Edgemont resale prices on the rise but still a bargain in comparison to the height of Steamboat’s real estate market

Monday, January 26, 2015

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Edgemont ski in condominiumsEdgemont developers Bear Paw LLC had 3 residences for sale early in 2014 and all closed as of May 2014. January of 2015, there are 3 active resales with prices from $699,000 for a 1 bedroom to $3,600,000 for one of the best ski in / out condos Edgmont has to offer - a 5 bed, 4.5 bath with decks on three sides. The condo residence #2201 was purchased from the original developers in December of 2010 for $3,224,000. The views overlooking the ski area combined with south valley views over the swimming pool and private slopeside access is why this condo was priced at a premium in 2008 for $4,956,000.  

If you are doing the math, the price for a 5 bedroom Edgemont condo with ski in access is up by 10% from late 2010, but the current list price is still down 27% from their pricing at the height of our market in late 2007 - early 2008.

Edgemont pool in Steamboat Springs COSki in isn’t the only selling point at Edgemont, summers in Steamboat are even better when hanging out in their pool. My wife shot the photo to the left during our visit in summer 2013 with family.  I think there was one other person in the pool our entire 2 day stay.

Don’t miss what’s currently on the market at Edgemont

 

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A beautiful Steamboat Springs fall drive past Edgemont

Wednesday, October 9, 2013

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Steamboat Springs Edgemont Real EstateEdgemont built in 2010 has 22 condos sold and 3 pending sales. Today, there are just 3 listings to choose from, and you have to spend $895,000 to get into 1467 SF, 2 bedroom Edgemont ski-in condo with South Valley Views.

An Edgemont 2 bedroom condo generated about $18,000 net revenue after HOA cost, management expenses and taxes.

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Ski in to Poolside at Edgemont in Steamboat Springs

Thursday, September 13, 2012

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Edgemont put my family up for a weekend in one of the 3 bedroom condos this summer and they didn’t want to leave. Now I have a problem since the bar is raised so high, the guest bed in our house just isn’t going to cut it anymore for grandma. Steamboat weather was perfect and we had the place to ourselves. There isn’t another new luxury condo development that offers the views and solitude Edgemont condominiums offer - especially in the summer in Steamboat Springs.
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April 6th, 2011, Edgemont’s construction loan was paid in full due to strong sales activity over the 2011 winter season with 11 Residences sold. The 2012 season, 3 more units sold with a 5 bedroom, 4-1/2 bath closing at $2,875,000 = $775/Sq.Ft. The Ridge collection featuring 5 bedroom units is sold out.

So how is the market in Steamboat? Edgemont isn’t the only luxury condo development selling, One Steamboat Place sold $46,000,000 in inventory since they restructured their debt a year ago August. In the 1st half of 2012 there were $57,546,517 in sales of condominiums and townhomes in the mountain area close to the Steamboat’s ski slopes.
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Since Edgemont is the only option for new construction and luxury finishes in a 2 bedroom condo, the rentals are good.

2011-12 Ski Season for 2 bedroom slopeside condo.

Owner’s Use 3 Reservations 20 Nights $15,795.00 Gross
Rentals 13 Reservations 73 Nights $50,263.75 Gross

Nightly Rates 2012-13

Early/Late Season $ 620
Holiday $1525
Regular $1095
Early Holiday $1250
Value $ 860
HOA cost on a 2 bedroom with slope side views such as unit 2603 rentals above are $14,529/year.
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Only a 1 bedroom condo is left and priced at $550,000, Five - 2 bedroom condos from $895,000, five 3 bedroom condos from $1,195,000 and a 3 bedroom + den that looks over the Flattops and South Valley at $1,995,000 - This is reduced from the original pre-construction price of $2,709,000. Out of the remaining inventory, only 3 units are left facing the ski slopes. Personally, I prefer the South Valley views because in the winter, you have sun on your deck apres ski.
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See the price list here or call Dean in Steamboat for more information 970-846-8284.
Based on the recent trend of sales, this could be the last season to grab the best pricing at Edgemont ski-in ski-out condominiums.
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Bring the kids!

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Ski Country Lodge, a new Steamboat Springs condominium development proposed near the slopes of Steamboat Ski Resort

Monday, September 10, 2012

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New construction near the slopes of Steamboat Ski Resort approaches a final development plan. Ski Country Lodge, a proposed 120 feet tall, eight story building is raising some opposition. The new building located at the intersection of Burgess Creek Road and Storm Meadows drive adjacent to Kutuk condos and down the hill from Bronze Tree Condos is designed to feature 74 condominiums offering 2 to 4 bedrooms.

The development plan proposes a total residential square footage of 138,362 and according to the Steamboat Pilot, cost estimates at $40,000,000 to demolish the existing building and rebuild. Add $11.5 million the developer paid for the land, cost to develop the project add up to about $374/SqFt.

