With all the AIG problems I wanted to start a blog so that potential owners can get to know each other. There are lots of issues about the conduct of management. Let's hope things improve after they sell the property. Please e-mail your contact to stowemountainlodgeowners@gmail.com .
We also have a user group on facebook.
Just search "Stowe Mountain Lodge Owners"
I look forward to meeting you!
We also have a user group on facebook.
Just search "Stowe Mountain Lodge Owners"
I look forward to meeting you!
16 comments:
Has anyone heard anything about a rumor that Hunt Construction has declared bankruptcy and filed a 33 million dollar lien against the mountain (aka AIG). We would be occupying a unfinished project.
Yes I have heard the same thing. It is all over Stowe. I have also heard that the reason they have done that is to counter the fact that Spruce Realty is refusing to pay since Hunt was not on schedule.
There is an article in the Stowe Reporter about three people that are suing Spruce Realty. One of those three is under contract to purchase an interval ownership. Two of the lawsuits are claiming that they are in breach of contract because the project was not completed on time. I can send a copy of this article to anyone who wants it or any information as I get it. Please contact me at www.peggysmithvt.com or call me at Coldwell Banker Carlson Real Estate,802 253-7358.
Here's the text from the form letter:
I am writing to update you about the latest event affecting the Stowe Mountain Lodge, which could impact your upcoming closing.
There was a significant lien placed on the property last Thursday by the project Construction Manager. As projects of this scope close out, there can be disagreements among and between the owner, the Construction Manager, project suppliers and subcontractors regarding additional costs. Liens can be placed on the property during this process -- without any prior ruling from a court as to their validity or accuracy. Our team is working diligently to obtain a discharge of the lien as quickly as possible. However, we want to let you know that this filing may potentially delay your closing date.
It is important to recognize that this situation will not adversely affect your Front Four residence, Stowe Mountain Lodge, or Stowe Mountain Resort, except that it currently is a cloud on title. We continue to be committed to providing a wonderful four-season resort experience for you and your family. Over the past several weeks, we have welcomed many new Front Four owners who have already enjoyed their residences, and we look forward to welcoming you soon.
We understand that you may have concerns about your property, and we can assure you that we are pursuing all options to resolve this issue as quickly as possible. We will provide you with more information as it becomes available, hopefully as soon as later this week. Thank you for your continued patience and support. If you would like to discuss this further, please do not hesitate to call me.
I spoke to the Stowe Town Clerk 10 days ago, and they verified that the $31.6 million lien was filed by Hunt Construction. Realize that any messages sent through Spruce Peak Realty is purely damage control. I am a 4BR Front Four (pending) owner, and the best way to follow what is going on with the resort is to follow the financial papers/websites. The bigger picture for AIG is that they insure approx. 70% of all ski resorts in the U.S., so their failure could have a huge impact this ski season.Peggy, if you can email me at sglasmanmd@aol.com and send along the article about the lawsuit, that would be great.
The 32 million dollar lien was taken off today which means that Hunt was paid. It sounds like closing will begin this week. We have closed on our 3 bedroom in the front four have stayed there 3 times since closing and the place and the service are incredible.The liens have to do with the fact that the building was around 70 million over budget and Hunt and Spruce Peak have not resolved that issue. I sold at Spruce Peak on the sales team I am an owner and I now sell real estate in Stowe and know the project very well and would be happy to answer any questions.
Thanks,
Chuck Heingartner
Lang McLaughry Spera
62 Main St Stowe VT
802-253-1806
Does anyone else have any verification that the lien by Hunt was lifted today?
I'm sitting on a 3 bdrm FF unit, and considering not closing. I have doubts about who the new owner of Stowe might be, considering the fact that AIG will likely be forced to sell off this asset, small as it is in the grand scheme of it's business. Intrawest, which was a consideration, is likely not going to make a bid for the project, as they have just gone through their own refinancing of a $1.5 B debt consolidation from their sale to Fortress in 2006, and Hank Greenberg doesn't have the capital, given the price of AIG shares, to pull off a purchase at this point. Without a known buyer, and the precarious state of AIG, the contract for the owner of the FF may be subject to alteration with a new owner. Anyone remember the sale of Killington from American Ski Company recently, and the cancellation of the Gold season passes for life to the founders?
I have not seen any independent verification, I would not make any decisions until you have something in hand. I think a leader is needed, maybe a litigation lawyer in Vermont, to take the bull by the horns. It's remarkable to think that there is no media coverage to speak of, no major bombshells. Either AIG still controls the media or there just isn't a big story there.
They have not moved the mountain, the finished property is beautiful, any new owner will only make the place more affordable (ie less fancy services) to keep the lights on. It's an odd ball project for a buyer, not really a resort, not really a private club, not really a ski area - it's all three and more. Red Rock/Vail, Intrawest or an investor led Ritz/Westin type company would make the most sense.
Another thought would be for the owners of the fractionals and whole ownership units to put the hotel and services under option contract ourselves and then go out as the seller to find our own buyer. I'm qualified to manage this type of endeavor, but the owner information is in Fort Knox making a coup impossible.
I suggest one more week of quiet and then when/if the November 3,4,5, etc. closing dates pass that everyone make claim for their deposits on the grounds that the title is not marketable. There is a legal theory that title can bad because of slander or general reputation - this board should be careful not make any such allegations; but also the public opinion that is fire on the mountain could be grounds in and of itself that there is an unmarketable title.
I tought you all might want to know that I left phone messages with 2 separate individuals at AIG Global Real Estate Investments in New York City today. Their phone number is 1-646-857-8300. I mentioned that I was a potential Front Four owner, and was concerned about not only the financial issues going on at Stowe, but the fact that as owners, we had no representation in the decision making for the Front Four Residence Club policies and procedures. I also mentioned that I was not planning on closing until some discussion occurred. The more they hear from us, and the more we can get outside Spruce Peak Realty, the better chance we all will have of being happy with our final decisions re: ownership.
Please join our user group on facebook!
You can sign up for free at facebook.com then just search "Stowe Mountain Lodge Owners"
Here's a link to a story about AIG and Stowe from bloomberg.com
http://www.bloomberg.com/apps/news
news?pid=newsarchive&sid=axG92Y6PUKkE
Please let us know if you actually close the week of November 3, 2008.
Thanks!
From the town "who is buying stowe day" Vail is today's winner. Maybe they're lower the lift tickets down to colorado rates from the overpriced ones that stowe charges...
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