View Full Version : Big Foreclosure auction near Mt Washington Hotel

05-25-2018, 03:49 PM
A flashback to the S&L crisis

There were grand plans but they went quiet a couple of years ago.


Mike P.
05-26-2018, 08:30 AM
Are we doomed to have sprawl and "Resort Destinations" everywhere? "Resort Destination" means very different things to hikers as opposed to developers.

The area in general is a vacation destination providing you like some quiet areas with small, (generally speaking), towns, great views and a more laid back vacation. Now if you want to make lots of money selling property to well off people playing golf surrounded by views and nice homes, (likely second, retirement of vacation rental - AirBNB taking advantage of NH's taxes) then you want to build 900 homes and cut lots of trees to build your roads and golf courses.

Interestingly enough, golf courses are closing in many places. Playing a quick five and half hour round of golf (it was four hours when I played a lot) in the typical trappings of a country club (insert your own words here, I did not like any description I had) is not exactly exciting or something to brag about on your Instagram page. Golfing destination vacations currently exist in places like Pebble Beach, NC, FL, Kiawah Island, HI and on courses that the tour plays on during the other weeks of the year. The idea of taking on that large of a project without a growing industry to support it seems very risky. Still, since the banking industry and real estate market go through cycles of too restrictive and then doing dumb things with lots of money, Would it surprise me?

Would the area support both the Balsams and a Mt Washington development? Thinking if you had a golf course in the Laconia area, you might be better off trying to do something there if the land is available and make your commute shorter from Boston and the NYC area. (Also why a Saddleback ME development is unlikely to be successful) NYC golfers seem to be happy playing in Westchester and other Exclusive courses nearby, (Morefar, a private club once owned by AIG). If you pay five or six digit membership fees, you probably want to go there enough to get some value.

If baseball viewership and playing is down because it is slow and boring, where the heck is golf? (I like baseball) Many people play soccer (I did) but I'm not sure if I would rather watch soccer, golf or have a root canal.

05-27-2018, 12:38 PM
Those are two really nice golf courses. Wonder what will become of them.

05-27-2018, 06:19 PM
The owner of the cog and partners at one point made a bundle by buying the Mt Washington Hotel at the third foreclosure auction in few years during a financial crisis. The spent some money on the property, bought back the ski area and then resold to Omni for a bundle. I wouldn't be surprised if he would be ready to buy if the price is too low. The problem with the current development already in place is there is no nightlife nearby, no restaurants (except Fabyans), bars or entertainment anywhere nearby. Also no town services. Waterville Valley pulled it off but its convenience to Mass and southern NH makes a big difference.

Reportedly at one point they were going to bring in the designers of Centennial Florida to do the design. Centennial was featured in the movie the Truman Show (minus the dome).