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Quote:Aghhh! Every year that BVSR remains with the current ownership, the needed upgrades and repairs are deferred. There's no upside for a buyer if the purchase is for BVSR only, which is huge profit risk. Including the already limited village improvement sweetens the deal. If the potential new owners can always contract out the construction and management of the expansion project to a developer but retain ownership. The county should be offering any/all tax credits available.
In my opinion, our property values & already super depressed local economy will remain low without a change in BVSR ownership and the much needed improvements.
Bear in mind that BVSR is in Alpine county, not Calaveras. I doubt that Alpine county derives much benefit from BVSR other than the taxes collected. It's not clear to me how a thriving business with no tax revenue is of any benefit to Alpine county. Their other ski resort, Kirkwood, on the year-around highway 88 is another story. BTW, I found it pretty incredible that Alpine County has a total population of less than 2,000 people and yet has their own police force (all 10 of them).
As I understand the situation, the prospective buyer was one of 4 interested parties. Apparently, they have experience running ski resorts (Stevens Pass in Washington and Mountain High in So. California) but no experience in the hospitality (ie, BV Lodge) or real estate development. I think this latter fact along with some unresolved issues soured the deal. It will be interesting if one of the other 3 will now step up.
Aghhh! Every year that BVSR remains with the current ownership, the needed upgrades and repairs are deferred. There's no upside for a buyer if the purchase is for BVSR only, which is huge profit risk. Including the already limited village improvement sweetens the deal. If the potential new owners can always contract out the construction and management of the expansion project to a developer but retain ownership. The county should be offering any/all tax credits available.
In my opinion, our property values & already super depressed local economy will remain low without a change in BVSR ownership and the much needed improvements.
Just heard that the deal in the works to buy Bear Valley is off as the prospective buyer has terminated the purchase contract….
See PineTree.net post:
http://thepinetree.net/index.php?module=announce&ANN_user_op=view&ANN_id=36973Here is the latest news….potential new owners (names undisclosed) are in due diligence phase. They were at BV last week and met with some of the locals….Word has it these folks have experience running ski resorts and are not real estate developers, per se.
http://www.calaverasenterprise.com/news/article_efdcd7ca-e332-11e2-992d-0019bb2963f4.html
Did Disney just raise their prices to pay for Bear Valley and all of the upgrades…..
Seems like good news that there is interest. It would be great if the deal went through early enough for solid planning and prep for the upcoming winter season and then be ready to start some heavy lifting next summer.
I heard a rumor that Disney was a player. Crazy to think of Disney owning a ski resort, let alone "our" ski resort. Is this the next Mickey-vacation after resorts and cruises? Disney skiing?
Yahoo – better times and funding for our great ski resort
http://www.calaverasenterprise.com/news/article_e18b3d80-c481-11e2-a200-001a4bcf887a.html
Earlier this week, I received an email from the RE broker. Interesting that the price is now $8M – Only a couple of weeks ago, the ask was $20M but the verbiage does include the words "investment". I'm pretty confident that the lease agreement with USFS (or whoever owns the land) has an operating clause which would require the resort to remain open during ski season.
We will be purchasing our '13/'14 ski passes by April 30th which is the end of the best price offering.
https://www.cbremarketplace.com/listings/12545/default.aspx
OUTSTANDING INVESTMENT OPPORTUNITY IN NORTHERN CALIFORNIA
CBRE Group, Inc.
Broker License 00409987CBRE’s Golf & Resort Group is pleased to announce an outstanding investment opportunity in Northern California that includes a popular ski resort and developable land. Bear Valley Mountain Resort is located on the western slope of California’s Sierra Nevada, just 3.5 hours from the Silicon Valley, halfway between Lake Tahoe and Yosemite. An affordable and more convenient alternative to Lake Tahoe ski resorts, Bear Valley features year-round recreation in California’s “Gold Country,†completely surrounded by scenic wilderness in the heart of the Stanislaus National Forest.
Asking price: $8 million
http://www.cbremarketplace.com/bearvalley
Investment Highlights
Location – Bear Valley enjoys a great location in the Sierra Nevada that is relatively close (3.5 hours) to the Bay Area with no I-80 hassles or mountain passes to negotiate.
Future Development – With all entitlements in place, a rare opportunity exists to develop a new ski town that will rapidly become a popular regional destination. Development of the Village Center will go hand in hand with improvements on nearby Bear Valley Mountain, including the Village Lift that will ultimately connect the two.
Great Skiing – Bear Valley is a hidden gem with skiable terrain comparable to many top ski resorts in the western U.S. Downhill skiers and snowboarders enjoy the varied conditions at Bear Valley, along with cross country skiers and other alpine enthusiasts.
More Than Great Skiing – During the winter, Bear Valley offers miles of groomed snowmobiling trails, while summer activities include hiking, biking, kayaking, stand-up paddling, rock climbing, disc golf, river rafting, boating and fishing. Residents enjoy private Bear Lake and the town sponsors various summer camps, festivals and fun events including the annual Soap Box Derby and Bear Valley Music Festival.
Ebbets Pass National Scenic Byway – The 60-mile stretch of SR4 between Arnold and Markleeville is known as the Ebbetts Pass National Scenic Byway, anchored at either end by two State Parks – Calaveras Big Trees and Grover Hot Springs – with Bear Valley virtually in the middle. The town of Murphys, just south of Arnold is a charming wine country destination in the heart of Calaveras County.
Bear Valley is Not Tahoe – Bear Valley is a less congested, friendly and safe community where people get to know each other and enjoy one of the best regions for alpine sports in the entire Sierra Nevada. The mountain and village are a safe haven for mountain enthusiasts.If you are interested in Bear Valley Mountain Resort as an investment opportunity, please visit the website:
http://www.cbremarketplace.com/bearvalley
Once there, click on the Confidentiality Agreement, execute and submit. We will be notified of your interest and once approved, you will be granted access to the Document Center, which contains the Offering Memorandum and related due diligence. If you have any questions regarding this opportunity, please let us know. We look forward to working with you.
Sincerely,
CBRE Golf & Resort Properties
Jeff Woolson
Managing Director
I was up at BV a few weeks ago and got this version from the bartender. BV is not for sale, but they are seeking investors to help defray some costs associated with renovations. He also said that the owners had received offers to sell outright and they refused. Says the "vision" is to have interested parties invest. I was concerned about the rumors and my recently purchased season passes but I was assured that they would be up and running for the 2013-2014 season.
Call me naive, gullible or optimistic but my fingers are crossed! :
The cross country trails/service center are not for sale, they are owned by a different partnership.
However one half of that partnership is also one of the partners in the ski area, the BV Lodge complex in town, and the Base Camp Lodge in town which is the package that is for sale.
The last time that mymotherlode.com did a story on BV Mountain Resort they ran the same picture of the cross country trails. I posted a comment to that article but I guess mymotherlode.com just doesn't get it! ???
Is the cross country ski area part of the package being offered for sale? Just curious. The picture in the article shows cross country skiers…
I read this this morning
http://www.mymotherlode.com/news/local/2052691/Ski-Resort-On-The-Market.html
Hope some $$ comes in and they can keep the plans moving.
-Brian
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