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2010-11 Condo Prices

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Tx
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2010-11 Condo Prices

We just booked a condo for our fourth trip back to BC, and I'm curious if anyone else has noticed the steep increase in condo rental rates this year? The exact same place that we stayed in last year added a couple of plasma televisions and simultaneously increased their rates by nearly $300 per night over last years rates (we found another place). I find this ironic given my conversations with a property manager last year who said that no one could recall there being a worse year from a rental perspective.

Don't get me wrong - BC is our favorite place, which I realize leads to some inelasticity in prices. However, prices have been declining for three years before this one, which means that the law of supply and demand is not a completely foreign concept in this area. Maybe one of the destination experts can weigh in with a more macroeconomic view of what's going on in Vail Valley.

Colorado
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1. Re: 2010-11 Condo Prices

I cannot speak for Vail but the rumblings I hear around Keystone is, We have SNOW and lots of it, that helps allot. The past 2 years the snow did not come until late. Because of all the snow bookings are way up. Yes, the last couple of years lots of places deeply discounted their rooms. This year less so, not so much as a price increase as they are more reluctant to discount when bookings are up.

I have also heard that many homeowners have taken their properties out of management companies inventory. Choosing instead to try and market themselves using sites like VRBO and Craigslist. Charging renter less while making more for themselves. This has resulted in less rooms/units for the property management folks so they instead of lowering rates to match the homeowners have actually been able to increase the rates.

Anyway the snow is good and we are happy to have people coming back and spending their money in Colorado. So, thank you!

Frisco, Colorado
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2. Re: 2010-11 Condo Prices

Plus, I'd like to think we are not in a recession as much/at all as the last two years.

And to reiterate Alli's sentiments - have you watched the weather channel? :-)

San Francisco
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3. Re: 2010-11 Condo Prices

I can't believe anyone is trying to increase prices over last year when occupancy was low due to the economy. Our condo complex (in Aspen)has a published rate that is 20% LESS for the Feb/March high season over last year and that is before any special rates for early booking or returning guests, or whatever.

Shopping around is always good, but please everybody, let's be polite when we ask for discounts or special deals.

Vail,CO
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4. Re: 2010-11 Condo Prices

alli is spot on. The last two years early season snow was nearly non-exsistant thus pre-season bookings took a big hit, so rates were lower. So far we are having a banner snow year bookings are way up> supply vs demand.

We were also hit with a new tax assessed to all properties in B.C. in the last year> owners of these condos must raise their prices to recoup some of this new tax, I'm sure.

Tx
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5. Re: 2010-11 Condo Prices

Thanks for the replies, folks. Definitely watching the weather channel, but I wasn't able to tie that out to the price increases since rates were posted before there was much snow on the ground.

What is the new tax assessed in BC? It would make more sense to me if that was merely being passed on to renters.

Vail, Colorado
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6. Re: 2010-11 Condo Prices

It's completely dependent on the management company - some have raised prices others have not. Shopping around & doing your due diligence is important as ever - try VisitVailValley.com or BeaverCreek.com for packages or try a "secret" hotel from Travelocity.com or wait until a bit closer to arrival and book at VailonSale.com. There are still deals to be had, but you might have to spend a bit of time trying to find them.

From a "macro" perspective, occupancies have increased a bit. But again, there are still deals if you are flexible.

7. Re: 2010-11 Condo Prices

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