Homebuyers no longer can find lots within the city of Steamboat Springs priced at less than $100,000, but more could become available soon.
The last lot of 72 at West End Village is under contract. While most sold for less than $100,000, they were among the most affordable in Steamboat. A developer is proposing a similar project to the west containing 162 lots, some with similarly low prices, on 59 acres. It is called Overlook Park.
The 72 lots of West End Village were sold within about a year. Of those lots, 34 were deed-restricted and were provided in the $60,000 to $70,000 range through the Regional Affordable Living Foundation. Those sold quickly, as there were more potential buyers than there were lots.
The other 38 were offered through a partnership called Connell LLC. Some of those lots were offered in the $60,000 to $70,000 range, but some were held until recently and sold for higher prices, including one for $109,000 on the edge of the subdivision with a clear view of the Steamboat Ski Area.
"This spring, everybody got it," said Realtor Norbert Turek, who handled many sales in West End Village and has taken on the role of project manager with the Overlook Park development. "Everyone finally noticed these were the cheapest lots around. The next affordable lots were $115,000, and then $125,000, and then on to $200,000.
"Overlook Park could be "an evolution of West End Village. We've incorporated the best ideas in the West of Steamboat Plan, and we should have something to present to the city within a month."
Developer Jay Weinberg said he is pleased with the concept.
"I saw the piece of property, and I liked it, so I bought it," Weinberg said. "I can't wait to get started. It should be an enhancement to the city of Steamboat Springs."
Weinberg said he plans for the development to have a mix of lot sizes and prices. Some will be comparable to West End Village and some will be comparable to Silver Spur, another growing subdivision on Steamboat's west side.
"We haven't gone into detail as far as pricing goes, but the small lots probably will be under $100,000, and we would like to shoot for $80,000 for smallest. People are already coming to me asking about it."
Lot sizes should range from one-tenth of an acre to one-third of an acre, Turek said.