Rancho Valencia, a 55-room hotel and spa in Rancho Santa Fe has been sold for an amazingly low price of $15 million. It was valued at $40 million two years ago and you should also consider all the devaluation of the dollar that has taken place. The property was purchased by an investment group headed by Jeff Jacobs. It is a 40 acre plus property and comes with 12 fractional villas.
This means, a price of $300,000 could be paid for each room. Prices of hotels, resorts, and spas have gone down so much that many of the sellers are finding it hard to find buyers even when they slash prices by 75%. It is a sad thing for the sellers for they not only lose their property but also get a significantly less amount of money than the property is worth.
This particular property in Santa Fe is located in a region which is blessed with warm weather year around and has palm trees and sunny skies. It would be amazing if one of us could get the listed fractional villas somehow. However, it would just be wishful thinking for the property has already been sold for a price that is dramatically low. If you have the money, now is the time to invest in property!
Via: Fractional Life