The Antlers ownership, through its Board of Directors, has historically been proactive in upgrading and improving the condominium property – as evidenced by the stunning $22 million renovation completed in 2002. The ownership takes great pride in being the first to complete major redevelopment under the Lionshead Masterplan. Members of our Antlers family have come to rely on the continuing operational excellence to solidify the reputation of the Antlers, Lionshead and the Vail Valley as a world class destination resort venue.
When constructed in 1972, the Antlers was one of a handful of buildings in the fledgling Lionshead neighborhood. Our condominium association was founded on what was then a relatively novel concept – renting units when not in use by the owners to offset mortgage costs and help pay for improvements, maintenance and expansion. From humble beginnings of about $50,000 annually, our owner-rental program now grosses well over $5 million a year.
Individual homeowners receive 64% of the money realized by renting their unit, typically 170 to 200 nights per year. That nets roughly $27,000 for the nicer one-bedroom condominiums, and as much as $45,000 to owners of newer two-bedroom units. By contrast, most rental-management companies in Vail retain 40-45% – with some keeping more than half.
Because participation in the rental program significantly reduces owners’ expenses, 88 of our 90 units currently are involved. The Antlers has joined enthusiastically in Vail Valley community efforts to encourage summer and off-season business – by tailoring our promotional efforts to support the public strategies, and by making improvements to our meeting facilities and overall physical plant to appeal to a broader cross-section of prospective visitors. We also direct a portion of our aggressive marketing program toward group business and have a full-time Manager of Group Services (Katie Nelson) who serves as conference coordinator and just about everything else.
Regular assessments (condominium dues) are based on square footage. Typical monthly dues (including a dedicated capital reserve allocation) are currently:
1 Bedroom – $636 2 Bedroom – $1,130 3 Bedroom – $1,272 4 Bedroom – $1,792
Heat and hot water are included in assessments for newer units, but are not included in those for the original units. Dues are evaluated each year, based on the budget which would be necessary to operate the property if none of the owners rented their units. That means rental commissions are devoted solely to operation of the rental program (reservations, housekeeping, rental supplies, etc.)
Because the Homeowners Association assumes management responsibility for the Antlers rental program, condominium owners gain significant advantages:
- First and foremost, no “profit” is taken out of the building. Any revenue over expenses is used 100% for the owners’ benefit. Naturally, any outside “for-profit” management company must build their compensation into the management fees. That’s a large part of why the Antlers’ 36% rental commission is the lowest in Vail.
- Another plus is the attitude toward the owner usage. An outside management company realizes no income when owners stay in their own unit. Owner usage can actually be discouraged. Antlers rentals, however, are structured as a break-even proposition, which means Antlers owners are encouraged to use their unit, for themselves, for family and friends. This philosophy makes the Antlers unique, embodying the joy of ownership and the pride of letting friends and business associates use your second home.
- Most rental properties charge owners handsomely for housekeeping. The Antlers approach has always been to provide the same high level of service to owners, owners’ guests, and paying guests alike – and this is accomplished through a modest, one-time checkout fee of $29-59 for owners stays. Additionally, spring- and fall-cleaning costs are absorbed for owners participating in the rental program. Not many properties can match that.
- Likewise, freedom from maintenance hassles is a big plus for Antlers homeowners. Rather than nickel-and-dime charges for every burned-out light bulb or leaky faucet, routine items under $50 are covered through the 36% rental commission. After all, we figure our owners come to the Vail Valley for rest and relaxation… not to catch up on a pile of repair invoices.
Bottom line, the Antlers at Vail is a keenly managed property. Sure, we try to maximize revenue – it’s in the interest of our individual owners to ensure the property remains a sound investment. But that interest is always tempered by our respect for your ability to enjoy your second home.
It’s a delight to work in a place where common sense rules. We work hard to make sure it’s an equal pleasure to own a common sense condominium managed with your interests at heart.
All of these figures are based loosely on the past history of Antlers rentals. They assume about three weeks of owner usage per year. There is absolutely no guarantee that future operations will be similar to past performance
No financial decisions should be made on the basis of these figures.
|One Bedroom 680 sq ft (original unit)||Two Bedroom 1,110 sq ft (new unit)||Three Bedroom 1,275 sq ft (original unit)||Four Bedroom 1,840 sq ft (new unit)|
|Gross Annual Rental Revenue||$44,000||$76,000||$86,000||$136,000|
|Regular Assessments (dues) *||$7,629||$13,563||$15,258||$21,509|
|Rental Commission (36% of rev.)||$15,840||$27,360||$30,600||$48,960|
|Travel Agent Commission||$1,000||$1,600||$1,900||$2,500|
|Maid Fees (owners & friends)||$87||$117||$147||$177|
|Personal Property Insurance||$300||$350||$400||$450|
|Electric Expense *||$1,100||$300||$1,750||$500|
|Misc. Unit Maintenance||$1,000||$1,000||$1,400||$1,500|
|Total Annual Expenses||$29,594||$49,135||$56,956||$82,555|
* – General Assessments (condo fees) for the new units include the cost of gas for heat and domestic hot water. The original units have electric heat and are individually metered, so the assessments for those units do not include heat or hot water. With that exception, all common costs are allocated on a strict, square footage basis.
|209||1 Bedroom w/bunks||680||$729,000||listed|
|104||3 Bed/2 Bath||1,360||under contract|
|516||3 Bed + bunks/3 Bath||1,756||$1,950,000||just reduced $250K|
|520||4 Bed/4 Bath||2,000||$2,695,000||listed|
Click on any unit number to see photos / tour. Prices are subject to change at any time and without notice.
Legally there are 96 Antlers condominiums, but in four cases, 2 units have been combined to form one, so functionally there are only 92 units. The Association owns two of them (101 & 102), which are used for employee housing (the other 7 employee apartments are owned as common element and are not legally separate units). So for all practical purposes, there are 90 individually owned units. Of those, 68 are in the original building and 22 in the new.
Of the 68 units in the original building, 67 of them are actively in the rental program
Of the 22 new condominiums, 19 are actively rented. Obviously that means 86 out of the 90 total (over 95%) get rented out on a regular basis.
Of the 68 original units, 14 of the owners (21%) are permanent residents of Colorado.
Of the 22 new condominiums, 7 of the owners (32%) are permanent residents of Colorado. The permanent residence of all 90 condominiums pretty closely mirrors the origin of our rental customers. The one exception is Florida, which is home to only 2 of our owners, but is consistently one of the top six or seven markets for our rental guests. This is the number of owners who reside in each of these states:
|State||# of Owners||Percentage|
No other state is home to more than two Antlers owners. We’ve had Mexican ownership in the past, as well as folks from Hong Kong. Currently, our friends from Toronto who have a unit are the only non-US citizen owners.
Of the 68 units in the original building, 54 of the owners bought their unit more than ten years ago. 37 of those have owned for more than twenty years and 10 are “charter” owners who bought their condominium in 1973 when the Antlers was first built.
Since 1983 there have been 76 condominium sales (not counting the new units), or an average of just under 3 per year.
The ownership of eight condominiums has passed from parents to children. We like it when that happens … it sends a good message. There are at least a dozen more who have suggested they see the same thing in their future.
Putting the demographics aside, there’s little doubt that the collective Antlers ownership is the most progressive, thoughtful and supportive group of owners to be found anywhere in the Vail Valley.