Saturday, November 19, 2005
A marketing team for Craig's first condominium project will be looking to Steamboat Springs employers as potential buyers.
Developer Maurits De Blanc is taking reservations for 35 units in the Alpine Condominium project, formerly Alpine Apartments, at 410 Tucker St.
De Blanc purchased the apartments in October and has been sprucing up two- and three-bedroom units, while legally converting them to condominiums for sale.
He wants to provide Craig residents accustomed to renting homes or apartments the chance to own new, comfortable condominiums.
The units also are an opportunity for Steamboat-area employers to provide housing to potential employees in an increasingly challenging labor market, said Larry Perry and Don Kotowski, real estate brokers handling the Alpine project.
The units are priced between $80,000 and $105,000.
More than one-fifth of Moffat County residents commuted to Routt County for work in 2000, according to the 2005-06 Community Indicators Project, a study published by the nonprofit Yampa Valley Partners.
Many workers can't afford Routt County's booming real estate market, Kotowski said.
In 2004, the median purchase price of a two-bedroom condominium in Steamboat was more than $200,000, and the median price for a three-bedroom unit was nearly $300,000, according to statistics from the Steamboat Springs Board of Realtors Multiple Listing Service.
However, even in Craig's more-reasonable market, some residents underestimate their ability to own a home, Maurits said.
Buyers with steady jobs often can get 100 percent financing through a commercial lender even with below average credit or sub-prime credit scores, Perry said.
Qualified, low-income candidates with no established credit or poor credit may be eligible for 100 percent loans through the U.S. Department of Agriculture Rural Development Program.
"Our presentation is, if you rent, you can afford to buy," De Blanc said.
The Alpine project, made up of two buildings, was built in 1973. A fire about five years ago damaged some units, which since have been completely refurbished.
De Blanc has been updating remaining units with new appliances, fixtures, cabinets, countertops, tile and carpet.
Also, residents no longer will need the complex's laundry facility: All units will have new washing machines and dryers. Some units also have fireplaces.
The project's exterior has been repainted and also will have new trim work, Perry said.
De Blanc is offering existing tenants the first opportunity to purchase the units, as required by law.
So far, six units have been reserved.
For more information, call Kotowski or Perry at Coldwell Banker Silver Oak, 879-8814.
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