VTKilarney
Well-known member
Spoken by someone who must not know the local community.
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Big Burke announcement
- Thread starter the original trailboss
- Start date
Smellytele
Well-known member
Well you must have 1000 post in this thread then there is from_the NEK, Thetrailboss with masskier and skiraceparent sprinkled in for a few 1000.
VTKilarney
Well-known member
I'm not sure what your point is. Are you aware of what the local community thinks or not?
VTKilarney
Well-known member
This thread had 906 posts prior to my first post. I'm willing to bet that I am not responsible for "at least" 73.6% of the posts in this thread since I first commented. But if that's what you want to believe, no need to let facts get in the way. If your comment was a thinly veiled attempt at censorship, I'd prefer to let the moderators handle those issues.
Smellytele
Well-known member
You are comical and looking for some weird Internet fight where there is none. Take a chill pill and I have no idea what you are talking about when you say "Spoken by someone who must not know the local community" All I said was that most of the post. I didn't fucking count them and calculate the percentage of your post. All I know is that it seems that you have posted the majority of the post in this thread. I am not for you or against you. Take a deep breath and void yourself of this internet anger.
from_the_NEK
Active member
BenedictGomez
Well-known member
I may end up selling skiqburke.com to VTKilarney. He can run his own QBurke parody site.
from_the_NEK
Active member
VTKilarney
Well-known member
Frankly, it's the people who disingenuously insist that everything is wine and roses that get me wound up. If the discussion was candid I would be much more mellow.
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Masskier
New member
Awesome shot!!
Big Wave Dave
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isnt Ary is on record saying he thinks the hotel will be more of a draw in the summer. Was somewhere in the Cal Record.
and I am a local, more a Jay skier but very excited about the future of Burke and frankly, after so many failed owners, I feel that they are on their best footing ever. The mountain has always been a financial wreck, from Kitchel to Ginn. No one has injected capital and excitement to Burke like the Quiros's have. No one. We have all acknowledged massive missteps by the new owners, trepidation over EB-5.. but really, the pessimism on this thread is, IMHO, not warranted.
For what its worth my understanding from certain RE brokers is high demand for rental condo's for the winter.
and I am a local, more a Jay skier but very excited about the future of Burke and frankly, after so many failed owners, I feel that they are on their best footing ever. The mountain has always been a financial wreck, from Kitchel to Ginn. No one has injected capital and excitement to Burke like the Quiros's have. No one. We have all acknowledged massive missteps by the new owners, trepidation over EB-5.. but really, the pessimism on this thread is, IMHO, not warranted.
For what its worth my understanding from certain RE brokers is high demand for rental condo's for the winter.
VTKilarney
Well-known member
That is why I think the hotel is very viable. Burke has a thriving summer business. So long as Q Burke has a good relationship with the biking community, they should do fine. I've heard it said that bicyclists don't want to spend money on lodging, but they have to stay somewhere.
That would not surprise me one bit. Burke had a very good finish to the season last year thanks to mother nature, so I see no reason why demand would have dropped. The market for condos, however, appears to have some pressure - at least in certain parts. I've been told that the top-end condos are not closing for nearly what they used to get. Hopefully my source was mistaken about that.
Well....
Except for the hotel, that is not done yet, Q has not done much. A certain angel investor has done A LOT for the mountain...with one if not two HSQ's and money for operations and snowmaking work. Honestly the reason why Burke is where it is right now is due to about 18 years of improvements that have added up to where it is. What they needed was more beds and a good marketing and management team. I'd say progress in one area and a MAJOR regression in the other. And having a hotel will NOT magically fix the major management issues. We can hope that the "airplane factory" opens soon....
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Masskier
New member
Speaking of Condos
Yes, the Condo rentals are very strong this year. Most of the seasonal rentals were gone in August. And there is a lot of demand for short term rentals.
The Condo market continues to improve. The strongest demand is by far in the high end Condos. There's been lots of sales and deposits in the past 12 months. And prices are certainly on the rise.
Yes, the Condo rentals are very strong this year. Most of the seasonal rentals were gone in August. And there is a lot of demand for short term rentals.
The Condo market continues to improve. The strongest demand is by far in the high end Condos. There's been lots of sales and deposits in the past 12 months. And prices are certainly on the rise.
VTKilarney
Well-known member
Hmm... The Bear Path townhomes used to be offered starting at $950,000. (Source: Http://www.nehomemag.com/sites/nehomemag.com/files/images/7/mountainsideliving.pdf)
They are now being offered starting at $450,000. (Source: http://bearpathtownhomes.com )
Comparing the same size unit (2,526 square feet), the offering price is $250,000 less than it had been. I didn't realize that it had been even less. My real estate agent friends were not aware of that either. They were under the impression that the high end condos have not bounced back and that a lot of original purchasers (one or more of whom underwrote the project) are still very much in the red.
