High Country Club liquidation of luxury vacation residences
February 21, 2010 by Joseph Sobin · Leave a Comment
During the “residence club” boom of the early part of the decade, Denver based High Country Club LLC, was one of the prominent names in the industry. Back in mid-2008, the club undertook reorganization, first by de-acquisitioning 15 homes (6 were leased) from the portfolio (leaving 21 homes available to members). The move left a member-to-home ratio of 10-to-1 (other destination clubs keep a ration of 6-to-1 or lower). In addition, revenue generation was revised from new membership sales to annual dues. By early 2009, the club formally filed for Chapter 7 Bankruptcy.
At its demise, High Country had homes in 
Hilton Head, S.C.; Steamboat Springs; Telluride; Snowmass; New York City; Stowe, Vt.; and Kihei, Hawaii, according to documents filed with the court. Seven of the residences will soon be sold at auction in Denver with three of the homes in Colorado’s high-country.
The homes originally ranged from $690,000 to $1,000,000+. The Colorado properties were purchased for $792,000 to $900,000. The three Colorado properties to be auctioned include opportunities in Keystone, Breckenridge and Arrowhead (in the Vail Valley).
The one-day auction in Denver operated by SheldonGood is set for 1:00PM/13:00 MST on March 19th, 2010 at the Marriott City Center (1701 California Street). The properties have suggested opening bids of $150,000 but will be sold absolute, regardless of price.
Viewing dates for the properties are 2/20, 23, 27 and 3/2, 6, 9, 13 and 17. For additional information, those interested can call Sheldon Good’s auction line at 800-374-4881 or via the web at www.SheldonGood.com.
New York City: The one bedroom unit is large by New York standards. The building, known as 1600 Broadway On the Square was constructed during the recent book in NYC and the resurgence of Times Square as a destination. For those who desire a pied-a-terre in Midtown Manhattan, an excellent location in a luxury building. While the address may not resonate with most, if you know where the M&M Store is in Manhattan, this is the building. At present (February 2010) there are:
26 active sales listings: $1,347 per ft² (avg)
8 active rentals listings: $76 per ft² (avg)
80 previous sales listings: $1,420 per ft² (avg)
64 previous rentals listings: $75 per ft² (avg)
169 recorded sales: $1,299 per ft² (avg)
Arrowhead Village: Arrowhead Village is adjacent to Beaver Creek. Arrowhead Village is a luxury residential base area with lift access onto Beaver Creek Mountain. Located just west of Avon on Route 6, many owners enjoy the convenience to the mountain as well as the valley location with access to Avon just minutes away. Arrowhead offers an excellent opportunity to enter the Vail Valley real estate market and have access to the slopes without paying the premium associated with the Vail, Beaver Creek and Bachelor Gulch base areas.
