Are the Burke townhomes selling?

[billski]

At $950K in this economy? Even Al Ponzi might think twice.

http://www.bearpathtownhomes.com/

 

[GrilledSteezeSandwich]

Seriously $950K for a townhouse at Burke..insane in the membrane...did they add a zero by accident?? They should be like 300k

 

[riverc0il]

I think those are the new ones. The older ones were going for 150-200k when I lived up there. If those are the new ones, then the developers will sit on those at the higher prices until they move. They need to make a profit and recoup costs. No use selling low when you can just sit on it for a few years.

 

[Glenn]

1.25 mil for an end unit. Those are really nice units. But I agree, really spendy given the location. Don't think "Million Dollar Townhouse" when I think of Burke.

 

[billski]

I think those are the new ones. The older ones were going for 150-200k when I lived up there. If those are the new ones, then the developers will sit on those at the higher prices until they move. They need to make a profit and recoup costs. No use selling low when you can just sit on it for a few years.

That would be the correct business strategy assuming Ginn Companies can remain solvent and slog out the interest payments on the investments. I have no knowledge of Ginn's resources. It seems they didn't stick their neck out too far, having built only 8 units of a much bigger plan. It appears that 5 are "sold" and 3 are for sale. The rest are "future" or "2009", I'm sure it depends on demand.

Regarding "sold" status, I always cast a suspicious eye on said status, since it could be done for marketing purposes and I don't have any interest in checking public real estate sales records.

For all of the above factors, I remain curious. I would hate to see a fine mountain dragged down by over-extended real-estate investments. Not that it has ever happened before :roll:

 

[from_the_NEK]

That would be the correct business strategy assuming Ginn Companies can remain solvent and slog out the interest payments on the investments. I have no knowledge of Ginn's resources. It seems they didn't stick their neck out too far, having built only 8 units of a much bigger plan. It appears that 5 are "sold" and 3 are for sale. The rest are "future" or "2009", I'm sure it depends on demand.

Regarding "sold" status, I always cast a suspicious eye on said status, since it could be done for marketing purposes and I don't have any interest in checking public real estate sales records.

For all of the above factors, I remain curious. I would hate to see a fine mountain dragged down by over-extended real-estate investments. Not that it has ever happened before :roll:

The Bear Path townhomes are not actually part of Ginn. This chunk of the real-estate was sold off separately from the mountain when Northern Star went under. The infrastructure (septic, water, and even some concrete pads) were already completed by Northern Star. Someone just had to build something on the sites.
Yes these brand-new townhomes are pricey but not really any more so than any other luxery slopeside townhomes on the market at other resorts. I don't think anyone is over extending themselves here. They are only building these townhomes a few at a time.
That said, I think Ginn does have a reason to promote the Bear Path development even though they don't actually own it. The development is surrounded on all sides by ski trails and is visible from teh lower mountian chair. Ginn wants something built there that looks good and is filled with people that are going to buy ski passes.

But I agree, really spendy given the location. Don't think "Million Dollar Townhouse" when I think of Burke.

The NEK isn't just dairy farms and trees. Historically, there have been some high rollers that retreat to this area to get away from the rat race. They like to keep their creature comforts but tend to keep to out of the spotlight.

 

[billski]

The NEK isn't just dairy farms and trees. Historically, there have been some high rollers that retreat to this area to get away from the rat race. They like to keep their creature comforts but tend to keep to out of the spotlight.

If you look closely enough, you can find wealthy and famous individuals in many diverse communities across the US. My question revolves around will there be market for them now.

 

[from_the_NEK]

Right now as the economy currently stands, obviously the market for high end town homes has shrunk dramatically. However, I don't think anyone is sticking their neck out too far on this one. We're only talking about a handfull of completed units, not a fully built out development. They are taking their time building these things. They aren't oversaturating their market.
How many condos/townhomes are being built at Bretton Woods that aren't even slopeside (otherside of RT 302) and being sold for $800,000?\
It would be foolish not to have at least something out there for sale. Not everyone is completely broke. Maybe Bear Path will end up lowering the prices at some point but I don't think they plan on giving the townhomes away just yet.

 

[kingdom-tele]

if your contemplating if you can afford the 995k second home then I probably imagine the economic issues don't really bother you to much

 

[thetrailboss]

Maybe Bear Path will end up lowering the prices at some point but I don't think they plan on giving the townhomes away just yet.

That is a price decrease. Original asking price, IIRC, was $1,000,050. I am not kidding. As to why the extra $50 or whatever it was exactly, I don't know.

And again this development is through Jack Dator of Professional Real Estate Services. NOT Ginn.

 

[RISkier]

Don't know the developer's resources but simply waiting for the market to come back may not be so easy. Typically the developer would have building loans that would come due. Plus keeping even empty condos in good shape will require some upkeep. These are the kinds of things that can bring people into bankruptcy. I know some folks who did a relatively small condo development. Unfortunately they didn't do it till the end of the real estate boom. They are really hurting right now. Had they done the development 3-4 years earlier they likely would've made out like bandits.