On the Market: Bank regains Chadwick Estates townhome project
April 15, 2011
Public Trustee Jeanne Whiddon confirmed that Community Banks of Colorado, holder of the original deed in the luxury townhome project, Chadwick Estates Villas here, was the sole bidder in a foreclosure sale at the Routt County Courthouse on April 6.
Community Banks filed a foreclosure notice on Steamboat developers Richard Friedman and Brooks Kellogg in October 2010 seeking unpaid principle of $11.75 million. The original amount of the note was $12.5 million.
The foreclosure filing pertained to four townhomes and undeveloped land off Eagleridge Drive. A fifth townhome, which had previously sold, was not involved.
The developers had hoped to build 20 of the three-story units, which they expected to sell for about $2.3 million.
Steamboat's Tom Ptach joins Colorado Group
Tom Ptach, a local businessman, has joined Colorado Group Realty as a broker associate.
He moved to Steamboat in 1992 with his wife, Cindy, and son, Scott. Ptach is the owner and operator of Pilot Office Outfitters in downtown Steamboat Springs. He is also a certified public accountant.
With his in-depth understanding of business operations and transactions, one of Ptach's primary focuses with Colorado Group Realty will be the facilitation of sales and acquisitions of businesses and commercial real estate.
Throughout the years, Ptach has served on many boards. He was a founding board member of MainStreet Steamboat, served on the city of Steamboat Springs Board of Adjustments and Sign Committee, and the Steamboat Springs Education Fund Board. He serves on the Steamboat Springs Golf Committee and is a member of Ski Town USA Rotary.
He can be reached at 970-846-6964 or firstname.lastname@example.org.
Colorado bill targets private transfer fees
The Associated Press
Colorado legislators have sponsored a new law that would protect Colorado homeowners by restricting private transfer fees. Senate Bill 11-234 would ban the transfer fees, a relatively new financial scheme that steals home equity, lowers home resale values and adds another layer of difficulty to selling a home, according to detractors who include the Colorado Bar Association.
The bill is supported by a variety of organizations, including the Land Title Association of Colorado, the Colorado Bar Association, the Community Associations Institute, the Colorado Mortgage Lenders Association, and the Colorado Association of Realtors.
"It is great to see legislators standing up for homeowners by protecting consumers from these predatory fees," said Chris Payne, a member of the real estate section of the Colorado Bar Association. "This bill will be an important step in safeguarding our already fragile real estate market from abuse."
The fees require that a percentage of the sale price of a home be paid to a private third party every time the property is sold, typically for 99 years. Freehold is attempting to bundle and securitize these fees, and sell them to Wall Street investors.
Homeowner association fees are not restricted by the language in S.B. 11-234. HOA fees, paid by homeowners in many Colorado cities and towns for services such as maintenance of common areas in their developments, provide a direct benefit to the community in which a home is located.
The bill is the latest in a series of government actions to limit private transfer fees. Arizona, Arkansas, California, Delaware, Florida, Hawaii, Illinois, Idaho, Iowa, Kansas, Louisiana, Maryland, Minnesota, Mississippi, Missouri, Nebraska, New Jersey, North Carolina, Ohio, Oregon, South Dakota, Texas, Utah and Virginia have all passed legislation to restrict the dangerous fees. Colorado is one of many states with pending legislation.
On the federal level, the Federal Housing Finance Agency has issued a proposed rule that would prevent government-sponsored entities from investing in mortgages with these fees.