This week Larry takes us four hours outside New York City, to Finger Lakes, NY. As with all of Larry’s columns, he provides a thorough backdrop of the overall area. Then he drills in deeper on three of the best neighborhoods. If you are interested in buying in this area or you simply want to learn about the region, I encourage you to read this column.
This is an article about Battle Mountain, a very large resort development near Minturn, Colorado. The development was originally introduced by Bobby Ginn, but has been acquired by Crave Real Estate and is moving forward with a reduced plan.
According to this article in the Vail Daily, the local residents of Minturn, Colorado have mixed feelings about the new plans at Battle Mountain. While most are in favor of the reduction in grandiose plans, some fear that town may wind up without some of the perks they were once offered in exchange of allowing Ginn to move forward with his plan.
Here is a painful but true story and I am certain not the only development where it is currently happening, or will happen in the future. I can see both sides of this, but if the developer is truly forcing unrealistic closings dates in an effort to give money back, I will be shocked. That may have been the case a few years ago; when developers could sell the properties for much more and gain the equity that would have gone to the buyers. But in today’s world, there are not enough other buyers out there and I am pretty certain there is no equity. That being the case, what would their motivation be, especially this being controlled by a Bank. Just doesn’t fly for me.
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