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Will skiing rev up real estate?

J.K. Perry
J.K. Perry/Vail DailyLocal realtors expect a private ski resort to drive up property values in Minturn. But areas surrounding other Ginn Company developments haven't seen a jump in property costs.
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MINTURN ” Local real estate experts suspect the development of a private ski resort on Battle Mountain might drive up property values in Minturn.

But appraisers in North Carolina and Florida haven’t seen a rise in property values due to Ginn Company developments.

Ginn Company officials currently hope to annex over 5,000 acres of land into Minturn for the development of 1,700 housing units, private ski runs, eight ski lifts, a golf course and several other features on and around Battle Mountain

Whether the development will drive property values up is unclear, said Marka Brenner, president of Minturn Reality. Prices among residential areas likely won’t undergo big hikes in value, while commercial property might see increases, she said.

“My gut feeling is that it would increase” with demand for retail, Brenner said. Traffic in the downtown area will go up as Ginn residents come into town and go to Vail and Beaver Creek, she said.

Still, Minturn real estate has already increased, Brenner said.

“How can it not have if the Minturn Inn sells for $6 million,” Brenner said. “Is it the albatross that sold? I don’t know. Minturn is really in a state of flux.”

Minturn property values will increase, similar to the rest of the valley, although the development of Battle Mountain will also hike prices up in town, said Pete Seibert Jr., an agent with Slifer Smith and Frampton Real Estate.

“Will it pull it up? Yeah, I think it will, it’s just a matter of how much,” Seibert said.

The improvement of infrastructure ” usually water, sanitation, police and other services ” from extra dollars gained from the Ginn project might increase real estate value and lure people to Minturn, Seibert said.

“I think there will be people who would consider” moving to Minturn, Seibert said.

The Ginn Company is developing a similar project ” minus the ski component ” in northwest North Carolina on 6,200 acres of land mostly in Watauga County.

The project, called Laurelmor, is a gated community and includes 1,500 single-family homes, 400 condominiums, a golf course and several other amenities.

So far, real estate prices in the area are not rising, said Tax Administrator Kelvin Byrd, who handles appraisals for Watauga County.

“It’s a gated community so it’s a pretty self-contained property,” Byrd said. “As far as impact on property outside of there … I can’t see it having a large effect property-value wise around here.”

Property values adjacent to Tesoro ” a Ginn development on the southern end of Port St. Lucie, Fla. in Port St. Lucie County ” are on the rise, but not due to Ginn’s development, said Jeff Furst, the county’s tax appraiser.

“(Ginn) arrived in a time when things were taking off here,” Furst said. “It’s nothing that I would attribute to what he’s doing. It’s just been gangbusters around here.”

While the property is still under construction and some homes already sit on the development, Furst said few people have taken up residence.

“As yet we don’t have a really solid-based population down there,” Furst said, adding he’s unsure how residents at Tesoro might impact the surrounding area. “That being said, I just keep waiting to see more people.”

Staff Writer J.K. Perry can be reached at 748-2928 or jkperry@vaildaily.com.

Vail, Colorado


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