The Highmark development sits vacant at the corner of Apres Ski Way and Village Drive in Steamboat Springs on Nov. 29, 2007.

Photo by Brian Ray

The Highmark development sits vacant at the corner of Apres Ski Way and Village Drive in Steamboat Springs on Nov. 29, 2007.

All-time high

Highmark condominium closes for $1,329 per square foot

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— A pair of real estate closings this month marks a dramatic turnaround for a condominium tower that has languished without sales since it went under construction in 2004.

A four-bedroom, plus den and loft, penthouse condominium at the Highmark sold for $3.172 million to Paul Dagnese. The residence has towering ceilings and exceptionally large windows.

The condominium atop the six-story building at the corner of Village Drive and Apres Ski Way comprises 2,386 square feet, meaning it sold for $1,329 per square foot.

"That's the highest-priced sale, in terms of price per square foot, of any property (in Routt County) I'm aware of," Bruce Carta of Land Title Guarantee Company said.

There was another sale at the Highmark this month: Unit 5B, a 2,273-square-foot three-bedroom, plus den and four bathrooms, condo sold for $2.385 million, or $1,049 per square foot. The buyer was Guy E. Evans.

At least seven other condominiums at the Highmark have been under contract for about two years, but the deals have never closed. They have been the subjects of a lawsuit filed in Routt County District Court by the developers.

But there are signs the civil dispute is thawing. Realtor Larry Perry of Coldwell Banker Silver Oak told the Steamboat Pilot & Today in early December 2007 that he had listing contracts on two of the units involved in the lawsuit, but was locked out of the condominiums and could not show them.

Perry confirmed this week he has access to the condominiums. Unit 3B, a three-plus bedroom unit, is listed for $2.324 million, or $1,013 per square foot. Unit 5C, another three-bedroom plus unit, is listed for $2.67 million or $1,291 peer square foot.

The suit filed against the contracted buyers by developer Steamboat Ventures, a Florida company, alleges the buyers failed to close on the sales. However, the defendants respond that the developers failed to live up to the terms of the contract.

An attorney for the defendants told the Steamboat Pilot & Today in December that it's apparent Steamboat Ventures has seen Steamboat's real estate market rise substantially and doesn't wish to close the sales at out-of-date prices.

The contracts on the condos involved in the suit have an aggregate value of almost $9 million, and vary from $1.05 million to $1.478 million.

"The buyers I represent executed contracts under favorable terms at a time when the developers needed pre-sales in order to secure pre-construction financing," Fort Lauderdale, Fla., attorney Bart Houston said.

- To reach Tom Ross, call 871-4205

or e-mail tross@steamboatpilot.com

Comments

Lovesteamboat 6 years, 6 months ago

Sounds like Smoke & Mirrors to me.

I smell undisclosed "seller concessions" on these deals...

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bloggyblog 6 years, 6 months ago

bloggy had one of the penthouses under contract but had to pull out of the deal. bloggy thought $1,349 was the asking price, not the price per square foot. also the credit people found out what blogs job description "hydro-thermo-ceramic engineer" really means.

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steamboatsprings 6 years, 6 months ago

Can you say fraudulent transactions ??? Two times? One Steamboat place is twice as nice and on the snow and it sold for just over $1100 per foot. This deal and developer smells more than any fresh Routt county cowpie. This building has more warts on it than a toad and no one with any sense trusts Concord Wilshire. There is really no nice way to put it with this group and this building. No matter how attractive the offer don't even think of doing business with them it will not work out well.

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