Tuesday, March 29, 2005

Vail's Holy Grail: Land

Who cares about the snowfall -- Vail Resorts is "primed to make a bundle off something [Mother Nature] isn't making any more of: Land," says Marketwatch. It quotes Vail CEO Adam Aron: "The demand for mountain real estate is immense." Proof: With ground not even broken yet, VR's Arabelle condominium complex has 573 applications -- and a $100,000 deposit check -- for each of 63 of 67 available units. Average price: about $3 million. "That is $226 million in a single day," Aron crowed.

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