Steamboat Barn Village: So, what happened?

Steamboat’s Barn Village Development, located next to the Historic Barn in Steamboat Springs, CO, saw a successful initial offering on its vacant residential lots.  

Steamboat Barn Village was originally developed back in 2007 and it was sold out when initially released. With the massive shift in the economy, most of the buyers didn't move forward with their purchases. A few lots sold after but sales never gained momentum, the developer struggled and was eventually foreclosed on by the bank. The note was auctioned for $5.6M and purchased by Gibraltar Capital, the Private Equity arm of Toll Brothers.  

All the remaining 47 residential lots were released for sale on May 13^th, 2013 at what was considered very attractive pricing with the caveat that the seller would only sell between 5-10 lots at that cost. The seller initially placed seven lots under contract and approached three more interested parties with a higher than asking price counter offer with the purpose of establishing higher comparable sales to support the price increases during the eventual second public offering. All of those buyers moved forward with the slightly higher pricing for a total of ten contracts expected to close in the next 2-4 weeks. Those are lot numbers 8, 14, 19, 23, 26, 32, 33, 48, 54, 55. 

It was reported that a few local builders invested in couple of the lots and even though direct details are not available, you can expect to see some exciting new construction projects in the near future. A brand new single family home product below $800,000 in the Mountain and Fish Creek areas has been practically non existent in the last few years on the Steamboat Springs market. 

All the remaining lots were released through Steamboat Springs Multiple Listing Service on June 4^th with pricing in some cases as high as 15% - 20% above the initial offering. 

Interestingly enough, most of the lots that are currently in escrow stage were concentrated in the front part of the subdivision in direct proximity to Steamboat’s famous Historic Barn where the smaller acreage parcels are. None of the “Creek Front Homesites” or “Duplex Lots” ended amongst the ones currently under contract which is something I’m sure the selling entity would like to see more of. Those two types of opportunities represent the high-end part of the development and are situated in the back side of the subdivision bordering Fish Creek. Their pricing stayed the same after the recent second release phase.

 

Second Phase Pricing Below (click on image to enlarge):

 

 

Barn Village Steamboat Major Lots Sell Out!

The long wait for the destiny of the vacant residential lots subdivision in Steamboat Springs called "The Barn Village" is over with the ownership entity releasing pricing yesterday. If building a second home or an investment property in Steamboat Springs right next to the Famous Steamboat Barn is in your long term goals, you may want to read the rest of this notice. I think many investors will get great values during the early steps of the seller's roll out strategy.

Steamboat Barn Village was originally developed back in 2007 and was sold out more than twice over when initially released. With the massive shift in the economy, most of the buyers didn't move forward with their purchases. A few lots sold after but sales never gained momentum, the developer struggled and was eventually foreclosed on by the bank. The note was auctioned for about $5.6M and Gibraltar Capital, the Private Equity arm of Toll Brothers bought the note. They were finally able to foreclose on the 47 remaining lots in Steamboat Barn Village a few months ago. Gibraltar is strong so their ownership removes the distress in this development and should allow it to move forward. Gibraltar is releasing all the currently available lots at the same time but are planning on only selling 5-10 lots at this advertised pricing after which the prices will be raised 5%. The deadline to submit an offer is Monday, May 13th at 5 PM MST.

Please follow the links below to get more information:

AVAILABILITY MAP

PRICE SHEET

I have the insight to help you properly evaluate this market opportunity, see if it makes sense for you and structure the right strategy in getting involved with a great investment in beautiful Steamboat Springs. These are big discounts from original pricing but they only make sense if they are a good value based on what your goals are. As a buyer/investor, my help comes at no additional cost to you as the seller covers all broker participation commissions, so give me call at 970-291-9412.
I'm looking forward to serving you!

