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Does anyone here own a unit an Snowshoe?
20 posts from 10 users
Updated 23 days ago
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one month ago

We bought Snowshoe Ridiculous Passes for next year and are considering buying a unit.  We have mostly stayed in Silver Creek and that suits our family of four for various reasons so I’m leaning toward buying there if we do in fact make a purchase. Probably we would just pay cash to buy it with no mortgage and try to rent it out when we’re not there to cover the costs, as I assume most people do.

Has anyone here actually done this?  It’s difficult to get a sense of how easy it would be to rent it out.  The HOA fees seem steep at first blush but of course they cover ammenities like swimming pools, etc.

 

TIA

marzNC - DCSki Supporter
one month ago

Since it might take a few days before the SS owners check in, here’s a thread from a few years ago that may have some useful info.  Just remember that the situation is always changing for any ski resort these days.

http://dcski.com/forum/83616

one month ago

Several people active on this board own places, I’m sure they will offer good info.  There seems to be somewhat of a strain in relations between Silvercreek and Snowshoe… Silver creek is dependent on policies of Snowshoe and their concerns are not properly addressed?  I don’t know the details but I’m sure someone else can fill them in.

one month ago

I think I’m willing to also consider units in Mountain Lodge if anyone knows anything about that.

one month ago

I stayed in the mountain lodge once.  The HVAC left our condo around 80 degrees the whole weekend.  Be weary of that. 

one month ago

Do all the units have baseboard heat there?

one month ago
Blue don owns at Mountain Lodge. I would imagine he has the information you are looking for.
one month ago

I would really consider the village. During the summer silver creek is pretty empty whereas the village has the events and dining. If you have never been there during the summer it may be worth a trip before buying. The midweek hours may vary, but weekends Memorial Day- Labor Day usually have a bunch to do.

Talk to the people at first tracts and get as much information from them as you need and then make your choices. 

I own in Expedition station and love it, fee free to PM specific questions.

one month ago

Thanks.  I actually have been there in the summer and am leaning toward Mountain Lodge over SC now.

one month ago

Keith,

I have 2 units at ML. 

Pros:  Location, onsite housekeeping and maint, free parking, low cost per sq ft, solid HOA financials.

Cons: Older bldg in dire need of some updates. An assessment is in our future that will be a significant #.

Rentals:  These things rent like crazy.  PM me if you are looking at a specific unit or want more info.  I know of a few insiders that are looking to sell so you may be able to negotiate direct.  Ironically, we have several insiders looking buy more.

Bottom line is that ML has some potential but we have to manage / get thru a rather substantial renovation. 

one month ago

Blue Don 1982 wrote:

Keith,

I have 2 units at ML. 

Pros:  Location, onsite housekeeping and maint, free parking, low cost per sq ft, solid HOA financials.

Cons: Older bldg in dire need of some updates. An assessment is in our future that will be a significant #.

Rentals:  These things rent like crazy.  PM me if you are looking at a specific unit or want more info.  I know of a few insiders that are looking to sell so you may be able to negotiate direct.  Ironically, we have several insiders looking buy more.

Bottom line is that ML has some potential but we have to manage / get thru a rather substantial renovation. 

 

Thanks I will PM you soon.

one month ago

Couple of years ago an acquaintance said he owned at Snowshoe, and all I remember is he complained that there were a lot of expensive assessments.

I would be curious how long it takes to break even (either pay off the mortgage or recoup the cash purchase). Then after that how much the “ongoing costs” usually are.

one month ago

Mongo wrote:

Couple of years ago an acquaintance said he owned at Snowshoe, and all I remember is he complained that there were a lot of expensive assessments.

Obviously a big topic and concern at our ML HOA mtg on Sat.  One guy said it best on Saturday.  There are 2 types of assessments.  The one you may have now and the one you are going to have later.  These buildings are homes in harsh weather environments and things only last so long.   Nothing lasts forever.

It’s no different than our personal homes, stuff wears out and needs replaced.  Prospective owners should know that going in.  Instead, they are being told they are buying a piece of paradise. I call BS on that sales tactic.  You are buying a 2nd home in a harsh climate and you will have to take care of it and repair it.

I would be curious how long it takes to break even (either pay off the mortgage or recoup the cash purchase). Then after that how much the “ongoing costs” usually are.

Break even would depend on a lot of factors.  As for ongoing costs, that’s easy. Think of every bill you pay at home that is directly related to your house - utilities, taxes, maintenance and then the dreaded assessment b/c the bldg is 20, 30 or 40 years old. 

one month ago

marzNC referenced this older thread above:

http://dcski.com/forum/83616

 

I wonder how unit purchase prices have changed since then?  Does anybody know?

one month ago

What have you found out?

Are you talking to realtors?  although they have their own self interest I’m curious what they are saying.

one month ago

kemperski wrote:

What have you found out?

Are you talking to realtors?  although they have their own self interest I’m curious what they are saying.

I haven’t reached any conclusions yet but the idea still has legs.  Haven’t had the time to contact a Realtor yet.  I’m interested in knowing more about the RAD (Resort Area District) fees.  It’s no surprise that assessments are on the horizon at many of the areas  -  that’s life in any community with an HOA, resort area or not.  Members here have been very helpful and I am thankful for that.  I’ve definitely punted on the idea of buying at Silver Creek (little or no off-season occupancy and just generally less desirable than the Village area) and will concentrate on the Village.  Some of the units listed as for sale have been that way for over a year so I have to wonder what’s up with those.  The sellers are holding out for their desired price but seem unwilling to put any more work into the units(?)  Sellers can be baffling in their behavior sometimes…

one month ago

Keith_Moon wrote:

I wonder how unit purchase prices have changed since then?  Does anybody know?

Pricing bottomed out in 2017.  With the Alterra purchase, we are seeing an uptick in pricing.  Certainly not a real estate boom but things are pointing in the right direction.  At our HOA meeting last weekend, Michael Hughes from Remax / Old Spruce Properties provided a detailed analysis of recent sales.  He noted that 2 properties in the village sold at asking price and one sold above.  That is unheard of in the past 8 - 10 years.    

one month ago

I recommend dealing with Spencer Woody.  He will find out your needs and steer you in the right direction.  Every complex and HOA has it’s pros and cons.  You have to balance them out and make your choice.  The market may have an uptick but you can sitll find some great deals.

24 days ago

I started looking this year too and prices seem to be heading a little north. There have been several sales recently and there is a developer/remodeler that seems to have purchased several units and flipping them. You can do a little deed searching Pocahontas county assessor’s office website. It takes some time but it may be worth it. 

I’m actually looking at a few tomorrow. 

Lowest HOA in low 400’s and that’s a studio, most seem to be 500-600 for 1-2 bedroom with a few being as high as around 900. That’s per month. Moutain assessment $500ish/yr or included in the HOA depending on the complex? (This is info from the sheets provided by the realtor)

Hope that helps

23 days ago

I looked on the county register of deeds web site and you can see past sales there but you don’t even need to do that, because past sales are also noted on realtor.com for each unit.  Some owners are attempting to sell their units for a lot less than what they paid for them.

My big issue is the looming spectre of upcoming assessments, which are definitely coming for some complexes.

From what I can see there IS a path to buying these units and coming out at least cash neutral but (no surprise here) the best deals are units that need A LOT of rennovation and/or are in Silver Creek (or both).  We’ve stayed in SC and I like various things about it but it has higher fees and lower income potential because it opens later and closes earlier in the season.  But units in the Village area are about $20K more than those in SC for a comparable unit.

So I’m still pondering my options but luckily there’s no time pressure to act…

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