HIGHMARK CONTRACTS ACCEPTED

It looks like the Highmark, in Steamboat Springs, Colorado will sell it's remaining condos, eventhough they canceled the auction on March 12th. As reported by the Steamboat Pilot this Sunday, it looks like the developer has come to terms with 10 buyers. At the same time, the Penthouse owned by Wells Fargo bank has gone under contract. One irony of the situation is the priced difference between the auctioned condos and the Penthouse. The Penthouse is under contract for $150 to $200 per sqft more than the auctioned properties.

Another interesting development is the negotiation of a bulk sale to an investment group for the remaining condos. This would be very good for the overall Steamboat real estate market. The ability to move all the remaining properties in this project prior to the end of ski season is a good sign. True, the pricing is less than ideal, but at least there are enough buyers to get sales done. Overall, these buyers look to be getting very good deals. Across the street from the gondola for $450/sqft is not too bad, especially considering there is no more vacant land in the area.

As the 2010 Ski Season draws to a close, real estate activity is definately picking up. Buyers are actively looking at properties, trying to understand where the true values are. The fact that buyers stepped back in after the auction was canceled is a good indicator of this increased activity.

HIGHMARK AUCTION GOES POORLY

Yesterday was the much anticipated Highmark auction in Steamboat Springs, Colorado. As people gathered in the lobby, it didn't feel like things were going to go all that well. There were very few local real estate agents representing clients and the ones that were there, were skeptical of the sale. In small towns like Steamboat, it is essential that developers have buy in from the local real estate community. Unfortunately for the Highmark, a property with a jaded past, local have no faith in the project. The auction proved no different, with the unit to be sold at absolute auction not on the list. Smelled a lot like "bait and switch"

To read the full article on yesterdays auction, click here.

On a positive note, the penthouse owned by Wells Fargo bank went under contract yesterday. To view the property details, click here