Steamboat Springs Barn Village at Steamboat might have taken a while to work its way through the foreclosure process, but it wasted no time closing sales after the lots came back on the market.
Four lots closed in the development last week, and more should be closing soon, according to listing broker Chris Wittemyer, of Prudential Steamboat Realty.
Wittemyer said that seven offers were accepted by the owner, Gibraltar Residential, soon after all 47 lots were put back on the market. Six of those sales had closed, he said Monday.
“By the end of next week, we’ll have closed 12 of them,” he said.
“There’s a bunch that they were going to build a home for spec,” Wittemyer said. “Probably four or five builders are buying lots in there.”
But interest also has been strong from Routt County residents, he said, citing two specific lots sold to working residents as examples.
“They’re both looking at building places they can build and remain in Steamboat,” Wittemyer said.
Kruse Builders bought a lot in Barn Village with the intention of building a spec home.
Jake Kruse said they work a lot in Craig and Hayden but have built spec homes in Steamboat, as well.
“It seemed like a good market for what we do,” he said about choosing Barn Village.
Kruse said the home planned for the lot will be about 2,400 square feet and priced in the low to middle $600,000 range.
“I just don’t think there’s a lot out there that’s new in that price range in Steamboat,” he said.
“There has been certain markets that inventory has simply been depleted,” said Martin Dragnev, of Colorado Group Realty, who was Kruse’s agent.
“What we looked at was single-family homes between $500,000 and $800,000 in Fish Creek and the mountain area.”
Kruse said he has other projects in the works but hopes to at least start the foundation of the Barn Village home before this winter.
“At least a half-dozen of these buyers are trying to start construction by next spring at the latest,” Wittemyer said.
Wittemyer said he thinks the homes going in will be between 1,800 and 4,000 square feet.
“You’ll see them in a range. There’s good design guidelines and good covenants, but everyone is going to have their own architects,” he said. “It’s going to have a nice quality of home but also have a nice mix.”
The recent activity was enough to spur two price increases after each few lots sold, with the areas seeing the most attention first to jump.
While the majority of the lots are for single-family homes, a number of duplex lots border Fish Creek.
One duplex lot was under contract last week, Wittemyer said.
“I think that there’s been a lot of people kind of considering those,” he said. “I think when those start to go, they’ll really start to go. For being a duplex lot on a waterway, with Fish Creek right there, you’re not going to find that.”
It’s a bigger equation for someone to take on, Wittemyer said, but the lots are at an attractive price point.
“Overall, we’re very pleased with how well it was received,” he said.
To reach Michael Schrantz, call 970-871-4206 or email mschrantz@SteamboatToday.com
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