Highmark foreclosures withdrawn after sales
Sales are pending on all but 3 condos at base area project
April 18, 2010
Steamboat Springs —Editor’s note: This story has been updated from the original version to name the correct agents who represented the Hubers, who bought a property.
All but three condominiums that were up for auction at The Highmark have closed or are in pending sales, and the foreclosure notice on the properties was withdrawn last week.
Fifteen units at The Highmark, at the base of Steamboat Ski Area, went on sale as part of an auction March 12. Of those, eight units were sold. The remaining seven have been on the open market since that time.
Cam Boyd, of Prudential Steamboat Realty, represented the 15 properties along with Pam Vanatta.
"The developer worked with the … holder of the note, the lien holder, and the lien holder agreed to withdraw the notice of foreclosure," Boyd said.
Routt County Treasurer Jeanne Whiddon confirmed that the foreclosure was withdrawn last week.
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The original developer for the project, which broke ground in 2003 and was initially called The Chadwick, was Richard Friedman. Developer Steamboat Ventures Ltd. later stepped in to resolve some outstanding construction liens.
Buyers have closed on two of the units from Steamboat Ventures' foreclosure and one unit from a separate foreclosure.
The first, a three-bedroom, three-bath, 1,932-square-foot property, closed for $880,000 to Letreco LLC. The second, a three-bedroom, three-bath, 2,106-square-foot condo, closed at $869,500 to Daniel and Kristen Huber. Bill Pyle and Carolyn Bird of HomeSense Realty represented the Hubers. Boyd and Vanatta represented the property.
The final sale, represented by Jim Cook, of Colorado Group Realty, and selling on behalf of Wells Fargo bank, was a 2,279-square-foot penthouse with five bedrooms and five bathrooms. The unit sold for $1.25 million to Letreco LLC. The unit sold for $3.17 million in January 2008.
Boyd said that because the remaining seven properties are selling well, it does not appear that the lien holder will put the final three units back into foreclosure after the first foreclosure was withdrawn.
"Since the lenders withdrew the notice of foreclosure, those will remain on the market until they're sold," he said. "We're pretty comfortable."
He said the 12 units from the auction that are likely to close will cover the cost of the outstanding debt — $9.13 million — or come close enough to satisfy the lien holder that it does not need to go into foreclosure.
The Integrity Bank of Georgia originally held the loan, but the FDIC closed the bank and took over the debt. An investment company called Rialto Capital subsequently bought the debt from the FDIC. Whiddon said the lien holder is listed as MultiBank 2009-1 RES-ADC Venture LLC.
Additional material from reporter Tom Ross.