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!