One Steamboat Place foreclosure sale delayed a 3rd time
May 4, 2011
Steamboat Springs — Routt County Public Trustee Jeanne Whiddon confirmed Wednesday that the scheduled foreclosure sale of the unsold condominiums in One Steamboat Place has been postponed a third time, until May 25.
The investors in the project owe nearly $100 million on the construction loan for the large luxury condominium development at the base of Steamboat Ski Area. A consortium of seven banks filed notice of foreclosure in December on the project, which was completed in 2009.
The original foreclosure sale date was March 16. It was delayed until April 13 and a second time until May 4.
Whiddon said a series of postponements is not out of the ordinary.
"Almost always, when this happens, it means something is being worked on by the parties, whether it's a loan modification or restructuring or something else that would release the deed of trust," she said.
One Steamboat Place is fully operational and welcomed both owners and short-term guests throughout the ski season.