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