Face-lifts to Steamboat Condos The West, Phoenix and Kutuk raise real estate value

Thursday, September 13, 2012

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Renovation on several condominiums near the slopes of [tag]Steamboat ski resort[/tag] should result in higher prices for sellers as this market continues to turn. [tag]The West condos[/tag] removed the exterior siding and trim on all residential buildings and installed new building wrap material to help reduce moisture and air infiltration. Completing the new look is new stained cedar siding and trim. The West also updated all stair towers, put in a new “addressable” fire safety system, new railings, and new patios. Add upgrades to the wiring, sewer and other common area maintenance areas and the place is like new. [tag]The Phoenix condominiums[/tag] and the [tag]Kutuk condos[/tag] followed suit with compete exterior remodels in the works or recently completed. Some of the advertised prices don’t include the special assessment and that assessment can be significant. west.jpg The West phoenix.jpg Phoenix kutuk.jpg Kutuk Most [tag]Home Owner Association[/tag] (HOA) docs are easily accessible online, if you have any questions about the status of an association, what assessments are planned, what’s done, and what to watch for, don’t hesitate to call me at 970-846-8284 Dean Laird Broker/Owner Colorado Group Realty

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Ski in to Poolside at Edgemont in Steamboat Springs

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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. edgemont-steamboat1.jpg 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. edgemont-steamboat2.jpg 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. edgemont-steamboat6.jpg 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. edgemont-steamboat7.jpg 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. edgemont-steamboat8.jpg edgemont-steamboat3.jpg 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 [tag]Steamboat Ski Resort[/tag] approaches a final development plan. [tag]Ski Country Lodge[/tag], 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 [tag]Kutuk condos[/tag] and down the hill from [tag]Bronze Tree Condos [/tag] 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 [tag]luxury condos [/tag] such as [tag]Edgemont [/tag] have been selling for $600-$700 per square foot and [tag]One Steamboat Place [/tag] 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). ski-country-lodge-rendering.jpg ski-country-lodge-location.jpg ski-country-lodge-siteplan.jpg

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Real estate sale -Steamboat auction of Trailhead at Wildhorse luxury condominiums

Wednesday, April 4, 2012

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Steamboat auction of Trailhead condos - fire sale pricing. A 3 bedroom residence originally advertised at $1,600,000 was just advertised at $425,000. Sounds too good to be true? It might very well be! $425,000 is the minimum bid price, but it’s not the reserve price ( “unpublished” price determined by the seller) Make sure you read the fine print. This is a good example of why you should be represented by a Real Estate Agent when deciding if this opportunity is for you. As stated in Trailhead Auction Brochure by Kennedy Wilson:

The list price is the opening bid for Auction Day: Sunday, May 6th. All residences including unit 4104, 3 bed, 3 bath, 1544 sq ft unit advertised at $425,000 “have an “unpublished” reserve price, which means that the seller has established an “unpublished” minimum selling price. The Starting Bid is not the reserve price. The highest bid is subject to acceptance by the seller. All offers are subject to Seller’s acceptance and will not be reviewed prior to auction date:5/6/2012 The builder reserves the right to modify features, plans, specifications, and materials without notice The square footage shown is approximate and is not based upon the dimensions shown in the condominium plan and does not reflect the usable square footage of the interior ares of a unit. It is the responsibility of all prospective buyers to inspect the residences prior to the auction and satisfy themselves as to their physical condition Purchasers will become members of the Trailhead Lodge Homeowners association and Wildhorse Meadows Master Association.

 Auction preview is open daily from 11AM to 6PM Auction Day Sunday May 6th, 2012 1PM at Denver Marriott City Center. Bidders are advised to arrive no later than noon. Auction Seminar Sunday April 29 at 1PM 

The HOA (Home owners association) costs include an outdoor heated pool, several hot tubs, athletic facilities and a gondola. How will these costs and other land transfers effect the monthly HOA cost and what is the history? Call Dean Laird to register for the auction 970-846-8284 or contact me.

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Trailhead Lodge releases winter 2011-2012 price list with huge reductions in the Steamboat Springs real estate market

Saturday, November 19, 2011

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trailhead_lodge_winter_2011-2012_price_list.jpg [tag]Trailhead Lodge[/tag] releases winter 2011-2012 price list with huge reductions in the [tag]Steamboat Springs real estate[/tag] market. Some of these units have discounts greater than 50%! The snow is flying here at the [tag]Steamboat Ski Area[/tag] and opening is a few days away, so now is the time to snap up the current bargains. Contact me for more information.

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One Steamboat Place enjoys record real estate closings

Monday, September 12, 2011

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In the last few weeks [tag]new pricing[/tag] and financing have resulted in [tag]closed sales[/tag] 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 [tag]slopeside[/tag] at the [tag]gondola[/tag], [tag]One Steamboat Place[/tag]’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 [tag]spa[/tag]; [tag]wine cellar[/tag]; a fitness and wellness center; valets for cars, bikes and skis; and fabulous mountain view dining at the [tag]Truffle Pig[/tag]. Best of all, with ownership comes worldwide access to the incredible [tag]Timbers Resorts[/tag] 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 [tag]Steamboat real estate[/tag]

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Going… going… GONE! The last bank owned home in the immediate vicinity of Steamboat Springs is under contract.

Wednesday, May 11, 2011

Homes with 3 or more bedrooms in the Downtown, Fish Creek and Mountain area of [tag]Steamboat Springs[/tag] are now selling quickly. There may be more inventory on the horizon, but as of today, the last home listed as a [tag]REO[/tag] ([tag]Bank Owned[/tag]) on the Steamboat Springs MLS is under contract. Since January 1st, 2011, 44 homes have either sold or are pending sales that are scheduled to close soon. What’s left for [tag]Steamboat foreclosures[/tag] are some incredible deals on the newly constructed [tag]Long View Townhomes[/tag] in the $300k to $400k price range. Approximately 25% of the [tag]bank owned[/tag] sales are for homes over $1,000,000, so it not just the lower priced properties of Steamboat Springs market that are in demand. Historically low interest rates coupled with higher demand and less inventory means it’s time to get off the fence!.

Its all about timing, time to watch the 3 & 4 bedroom ski-in condo market in Steamboat

Sunday, March 6, 2011

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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, Contact: Dean Laird Broker/Owner Colorado Group Realty 970-846-8284 Dean@mybrokers.com

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