Confidence in the Valley
Prudential Colorado Properties has been selling Vail Valley real estate such as this home since the early 1970s.
What kind of Vail Valley real estate brokerage would expand during these uncertain economic times? Perhaps it’s no surprise it’s Prudential Colorado Properties.
The venerable brokerage has always been ahead of the curve, and now is no exception. Prudential Colorado Properties’ owner and president John Slevin, who was born in Argentina, began coming to Vail in 1962, the ski area’s opening year.
The Slevin family, one of Vail’s oldest, recently celebrated a special event: the birth of Michael and Page Slevin’s son, John. What made the birth so poignant was that it was the first of 2009 (John arrived on New Year’s Day) at the Vail Medical Center, John also represents the only fourth generation Vailite living in Vail, and that the infants’ great grandparents – Jim and Daphne Slevin — were the first ever to be married in the then fledgling resort. Jim, a former New York City theatrical agent, was a major force in building the Vail community. Owner of the fabled La Cave restaurant, he spearheaded such organizations as the Vail Institute that helped propel Vail from a ski area to a year-round resort community. The institute’s descendents include Bravo! Vail Valley Music Festival, which now hosts the summer residencies of the Philadelphia Orchestra and New York Philharmonic and a variety of other cultural and entertainment foundations and organizations.
He has since experienced the highs and lows of the local real estate market.
Through it all, he has continued to thrive, always having faith in the intrinsic appeal of the Vail Valley.
John vividly remembers the downturn of the late ‘70s and early ‘80s when the Middle Eastern oil boycott and record high interest rates came at a time when the Vail Valley was awash in unsold spec homes.
“Today it’s different,” says John, who served on the Vail Town Council for years. “I think we all learned lessons from that time.
Although the Vail Valley, like the rest of the country, is facing another challenge, this time there is a scarcity of Vail Valley spec properties, which is helping to keep prices of current offerings at a realistic level.”
John also realizes that, in these uncertain times, there would be an inevitable closing or merging of companies. Through prudent business practices over the years, his brokerage was in a good position to absorb other brokerages as well as many of their brokers and staff.
The immediate stimulus for the expansion was the availability of additional office space in an area Slevin had sought: Bridge Street in Vail Village.
Headquartered in Lionshead since the early ‘70s, the brokerage (then Gore Range Properties) gradually expanded as the valley’s population did, opening offices in Beaver Creek, Avon, Edwards, Eagle, Eagle Ranch, and Gypsum. However, a presence in Vail Village remained elusive.
The chance to enter Vail Village resulted from a merger between Prudential Colorado Properties and Vail Valley Real Estate Brokers. Prudential’s name went on the marquee by the village’s landmark covered bridge.
The company also opened a second Beaver Creek office in Villa Montane after opting to purchase prime space vacated by another real estate brokerage. Several its brokers then joined Prudential.
The new office is in addition to their existing office in the Beaver Creek Lodge.
Prudential Colorado Properties has been blazing trails since its inception back in the early 1970s. And the results show. From a single office in the early ‘70s, the company has grown to nine offices in addition to a hugely successful property management company.
And, from a ten-broker staff in the ‘70s, the company has grown to include more than 90.
What’s the secret of its success? One clue is that it has been family owned since Slevin purchased Gore Range Properties in 1975, shortly after graduating from the University of Colorado after majoring in business and real estate.
Slevin, a member of an iconic Vail family (see sidebar), had a thorough knowledge of the community, one in which he was determined to make a career after graduating from the University of Colorado.
John’s son, Michael, also a graduate of CU where he was a standout football player for the Buffs, returned to Vail after graduation and worked as a broker for the company, along with wife Page and brother Matthew, before being named vice president in 2004, thus ensuring a smooth succession.
Today, John focuses on vision and strategy along with Michael, who also oversees day-to-day operations.
But that’s only part of the story. For nearly 35 years, John has had a knack for picking extremely competent brokers and staffers, many of whom have been with the company since the beginning. Not surprisingly, Michael has inherited that talent.
Perhaps one reason for such loyalty is that Prudential Colorado Properties always encouraged entrepreneurialism and service in their brokers that helped propel the success of each broker and resulted in a team that became a “family.”
And clients responded, many of which who are repeats or have been referred by satisfied clients.
As well, Prudential Colorado Properties wasn’t afraid to adapt to the times. Over the years, the company has embraced the many changes in the real estate industry, such as the quick acceptance of new technologies.
It also realized the potential of marketing not just locally, but also nationally and internationally when it joined the Prudential network of brokerages.
By further expanding now, the company is well positioned to offer its clients the best possible selection and service.
Don Berger, a 37-year resident of the Vail Valley, is editor of Vail-Beaver Creek Magazine, Colorado Summit Magazine, and Rocky Mountain Golf Magazine.