Trailhead Lodge Auction

Trailhead Lodge was completed in 2009, but by the time developers Resort Ventures West were ready to deliver finished units, the real estate market had turned down dramatically and many of the pre-construction contracts did not turn into closings. Trailhead Lodge is managed for short-term rentals by Wyndham Vacation Rentals. When Salt Lake City company SilverLeaf Financial acquired the six-story Trailhead Lodge in Steamboat Springs, CO and the remaining 58 unsold condos through foreclosure proceedings last year, every real estate broker in town, including myself, was wondering what would a transaction of this magnitude do to our local Real Estate Market. SilverLeaf purchased the outstanding debt of $57 million from Bank of America for the discounted price of $28 mil. The initial price reduction of the residences after the acquisition created little to no activity pushing the new owners to the Auction event which took place in a downtown Denver hotel this past weekend (May 6th). There were 100 interested parties estimated, 25 of which were on-line bidders. There were buyers from 15 different states in US as well as Brazil and Bermuda. To give you an idea of pricing, residences previously priced at $1.3 m, had a starting bid of $335,000. The end result was 24 winning bidders, all accepted by the selling entity, for a total of $9,170,000. We'll have to wait up to 6 weeks to see if all of the above transaction go through the so called due diligence (buyer research) time period smoothly. Word on the street is that this Auction will create a post effect by stimulating buyer activity because of a few different reasons. Many interested parties were not comfortable with the auction format, the training and registration needed prior to the event, the 5% premium on top of the purchase price. Secondly, the auction prices will set a new market for the Trailhead development. I don't think even in their wildest dreams Silverleaf Financial executives would expect a future buyer to pay much more for the remaining inventory than what was paid at the auction event. Those will be a few very interesting weeks coming ahead and this is the time to bank on a good deal for almost a brand new product, with great amenities, located at the base area of one of the best ski resorts in North America. Oh...and did I mention your private line Gondola right outside your lobby doors. If you need more information on the remaining inventory please contact me directly at 970-291-9412 and martin@mybrokers.com I'm looking forward to serving you!

Top 5 Breakfast Restaurants in Steamboat Springs, CO

Steamboat Springs has many great things to offer it’s patrons and visitors, but one comes to the front of the line and that is all the great breakfast restaurants. I’ve had the opportunity to enjoy those many times in my 11 years in town and I thought I should share my experiences with our readers. Here is my Top 5 list of favorite breakfast restaurants in town: 1. Hands down the best place to go and visit and where I spend most of my eating out money is “Freshies”. The restaurant is located on the main highway running through town and it is on the left hand side as you drive from the Mountain Village towards Downtown but right before you get there. The restaurant offers a cozy atmosphere, friendly service and of course amazing food. They always use fresh ingredients and, as all of you chefs out there know, this is the most important part of good cooking. I’m yet to order something out of the menu I don’t like. Whatever you order, make sure you get to try their breakfast potatoes. The pancakes are amazing too. Oh…and don’t forget to grab one of their home made cinnamon rolls to go on the way out. Trust me, try it…thank me later 2. Most of the locals worship “Winonas” which takes the number 2 spot in my list. It is not unusual to see long waiting lines in front of the restaurant on weekend mornings, especially in the busy season. The owners of this restaurant used to operate “Freshies” back in the days and therefore lots of similarities between the two spots. “Winonas” offers great food and friendly “local” service. The restaurant is located right in the heart of the historic downtown Steamboat Springs on 7th St/Lincoln Ave., so you can easily go for a nice walk after breakfast….and feel less guilty about yourself. Make sure you try some of their egg scrambles or omelets. 3. Close 3rd place takes “Creekside”, located on Soda Creek and 11th St., slightly off the busy main street – Lincoln Ave. Their signature meal, based on my humble opinion, is their Eggs Benny (aka Benedict). They offer great outdoor seating during in the summer, right on the creek. Make sure you get there a few minutes before you faint of hunger on a busy season weekend morning, as long waiting lines are not unusual. I think “Freshies” handles the waiting lines much better and faster comparing to my #2 and #3 choices. 4. Many locals will “crucify” me  for not having “The Shack” thus far in my list but I’m going to go with “The Egg & I” as my 4th choice. They are representatives of a small chain of breakfast/lunch restaurant in Colorado. Located in Sundance Plaza, between the Ski Area and Downtown and very close to the main highway. When you see Wendy’s and Starbucks, turn right. Make sure you try their Mexican Skillet, especially if you like your breakfast a little on the spicy side like I do. 5. “The Shack” is located downtown on Lincoln Ave., between 7th and 8th St., on the right hand side as you drive into town from the mountain. They offer smaller and cozier seating area with nice service. It is many locals’ primary choice because of…I’m not sure why…with having 1 through 4 above Please don’t get me wrong, I’m pretty sure you’ll have an amazing experience visiting any of the above spots. This is just my own opinion and I meant to mostly have fun with it. Please keep in mind that all of the restaurants above also offer lunch. Stay tuned, best ski runs in Steamboat coming up soon… Thank you for reading and happy exploring! About the author: Martin Dragnev is a Realtor with Colorado Group Realty in Steamboat Springs and can be reached at martin@mybrokers.com or 970.291.9412. If curious about local real estate you can browse all the listing opportunities by visiting his website: www.realestateofsteamboat.com

