47 Barn Village at Steamboat lots poised to re-enter real estate market
May 9, 2013
Steamboat Springs — Local Realtors are confirming that Gibraltar Capital is preparing to put the 47 unsold lots in the Barn Village at Steamboat subdivision back on the market within the next few days at prices ranging from $139,000 to $546,000.
Prudential Steamboat Realty broker Cindy MacGray wrote in an email Tuesday that Gibraltar, which acquired the subdivision through a foreclosure auction in December 2012 for a reported $5.6 million, is structuring the offering as an "initial offering" and will respond to all offers on lots submitted by May 13.
The subdivision along Fish Creek — with a mix of 54 housing sites, including small, single-family lots, duplex lots and larger estate lots — came through the city planning process in 2006. When the lots went on the market in late 2007, buyers lined up to reserve them — in most cases there was more than one buyer in line for each lot — but as the time to close arrived in June 2008, the deals weren't consummated. Prices began at about $522,000 for the small residential lots of less than 0.2 acres, and original asking prices for duplex lots along the creek were just more than $1 million.
Lots in Barn Village are as small as 0.14 acres and as large 1.07 acres; higher-priced lots are grouped around two cul de sacs, some of them bordering Fish Creek. There also are nine duplex lots along the creek ranging from 0.31 to 0.43 acres in size and $345,995 to $434,995 in asking price.
The lowest asking prices are for smaller lots that back up to the Yampa Valley Medical Center property line. Two lots are available for $139,995 and another at $138,995.
Gibraltar is the private equity arm of luxury homebuilder Toll Bothers, which has developed Front Range subdivisions like Anthem Ranch in Broomfield, Backcountry in Highlands Reach and Tallyn's Reach in Aurora. However, listing broker Chris Wittemyer told the Steamboat Today in April that Toll Brothers has no plans to build homes at Barn Village.
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In discussions earlier this spring with representatives of Gibraltar, Wittemyer said they studied where to price the lots so that they would represent about 20 to 25 percent of the total cost if a well-appointed home in the target range were built on them.
"We worked backward to come up with lot values so that on the smaller lots, at $140,000 to $200,000, the prices would support building a 2,000- to 3,000-square-foot at (construction costs of) $200 to $250 per square foot," Wittemyer said.
To reach Tom Ross, call 970-871-4205 or email tross@SteamboatToday.com