South Peak Resort at Loon Mountain Update,Winter 2013.
Very few sales have taken place at this project over the past few years, but in all the closed sales in the past two years I have been part of the sale. As of today 1/20/13…there are three sales pending – again I’m part of each. Why belabor that point…Buyers and seller should talk to the person with the first hand knowledge to be well informed of their options and likely success.
What - is new that is different from last year?
The Recent purchase (or more correctly seen an assumption of an outstanding first mortgage) was reported in the Registry of deeds. The transfer Tax stamps established the value of the transaction at $34,141,933.00 the new deed holder is Cypress realty in Austin Texas. It’s important to note no new mortgage was recorded at the time of recording.
Where- is the project heading?
On this I can only speculate, but I am aware the Cypress group is meeting with the owners and managers of the Loon Mountain ski resort in very short order. I would surmise the discussions will center around the future expansion of slopes and lifts on the South Mountain side of Loon, and if both sides follow the plans already engineered…more trails and lifts will be the mutual goal. The future expansion allows Loon to spread out the skiers over a greater trail count and allow the land owner…more areas to develop – true slope side real estate offerings.
When- is it going to be the best time to buy?
The entire existing re-sale inventory on the south mountain side is currently listed at less than what the original buyers paid for it…that is the nature of real estate in a down economy. Many buyers followed the Centex group (the original developer) and purchased site un-seen in 2005 and many of these buyers were from far away with no intention of building on their home sites or using their condos…they had bought and sold other Centex projects and flipped for a profit. This turned out not to be the case after the real estate crash of 2006.
Why- is it going to be different for the new buyers?
All of the recent buyers and owners moving forward with building plans are “users”…they live in New England (for the most part) and are not speculating on the purchase. They are Loon skiers, and this is the only new project that allows true ski home access. My Parent Company Cargill Construction has designed and built over a dozen custom Adirondack homes at South Peak and is working on multiple contracts at this time. Granted the Yankee mentality of many New Englanders is to wait and see, but for the ones ready to act. Current listings are exceptional deals, and with the new developer paying 34+ million for the project…any new developer offering will be hard pressed to compete price wise with the few remaining phase one seller’s currently listed for sale.
How – can I help?
During the initial start up of the project I was a member of the Architects review board, we were assigned the task of looking at all the home owner’s plans and making recommendations for design changes or plan acceptance. I have been a real estate broker for 28 years and for all those years, I have worked for an award winning custom home design/builder who incidentally has built more of the homes at South Peak than any of the other contractors. Do I think I know my stuff? Yes – Yes I do.
Feel free to give me a call...a slope side home or condo at Loon could be just what your family is looking for.
All the above homes were built in house by my team.
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