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):