On the Market: Trailhead Lodge lands 2 contracts at Wildhorse in Steamboat
December 17, 2011
Steamboat Springs — Kerry Shea, broker/owner of Wildhorse Meadows real estate and representing sales of Trailhead Lodge, reported this week that a pair of three-bedroom luxury condominiums in the prominent building in the larger Wildhorse Meadows project is under contract following the recently adjusted asking prices.
Shea released a price list reflecting that SilverLeaf Financial, of Salt Lake City, which acquired Trailhead in late October, had released 15 condominiums of the 58 unsold units in the 96-unit building to the market at discounts in the range of 40 to 60 percent from original list prices. Prices are in the range of $400 per square foot.
If the sales close as expected in the next two weeks, the two contracts would represent the first sale at Trailhead since 2009, when the building was completed.
The condos under contract were the only two units of their size (1,572 square feet) in the release. Shea reported the original asking prices at $1.5 million. The new asking prices were $715,000 and $725,000, the latter representing a reported discount of $825,000.
An article in the Steamboat Pilot & Today in 2008 stated that with the building half completed, a three-bedroom plus den condo on an upper floor at Trailhead was being offered for $2.3 million. At the other end of the spectrum, a studio unit was on the market for $430,000. There is one 461-square-foot studio condo on the market now with a list price of $220,000.
"We wanted to offer a variety of units," Shea said about the initial release of 15 condos. "We're seeing family purchases with people looking for that extras space of the three bedrooms."
There are two-bedroom units being offered at prices ranging from $535,000 to $560,000.
Shea said one of the contracted buyers is someone who has been watching Trailhead closely for a period of time. The second is someone who was looking at a range of properties in the market. Neither has an ongoing relationship with SilverLeaf, he said.
SilverLeaf acquired Trailhead this fall by purchasing the debt from Bank of America at a discount and then completing the foreclosure process that was under way.
Trailhead has its own public people-mover gondola linking the building to the Steamboat Ski Area gondola and is renting the condos actively for short-term vacation stays.
Shea predicts winter visitors will produce additional sales leads.
"We have the advantage of being operational since June 2009, and we think the gondola and the amenities are a point of differentiation in the market."
Cheryl Foote completes distressed property training
Cheryl Foote, of Prudential Steamboat Realty, has earned the Certified Distressed Property Expert designation, having completed extensive training in foreclosure avoidance, with a particular emphasis on short sales. Short sales allow the distressed homeowner to repay the mortgage at the price that the home sells for, even if it is lower than what is owed on the property. With plummeting property values, this can save owners from foreclosure or bankruptcy. More lenders are willing to consider short sales because they are much less costly than foreclosures.
Additionally, Foote recently added the Five Star Institute Short Sale Certification, the Res.net Short Sale Certification and the Equator Platinum Certified Short Sale agent.
Foote said, "Getting these designations and education was extremely important to me. I want to help people avoid foreclosure."
Foote can be reached at 970-846-6444 or firstname.lastname@example.org.
Realtors host community Christmas dinner for free
The members of the Steamboat Springs Board of Realtors will renew a longstanding holiday tradition on Christmas Day when they host the public from 2 to 6 p.m. at the Steamboat Springs Community Center.
There will be live music and a complimentary dinner for everyone. Call Penny Fletcher at 970 870-8800 with questions or to donate food. Check http://www.steamboatsprings.net for the bus schedule.