Home

Steamboat Homefinder

Visit SteamboatHomefinder.com for more real estate news.

Steamboat Springs — Wildhorse Meadows celebrated a milestone last week.

The residential development off Mount Werner Road near the base of Steamboat Ski Area sold out one of its two First Tracks buildings with the signing of a contract Wednesday, reported Kerry Shea, sales and marketing director for Wild­horse. All of the Gilpin building’s 26 whole-ownership condominiums have been sold, he said.

“We kind of cut the ribbon, rang the bell and are kind of moving to the next building,” Shea said, referring to the development’s other First Tracks building, Hahn. “It has some of the best views of the development.”

Three of the 21 units in the Hahn building have been sold, he said.

Shea attributed the sales success in the Gilpin building to amenities offered, unit prices and the removal of deed restrictions on the units. When Resort Ventures West was developing the property in 2006 and 2007, the city of Steamboat Springs required the company to provide deed-restricted housing as part of affordable housing regulations.

But the recession had hit full force by the time those properties came on line in 2009, and sales of deed-restricted units were slow. The Steamboat Springs City Council agreed in spring 2009 to remove the restrictions. Shea said Wildhorse started closing properties at market rates in September 2009, which means the Gilpin sold out in about 15 months.

He said the developers hadn’t known what to expect.

“The absorption schedules and rates have been so much changed and modified as a result of the economic downturn, it was tough to forecast,” Shea said. “To get into a contract a month, we would have been happy to meet that threshold. We’re pacing at two contracts a month.”

Prices at the First Tracks properties range from $119,000 for a studio to $365,000 for two-bedroom units. Shea said buyers have been attracted by access to the Wildhorse gondola that runs to Steamboat Ski Area, the athletic club and the location. Buyers have included Steamboat residents, Front Range residents and people from out of state, he said.

Sales prices on free-market First Tracks units often were below what their deed-restricted prices originally were set at. In September, the developers dropped the price of some studio units by $30,000 and a couple of two-bedroom units by $46,000.

David Baldinger Jr., of Steam­boat Vil­­lage Brokers, represented the final buyer.

“Wildhorse is just simply a nice, unique combination for people, especially in tougher economic times,” Baldinger said. “You get a lot for your money. You basically get a brand-new property, you get great amenities, an excellent location and a great price.”

He cited Steamboat Resorts management and nearby amenities including a pocket park with a playground, trail access and Wildhorse Marketplace. Baldinger said buyers would be hard-pressed to find new properties at the base of Mount Werner for less than $400,000. He said he has brought multiple buyers to the condo project.

“I’m very enthusiastic on First Tracks and Trailhead Lodge, too, because it’s a first-class project, it’s really well run,” Baldinger said.

The luxury Trailhead project also is part of the Resort Ventures West development and contains 86 residences. Those buyers aren’t coming in as steadily, Shea said. Developers have closed on 30 units in Trail­head.

“When you start elevating past the half-million-dollar mark to $1 million, $2 million, people are in the wait-and-see mode,” he said.

For now, developers are excited to have sold one full building on the property. Shea said First Tracks units account for about one-fourth of the market offerings in their price range in Steamboat.

“Certainly, to have that level of completion and close out in today’s world, it’s a big statement,” he said.