I'm looking forward to telling them that their analysis was at least partially incorrect according to the developer. That is good news, for sure.
They are now being offered starting at $450,000. (Source: http://bearpathtownhomes.com )
Comparing the same size unit (2,526 square feet), the offering price is $250,000 less than it had been. I didn't realize that it had been even less. My real estate agent friends were not aware of that either. They were under the impression that the high end condos have not bounced back and that a lot of original purchasers (one or more of whom underwrote the project) are still very much in the red.
I'm looking forward to telling them that their analysis was at least partially incorrect according to the developer. That is good news, for sure.
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Masskier
New member
You are using an ad from the Ginn era, from probably late 2007 or early 2008. That unit was going to be an upgraded unit and it was never built. So not really a good comp to use. I am sure that your real estate agent friends known that you can't base the current market conditions on an ad from 6 or 7 years ago and on a unit that was never built.
For current info go here http://nneren.com/ and search Condos, Burke Vt, and you will find that there are currently 19 Condos listed of which 4 are on deposit. 3 of the 4 units on deposit are on high end units. And then if you researched a little you will find that in the past year, 7 out of the 8 new high end units that have been built or currently under construction are sold/ pre sold. The only one available is priced at $529k (2,000 SF) So based on this data, The high end market is doing very well.
No idea what you mean by " original purchases that underwrote the project." nor do I care. As far as a couple of the original owners being in the red, well most of that red has disappear and in time they will most likely accumulate a lot of equity. (yes real estate values go up and down) But the reality is they didn't buy these to flip them to make a quick buck. It was really about lifestyle and family.
Masskier
New member
Correction, another Condo (Powderhorn) went on deposit today. So there are now 5 units under deposit.
VTKilarney
Well-known member
Your analysis omits price trends, but that's fine. It is what it is. My real estate agent friends did not say that property is not moving. They merely said that it is moving at a significantly reduced price, which has put pressure on the early purchasers. But it's nice to see that units are moving, at whatever price.
I'm perplexed that you didn't know that some of the first purchasers in your project were also investors, but what do I know. If that is incorrect, then there is definitely some misinformation out there.
I'm perplexed that you didn't know that some of the first purchasers in your project were also investors, but what do I know. If that is incorrect, then there is definitely some misinformation out there.
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SkiRaceParent
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You are using an ad from the Ginn era, from probably late 2007 or early 2008. That unit was going to be an upgraded unit and it was never built. So not really a good comp to use. I am sure that your real estate agent friends known that you can't base the current market conditions on an ad from 6 or 7 years ago and on a unit that was never built.
For current info go here http://nneren.com/ and search Condos, Burke Vt, and you will find that there are currently 19 Condos listed of which 4 are on deposit. 3 of the 4 units on deposit are on high end units. And then if you researched a little you will find that in the past year, 7 out of the 8 new high end units that have been built or currently under construction are sold/ pre sold. The only one available is priced at $529k (2,000 SF) So based on this data, The high end market is doing very well.
No idea what you mean by " original purchases that underwrote the project." nor do I care. As far as a couple of the original owners being in the red, well most of that red has disappear and in time they will most likely accumulate a lot of equity. (yes real estate values go up and down) But the reality is they didn't buy these to flip them to make a quick buck. It was really about lifestyle and family.
Just adding to this, there have also been a couple of single family home purchases (one house and one land and then build) that are significant $'s. Certainly, we are still working our way to 2007 levels of $'s but these are high 6 and even low 7 figure investments. Massskier can answer the condo questions much better. Also, I know that the single family ski in-ski out units, if not owner occupied, can fetch 25-30k per winter. This is nothing compared to other ski in-ski out condos and houses around the state but that's still pretty good economics...BTW, a lot of these are BMA related, and I think/hope the hotel does a better job of getting recreational families into the area so they can see the amazing deals you can get (and yes, 750-1.2m+/- is an amazing deal compared to $3-8MM plus at Stratton, Stowe, etc.). That is why (I think) the hotel is so important for the vibrancy of the area and getting families to realize the amazing values and strong skiing that is available to them. I know this may hit the wrong chord with locals who want Burke to be sleepy forever, but let's face it, that would be nice but is unrealistic in the long-term while having a mountain that remains open to the public...
$25-$30K is nuts no matter where. I'd rather take a few trips out west with that kind of coin and then just day / weekend trip it where the snow is good in the East.
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