Steamboat Springs Construction crews began moving ground Thursday on two residential buildings representing the first five units at the Chadwick Estate Villas, the third and final phase of Chadwick properties on Eagle Glen Drive near the base of the Steamboat Ski Area.
In a challenged real estate market where the number of new construction starts number a handful, managing director of Chadwick Real Estate Group Richard Friedman said he draws confidence from the fact that three of the units in the initial duplex and triplex buildings already are under hard contract. He would like to complete the 20 townhome units in time for the 2010-11 ski season. However, he predicts sales will be gradual.
"I have faith in Steamboat," Friedman said. "That's what it's all about. The buyers will come, but not overnight. It will trickle in."
Friedman, whose development group already has sold out the six Chadwick Estates single-family homes and more townhomes in Chadwick Place, said he will begin construction on new buildings before all of the units in each are sold. For example, when the first townhome in a duplex building goes under contract, he will break ground.
The Chadwick properties are built into a steep hillside that affords long-distance views and construction challenges. Each residence typically requires three times the
amount of concrete that would go into a home of comparable size on a flat building lot, he said.
The three-story, 3,550-square-foot townhomes at the Estate Villas come with three-stop elevators, two fireplaces, steam showers a hot tub and two-car heated garage with a snow melt driveway. There is also an amenity building for the neighborhood.
The list price is $2.3 million.
Friedman's partner, Brooks Kellogg, said sales of the Estate Villas will include a number of quarter-share interests to be marketed and managed by Alpine Quarters of Greenwood Village. They actively market quarter-share ownership of mountain resort properties in Copper Mountain, Keystone, Breckenridge, Winter Park and Vail.
The company is offering a quarter share in a four-bedroom townhome at Chadwick Place for $608,000. At an unrelated project, Alpine Quarters is offering a new two-bedroom loft unit at Alpen Glow in downtown Steamboat for $356,000.
"Many second-home buyers can't really stay more than one week a month anyway," Kellogg said. "And townhome buyers tend not to be renters. Quarter-share buyers will be able to enjoy the use of a private residence at a price of just below $700,000."
The arrangement with Alpine Quarters will benefit the developers of Estate Villas, Kellogg said, because Alpine Quarters will purchase individual buildings from the Chadwick group and assume management responsibility as soon as they achieve the sale of three quarter-shares. That will allow the developers to quickly move on to the next building.
Other players in Chadwick Estate Villas include general contractors Rusty Riley of RICO, based in Amarillo, Texas; Erik Griepentrog of Landmark Consultants; construction manager J.P. Buick; and primary lender Rodney Naylor, branch president of Community Banks of Colorado in Glenwood Springs.