The owner of this place has 3 others, and they're never used in winter. The view from 'my' bathroom is pretty good. I feel like I'm peeing in the lake, it's so close. Another guy has a "Castle" that's never used in winter. I sort of wonder if American ski hotel developers are sane. When at Squaw I see few lights on in the evening and at night, and the underground carpark always seems more than half empty. And face it, if there was demand, Nstar wouldn't be advertising 35% off its places over summer, Squaw wouldn't offer 40% off, and resorts wouldn't need to offer season passes like $350'ish for Homewood (another proposed development hill).
And if I'm not using something, they're family can use mine. Fair's fair. I prefer slopeside.
The owner of one of one of our hills sold out and bought a chunk of Canada. The last 75 properties were dumped on the market for about $115k each on average.
Another lidt/hotel/mountain dining/hire/ski school owner did the same: 24 properties for around $3m in a give away.
There's a lot of For Sale signs. A place has to make $5k to $20k just to cover the property tax. Values fell ... and the government land manager invented ways to run up 'service fees' to compensate. And the land manager brought in $500parking permits for all (and a fee on mass transit bus pasengers) so vistations dropped 40% which'll reflect badly in losses so places are offering really good deals to stay afloat. But greed on one end, like the $500 car passes for every car ....and $43 fees to drive in convoys when the road ices up ...are just leading people to desert the hill. The land manager knows they'll be sacked if they don't meet targets so desperation kicks in. (I wish we could send them to North Korea to learn a few things). We can fly to Japan on sale fares at $650 return.
Back at Squaw with its plans for 1100 condos + mass transit + aquatic park and maybe a bob sled type ride and maybe boating excursions and stuff, I've seen that fail back in the 60s-70s after 5 years. and a realtor wrote:
"So far this year the sales activity at the Village at Squaw Valley, in terms of units sold, has been slow, although equal to this time last year (8 closed escrows). However, in terms of dollar volume we have seen a 52.5% increase from the same time last year. Both the Average Sales Price and the Median Sales Price are 50%+ higher. In my opinion this is due to several reasons;
- Buyers are buying larger condominiums (two and three bedrooms), that of course have higher prices, and
- Distressed Properties (Short Sales and Bank Owned) are no longer a factor at the Village.
Of the 56 units sold in 2010, 2011 and 2012, half (28) were one bedrooms condominiums. So far this year, only 1 of the 8 units sold (13%) was a one bedroom.
At this time last year 2 of the 8 sales were of Distressed Properties. Of the 26 current active listings in the Village and the 8 closed escrows to date this year, none are Distressed Properties. In 2010 and 2011, 15 of the 38 sold condominiums were distressed properties or 39.4% of the total units sold. In 2012 of the 18 Village condominiums sold, only 3 were distressed property sales (16.6%), two closed in the 1st half of the year, and one in December. Sellers no longer have to compete with the lower prices of these Distressed Properties; therefore listing prices are now higher.
Currently there are 4 condominiums in escrow, only 1 is a one bedroom and none are Distressed Properties:"
Where's the demand? Other realtor offers me foreclosures.
Elsewhere smaller hills are bringing in management consultants and they hope that by not treating locals like shiite, the hills will survive.
Imo, hills that gouge and rely on real estate too much just end up in tears.
VRI's end of year figures are out on 27 September for the fiscal year to July 31. iiirc, they're still having a hard time to sell places in boring Nstar.
And then I open my emails and see that preferred parking is worth $750. Huh???? I hope that's not the future. As I said, the visitation stats show a 30-40% decline when idjits started charging $500 to park in satellite parking.
Enter to win one of three great prizes:
- California Ski Industry Assoc Gold Pass ($2250 value) fully transferable to friends & family to 27 ski resorts in CA and NV
- Gold Tahoe Super Pass ($789 value) unlimited skiing at Squaw Valley, Alpine Meadows and Sierra at Tahoe
- Preferred parking spot at Squaw Valley ($750 value) park in a secure lot just steps away from the slopes
Save the Date November 8th: GOTR-S will announce the raffle ticket winner at our Open House at our new office at the Parasol Building in Incline Village. Need not be present to win. All proceeds benefit Girls on the Run - Sierras. For official contest rules, visit www.GirlsOnTheRunSierras.org/raffle
But the social side of these types of events is good for the Soul.
Personally I think there's something on the Balance Sheet called "Goodwill" that's too often overlooked by myopic beancounters - please ensure Obamacare cures these wilfully blind people. I see at a lot of places that those who buy real estate or memberships in club lodges on the hill are buying the social interaction and the Soul. Why stay in any Hilton or eat in any McDonalds when you can go to your favourite hills and catch up with friends, most of whom end up with kids in race clubs or freeski together.
We down under have a lot of 'scratch my back, I'll scratch yours" with resorts like Big White, Fox, Head and many others sponsoring kids racing. In 5 minutes on the phone Travelplan gave every facebok friend an extra 5% of the catalogue price to fly/ski/stay at resorts in Nth America so the travel agency is happy, and we're saving a dollar.
And we again with Soul, we have a hill of 8000-odd beds full to the brim with aspiring winter olympic kids and nordics. Which is good business and good for the soul. Why have vacant real estate?
Edited by veteran - 9/4/13 at 4:19pm