Better Economy Perks Up Mountain Development

He reports that closed sales in the development more than doubled to 39 in the second half of the year from 15 in the first. Closed sales for 2003 totaled $5.4 million, of which $3.84 million was registered in the second half.

As of Dec. 31, a total 170 properties haveclosed since the developer put them on the market. Another 29 are under contract. Bromberg says that the "surge of confidence" in the national economyis benefiting resort communities such as Grand Elk Ranch & Club. "People believe the economy is definitely on the upturn,' he says." The stock market, consumer confidence--virtually all the indexes--are doing better. Thatprovides a great impetus for people to realize their dream home in themountains."

Grand Elk launched in the summer of 2001, months before the terrorist attacks. "In the early stages of development we had to concentrate on the infrastructure, so there wasn't much vertical residential development,"Bromberg says. "Prospective purchasers had to rely on renderings andconcepts." Bromberg notes that Grand Elk Crossing's master plan calls "for a 'realvillage' that will include shops, restaurants, office space, condominiumsand affordable rental apartments." When completed, the $420 million Grand Elk Ranch & Club will featureapproximately 800 single-family houses, townhouses, duplexes,condominium residences and the traditional mountain cabins.

All Grand Elk property owners are members of the Grand ElkClub and enjoy privileges at the golf course, clubhouse restaurants, theprivate ski in/ski out Alpine Club at Winter Park Resort, the Grand ElkMarina & Beach Club on the shores of Lake Granby, a planned ice rink, and anon-site spa facility.Grand Elk Ranch & Club is a development of Grand Elk, LLC. The realestate investment banking firm of Legg Mason is the partnership's financialpartner.