Updated Jan 14, 2013 - 10:40 am
Greer Lodge puts its 50 cabins up for sale
PHOENIX -- Last week, the owners of the Greer Lodge closed the lodge for good.
The lodge's owner, Doug Sandahl, told the Arizona Republic that "revenues plummeted and our expenses soared" following a May 2011 arson fire that destroyed the lodge.
No arrests have been made.
Sandahl, who has owned the resort since 2004, said he decided to close because rebuilding the lodge to code would have been too costly.
But the lodge's 50 cabins were undamaged in 2011 by both the arson fire and the Wallow fire and are now for sale, according to the lodge website.
On Friday, Greer realtor Tom Tilford sent out an e-mail -- recipients included subscribers to the resort's newsletter -- announcing that the cabins are being sold individually at prices that are below market value.
The e-mail said that the cabins range in size from 500 to 8,000-square feet. A restaurant, a motel, a retreat center, and vacant land associated with the Lodge are also for sale. Tilford's e-mail did not reveal the asking prices.
Tilford has not returned repeated requests for comment.
Valley real estate expert Dean Wegner said this buy could be a great investment.
"I think you're going to get a deeply discounted property in a great area," Wegner said. "It's a really good play."
Wegner did not have information on the prices of these cabins but said he has seen cabins in the area going for $75,000-$150,000.
He believes home values in Greer could jump 35 percent within the next two years. Greer is located some 200 miles east of Phoenix.
Wegner had some advice for any potential buyers who might be concerned about fire damage. He said before buying "Go up there, kick the tires, check out the area, and feel it. If it feels right, it's going to be a good play."
HomeFinder.com includes a community information section that claims that 68.7 percent of all of the homes in Greer are unoccupied.
"There's a lot of vacant properties, but as Warren Buffet says, 'You buy when everyone is selling, and you sell when everyone is buying,' " said Wegner.
Wegner said looking to buy a weekend getaway, there could also be good buys in Payson and Prescott.
Bob McClay, Reporter