One Steamboat Place debuts new pricing
August 5, 2011
Steamboat Springs — After announcing July 7 that they had successfully restructured nearly $100 million in original construction debt, the developers of One Steamboat Place have unveiled a new price list detailing reductions on the remaining 24 whole-ownership units. The price reductions range from $600,000 to just more than $1 million.
One Steamboat Place is adjacent to the Steamboat Ski Area's gondola, with its front door adjacent to the new Wildhorse Meadows gondola terminal.
None of the condominiums — where every bathroom is unique within the home and the kitchen features deep red cabinetry — are priced below $1 million. Six of the ski-in, ski-out homes are priced lower than $2 million.
The condominiums are listed on the Steamboat Springs multiple listing service by Timbers Resorts Director of Sales Keith Marlow on behalf of Timbers Resorts Real Estate.
"We and our investor group have made significant multimillion-dollar capital contributions to continue our forward momentum, as well as arranged financing for prospective owners at One Steamboat Place," Timbers Resorts CEO David Burden said in July. "With this loan restructure completed, the banks are now fully behind One Steamboat Place. The terms of the modified loan, along with additional capital invested from our partners, have provided a very solid footing for the continued sellout of the remaining units in the project."
One Steamboat Place broke ground in late summer 2007 and continued construction through a record snow winter. It posted $15.3 million in sales during its first round of closings in November 2009. The project includes 80 large condominiums, with 38 whole-ownership vacation homes among them.
The new prices begin at $1.65 million for a four-bedroom, four-bath unit comprising 2,384 square feet. It originally listed for $2.3 million.
The majority of the 24 remaining whole-ownership units at One Steamboat Place are four- or four-and-a-half bedroom condominiums.
At first glance it would appear the new prices were driven by square-footage, which varies from unit to unit, but Marlow said that was not the case.
"We've priced them based on internal planning and things like amenities," he said. "We don't sell on price per square foot. "
Marlow added that he is pleased with the interest in the project reflected by the people visiting the sales center.
"We're very excited. It's a very competitive situation, but we've had a lot of good people visit and we've heard that it has sparked a lot of good conversation with their Realtors."
At the high end, Unit 803 at the top of the building was formerly priced at $4.45 million and is now listed for $3.5 million.
One Steamboat Place was completed in 2009, well after the downturn in the national housing market had taken place and the national recession was recognized for what it was, or is. However, some of the whole-ownership units closed at or near original asking prices. They include the 4,163-square-foot Unit 801, which sold for $4.4 million in November 2009, and the 4,239-square-foot Unit 711, which sold for $3.8 million in March 2010.
Burden, whose company led development of One Steamboat Place and continues to manage it, told the Steamboat Pilot & Today in July that the new sales program would include in-house financing in order to overcome the difficulty of securing financing for condominiums with front desk facilities on the open market.
A consortium of seven banks filed foreclosure proceedings against the investors of One Steamboat Place in November 2010. Burden said the filing, known as a notice of election and demand, was part of the negotiation of restructuring the debt. Routt County Trustee Jeanne Whiddon confirmed that the notice of election and demand was withdrawn on July 13.
To reach Tom Ross, call 970-871-4205 or email tross@SteamboatToday.com