Top 5 Ski Runs in Steamboat Springs

Top 5 Ski Runs in Ski Town USA: Steamboat Springs With the Steamboat Ski Area opening just recently, I can’t help it but get really excited about the upcoming winter season, especially if it is anything like last year. If you like fresh powder show and tree runs, our mountain is hands down the place to be. Here is a short list of my favorite ski runs…and I’m going to go ahead and categorize them for intermediate & advanced skiers only. 1. Hands down the best run on the mountain for me is “No Name Chute” of the Morningside Park area. Steep grade, trees perfect distance from each other and a big open meadow at the base. When starting the run, stay as close as you can to the rope dividing “No Name Chute” and “North Saint Patrick’s”. The only problem with this run is…that it’s too short. I would only recommend on a day with fresh overnight snow. Please note, locals refer to those two runs as Gate C…and I’m probably already in trouble for even talking about it. 2. Close second would be the “Pony Express Liftline” which is an area very close to the edge of the Ski Area boundary. This is a pretty wide slope and a long, quads burning run. I would recommend sticking close to the tree line on the skiers left going downhill. 3. Third spot takes the slope locals call “Sideburns”. Now…you are not going to find this name on the official map. This is the treed area on skiers left as you go down Storm Peak South run whose nick name is The Face…and what is on the side of the face? Sideburns…it figures. This is the perfect run for enthusiast who love heavily treed areas. I recommend doing it early if any overnight snow as it gets tracked out quickly. 4. Another leg burner, taking spot #4 is the long “Three O’clock”. This is a wide open slope and represents one of the longest runs within the Ski Area boundary. 5. With so many fun rides in Steamboat I’m running out of spots quickly. I should have made this a top 10 or even better top 20 list. Oh well… I’m going to have to go with “Nelson’s Run” as my 5 spot. On a regular day this is perfect for folks who enjoy bumps skiing and on a day with fresh powder this run is long, has a few cat tracks crossing it and therefore present an opportunity to catch some air (if you are into such a thing) and it is a lot of fun! There you have it. I’ll see you on the slopes! Thank you for reading and happy exploring! About the author: Martin Dragnev is a Realtor with Colorado Group Realty in Steamboat Springs and can be reached at martin@mybrokers.com or 970.291.9412. If curious about local real estate you can browse all the listing opportunities by visiting his website: www.realestateofsteamboat.com

Exciting News from Colorado Mountain College in Steamboat Springs, CO

Very exciting news in the world of local education came across this week here in beautiful Steamboat Springs, CO. The Colorado Mountain College (CMC) CEO, Peter Perhac, noted in a business outlook breakfast, organized by the Steamboat Springs Chamber of Commerce this week, that the college has secured enough funds to complete an almost 300 seat auditorium which will connect with the campus’ new 60,000 square foot facility, which is expected to be completed next summer. In the first fund raising cycle, the CMC Foundation had to raise $1.5 mil by October 15, 2011 for a total of $2.7 mil. by April, 2013 in order to get the state of Colorado’s help on this project. Historically, this is the largest fundraising effort in our community coming to show the city’s passion for a higher level education.

On the top of all that, CMC will offer bachelor degrees in two different areas – Business Administration and Sustainability Studies starting as early as this years fall semester. The bachelor degree in Teacher Education is expected to become available around 2014. All of the above is toped off with the Culinary Program that the college currently offers.

If interested in more information please visit CMC’s official website: http://www.coloradomtn.edu/

Steamboat Springs, CO with record snow base for April

photo courtesy of Larry Pierce

Looking at that photo today truly amazes me and shows how great of a snow season we've had up here in beautiful Steamboat Springs, CO. The unscientific prove was to be found on the top of our ski mountain. Those of you who have skied here before probably know about this so popular Buddy Werner, who is one of the greatest Steamboat Olympians, bust statue at the top of Storm Peak Express chairlift. Us locals like to touch the helmet of the statue for injury free day and for good snow. I remember hiking up there past summer and not being able to reach the helmet, no matter how high I was trying to jump...and I'm almost 6 ft tall. Well, one thing I know for sure is that I'll never doubt the power of the statue ever again.

The snow base on Buffalo Pass, or like locals call it: "Buff", reached 180" yesterday and May is right around the corner?!? That is a new all time record for snow dept there with previous records dating back in the 60's. Buff Pass is one of the areas where locals go back country skiing or riding, which you need a proper gear for, snowmobile as there are no chairlifts and...good skills.

If I was you, I would seriously consider Steamboat Springs, CO and the beautiful Yampa Valley for your next ski trip, you won't be sorry...trust me on that. Moreover, we all know what that huge spring snow runoff means for the summer water sports - river tubing, kayaking, rafting...It will be a lot of fun!

Oh, I almost forgot...don't forget to tap Buddy's helmet for good luck next time you are on the top of the Steamboat mountain, summer or winter!