Skiers snap up getaways – Silver Mountain units going like hotcakes

Construction crews are mobilized, plans are finalized and dirt will soon begin to move as Silver Mountain starts the first phase of expansion and development with the Morning Star Lodge condominiums at the gondola base.

More than 80 percent of the new condominiums in the resort’s first real estate offering sold on Friday.

By DON SAUER
Hagadone News Network

http://www.cdapress.com/articles/2004/03/30/business/bus01.txt

"This was definitely the largest single day of real estate sales in Eagle Crest history," said Jerry Andres, Eagle Crest CEO.

He added that the event was also the largest single-day sale of condominiums in the state of Idaho. Buyers came from all over the United States to get in on the first sales.

"My mom and dad live in Coeur d’Alene and we’ve visited here on a couple of occasions," said Virginia resident Julie Chavis. "We love the mountains and wanted to be able to come more often."

Memphis resident Don Streeter was buying one of the units as a way to get back to the Silver Valley.

"I worked for the Forest Service for many years up here and I love the country," said Streeter. "We have friends that come out here to ski and they have really been impressed."

Robert Lusk of Coeur d’Alene was also impressed by the whole package Silver Mountain is offering.

"We’ve got family that comes up to ski so this will be a great deal for us," Lusk said.

Silver Mountain Resort sold its initial offering of 68 condominiums to buyers who secured limited priority reservations early in the sales process.

"After six years of hard work, getting approvals, planning and designing, Silver Mountain has just made the first step in a rapid transition from a vision to an all-season reality," said Brian Rhodes, the resort’s general manager.

Demand exceeded expectations for the condominiums to be located in the Gondola Village, which will also include commercial development at the gondola base of Silver Mountain.

Rhodes said buyers chose from one-bedroom plans (758 square feet) and studio plans (346 square feet). Many buyers chose to combine a one-bedroom and a studio for a spacious two-bedroom suite at 1,104 square feet.

Prices range from $117,900 for a studio up to $393,000 for a two-bedroom penthouse.

Silver Mountain was named one of "Skiing’s Biggest Secrets" in the January issue of Ski Magazine and officials are taking full advantage of the publicity.

"Once Ski Magazine said we were one of ‘the three best mountains you’ve never skied,’ the inbound calls soared," said Rhodes.

Rhodes added that after watching prices of real estate at other mountain resorts skyrocket over the years, Silver Mountain sees a bright future for initial purchasers.

"The jump in real estate prices has been dramatic at Colorado, Mammoth, Big Mountain and Tahoe-area resorts," said Rhodes. "Comparable condominiums at Silver Mountain are priced at a fraction of those areas and offer an incredible opportunity to still get away and enjoy the serenity of a mountain resort."

Rhodes said the record sales event signals the start of Silver Mountain’s major expansion and development project.

"This is only the beginning of a multi-year plan that includes new lifts, expanded terrain, water adventure park, home sites and a golf course," said Rhodes.

The resort held a groundbreaking ceremony of the Morning Star Lodge last Friday as construction crews began laying out the site surrounding the resort’s existing gondola base lodge.

Morning Star Lodge’s architecture will embrace the area’s historic mining heritage with "a rugged, yet refined" eclectic mining theme influenced by the natural surroundings, Rhodes said.

Condominiums are fully furnished with custom-designed interior furnishings and close attention to detail.

"Everything is included," said Rhodes. "Right down to the dishes, flatware, CD stereo, and TV/DVD/VCR.