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Old 08-04-2016, 05:53 PM
 
10 posts, read 13,675 times
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Does anyone know what the situation is with the condos at the Ritz at Bachelor Gultch in Beaver Creek?

I see that the 2 bedrooms are available for slightly over a million and that they rent for over $1000/night during peak season.

Does any have experience owning/renting out these properties? Is it possible to make money after expenses? Does the building provide reasonable management fees?
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Old 08-04-2016, 08:25 PM
 
Location: On the sunny side of a mountain
3,181 posts, read 7,023,768 times
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If you are looking for an investment you would really have to call them and get a prospective on expenses vs profit. I would't think the Ritz and reasonable are two words that would ever go together. The are other areas like Beaver Creek and Vail that may offer more investment opportunities Vail will likely have more possible rental nights that BC or BG.
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Old 08-05-2016, 07:18 AM
 
Location: Colorado Springs
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Vacation rentals are a very volatile investment and if you don't have any prior experience in them, I'd suggest you avoid them. Yes, $1000 a night during peak season sounds great but there is the distinct possibility of it sitting vacant 50% of peak season despite the possibility having people line up and bid for it during Christmas, New Years, and Spring Break. Occupancy can be even more irregular during low season. Don't forget there is also the shoulder season where occupancy will be virtually zero. Depending on HOA fees, taxes, and management fees, it is easy to get upside down quickly.
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Old 08-05-2016, 09:02 AM
 
20,840 posts, read 39,052,603 times
Reputation: 19074
We've had many threads on "investment" property in the high country. No matter where in the high country the basics are the same, so here's a sampler of good reading:

Investment Condo - Which Ski Resort? Aspen? Vail? Breck?

Colorado Condo - Self Manage or Management company

Can you make a good profit with a ski rental?

House in mountains

Georgetown Ski Condo?

Buying a vacation property in Silverton, CO

Rental Income at Durango Mountain Resort
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Old 08-07-2016, 11:22 AM
 
9,830 posts, read 19,527,350 times
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Quote:
Originally Posted by BucktownNow View Post
Does anyone know what the situation is with the condos at the Ritz at Bachelor Gultch in Beaver Creek?

I see that the 2 bedrooms are available for slightly over a million and that they rent for over $1000/night during peak season.

Does any have experience owning/renting out these properties? Is it possible to make money after expenses? Does the building provide reasonable management fees?
Yes I spent a lot of time at the Ritz in Bachelor Gulch.

All I can tell you from my knowledge is that you will not make money. These are not money making investments for most people. But I would run the math and try to talk to other owners. In the end the goal would be to have income on a property you don't use all the time to offset the large carrying costs of it.

Keep in mind the Ritz has a significant issue and limited appeal. Essentially the perch it was built on in the Gulch and the surrounding environs in the Gulch has it isolated. It's not like Beaver Creek or Vail with a nice pedestrian village with many options. Pretty much it's the Ritz and that is it. You can't really walk anywhere else outside of the Ritz and there isn't really anywhere to walk to if you could.

When it opened 15 years ago to much fanfare there was high expectations for it, but in the end it's become a destination for a lot of high end corporate groups and certainly does have a wealthy clientele, but it needs those corporate groups and other groups to make the bills. In fact it had some drama a few years ago facing foreclosure.
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