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East West Partners, which built Beaver Creek Village in the mid-1980s before developing $3 billion worth of village projects and communities, has looked at just about every ski resort real estate opportunity in the West.
“And we passed on most of them,” said Andy Gunion, who is heading East West’s Base Village project at Snowmass. “I’m not sure a village is right for every ski resort.”
“So many of these village problems go away if you can figure out summer,” said Aspen Skiing chief Mike Kaplan.Intrawest spent $70 million on a village moored to a pair of condo buildings that the company sold in 2006 and delivered in 2008, just in time for the economic downturn... Fifteen of those Winter Park Village condos have sold this year, with prices down, on average, 32 percent from when they were brand new in 2008....This winter, all the commercial space in the village is fully rented for the first time in almost a decade. And buyers are rallying now, with Winter Park Village condos selling quickly, yet still at prices well below 2008 levels.
Two things are clear from reading that article -resort operators are rejecting the Intrawest [Village] model... Vail Resorts, tallied less than 1 percent of its $1.9 billion in revenue in 2017 from real estate.
At this point we don't know... Butt, I think you're spot on. It killed me to see the Condos skiers' left of White Heat. No respect for the mountain.KingsFourMan wrote:Does anyone really think that there is that much demand for high end real estate in Killington? Even with the interconnect and massive investment in summer and winter mountain improvements it's hard to imagine that ever being viable. Without the interconnect and massive mountain improvements, it's most definitely not viable. JMHO but I don't see it either way, not any time soon any way.
Huh? No condos there, you must be having a nightmare.freeski wrote:At this point we don't know... Butt, I think you're spot on. It killed me to see the Condos skiers' left of White Heat. No respect for the mountain.KingsFourMan wrote:Does anyone really think that there is that much demand for high end real estate in Killington? Even with the interconnect and massive investment in summer and winter mountain improvements it's hard to imagine that ever being viable. Without the interconnect and massive mountain improvements, it's most definitely not viable. JMHO but I don't see it either way, not any time soon any way.
Whether a Killington Village is "successful" will depend on the definition of success. If you're SP Land, success will mean selling homesites and other parcels at prices that net a profit. They don't care about the long term viability of the village development except to the extent that Phase 2 is dependent on Phase 1 results and so on out through Phase 4 if they ever get that far. For the resort, success will mean sales results as well as having those properties full most weekends with visitors spending money. For skiers and other customers, success will mean having a variety of sleeping, eating and shopping venues conveniently located close to the slopes.KingsFourMan wrote:Does anyone really think that there is that much demand for high end real estate in Killington? Even with the interconnect and massive investment in summer and winter mountain improvements it's hard to imagine that ever being viable. Without the interconnect and massive mountain improvements, it's most definitely not viable. JMHO but I don't see it either way, not any time soon any way.
He might be refering to the ones along Tempest.machski wrote:Huh? No condos there, you must be having a nightmare.freeski wrote:At this point we don't know... Butt, I think you're spot on. It killed me to see the Condos skiers' left of White Heat. No respect for the mountain.KingsFourMan wrote:Does anyone really think that there is that much demand for high end real estate in Killington? Even with the interconnect and massive investment in summer and winter mountain improvements it's hard to imagine that ever being viable. Without the interconnect and massive mountain improvements, it's most definitely not viable. JMHO but I don't see it either way, not any time soon any way.