Foreclosure sale of One Steamboat Place delayed for 6th time

Thursday, June 16, 2011

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The Steamboat Pilot reports that the scheduled foreclosure sale of the remaining unsold luxury condominium units at One Steamboat Place has been postponed for the sixth time, this time until June 29.

One Steamboat Place has continued to operate as a resort lodging property for both owners and guests, and was busy throughout the 2010-11 ski season. The managers of the property say it has a strong homeowners association.

David Burden of Timbers Resorts, which led the construction and continues to manage the property, said last year

I’m positive we’re working this out. My partners are willing to invest many (additional) millions, but only on certain terms. … We’re very confident we’ll get this loan restructured

Routt County Public Trustee Jeanne Whiddon said Wednesday that in theory, the series of postponed sale dates could stretch into next year. The deadline for the lenders to either withdraw their notice of election demand, which constitutes a foreclosure filing, or take the property through to a foreclosure sale is March 16, 2012.

Sales since November have reduced the outstanding balance on the construction loan to less than $100 million. The last developer’s sale at One Steamboat Place was recorded on April 8.

See more details about One Steamboat Place

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