Sunday, March 6, 2011
If I were a betting man and willing to pick a niche market where Steamboat has rounded the corner and say with some confidence that we have hit bottom: ski-in, 3-bedroom condos with newer finishes for under $1 million would be my 1st pick.
Torian Creekside is one property in this category. The best deals remaining there have a northeast view of the Steamboat Ski area. Absolutely fabulous views for now, but keep in mind a future development may get in the way of the view. Also, most of Torian Creekside residences built in 1999 could use some upgrading. Units 212, 312 and 418 have tile counters and cooks don’t like grout lines and ceramic tile counters. Replacing with granite or other solid surface such as quartz is a must. When the market rebounds in combination with a revitalized Ski Time Square, these are deals to watch from $650,000 to $1 million range.
Look past the Chateaux Chamonix check-in area which needs a bit of freshness and this property offers some options at or just slightly above the $1 million mark. 3 bedroom luxury condos in the C building range from just under $1m to $1.2m.
If you can afford more, now is the time to consider new construction while the deal is still on the table. Edgemont recently advertised 30% off the first 3 deals and they all sold. Then they offered 25% off the next 3 deals and those all sold. Now Edgemont is offering 20% off next 3. According to their sales staff one 3-bedroom is going under contract today. Prices reflect a discount off their pre-construction prices from 2007-08. Views, ski to the door, soak in the pool with one of the best views in the world, convenient, true ski-in/ski-out access to make shuffling the kids easier, this project lives up to its price with quality at around the $1.5 million mark.
If you don’t mind crossing one road to the slopes and looking for a bank owned real estate deal tax assessment value at around $2 million and newly listed at $794,000 you better hurry. Highmark at Steamboat is selling fast. I called today for an update to find out that 3 of the residences listed at bargain prices had offers submitted.
For more information on ski-in/ski-out condos, rental incomes and better values,
Colorado Group Realty
Thursday, March 3, 2011
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.
Broker/Owner Colorado Group Realty
Office at the base of the mountain, specializing in mountain area real estate
Technorati Tags: luxury ski-in condo Steamboat, One Steamboat Place, One Steamboat Place, Steamboat Springs MLS, One Steamboat Place, Wildhorse, Steamboat’s luxury development, Highmark, bank-owned properties, bank owned properties
Saturday, December 11, 2010
In 2007, Walton Village condos, Shadow Run, Rockies were double the price they are today. These 3 condominium developments now top the list with the most REO (bank owned) properties on the market today.
Its no surprise that the low inventory, easy financing and desire to get a foot in the door lead to prices doubling in a just a couple years. What is a surprise is that this all happened after the rest of the country was in decline. We were quick to rise, slow to fall and appearing to be quick to recover. Or are we lining up to be fooled again? The sales don’t indicate so, but what about all those yet to hit the market?
Our inventory of REO condominiums are for the most part, the budget or lesser priced 1 and 2 bed units in older developments. Currently there are just 13 listings and most are under $200,000 with an exception of a ski-in ski-out Dulany condo listed for $429,950 and a Eagleridge townhouse for $657,500.
There are 4 pending sales and 1 closed condo in the past 30 days or so as of the date of this post. 2 sales were older 1 and 2 bedroom condos with list prices similar to those on the market today. The other 2 are the luxury 2 plus and 3 bedroom Highmark condos.
The turnover of inventory of foreclosed real estate in Steamboat is keeping pace with new inventory with the exception of these budget 1 and 2 bedroom Steamboat condos. There were just 3 new bank owned condo listings since November 1st and all 3 are under $200,000. The 2plus, 3 and 4 bedroom residences are outselling new foreclosed listings, so watch that list.
Depending on what you are shopping for, we appear to be on a road to recovery. However, I find myself stuck on how to wrap up this thought and all that comes to mind is the lyric of that great Who song “We won’t be fooled again” - Or will we? - Steamboat shadow inventory post coming soon, check back for more info.
Colorado Group Realty
Thursday, September 23, 2010
A summer sales incentive of 20% off drew new interest to the Olympian in Steamboat Springs, Colorado this summer. A three bedroom condo closed July 9th for $1,052,800 or $497sq/ft. A two bedroom residence closed for $818,520 or $570/ft late May.
The Olympian is located at 5th and Yampa, a riverfront location. This luxury condominium complex has 23 residential units and 5,700 square feet of commercial space below. Interior features are mountain contemporary with exposed timber and floorplans averaging more than 1,600 square feet. The common amenities include a fully landscaped private inner courtyard, underground heated parking space and an elevator for easy access.
