As per vaildaily.com:

More condos could line Highway 6 in Avon
AVON - A Texas developer is proposing a high-end, 112 unit condominium project on Highway 6 neighboring the Gates on Beaver Creek.The plans are big and bold, requiring heavy excavation on the steep mountainside to fit it all in. Retaining walls of up to 60 feet high would be needed for stabilization, and buildings could reach heights of up to 115 feet.It's a 21 and a half acre stretch of land, but only six acres would be developed. The rest would be designated as permanent open space.The development, which would include a 3,000 square foot restaurant, would be expected to give Avon a significant economic boost, according to an Avon staff report. The developers are also seeking a silver certificate from LEED, or Leadership in Energy and Environmental Design.The plans will be reviewed by the Planning and Zoning Commission on Tuesday in a public hearing. Town planner Matt Pielsticker said Avon staff will recommend tabling, or delaying an approval vote, so the applicant, Premier Property Holdings, can address conflicts with Avon's comprehensive plans and municipal codes."It's about as intense of a development as you could put in," Pielsticker said. "We want to see if there are ways to avoid a canyon effect on Highway 6."A staff report to be presented at the commission meeting brings up environmental concerns, such as the large number of Douglas Fir that would be removed. Staff is also concerned with the geological hazards associated with excavating very steep portions of the mountain."Instead of responding and working with the existing topography of the site, it is evident that the buildings were placed on the site plan with little sensitivity to the natural topography," the report states.The report also expresses concerns with Avon's housing needs. Citing a study that shows Avon lacks housing in most price ranges, especially under $450,000, Avon staff would like to see more price ranges in the development and on-site workforce housing.It should be noted that in Avon's Comprehensive Plan, the property is actually intended for residential and lodging use, but it's the intensity of the project that Avon staff is concerned with.Construction would move in three phases, but no time frame has been set. The first phase would include 58 condo units with underground parking. The second and third phases would each build 27 units, and the second would include restaurant construction.
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As per the National Association of Realtors

The Pending Home Sales Index,* based on contracts signed in December, rose 4.9 percent to an index of 112.4 from an upwardly revised level of 107.2 in November, but is 4.4 percent lower than December 2005.
The monthly gain was the biggest increase since March 2004 when the index rose 6.9 percent. A steady narrowing from year-ago readings has been observed since last July when the level of unsold housing inventory peaked at an all-time high.
David Lereah, NAR’s chief economist, said a moderate rise in existing-home contracts is a welcome relief for the real estate markets. “Some of the monthly gain may be weather related, but it appears buyers are becoming more comfortable, sensing the timing is good and that their local market has bottomed out,” he said. “I expect modest sales gains throughout the year, with what I believe are sustainable levels of activity. 2007 promises to be the fourth best year on record.”
The index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed and the transaction has not closed, but the sale usually is finalized within one or two months of signing.
An index of 100 is equal to the average level of contract activity during 2001, the first year to be examined and the first of five consecutive record years for existing-home sales. There is a closer relationship between annual changes in the index and actual market performance than with month-to-month comparisons.
The upturn was broad based, with all regions showing an increase. The PHSI in the Northeast jumped 8.1 percent in December to 89.9 but was 4.8 percent below a year ago. The index in the West rose 5.3 percent to 112.2 but was 4.9 percent below December 2005. The index in the South increased 4.3 percent to 129.8 but was 4.2 percent lower than a year earlier. In the Midwest, the index was up 3.2 percent in December to 103.2 but was 4.3 percent below December 2005.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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* The Pending Home Sales Index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer parallel between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than there is with month-to-month comparisons.
The forecast will be revised February 7, and existing-home sales for January will be released February 27. The next Pending Home Sales Index will be on March 6.
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