Denver firm Marcus and Millichap Real Estate Investment Services has included Clock Tower Square and the adjacent Xanadu condominiums, at the base of Steamboat Ski Area, in an online real estate auction that began at 11 a.m. Tuesday and was to continue until 11 a.m. Wednesday.

Photo by John F. Russell

Denver firm Marcus and Millichap Real Estate Investment Services has included Clock Tower Square and the adjacent Xanadu condominiums, at the base of Steamboat Ski Area, in an online real estate auction that began at 11 a.m. Tuesday and was to continue until 11 a.m. Wednesday.

Steamboat's Clock Tower property draws early bids

Three have bid so far on the base area project

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— The combined Clock Tower Square and Xanadu condominium properties at the entrance to Ski Time Square had attracted three bidders during an online real estate auction that began at 11 a.m. Tuesday and was to continue until 11 a.m. today.

One bidder, identified only by a code name, opened with the minimum bid of $3.8 million shortly after 1 p.m. Tuesday.

A second bidder bid $4.025 million at 2:35 p.m.

And a third bidder upped the ante by the minimum bid increment of $25,000, with a bid of $4.05 million, just after 5 p.m.

Still, none of those bids met the reserve price — that amount was being withheld in the auction process.

The auction is being hosted by www.commercialbid.com.

Developers had taken the property into the city approval process in 2006 with plans for a redevelopment project that would have resulted in 201 luxury condominiums and 49,000 square feet of commercial space. It would have been called The St. Cloud.

The property was listed for sale for $15 million by developers Jamie Temple and Colgate Holmes in 2009, but Mile High Banks subsequently foreclosed on the site.

Records at the Routt County Assessor’s Office confirm that Ski Time LLC paid $2.8 million for the eight older condos and land at Xanadu in March 2006, and a second entity, Westboat LLC Development, bought the Clock Tower property for $3.05 million in May 2006.

The Steamboat property is among 60 being auctioned simultaneously, but separately, by listing agent Marcus and Millichap Real Estate Investment Services.

Jake Steel, of Marcus and Millichap, previously described the Steamboat property as being among the most attractive of the ski town properties in the auction.

Comments

Scott Wedel 3 years, 7 months ago

These are not absolute property auctions where the property will be sold to the high bidder.

These are basically a real estate marketing tool to develop an offer to present to the seller. I've been told that virtually none of these auctions have sold a local property for the winning bid.

There is obviously some chance the seller will accept the high bid, but also nothing stopping anyone else from directly contacting the listing agent and also submitting an offer.

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