Distressed luxury townhomes at Steamboat ski base are off the table
December 28, 2012
Steamboat Springs — With the sales of 10 luxury townhomes in three projects at the base of the ski area totaling $10.8 million in the second half of 2012, that segment of the Steamboat market has seen bank-owned properties come off the multiple listing service signaling they could be entering a new phase where relative scarcity of product and market sales begin to move prices upward.
"This will be an interesting selling season to see how many buyers come back, particularly for luxury projects," said Mike Shuttleworth, of the Steamboat Previews Team at Coldwell Banker Distinctive Properties. "The flood of Chadwick Estates, Stonewood and Cimarron units has been gobbled up in the last few months. Four recent closings (including a Cimarron townhome Dec. 7) mark a turn of the market."
Shuttleworth acknowledged he can't foresee whether new bank-owned listings will pop up in one of those three properties, but for now, there are very few listings — bank owned or otherwise.
"The inventory in these projects and price range is basically two units," he said. "There is one short sale at Stonewood that should be closing any day."
Shuttleworth and his partner, Vicki Jackson, recently brought a group of investment buyers to the sale of three Chadwick Estates Villas townhomes that coincidentally were listed by their Coldwell Banker colleagues Mix and Karen Beauvais.
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Shuttleworth said his clients had some price leverage with the owner, Bank of the Midwest, because of their willingness to take on three units of the duplex townhomes.
Of the three, two are contained in a building that stood unfinished for a long time and was completed by the bank after assumed ownership. All three comprised just more than 3,200 square feet and sold for $850,00 each compared with listing prices of $1.125 million and $1.15 million. The equivalent prices per square foot were right around $260, easily below replacement cost.
"The primary benefit, other than pricing, is that they can control releasing them back onto the market when they're ready," Shuttleworth said.
And there could be additional Chadwick Estates Villas homes built in the future; Atira Group, developer of Edgemont, bought the ground representing a third phase, Shuttleworth said.
To reach Tom Ross, call 970-871-4205 or email tross@SteamboatToday.com