Steamboat Springs Bob Hamilton always dreamed of carrying through on the final phase of the Mountain View Estates development in Steamboat Springs. But there was one big hitch.
There was no way to get water to the approved lots on top of a hill overlooking Steamboat Ski Area, the links at Rollingstone Ranch Golf Club, Emerald Mountain and the entire South Valley.
"Ed MacArthur (of Native Excavating) has told me that the first thing Bob did whenever he came to Steamboat was walk out on that point and take in the view," Jon Peddie said this week.
As the summer of 2008 winds down, MacArthur's company is finally building the road to Mountain View Estates filing IV, now known as Boulder Ridge Steamboat Springs. And Peddie has purchased the approximately 25 acres for $10 million and other considerations from a family trust managed by Hamilton's son, John.
Peddie acknowledges he is introducing 18 new building lots into a difficult real estate market.
"We believe we have the right product, but not necessarily at the right time," he said. Still, he's confident the relative scarcity of undeveloped view lots in the city limits will work in his favor.
"All of the good view lots in the city have already been sold," he said. "All of these lots have the potential for 360-degree views and full south sun exposures in the winter."
The 18 view lots are among the most expensive the city of Steamboat Springs has seen, beginning at $975,000 and running up to $2.39 million, with the majority priced at greater than $1.2 million.
Hamilton came to Steamboat from Florida in 1977, Peddie said, and built the original two filings of Mountain View Estates along what was then Steamboat Boulevard North. It was accessible only from Fish Creek Falls Road, as no connection across Fish Creek to Steamboat Boulevard had been made.
Development in Steamboat went into the tank in the early 1980s as the nation reeled under the Savings and Loan Crisis. However, Hamilton was able to successfully develop Filing III along Meadowbrook Circle in the early 1990s.
Rave reviews for views
Paul Franklin, the developer of The Olympian mixed residential/commercial project in downtown Steamboat, recalled how the needs of two developers not connected to Boulder Ridge and the city combined to make it possible to get municipal water to the hilltop subdivision.
Martin Hart needed a way to bring water to the final filing of the nearby Sanctuary subdivision and Franklin himself needed to get water across the ridge to Elkins Meadow. The city also needed more water from high up Fish Creek Falls Road because there wasn't the desirable pressure for fire suppression efforts in the existing Willett Heights Subdivision.
Together with the Mount Werner Water and Sanitation District, all four entities entered into a cost-sharing arrangement. Franklin even was required to run the water line downhill beyond his subdivision.
Now, Peddie has the pleasure of helping to pay for the tank and the water line extension. He will pay Franklin $3,000 for every tap in Boulder Ridge. Peddie quickly adds that he also will pay Mount Werner Water $7,800 for each completed home to defray the original cost of building the storage tank that will feed his subdivision.
Peddie expects road paving to be done by late October. An independent Realtor himself, he still is weighing the question about whether to list the lots with another brokerage. They have not been entered into the Steamboat Springs Multiple Listing Service. However, promotional materials for the development offer 70 percent lot financing through Alpine Bank.
Technical aspects of Boulder Ridge aside, Peddie said the lots, ranging from 0.37 to 1.14 acres, will offer residents the luxury of unparalleled views from a city street that still has rural character just 1.5 miles from Fish Creek Falls and downtown Steamboat Springs. Two miles away via Steamboat Boulevard are the city's large grocery stores, with the ski area almost as close.
However, Peddie said the views are the main attraction at Boulder Ridge.