One Steamboat Place enjoys record real estate closings

Monday, September 12, 2011

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In the last few weeks new pricing and financing have resulted in closed sales totaling $9 million. Another $8.9 million in sales are under contract and pending closing, and a large number more are in active negotiations!

Located slopeside at the gondola, One Steamboat Place’s convenient setting enables Owners to step out of their slippers and into their ski boots for a fun-filled day on the mountain. one_steamboat_place_ideus_art.jpg. Uniquely residential yet rich with five-star services and amenities, there is a sensational spa; wine cellar; a fitness and wellness center; valets for cars, bikes and skis; and fabulous mountain view dining at the Truffle Pig. Best of all, with ownership comes worldwide access to the incredible Timbers Resorts portfolio of properties.

Here is a snapshot of the offerings at One Steamboat Place:

  • Summit Club Memberships, $70,000
  • Three-Bedroom Interests, $220,000
  • Four-Bedroom Interests, $330,000
  • Whole Ownership, $1,395,000 to $3,495,000

Contact me for more information on these exciting opportunities to own Steamboat real estate

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One Steamboat Place restructures debt

Tuesday, July 26, 2011

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The Steamboat Pilot reports that the cloud of a foreclosure filing by a consortium of seven lending banks has been removed and that Timbers Resorts can begin closing some pending contracts and pursuing new sales at reduced prices. This bodes well for steamboat real estate property.

Timbers Resorts CEO David Burden said

We and our investor group have made significant multimillion-dollar capital contributions to continue our forward momentum, as well as arranged financing for prospective owners at One Steamboat Place. With this loan restructure completed, the banks are now fully behind One Steamboat Place. The terms of the modified loan, along with additional capital invested from our partners, have provided a very solid footing for the continued sellout of the remaining units in the project. The original motion for foreclosure that had been made by the banks was not the result of poor performance at One Steamboat Place.

One Steamboat Place broke ground in late summer 2007 and continued construction through a record snow winter. It posted $15.25 million in sales during its first round of closings in November 2009. The project includes 80 large condominiums with 38 whole-ownership vacation homes among them.

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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.

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One Steamboat Place Guest Visit Program

Saturday, June 4, 2011

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Summertime in Steamboat Springs

After a tremendous winter ski season and extended thaw, summer is finally right around the corner. As the snow melts, the trees are budding, flowers are blooming and a gorgeous carpet of lush emerald green is beginning to cover the surrounding valley. There’s really nothing like summers in Steamboat Springs. The options of things to do are endless! Whether you prefer scenic hikes, tubing down the Yampa, mountain biking, golf, fishing or great music and arts……Steamboat has something for everyone.

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Some great summer events to look forward to:

· Steamboat Springs Pro Rodeo Series
· Steamboat Marathon, Half Marathon and 10K
· Steamboat Cowboy’s Roundup Days and 4th of July Celebration
· Hot Air Balloon Rodeo and Art in the Park
· Steamboat Wine Festival
· Wild West Air Fest
· Strings Music Festival
· Rocky Mountain Mustang Roundup

One Steamboat Place is not only the most convenient and ideal location for accessing the ski slopes, but also the perfect summer setting as well. Nestled in the mountain village where Mt. Werner is our Owner’s backyard playground, One Steamboat Place is steps from shopping, dining options and endless recreational opportunities. If you are considering spending some time this summer in Steamboat Springs to continue exploring the possibilities of a Steamboat home away from home, come and enjoy the most luxurious residences in Steamboat Springs….

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Our Guest Visit Program is an amazing opportunity for you to experience One Steamboat Place first hand.
Details of the summer program have been released. Contact me today for information and availability.

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One Steamboat Place and bank owned, ski in real estate

Thursday, March 3, 2011

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Looking for a deal on the highest quality luxury ski-in condo Steamboat has to offer? You’ll want to watch the progress on One Steamboat Place which is currently making news.
Steamboat Today reports:

$100 million in unpaid construction debt at One Steamboat Place is two weeks away, and the deadline has passed for the original investors to cure or redeem the matter.

The article further states that

One Steamboat Place has been vibrant this winter even with the overlying challenge we’ve been dealing with.

I can echo that comment as I have several clients with interest in fractional and full ownership at One Steamboat Place. Currently there are no active listings on the Steamboat Springs MLS.
I believe the developers of One Steamboat Place is having trouble negotiating their debt because there are 7 construction lenders, some who jumped into the hype of our bustling market in 2006-07 without any experience in resort properties, and are now wondering what they should do. If the 2 equity investors and 7 construction lenders could all see eye-to-eye and had allowed the sales team to make some deals as the market soured, they wouldn’t be in this position. More than a year ago I presented an offer to them for a 3-bedroom whole ownership. The developer would have liked to make the deal, but per the sales representative for Timber Resorts, the banks were not allowing the discount. This has been a typical process since the start of the national real estate decline several year ago; why can’t they learn from others’ past experience? Wildhorse lenders should take note! Buyers out there are looking for deals - take a cut out of the boat’s bottom without puncturing the hull and the boat still floats!
Steamboat’s luxury development Highmark had several distressed or bank-owned listings all of which have sold. Buyers with cash who have been watching our market for the past 2 years are jumping at the opportunity to scoop up the deals as soon as they hit the market. I’m currently in negotiations on 2 bank-owned properties and both are in multiple offer situations. Since January I’ve presented over 10 offers for buyers on various bank owned properties and all have either sold or are under contract.
I’ll continue to keep an eye on One Steamboat Place. Feel free to give me call to talk more about our ski in ski out real estate offerings. Or check out my Ski condo website.

Dean Laird
Broker/Owner Colorado Group Realty
870-846-8284
Office at the base of the mountain, specializing in mountain area real estate

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