Recent sales of newer luxury condos such as Edgemont have been selling for $600-$700 per square foot and One Steamboat Place from $673 to $948 per Square foot. It looks as though this project has potential for the developer as long as city council finds that the plan conforms with the community plan, mountain base area design standards and other criteria in the concepeptual development plan (CDC).
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Discounts and Incentives Offer Real Estate Deals for Buyers in Steamboat Springs, CO

Sunday, February 19, 2012

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Buyers looking for high-end, luxury condominiums in Steamboat Springs are in a great position to find some deals. A recent surge of price reductions and developer incentives has increased interest in some of the best properties on the market. Demand is still lagging supply, however there have been 16 sales over $800,000 for condos and townhomes in the downtown and mountain areas since November 2011, and our busiest selling season is just beginning.

The relative abundance of luxury real estate has sellers competing for buyers to keep this recent condo buying trend in motion. For example, the developers of the ski-in/ski-out luxury condos at Edgemont are offering to pay three years of HOA dues on the next sale of any of the 13 remaining condos. They are also offering two years of paid HOA dues estimated at $22,000 annually for the next phase of to-be-built four and five bedroom townhomes. And while the townhomes are being built, they will provide use of Edgemont Ridge condos for up to two weeks in both the winter and summer seasons!

Two other properties, Cimmaron Townhomes across the street from the Steamboat Ski Area, and Norwegian Log, an older ski-in/ski-out are also offering a price reduction.

Bear Lodge at Trappeur’s Crossing is offering 25% off the next sale of their remaining new 3 or 4 bedroom luxury condominiums located one block from the base of the Steamboat Ski Resort. The offer also includes paid HOA dues for 3 years.
Recently discounted pricing makes these high-end condos an attractive deal for anyone looking for resort properties. Listing prices are less than $500 per square foot.

Newly constructed Trailhead Lodge at Wildhorse Meadows slashed prices of its fully-furnished condos up to 50% off the original listings with prices now in the mid-$400 per square foot range.

Deals don’t stop at the ski area. In downtown Steamboat Springs condos in the newly constructed Howelsen Place and Alpenglow Lofts have incentives also. Up to 25% off at Howelsen Place and 35% at Alpenglow on the next two sales at each property.

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Highmark and Trappeurs Crossing Condos close out 2011 with 15 sales in the Steamboat Springs Real Esate Market

Friday, January 6, 2012

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Deals at Highmark Steamboat Springs and Trappeur’s Crossing Condominiums in the Steamboat Springs real estate market were snatched up at nearly half the price/sq.ft. of other ski-in/ski-out real estate developments such as One Steamboat Place and Edgemont. Quality finishes and walk to the ski slope access made these deals even more attractive with Highmark selling from $355 to $455/sq.ft. in 2011; the price range was dependent on location and views, and 5 of the 6 sales at Highmark were distressed. Trappeur’s Crossing condos price ranges, including Timberline, Champagne, Aspen, Emerald and Bear Lodge, were from $320/sq.ft. for Timberline to the newer construction and higher quality finishes of Bear Lodge at $500/sq.ft. for a 5 bedroom. None of the Trappeur’s Crossings sales were distressed.

In contrast, One Steamboat place sales ranged from $629/sq.ft. to $926/sq.ft. for their premier property. These sale prices are 30-40% off their original release prices in 2007! Edgemont recently closed their 5 bedroom bunk house with the magnificant views for $780/sq.ft.; the top sale was $826/sq.ft.

Many more exceptional deals can be had at other ski-in/ski-out and close-to-the-slopes properties in Steamboat Springs. A few to watch include Trailhead at Wildhorse at about 50% off original list price, Eagleridge selling well below 2007 pricing and we’re beginning to see some better deals at Chateau Chamonix.

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Free Furniture for Next Edgemont Sale!

Wednesday, October 5, 2011

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THE NEXT 2 BEDROOM RESIDENCE AT EDGEMONT TO GO UNDER CONTRACT, BEFORE NOVEMBER 15th, WILL COME FULLY FURNISHED! At your choice, the developer will either deliver the real estate fully furnished or give a $50,000 allowance towards a furniture package at closing. Your ski-in / ski-out Steamboat Springs residence will be prepared in time for the New Year so all you need to worry about is what your are going to do during your trip to Steamboat.

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Edgemont’s Current Financial Condition

Thursday, June 9, 2011

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Edgemont has $7M in outstanding debt that will be paid in full by May 2011. It’s over 50% sold, with 18 condos remaining. 70% of the original contract holders (back in 2007) closed, which underscores the viability of the project. Edgemont is not holding any contracts back as “potential sales” which could skew the numbers; the ones that didn’t close are back on the market and ready for new buyers.

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