Repriced Steamboat Barn Village lots attract 15 offers
May 18, 2013
Steamboat Springs — Barn Village at Steamboat might have finally settled into the right price range for the right market.
Listing Broker Chris Wittemyer, of Prudential Steamboat Realty, confirmed Thursday that the owners of the residential subdivision off Pine Grove Road between downtown Steamboat Springs and the ski area received 15 offers on 13 lots early this week in their first effort to reintroduce them to the market. Gibraltar Capital and Asset Management purchased the 47 unsold lots in Barn Village in a foreclosure auction in December for a reported $5.6 million.
"Most of the interest was local with approximately two-thirds of the buyers indicating that they would be purchasing to build a home for their own use and one-third from builders looking to build homes on spec," Wittemyer wrote in an email Thursday. "There also was a second layer of interest from people who looked things over but didn’t put in offers, taking a wait-and-see approach."
Realtor Jon Wade, of Colorado Group Realty, who brought one of the prospective buyers to Barn Village, said his client was among those Steamboat residents intending to build a home for his family.
"They're pretty effectively priced," Wade said. "This reflects that it now makes sense to build. You can build something not currently available in town."
Wade said he expects to see some construction at Barn Village this season.
Wittemyer said the owners are evaluating the offers and expects to make decisions on which of them to accept within the next few days as well as determine a direction for moving forward.
Wittemyer said they have divided the home sites into four categories: the neotraditional sites priced from $139,995 to $199,995, the creek-front duplex sites priced from $3495,995 to $449,995, single-family estate sites priced from $204,995 to $255,995, and creek-front estate sites priced from $449,995 to $549,995.
"We received offers on all areas except for the creek-front estate sites with the majority of interest in the neotraditional lots and the single-family estate lots," Wittemyer wrote.
Depending on how many offers are accepted by Gibraltar (and ultimately close), he said, 2012 could be on pace to mark the fourth year in a row that lot sales in the Steamboat market have grown.
"We continue to follow an upward trend," Wittemyer said. "Per MLS statistics, in 2009, there were five lot sales in the city of Steamboat, 2010 had 16, 2011 (had) 23, and 2012 (had) 24. So far this year, there have been six sales with nine lots presently listed as under contract.”
Wittemyer said he attributes the level of interest and the offers to purchase lots at Barn Village to a declining number of foreclosures and distressed properties, the scarcity of new construction in the past five years and the national recovery of real estate markets.
To reach Tom Ross, call 970-871-4205 or email tross@SteamboatToday.com