Another foreclosed condo at Steamboat’s Highmark equals a deal for the luxury condo buyer.
Saturday, August 21, 2010
See more details about HighmarkThe Highmark at Steamboat has suffered some ups and downs - evidenced by being recognized as filling an unmet high-end niche while also sporting a couple of foreclosure condos just listed on the Steamboat Springs MLS. Tough times are hopefully ending as Steamboat sales pick up and the developer hands over the management keys to a local property management company - Mountain Resort. Financial troubles hit early in construction and The Highmark was a swimming hole for Steamboat ducks because the foundation sat filled with spring run-off. A drawn-out construction process followed and the building was finally finished with an exterior color scheme you either love or hate. The Highmark first opened as a luxury rental property but recently succumbed to an unsuccessful auction by a marketing plan that couldn’t produce sales. Indeed, The Highmark has had a checkered history to date. However, the change has been good. The friends and clients I’ve sent there to stay, love the place for the luxury finishes, ski resort views, convenience to the slopes and world-class service, all at a bargain price. And The Highmark is on track for more success with new management…
Mountain Resorts President Steve Frasier said it was the recent sales that contributed to the developers’ decision to seek a locally based property management company that was focused solely on the Steamboat market as they anticipate turning the property over to a homeowners association. “We have the ability to transition from the developer to the HOA smoothly”.
- Steamboat Today Over 1500 square feet, newer construction, a few minutes walk to the Steamboat gondola and only $625,000 as of today’s date, these 2 newly listed foreclosure condos are bank owned real estate and worth a closer look.
See more details about HighmarkLending available for Steamboat condos but you have to play by the rules.
Saturday, August 7, 2010
A mortgage company that is in the process of bankruptcy can’t find a buyer for the condo they foreclosed on, because lenders don’t want to give Mr. buyer a loani! True story! Buyer has excellent credit, 20% down and looking to purchase [tag]real estate[/tag] at 50% discount off of previous sales (should be low risk) The reason Mr. Lender can’t finance the property is because while searching for vacation property on the web, the property in question shows up from the search. Vacation property = investment property in their eyes most of the time. You may be legitimately purchasing the property for a 2nd home in Steamboat, with no intentions of renting; however, the banks are calling it an investment condo and its tough to get financed. TARP to the rescue does not apply here; but…wait! “Another important goal of TARP is to encourage banks to resume lending again at levels seen before the crisis.” http://en.wikipedia. … lief_Program#Purpose Don’t get discouraged; there maybe a solution as long as you have 25% down, investor concentration ideally isn’t over 30% or was that 10% (this changes depending on who you talk to), and you don’t have more than 4 mortgages already. Its not so easy though. The HOA (Home Owner Association) can’t be in the red, one owner can’t own more than 10% of the inventory and so on… Financing [tag]condos[/tag] in [tag]Steamboat[/tag] is common, but it’s best if n we do some homework before venturing out to look for deals. There are several condo complexes that should finance conventionally, because they fit the lender rules. 3 examples are [tag]Walton Creek Condos[/tag] (2 bedroom plus huge loft for 3rd bedroom, views of the ski resort http://www.steamboat … on_Creek_2_bed-loft/), [tag]The Timbers[/tag] (Colorado lodge with views of [tag]Catamount[/tag]http://www.steamboat … _Timbers_2_bed-loft/) or most [tag]townhomes[/tag] such as [tag]Columbine[/tag] - (3 bed, 3 full baths, 2 lofts, views of the valley and [tag]Rolling Stone Golf Course[/tag], 2043 sqft now just $399,000http://www.steamboat … _3_bed_plus_2_lofts/). Call Dean Laird 877-678-0884 direct or 970-846-8284 for more ideas for financing or any additional information on condos and homes in [tag]Steamboat Springs[/tag].
Foreclosed, bank owned, incredible views and cheap!
Wednesday, August 4, 2010
See more details about Eagles Overlook
Eagles Overlook name fits this property well. Perched high above the valley, these views cannot be beat. Similar listings are priced around $1,000,000. Recently reduced to under $500,000, this 5 bedroom, over 3000 sqft property is by far the best deal on the market right now. There are some items to raise an eyebrow such as stains on the carpet and some drywall damage from previous leaks, higher HOA’s and multiple levels. Nonetheless - worthy of a look. https://skicondos4sale.com/condo_townhome_real_estate/Near_Steamboat_Ski_Area/Eagles_Overlook/
See more details about Eagles Overlook