Market Preparation and Sale of Former Ski Area

For more information, please contact:

Vincent McClelland - vmcclelland@landvest.com

Market Preparation and Sale of Family Owned Ski Area

Bassett Mountain, Olympic Region, the Adirondack Mountains

PROPERTY LOCATION

• Wilmington, NY, Essex County

PROPERTY SPECIFICS

• Former Paleface Ski Area
• 1,200 acres
• 20,000 Square foot lodge converted to residential and fitness including a pool.
• 10,000 square foot “Mountain House” on top of one of the peaks.
• Miles of XC and Mountain Bike trails
• Rock climbing cliff
• Access to regional mountain biking, downhill skiing, flyfishing, hiking, climbing

THE PRINCIPALS

• Family-owned property in name of Bassett Mountain Recreation Center

THE ASSIGNMENT

• Advise the family on preparing the property for market and marketing the property for sale

WORK REQUIRED

• GIS Mapping. Property is composed of multiple parcels. Complicated natural resources (wetlands, steep slopes, cliffs, etc.)
• Multiple APA land use areas needed to be accurately represented on drawings and building rights and jurisdiction assessed.
• Assessment and update of forest and Timber Capital Value.
• Work with buyer’s building inspector
• Recommendations for remediation of property and building conditions in inspection report
• Access issues including comprised wetland crossing
• Negotiate a boundary line adjustment with Adk Land Trust on adjoining preserved land.
• Removal of buried oil tanks
• Work with buyer’s environmental assessment consultants
• Work with buyer’s appraisers providing HBU and comparable sale input
• Negotiate with client and buyer on extensive furnishings, fixtures and furniture sold with property
• Structure sale with financing acceptable to seller

CHALLENGES OVERCOME

• Death in the seller’s family
• Environmental issues
• Building inspection issues and negotiation on price concessions
• Dated timber values
• Emotional attachments to property and contents
• Financing rejection from USDA and banks

THE OUTCOME

• After 6 years of teamwork with LandVest colleagues (in marketing, GIS, consulting, timber, appraisal) and the owner’s team of attorneys and family members we achieved a successful sale with terms acceptable to our client to a buyer who has a deep appreciation for the property and the Adirondacks.

SELLING PRICE: $6,590,000