Vancouver, B.C., April 20--Intrawest Corporationannounced yesterday it had sold all the units in the first phase of itsVillage at Squaw Valley, Calif., project.
As is typical with Intrawestresidential projects, all 139 units sold at the initial launch, well beforeground is expected to be broken. First Ascent, as the condo project hasbeen named, is expected to break ground by June 1 with completion plannedfor December 2001. The entire village will be built in four phases over thenext five to seven years. Yesterday's sale netted a total of $73 million.
Since February, Intrawest has launched real estate projects across NorthAmerica at Keystone and Copper Mountain, Colo.; Solitude, Utah; MammothMountain, Calif.; Whistler/Blackcomb and Panorama, B.C. and Tremblant,Que., for a combined total pre-sales amount of $316 million.
Five moreresidential projects are expected to be launched over the next three monthsat Blue Mountain, Ont.; Mammoth Mountain; Stratton, Vt. and Tremblant. Thesales effort begins with a small "Discovery Center" built on site whereprospective buyers attend a multi-media presentation of the project andtour a model condo. At many sites, sell-out has been reached within hoursof opening sales.
Limited supplies of condos, prime locations and baby boomers looking forvacation homes all combine to give the resort conglomerate a strongposition in real estate sales, says Daniel Jarvis, Intrawest's executivevice president and CFO. "Clearly, these fundamentals are supporting oursuccess." In fact, Jarvis adds the company has firm deals in place for 65percent of the consensus estimate of its residential sales for 2001.
At the same time as the Squaw Valley real estate announcement, thecompany's Whistler/Blackcomb Resort noted it broke the two-million mark forskier and snowboarder visits for the second year, reaching 2,008,000 visitson Wednesday. "We're still getting 12,000 visits a day," says David Perry,VP of marketing and sales.
He says that when the resort closes officiallyon June 11, the visit mark should stand at about 2.12 million. Last season,Whistler/Blackcomb set a North American record with 2.16 million visits.