Saturday, October 22, 2005
Utilities are in, and roads are complete, but increasing construction costs have hindered lot sales in the Sierra View subdivision in Oak Creek.
Still, impressive views, more affordable prices and developers' new partnership with a 100-percent finance company should help keep the project on buyers' radars, listing broker Ron Wendler said.
There are 53 lots in the project, on the south end of town between Bell and Moffat avenues.
Of those, 30 single-family lots, ranging between 0.15 and 0.3 acres, are available. Those lots are priced between $48,500 and $87,000 -- the more expensive lots are larger and/or border a ranch.
All duplex and four-plex lots have been purchased, but an eight-plex lot, about 0.6 acres, is available for $169,000.
About two-thirds of the lots in the first two phases of the project were reserved when developers broke ground on the development late last summer.
Some of those did not result in sales because investors found other projects or potential buyers were not aware of high building costs when they reserved lots, Wendler said.
Installing infrastructure also ended up being more expensive for developers, who upped lot prices by $2,000 to $5,000 since last year, Wendler said.
Still, at less than $100,000, the lots -- which feature 360-degree views and a convenient location near downtown Oak Creek -- are more affordable than the scarce land available in Steamboat Springs, he said.
"For someone to drive 20 minutes and save anywhere from $150,000 to $250,000 from what they'd get in Steamboat is a pretty good deal," said Wendler, who is seeing interest from residents in Steamboat as well as the Vail Valley.
He projects another price increase in the spring or summer next year.
Potential buyers looking to build and live in a home in the subdivision are eligible for 100-percent financing. Developers recently agreed to jointly market Sierra View with a company offering the financing.
Investors make up about one-quarter of buyers so far. A speculative home has been built, and several buyers plan to break ground on homes soon.
The subdivision includes 2 acres of shared open space. Modular and stick-built homes may be built as long as plans conform with standards established by a design board.
For more information, call Wendler at Colorado Group Realty, 870-8800.
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