Walk to the rodeo grounds, fly fish on the Yampa River just across the road and watch the ski jumpers from your deck. The natural hot springs, shopping and riverfront restaurants are all within the immediate vicinity of this convenient downtown location.
Unit 403 has one of the nicest deck views I’ve seen in Steamboat as can be seen in this video.
Contact Dean Laird at 877-678-0884 to take advantage of a limited 30% off fall 2010 sale.
See other luxury condos in downtown Steamboat Springs at SkiCondos4Sale.com
Monday, September 6, 2010
The developers of Trappeur’s Crossing Resort’s Bear Lodge are wrapping up the summer selling season with a final push to sell 3 more condominiums at drastically lowered prices.
The deal: 30% off the next 3 sales of any of our unsold 3, 3 + den, 4, or 5 bedroom condos. Prices include a full turn-key developer furniture package.
The Trappeur’s community center has seen close to a million dollars in upgrades over the past two years, making it one of the premiere Steamboat resorts for convenience and comfort. The Steamboat Ski Resort base area is within walking distance or a shuttle is available for quick access to the slopes or downtown.
One of the popular choices for vacationers is the garden level courtyard condos such as unit 6111 with 3 bedrooms and 3 full baths. This luxury condo offers a private 500 sq. ft. patio complete with a hot tub, outdoor gas fireplace and BBQ grill. The popularity results in the best rental revenue numbers in the entire resort. 1727 sq.ft floor plan is ample room for family entertaining.
The amenities include an expansive gym with a mixture of free weights, stationary bikes, Stairmasters®, treadmills and Nautilus ® equipment. Pool, hot tubs, tennis courts and a putting green are in your own backyard. And when your are completely exhausted following a day of play, pampering service is waiting for you at the full service day spa.
Contact Dean Laird - Broker/Owner at Colorado Group Realty to take advantage of this limited opportunity. 877-678-0884. Or see my website - SteamboatCondos4Sale.com for more info on Steamboat Springs condominiums.
Saturday, August 21, 2010
The 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 oreclosure 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 Resorts. 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, 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. Call Dean Laird 877-678-0884 about these properties or for more Steamboat foreclosure market conditions.
Saturday, August 14, 2010
The city of Steamboat Springs is moving forward on big plans for the future. Completion of the public promenade and utilities is just the tip of the iceberg. New financing looks promising for the Steamboat skiing experience.
New financing plan would not drastically change base area construction plans for the rest of this summer, it would enable completion of the current slate of high-profile redevelopment projects next year. Some final landscaping items could stretch into spring 2012.
says base area redevelopment coordinator Joe Kracum - http://www.steamboat … mboat Today article.
Looking for an upside investment potential in the Steamboat condo market? Keep a close eye on ski-in, ski-out Real Estate for sale.
Call Dean Laird 877-678-0884 to talk about the future of the Steamboat Base Area.
Wednesday, August 11, 2010
With mortgage rates at historic lows and current high inventory, it’s a Steamboat buyer’s market, at least for now.
Reports Bloomber News:
Officials directed the New York Fed’s trading desk to reinvest what economists estimate will be $15 billion to $20 billion a month in maturing agency and mortgage-backed securities back into U.S. Treasuries. The purchases will help keep Treasury yields and mortgage costs low and prevent the level of monetary stimulus from shrinking further.
So when is the turn in Steamboat? This is great news, but we still need Fannie Mae to loosen up their belt for condo lending. If a buyer has 20% down payment for a Steamboat condo, the condo is 40%-50% under the prices of 2007 and the inventory for development land remains low in comparison to many other resort areas, then the low risk should be attractive to a lender. Unfortunately, the rule-makers don’t analyze our niche market and thus we are waiting for the days of relaxed condo lending rules. When this happens and the buyer qualifies for a loan that is marketable, we should see a surge of sales. Until then, bring more cash.
The FED stopped investing in Mortgage backed securities (MBS) back in April and sales declined. The FED are now investing again, so I anticipate new confidence and sales to pick up. This may not be the turn or the bottom, but if you combine this good news with relaxed lending rules, then that may just be the sign of a turn.
Meanwhile, it’s a Steamboat Springs Buyer’s market - and cash is king.
Call me about Steamboat Springs foreclosure real estate and current market conditions.
877-678-0884 direct or 970-846-8284 Cell.