Expert: Brian Bocchieri - 2/2/2009

Question
Brian,  We are from the Tourist/olympic community of Lake Placid, NY  Through a set of circumstances we came into possesion of 4.87 acres of commerically zoned real estate.  Amoung it's uses could easily be condo project or hotel or apartments.  The property is messy but would have to be cleared inorder to com[plete a project.  It has a GREAT view and infastructure (electric & sewer) is attachable at no charge.  The property is just outside the village limits and exempt fm village taxes, but close enough to be less than a mile from the ski jumps and one mile from the olympic center.  Is there a method by which we should market the property to that specific demographic?  Any hotel chain would love the site!  Thanks for the advice in advance

Dave Heim

Answer
Congratulations on your good fortune David.

The first place I would begin would be to check the Zoning to know exactly what is permitted on the site.  The site does seem to have some very attractive amenities.  Once you know the exact zoning you can then decide on what your most profitable client will be.  

Knowing that info you can begin your marketing.  You can contact a major commercial realtor such as Marcus & Millichap, CB Ellis, or any major local commercial realtor to list and sell your property.

If you are the more adventurous type you may want to market it yourself via online sites such as Loopnet.com Costar.com  mynextdeal.com or any and all commercial marketing sites.  You will attract some jokers inquiring about your property but there are serious buyers there also. You will need to learn how to weed them out.

Another and more direct way to approach your marketing will be to go direct to the source.  For example;  If your site's best use is for a hotel then do a search for hotel developers and market to them.  You can also do a search for REIT's (Real Estate Investment Trust) that own or develop hotels in your area.  You can then contact them directly with your property ask for the acquisition department they are always looking for off market deals.  

I hope this has headed you in the right direction and has helped.

I look forward to hearing of your success

Wishing you all the best

Brian Bocchieri