Luxury homes part of the market in Stagecoach
March 6, 2011
Steamboat Springs — The unincorporated South Routt County neighborhood of Stagecoach has been known throughout 2010 for strong buys on distressed lake-view homes. But the Stagecoach that wasn't getting attention is the luxury home side of the county road.
The fact that there are luxury homes tucked into the aspen trees in Stagecoach came to the forefront last week, when a home of nearly 7,000 square feet in the gated Meadows at Stagecoach subdivision sold for $2 million — a little more than the asking price. Here's the kicker: There were competing offers for the home.
"My buyer feels very fortunate to have been able to find his little slice of heaven in Stagecoach," selling broker Christy Belton, of Prudential Steamboat Realty, said. "It had two competing offers, and I think that's a very positive sign for our market."
Kristi Hoffman, of High Mountain Sotheby's International Real Estate, is another Realtor who is encountering interest in Stagecoach from high-end buyers. She has listed a home designed by architect Bill Rangitsch in Henderson Park, on the northwest side of the lake, for $2.75 million.
"I listed it two weeks ago, and there have been six showings in that time," Hoffman said. "It's perfectly quiet out there, and you have perfect views of Hahn's Peak and the ski area. You can have privacy and still be 15 minutes from Steamboat."
But the greater Stagecoach area still stands out for the values on foreclosed homes arcing around the south shore of Stagecoach Reservoir and the state park there. It's clear that astute buyers who are comfortable being 20 to 30 minutes from the jobs, shopping and restaurants in Steamboat Springs are able to buy recently built homes for less than replacement cost.
Perhaps no single transaction this winter exemplifies those bargains more than the sale of a house Feb. 23 by the Federal National Mortgage Association (Fannie Mae) in the Horseback Subdivision. It is on a wooded lot of 1.14 acres. The 3,250-square-foot, three-bedroom home sold for $225,000, or $69 per square foot. For that price, the buyers get a large patio and deck, two fireplaces and a two-car garage. Calling it a steal wouldn't be an exaggeration.
Belton said she encountered no difficulties persuading her buyer to look for a luxury home in Henderson Park.
"He found it on the Internet himself," Belton said. "I talked with him about it being on the outer limits (geographically) of where you're going to find these luxury homes. He flew out and back just to look at it. He immediately understood the value of the house. This is one of those eye-popping houses that the owner built for himself."
Hoffman said her listing in Henderson Park also is one of those custom homes built by a owner who wanted it to be just right.
The 6,237-square-foot, five-bedroom home is set back from the county road by a long, heated driveway that runs the length of a wildflower meadow in the aspens. Snow removal is not an issue.
The numerous quarter-circle roof elements announce that this is a contemporary home.
"It's definitely mountain contemporary, not the lodge look," Hoffman said.
The master suite has its own slate fireplace, a master bath with a distinctive tile tub surround and paneled wood ceiling. There are large windows throughout that give the illusion that one is living in the trees.
The property, with a wood fence and pond, easily could be adapted for equestrian use, Hoffman said. An outstanding well feeds a 10,000-gallon holding tank that affords water for the sprinkler fire-suppression system.
"The owner has created a home he can leave and not worry about," Hoffman said.
The home is being shown fully furnished.
Hoffman, a partner and associate broker in High Mountain Sothebys, said that her agency is linked into the greater Sotheby's website and that trends there bode well for the recovery of Steamboat's high-end market.
"Sotheby's gets 12,000 unique Web visitors a day from all over the world," Hoffman said, "and what we're seeing is that the No. 1 thing they are looking for is lifestyle, and of those (people), three-quarters of them are looking at ski properties."