First Tracks in Steamboat sell for far less than deed-restricted prices
November 21, 2010
■ For more about available homes at First Tracks, part of Wildhorse Meadows, call sales representative Bobby Aldighieri at 970-846-1918 or go to http://www.wildhorsemeadows.com.
■ Learn about local housing opportunities and resources through the Yampa Valley Housing Authority at http://www.yvha.org.
First Tracks sales data illustrates the gap between actual sale prices and the deed-restricted prices set by city officials as benchmarks to determine developers’ contributions to local affordable housing.
For 13 sales recorded through June 29, actual sale prices for First Tracks condominiums ranged from about $179,000 to more than $293,000. Affordable benchmark prices, though, ranged from about $188,000 to $298,000. One unit with a benchmark price of $298,200, for example, sold for $247,467.
The average benchmark price for those 13 First Tracks condos was about $281,000. The average sale price was about $248,000. The average disparity, or gap, between benchmark price and actual sale price was about $32,500 — in the negative.
In September, First Tracks developers Resort Ventures dropped the price on a few studio units by $30,000, to $119,000. The asking price for a pair of two-bedroom condos dropped from $295,000 to $249,000.