Steamboat Springs With the last of its five-bedroom penthouse condominiums in Edgemont under contract, the Atira Group will launch the sales effort for the second phase of its luxury project adjacent to the Steamboat Ski Area slopes with the intent of beginning construction on four $2 million-plus townhomes in 2012.
“We think these will be unique residences with all the attributes of single-family homes plus the amenities of Edgemont Ridge and on-site property management,” Atira Group Vice President of Marketing Garrett Simon said.
Atira Group is pre-approved under its final development permit with the city of Steamboat Springs to build the two townhome buildings on a steep south-facing slope across the entry drive from the Edgemont Ridge condominium building. Because of financing considerations, it was required to ink contracts on three of the four before construction could begin, Simon said.
It’s the apparent demand for larger vacation homes in the current market and the clearing up of similar inventory in Edgemont Ridge that led Atira to contemplate launching the townhome project, Simon confirmed.
“We wanted to release them at the right time, and we didn’t want to cannibalize existing inventory,” Simon said. “How people will receive the townhomes will be interesting. There are buyers the condo lifestyle doesn’t work for. We see them as an extension of Edgemont.”
Atira retired the construction debt on Edgemont Ridge last winter and has sold 25 of 39 of the condominium homes there. If the 3,642-square-foot, five-bedroom, 4.5-bath Bunk House condo closes at the end of the month, the largest remaining unit will be a three-bedroom plus den unit that carries a list price of $2.15 million, or $918 per square foot, about $120 more per square foot than debut pricing on the townhomes.
Each townhome building will include one five-bedroom and one four-bedroom home, each with three full and two half-baths. The three-story site plans in this price point led the developers to include private elevators in all four units, Simon said. The homes each will have a private outdoor hot tub and a large, two-car garage. And perhaps tipping off the recreational leanings of the development team, the floor plans show a bicycle storage area in the garages. Access is from the same entry drive at Edgemont Ridge.
Simon said the first four townhomes represent the first of 14 in seven buildings. The next phase would be built lower on the steep slope with their own access drive off Ski Trail Lane.
“These first four townhomes will overlook everything at Edgemont with views of the valley and the Flat Tops,” he said.
The first two townhome buildings offer a lower hurdle for the developers to clear, Simon said, because all of the necessary infrastructure is already in place. The second phase of five buildings would require an investment of about $2 million in infrastructure.
As an incentive to purchase one of the first four townhomes, the developers will offer to pay the first two years of HOA dues and contracted buyers will be invited to stay as guests of the developers for two weeks in summer and two weeks in winter while their new home is being built.
Simon said he hopes that prospective buyers will gain confidence from touring an existing Edgemont condominium where the level of finishes is comparable to what they can expect in the townhomes.
Eliese Pivarnik, of Colorado Group Realty, predicted the successful nightly-rental program at Edgemont Ridge will generate sales leads for the townhomes.
“A lot of people who have purchased at Edgemont have stayed at Edgemont,” she said. “And the rental income for owners is really good.”
She is a member of a team of Realtors from brokerages listing the Edgemont properties.
Charlie Dresen, of High Mountain Sotheby’s International Realty, said although the new homes at Edgemont are townhomes, he expects them to fill an open niche in the market for single-family homes adjacent to the slopes.
“There are very few homes on the slopes in Steamboat, and only one is listed for sale right now,” Dresen said. “The new Edgemont townhomes will feel a lot like single-family living.”
The other listing Realtors include: Dave Irish, of Steamboat Ski & Resort Realty; Colleen de Jong, of Prudential Steamboat Realty; and Arlene Zopf, of Steamboat Village Brokers.
— To reach Tom Ross, call 970-871-4205 or email tross@SteamboatToday.com