Garrett Simon, vice president of development for Edgemont developer The Atira Group, said this week that outstanding debt on the project will be retired by May 2011 regardless of new sales activity.
“From a financial perspective, we are proud to say that we have less than $7 million in debt on the property, which will be paid in full regardless of future sales by May 2011,” Simon said.
His remarks came in the context of announcing a new sales team for Edgemont.
Simon said five Realtors from five offices in Steamboat will form a new sales
team for the luxury slopeside project. They include Colleen de Jong, of Prudential Steamboat Realty; Charlie Dresen, of High Mountain Sotheby’s International Realty; Dave Irish, of Steamboat Ski & Resort Realty; Eliese Pivarnik, of Colorado Group Realty; and Arlene Zopf, of Steamboat Village Brokers.
Simon said three lenders have approved Edgemont for second-home condominium financing.
A current sales sheet for the project reflects 25 percent discounts from summer 2010 pricing, according to the developer. Thus far, Edgemont has closed 18 sales with two more condominiums under contract. There also are 18 unsold units ranging from one to five bedrooms with prices from $908,000 to $4.7 million. Two-bedroom condos at Edgemont range from $1.3 million to $1.9 million for a home measuring 1,469 square feet.
Mortgage rates bump up slightly to 4.4 percent
The Associated Press
Rates on fixed mortgages edged up again from the lowest levels in decades, making it slightly less attractive for Americans to buy or refinance in a market that’s struggling to recover.
Freddie Mac reported Wednesday that the average rate for 30-year fixed loans rose to 4.4 percent this week from 4.39 percent last week. Two weeks ago, the rate hit 4.17 percent, the lowest level on records dating back to 1971.
The 15-year loan also increased, to 3.77 percent from 3.76 percent. It hit its lowest point since the survey began in 1991 two weeks earlier at 3.57 percent.
While rates are higher, they still are within historical lows and have been since April. But that has done little to buoy the beleaguered housing market. Would-be homebuyers are too concerned about their jobs or can’t qualify for a mortgage. Others can’t sell their homes before buying another.
New home sales dropped 8.1 percent to a seasonally adjusted annual rate of 283,000 units in October, the Commerce Department said Wednesday. The pace is just 2.9 percent higher than August’s rate of 275,000 units, the worst level on records dating back to 1963.
That followed news Tuesday that sales of previously owned homes slipped 2.2 percent last month to a seasonally adjusted annual rate of 4.43 million units, according to the National Association of Realtors. The performance was weaker than had been expected.
Applications for mortgages to buy homes did increase to the highest level since May last week from the previous week, the Mortgage Bankers Association said Wednesday. However, the previous week included the Veterans Day holiday and the survey didn’t make an adjustment for the extra day in the latest week.