July closings in Routt County lowest in 7 years | SteamboatToday.com

July closings in Routt County lowest in 7 years

Summer month sees 79 transactions with total sales of $31.6 million

The developers of One Steamboat Place sold a pair of four-bedroom units at the base of the ski area this week to destination club Exclusive Resorts for $2.35 million each. The August sales come after a tough month in July for the Routt County real estate market.

— One Steamboat Place recorded a pair of nearly identical $2.35 million condominium sales this week that helped the overall Routt County real estate market put a July swoon in the rearview mirror.

The sales of condominium units 602 and 612 to the independent destination club Exclusive Resorts had been anticipated, said Keith Marlow, director of sales for One Steamboat Place developer Timbers Resorts.

The two four-bedroom condominiums recently had been inventoried as dedicated to Timbers' own residence club program and were recorded by the Routt County Clerk and Recorder's Office as 16 transactions, all for $290,625, representing the eighth shares that Timbers originally marketed them as.

However, Marlow said, these essentially were whole-ownership transactions. He said more sales are on the near horizon.

Condominium 602 totals 2,516 square feet and has 4.5 bathrooms.

The second condominium, unit 612, is slightly larger at 2,553 square feet and has four bathrooms. Both units have two fireplaces.

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Marlow said Exclusive Resorts is considering more acquisitions here.

The company has a stable of resort properties throughout Colorado ski country as well as luxury homes in Hawaii, the Caribbean, Florida and Europe. Colorado destinations include Aspen, Telluride and the Vail Valley.

July, which saw 79 transactions, was a tough month for real estate closings, according to research by Land Title Guarantee Co., of Steamboat Springs. That number was the second lowest monthly total of the year. Only April, with 72 transactions, had fewer closings. Of the 79 transactions in July, 14 were bank sales of foreclosed properties.

Despite the low unit volume, dollar volume reached $31.6 million for the month. That number was skewed by a $7 million oil and gas-driven sale of agricultural land west of Oak Creek that was actually sold for the same price in late winter, suggesting it was transferred from one business entity to another.

Still, $31.6 million was the second lowest monthly total of the year — February had only $21 million in total real estate transactions — with March and April just slightly ahead.

The biggest month of 2011 in terms of dollar volume was May, which saw just more than $50 million in real estate transactions.

The $2.35 million sale of a 2,758-square-foot slopeside condominium at Edgemont was one of the highlights of July.

Offering a ray of hope to the construction industry was the sale of a 1.22-acre lot in Trails Edge at the ski area for $1.58 million.

Thus far, August has seen the closing of four sales of more than $1 million.

— To reach Tom Ross, call 970-871-4205 or email tross@SteamboatToday.com

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