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Kirkwood Timber Ridge auction

post #1 of 5
Thread Starter 
Just came across this:

There may be some good deals there, given the recent real estate slump. A buddy of mine tells me the original builder went bust, and another builder picked up the homes and is now auctioning them off.

I wish I had some money laying around for a down payment
post #2 of 5
I think prices are soft and will continue to fall there, but once the grid connection is a certainty, we could see that turn around. As best I can tell, its about a 2-year horizon for power. Meanwhile, 96 cents/kWh makes owning really expensive. Look for a set of propane fired microturbines next spring. These should be able to carry summer base-load at lower cost and be much cleaner and reliable.
post #3 of 5
Just asking for fun, so don't do heavy research, but would you say the townhomes go for over a million?
post #4 of 5
Thread Starter 
Yeah, energy costs are killer up there. We averaged around $500 per month for water/electricity in our ski lease in Base Camp last winter. We never used electric heat (wood stove) and pretty much turned everything off when we weren't there (which was pretty much only weekends).

This season, we're going to be in a different place, and the owner and me have been working on making everything super energy efficient: fluorescent bulbs througout, energy efficient fridge/stove/microwave, water efficient toilet bowls, low flow shower heads, etc. Despite that, given the rising gas prices and the fact that Kirkwood runs on Diesel, I still expect around $600-700/mo this season.

At any rate, let's hope they finally get the grid-connection figure out.

Not sure what the town homes are going to sell for. From what I know, that market up there is pretty bad right now, to the point where some of the previously hyped construction projects have been on ice all summer -- the expansion of the home owners gym near Red Cliffs, the construction of the Expedition Lodge, as well as some other projects. They haven't even spent the money to cover it up -- you'll most likely see the same ugly construction sites all next winter.

Based on that, I don't think there's too much demand for luxury homes up there at the moment, so you may be able to get a bargain at the auction. I've seen the places driving by, it's a pretty decent location (particularly since the focus for some future projects is towards the Timber Creek area...).
post #5 of 5
It's going to be interesting to see if they can sell all the units. The minimum bid is $695,000 for the cheapest units. That's over $350 per square foot, doesn't sound like a great deal to me.
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