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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 almost $5 million a year. Individual homeowners received 64% of the money realized by renting their unit, typically 170 to 200 nights per year. That nets roughly $24,000 for the nicer one-bedroom condominiums, and as much as $40,000 to owners of newer two-bedroom units. By contrast, most rental-management companies in Vail retain 40-45% - with some keeping as much as half. Because participation in the rental program significantly reduces owners' expenses, 87 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 have two full-time salespeople who direct a portion of our aggressive marketing program solely toward group business.
General assessments (condominium dues)
are based on square footage. Typical monthly dues are currently: 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 necessary to operate the property assuming none of the owners rented their units - which 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 strongly encourage 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 $29-49 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. |
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680 W Lionshead Place | Vail, Colorado (CO) 81657 United
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