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Thread: Saddleback

  1. #1171
    thetrailboss's Avatar
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    Quote Originally Posted by machski View Post
    Looking for opportunity zoning or EB-5 options does not speak well to the depth of the pockets of the buyers. Good luck, would like to see it work out but I'm skeptical this group has the pockets to make Saddleback truly soar.

    Sent from my Pixel 3 using AlpineZone mobile app
    So after Q/Jay Peak, getting foreign investors to buy into an EB-5 program for a ski resort project in the Northeast is going to be like selling ice to an Eskimo. That is unfortunate.

    I know that the current interested buyer has more of a community focus and is more of a non-profit than a typical investment group. That takes less pressure off in terms of exepctations. With a hot economy right now, though, costs to buy and operate this place will be higher unfortunately.

    It is too bad that it has been shuttered as long as it has been. It will take a lot to get folks to come back. Not an easy task.

    Fingers crossed it works out.
    Live, Ski, or Die!


  2. #1172
    I'm shocked at what real estate is going for at the mountain. There are two 2-bedroom units (759 square feet) listed for $198,500. Two other larger units are listed for $329,000.

  3. #1173
    Edd's Avatar
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    Quote Originally Posted by VTKilarney View Post
    I'm shocked at what real estate is going for at the mountain. There are two 2-bedroom units (759 square feet) listed for $198,500. Two other larger units are listed for $329,000.
    Considering the near hopelessness of that situation, that strikes me as pricey. If those same places were right on Rangeley Lake, different story.

  4. #1174
    Quote Originally Posted by VTKilarney View Post
    I'm shocked at what real estate is going for at the mountain. There are two 2-bedroom units (759 square feet) listed for $198,500. Two other larger units are listed for $329,000.
    Keep in mind those are asking prices. Unless I missed something, according to Zillow, nothing has sold on mountain in years (there were no his on the "recently sold" setting, which picks up 2ish years of sales).

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    Ski season is always too short

  5. #1175
    I'd take those prices as owners hoping that overzealous speculators might take the bait thinking the Mountain will come back to life.

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  6. #1176
    Quote Originally Posted by deadheadskier View Post
    I'd take those prices as owners hoping that overzealous speculators might take the bait thinking the Mountain will come back to life.
    Then those owners are fools. An operating mountain is already priced into their asking price. So there is no upside for a speculator. $198,500 for fewer than 800 square feet in Rangely? Give me a break.

  7. #1177
    Quote Originally Posted by VTKilarney View Post
    Then those owners are fools. An operating mountain is already priced into their asking price. So there is no upside for a speculator. $198,500 for fewer than 800 square feet in Rangely? Give me a break.
    It's a bit of a surprise that not a single unit has sold. Speaks well to the owners being reasonable when they bought in because nobody seems to have been forced to sell due to financial hardship.

    100% agree that nobody in their right mind would pay full price for ski in ski out next to a closed mountain. As a property owner, there doesn't seem to be good incentive to fire sell your place when there's still hope.

    Sent from my VS988 using AlpineZone mobile app
    Ski season is always too short

  8. #1178
    Quote Originally Posted by eastern powder baby View Post
    It's a bit of a surprise that not a single unit has sold. Speaks well to the owners being reasonable when they bought in because nobody seems to have been forced to sell due to financial hardship.
    Are you sure that Zillow actually has sales data for Sandy River Plantation, Maine?

    It could be that some people have not sold because they are upside down and cannot afford to pay off the mortgage if the condo sells for what it is really worth.



    I feel badly for the condo owners, that's for sure.

  9. #1179
    It looks like Zillow is correct. I pulled up condo sales data from here:
    http://www.mainelistings.com/search/...search-id/2854

    No condos sold in Sandy River Plantation in the past twelve months.

    That is absolutely shocking.

    Only one condo sold in the past three years. A three bedroom unit sold on 7/28/2016 for $184,900. That is cheaper than the current one-bedroom condos that are on the market.

  10. #1180
    Quote Originally Posted by VTKilarney View Post
    Then those owners are fools. An operating mountain is already priced into their asking price. So there is no upside for a speculator. $198,500 for fewer than 800 square feet in Rangely? Give me a break.
    Oh, I definitely don't think they are very bright. I think they are wishfully hoping that someone is reading the news and think the mountain is going to reopen and wants to buy while the price is "low." I say low as a comparison to Sugarloaf real estate like this as an example.

    https://www.beangroup.com/homes/2676...ex.html?cnt=14

    Similar property for sale at $235K.

    If Saddleback were to reopen and prove that they will be viable long term, that $198K price tag for slopeside probably makes sense. Personally I'd rather buy into a viable Saddleback than over at Sugarloaf. Rangeley is a much better four season destination than Carrabassett Valley IMO.

    Maybe they hook a sucker while the Mountain is still closed. Probably not, but it doesn't hurt them to list.

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