Sugarbush Announces the Next Phase of Development: Rice Brook

[thetrailboss]

They are pitching the next phase of Lincoln Peak redevelopment, which will include a few new homes over by the Village Double. They are only six townhomes and nine condos going up, with underground parking.

 

[Morwax]

Im in if they are under 250K... LOL

 

[bigbob]

Im in if they are under 250K... LOL

Probably more like double that

 

[thetrailboss]

Probably more like double that

IIRC Claybrook units were $1 mill. So I imagine that these will be pricey.

 

[riverc0il]

Thankfully no missile silo this time. I still don't know how 1 million dollar units can be called "authentically Vermont". I ain't got nothing against slopeside second home ownership. But the co opting of Vermont authenticity to sell brand new million dollar second homes just doesn't do it for me.

 

[AdironRider]

And once again the Bush would rather pump real estate than focus on the on hill product.

Its like these guys missed the memo in 2008.

 

[Newpylong]

I don't think they missed any memos at all. The Clay Brook condos seem to be selling just fine from what I hear...

 

[mister moose]

Thankfully no missile silo this time. I still don't know how 1 million dollar units can be called "authentically Vermont". I ain't got nothing against slopeside second home ownership. But the co opting of Vermont authenticity to sell brand new million dollar second homes just doesn't do it for me.

Given that there was no lift serviced skiing in VT prior to 1935, I don't know how any of it could be called "Authentically Vermont".

And once again the Bush would rather pump real estate than focus on the on hill product.

Its like these guys missed the memo in 2008.

That's where the money is.

There are 2 Claybrook full ownership units (many are interval quarter shares) on the market now for 1.3M.

 

[riverc0il]

Yea, it is not like they are building up a lot of inexpensive units. They are going for top dollar high value limited availability units. The NYC high rollers buying these units were not effected by the housing bubble. Except that maybe they had to step down to the Bush instead of buying out at Vail. I'm sure the slopeside units they are building are funding other on mountain improvements.

 

[deadheadskier]

Probably a better ROI with building condos than adding a bunch of fan guns.

 

[ski_resort_observer]

IIRC Claybrook units were $1 mill. So I imagine that these will be pricey.

The Clay Brook units are availible in 1/4 share(13 weeks) segments. A 1br unit is in the $120,000 range for a share, for a full year much less than 1m. Sure, the larger units for the full year are in 1m range but that represents the top end of the scale.

http://www.realtor.com/realestatean...garbush-Unit-209_Warren_VT_05674_M37851-03687

 

[MarkC]

Seems like a smart development plan given the economic climate. Go after the segment of the market that is unaffected. Keep in mind the development and sale of these units means more snowmaking, grooming, and other improvements to the mountain that will be visible to the average skier.

 

[marcski]

IMHO, the 'Bush is putting out a fine product and seems to be growing nicely and conservatively under its current ownership. Don't forget Sugarbush's heritage as "Mascara Mountain"....It has always attracted a high end, top dollar crowd.

 

[riverc0il]

Don't forget Sugarbush's heritage as "Mascara Mountain"....It has always attracted a high end, top dollar crowd.

Not as much in the ASC days due to the ultra cheap season pass. But they are definitely giving Stowe a run for their money now.

 

[Newpylong]

Not as much in the ASC days due to the ultra cheap season pass. But they are definitely giving Stowe a run for their money now.

That had little to no bearing on things except added some additional traffic that would not have been there without the passes.

I went to school there from 95 to 99 and the place was loaded with the "high end" NY crowd, especially SB South / Lincoln.

 

[Masskier]

The Clay Brook units are availible in 1/4 share(13 weeks) segments. A 1br unit is in the $120,000 range for a share, for a full year much less than 1m. Sure, the larger units for the full year are in 1m range but that represents the top end of the scale.

http://www.realtor.com/realestatean...garbush-Unit-209_Warren_VT_05674_M37851-03687

So whole ownership for the one bedroom is $476,000. And its tiny, only 944 SF, that puts it over $500 SF which is quite expensive.

 

[drjeff]

So whole ownership for the one bedroom is $476,000. And its tiny, only 944 SF, that puts it over $500 SF which is quite expensive.

As always with real estate, its all about "location, location, location"