The home at 2476 Ridge Road originally was built with a Mediterranean deign motif, including a faux thatched roof of asphalt shingles.

Photo by Tom Ross

The home at 2476 Ridge Road originally was built with a Mediterranean deign motif, including a faux thatched roof of asphalt shingles.

Steamboat house for sale after $400K in improvements

Developer hopes to flip 8,754-square-foot foreclosure home

Advertisement

photo

Towering living room windows look directly into the ski runs from the north side of Burgess Creek Road. The home has quick access to the base of the Thunderhead Express chairlift.

photo

An upstairs master suite includes a fireplace faced in sandstone. The private deck offers views of Pioneer Ridge at Steamboat Ski Area.

Steamboat Homefinder

Visit SteamboatHomefinder.com for more real estate news.

— Steamboat developer Char­lie Sher and Realtor Ron Wendler say they’ve found an opportunity to reinvest more than $400,000 in a foreclosed 8,754-square-foot home and offer it for sale at 40 percent less than comparable properties at the mountain.

The white stucco house at 2476 Ridge Road occupies a nearly level 0.65 acres on a south-facing ridge that looks straight into the ski slopes from the north side of Burgess Creek Road. The 20-foot-tall living room windows take in the Sitz, Vogue and Voo Doo trails. From the upstairs master, the view is of Pioneer Ridge.

Wendler has listed it for sale for $2.56 million, the equivalent of $292.55 per square foot. He is with Colorado Group Realty.

“It probably should be a $3 (million) to $4 million home,” he said. “Charlie saw a great opportunity here and invested more than $400,000 in improvements.”

What makes the Ridge Road neighborhood stand out from even some ski-in, ski-out properties, Wendler said, is quick access by car to the bottom of the Thunderhead Express chairlift via Burgess Creek Road. The lift’s lower terminal functions like a semi-private base area when it opens on a powder morning, he said.

Wendler added that a significant amount of the improvements Sher undertook were attributable to fixing quirky aspects of the original floor plan — walls were removed and added, and the same was true about the bathrooms. A staircase was added to the lower level where an unfinished basement was upgraded to include a theater.

The general contractor was Vic Pappas, of Pappas Builders.

All of the original flooring was Mediterranean-style tile, which was replaced by wide-plank hardwood and baseboards.

Sher, who is based in Solano Beach, Calif., visits Steamboat as often as once a month, Wendler said. He was the successful developer of Sundance Creek condominiums and the Loggers Lane commercial center. Records at the Routt County Assessor’s Office show that Sher, through his company, Sundance Creek Ventures, bought the Ridge Road house out of foreclosure from J.P. Morgan Chase Bank in November 2009 for $1.19 million.

The house was not originally built as a spec house, but as the owner’s custom home. The assessor’s records do not reflect any previous sale prices.

Wendler said Sher was attracted to the property because of its singular location and the opportunity to upgrade it and still make a profit with aggressive pricing.

After surveying other mountain homes, Wendler said, they agreed that many had been discounted 10 to 15 percent and still needed to be cut another 10 to 15 percent to reach the market.

“We looked at comps everywhere around the mountain, and we figured we needed to stay well below the marketplace to turn it fast,” Wendler said. “We wanted to be 40 percent lower in order to stay ahead of the market.”

He held an open house in March, he said, that turned up several interested parties, but things have been quiet during mud season. He’s optimistic that buyers will come back in the middle of June.

Sher always keeps a lookout for opportunities, Wendler said, but also has a large home on Heavenly View in the Sanctuary that is listed for $3.5 million, and he would like to sell one of the two homes before taking on another project.

Comments

greenwash 3 years, 10 months ago

Forgot to add House NEVER SOLD at ABSOLUTE auction .

Whats the deal with the 2 different styles of roofing shingles?

Better stick to Commercial Property Von Vendler.

0

Scott Wedel 3 years, 10 months ago

Love this sort of article.

Buy this incredible deal that has been available for only 3 months.

0

fartpark 3 years, 10 months ago

Another great investment opportunity for some rich, out of town prick.

0

1999 3 years, 10 months ago

so how much do they pay for the free realestate listing. not only free but front page.

wow!!!

so a renovation is front page news.

jeez brent get a grip but nice job on the run today!

0

Scott Wedel 3 years, 10 months ago

This, and just about any, economy is highly dependent upon outside investors. Out of town investors should be treated no worse (and no better) than local investors.

This opportunity was available to the locals as well. Sher was the one that acted first.

But a nearly 9,000 sq ft house can be a tough sell because it can come off as a whole lot of rooms and not as a really nice place to live. Those sort of houses are often very comparable to a 5,000 sq ft house in terms of used living space except when it is being shared by a few families.

It also seems to me that when the salesman says it was bought for x and had y of improvements that they are suggesting that break even for the seller is about x+y ($1.6M) and thus an offer in that range would be seriously considered. I note during the boom this sort of article would talk about all of the fine details and suggesting that the asking value represented real value. But now during the bust this article notes the costs compared to the asking price? Is there any better way to argue the current asking price is at least $700K too high?

0

JLM 3 years, 10 months ago

In real estate, the two most irrelevant pieces of information are "what you have in it" and "what you want for it".

If the sales price is right, then it will sell.

If the sales price is not right, then it will not sell.

There is a marketplace out there and Mother Market is a heartless wench.

I think at less than $300, it will sell though I do agree that after the first 4000 SF, the rest of it is all foreplay.

0

Ken Reed 3 years, 10 months ago

One problem I see with houses in this range is competition. Anybody been on Steamboat Blvd. lately through the Santuary? It is unbelievable how many for sale signs line the road, looks like every other house is for sale.

0

Requires free registration

Posting comments requires a free account and verification.