 7.9 million vacation homes and 41.1 million investment units in the U.S., compared with 75.0 million owner-occupied homes.


NAR’s 2010 Investment and Vacation Home Buyers Survey, conducted in March 2009, includes answers from 1,930 usable responses. The survey controlled for age and income, based on information from the larger 2009 NAR Profile of Home Buyers and Sellers, to limit any biases in the characteristics of respondents.


The 2010 Investment and Vacation Home Buyers Survey can be ordered by calling 800-874-6500, or online at www.realtor.org/newresearch. The report is free for NAR members, but the cost is $125 for non-members.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.


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Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data, tables and surveys also may be found by clicking on Research.