Vast real estate in the surrounded by mountains and valleys having the potential to become a hot spot for sports and recreation activities, has witnessed a drastic fall in its commercial value. This has happened due to the general economic decline resulting in steep fall of the price of real estate not in good demand.
Many such locations owned by real estate developers are facing problems related to financing of project undertaken by them because of dwindling sale and low value sale if at all it is there. There is either delay in developing execution of such projects or postponement till an indefinite period.
The Remote Location Factor:
The problem is confined to few locations, which are remote and relative difficulty of accessibility. Some famous ski resort operators feel themselves spared of the difficulties encountered by majority of sky resorts. These are the views of a professional ski resort planner involved in designing more than thirty project locations spread globally.
The situation is so grave that during last 15 to 20 months the developers’ response to the market trend is felt by their stopping the construction of their ongoing projects. The constructed projects are being sold on steep discount.
There are few resorts, which have performed well even in spite of market drifting downward due to very strong fundamentals present influencing the project growth. The benefit of good location is that there is higher revenue earning from these sites as a result of site investment is self propelled.
Revel Stoke Mountain Resort:
It is a bit distantly located in contrast to other locations involved in providing Olympic out door gaming facility.
It is comparatively more far from Whistler, the location preferred for large number of Olympic outdoor activities. Revel Stoke Mountain Resort is favorite place for international focus to hold their Games at this location.
The operators of the resort claim that they are benefited immensely although the resort is situated at a distance of around 700 kilo meters away from whistler remotely situated in Columbia.
There is a hot news that the resort has of its own created facilities of superior skiing in a locality having difficult terrain has enabled helicopter and cat skiing. The operations at this resort were commenced in December, 2007 and is spread over 500,000 acres in acres. The plan of this resort was to run for a 15 year period with projected expenditure of 1 billion at the time of economic recession.
By this time out of 3 condominiums scheduled for construction, two of them were of the stage of presale and in the near vicinity two single family constructions were already complete.
At this juncture Northland Properties based at Vancouver, who was holding majority interest had taken a tough stand. The plans chalked out worked well in favor resulting in amazing sale of 100 condos out of 115 in its two building constructions. There was also sale of 32 out of 49 single family properties. The realization value was around $1.90 million with buyers located in Canada and America. Many persons reacted that they missed the buying in early offer and have remorse of the missed opportunity.
Some persons who were not in a position to buy resorts at Whistler and Colorado feel they have again missed a golden opportunity. There are again many persons, who have already purchased a property at Revel Stoke and wanted to buy more, but missed at the last moment.