Majority of Trailhead auction condos in Steamboat have closed
June 9, 2012
Steamboat Springs — A skier's dozen of the Trailhead Lodge condominiums near the base of Steamboat Ski Area that sold at auction May 6 in Denver have closed in a flurry this week at prices ranging from $215,000 to $650,000.
That leaves 11 of the 24 units that real estate investment firm Kennedy Wilson reported were under contract after the auction.
One example of the recent closings is the 1,139-square-foot, two-bedroom, two-bath Condominium 3105 that sold for $426,300. Compare that with a similar unit that sold during the original round of closings in 2009 for $995,000.
Salt Lake City company SilverLeaf Financial acquired the six-story Trailhead Lodge building and the remaining 58 unsold condos in the fall through foreclosure proceedings by purchasing the outstanding debt of $57 million on the property from Bank of America for $28 million.
Kennedy Wilson originally announced in March that it intended to sell 39 units at the auction. However, Steamboat Realtor Jon Wade, of Colorado Group Realty, said 34 actually were offered to bidders. The aggregate sales value of the closed units, which are linked to the Steamboat Ski Area base by a gondola, was reported at $9.17 million.
Of the 13 Trailhead units that had sold by Friday, nine were in the $400,000 price range. Their combined value is $5.2 million.
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Realtor Cam Boyd, of Prudential Steamboat Realty, said two of his clients have closed on their auction purchases, and a third purchased a Trailhead unit after the auction process had concluded.
The market purchase involved a handpicked, 1,572-square-foot, three-bedroom corner condominium on the top floor of the six-story building with views of the ski area.
It sold for $650,000, or $413 per square foot, somewhat more than the typical auction units, which sold in the range of $300 to $370 per square foot.
Boyd checked the multiple listing service to confirm that the full balance of unsold units at Trailhead have not been put back on the market. There are five offered for sale, four of them by a limited liability company created by SilverLeaf.
Trailhead, originally developed by Resort Ventures West, made a big splash in July 2007 when it held a sales event in Denver while the project was under construction. During a span of six hours, Resort Ventures West reported putting 62 of the 86 units in the project under contract for an aggregate value of $56.6 million.
Prices for the fully furnished condos began at $430,000 for studio units and climbed to $2.25 million for three-bedroom units. The developers said the contracts were secured by "hard money," but by the time the project was completed in 2009, the economy had turned, and not all of those pending sales closed.
To reach Tom Ross, call 970-871-4205 or email tross@SteamboatToday.com