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Mid - Continent Resources <br />May 19, 1988 <br />Page - 3 - <br />The third area is the Garfield County portion of the Roaring • Fork Valley <br />economic area which extends from the world famous ski areas in Aspen and <br />Snowmass, on the south, northerly to the confluence of the Roaring Fork River <br />with the Colorado River in Glenwood Springs, Colorado. The economics of this <br />area are heavily influenced by the Aspen- Snowmass ski industry together with <br />the large outdoor year -round swimming pool in Glenwood Springs. The <br />Sunlight ski area, located ten miles southwesterly of the City of Glenwood <br />Springs, is of secondary ski industry importance. The Frying Pan River and <br />Crystal River Drainages, which are tributary to the Roaring Fork River, <br />together with the White River National Forest and other mountain topography, <br />contribute to the tourist industry. <br />The 1980's brought moderately declining values throughout Colorado's western <br />slope area primarily in developed properties. As compared to the middle Rifle <br />area, however, the regional declines are moderate. The Roaring Fork Valley <br />has a high ratio of Government owned land in the form of BLM and National <br />Forest lands. This factor, together with topographic constraints, severely <br />limit the land available for development. The oversupply of developed <br />properties is moderate to stable. In contrast, the Rifle area with its large <br />agricultural areas has a significantly higher ratio and quantity of privately <br />owned lands that are physically suitable for development. However, excepting <br />the energy fueled boom, growth and population increases have historically <br />been very moderate. <br />The above discussion is graphically depicted in the following graph. The graph <br />depicts average residential sales price for the time period 1979 thru 1987 <br />covering the Roaring Fork or third area, the Rifle or central area, and Garfield <br />County as a whole. The data was derived from MLS statistics. <br />100000 <br />90000 <br />80000 <br />70000 <br />60000 <br />50000 <br />40000 <br />1978 <br />1980 <br />1982 <br />Applegate & Co. Real EstateAppraiser <br />Average Residential Price <br />Roaring Fork <br />Garfield Co. <br />Rifle <br />1984 1986 1988 <br />