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

STEAMBOAT SPRINGS HIGHMARK AUCTION

On January 23rd the Steamboat Pilot and Today reported that 15 units at the Highmark resort ins Steamboat Springs, Colorado would go to auction on March 3rd. One unit will sell at absolute auction with no reserve.

The Highmark property has had a very troubled history and hopefully this will be the final chapter. Back in 2003 the foundation for the project (at that time it was called the Chadwick) was begun and then abandoned, to sit idle for well over a year. After a new developer took over the project and changed the name, construction was completed. Unfortunately, this was not the end of the Highmark's troubles.

In December 2007, the Steamboat Pilot reported that the "Highmark developers sue buyers, Steamboat Ventures: Purchasers' failure to close a breach of contract."

Marketing of the condos within the Highmark started with an in house sales team, with minimal success. Then the sales strategy shifted and the developer offered a lease back opportunity through a local real estate firm. This offer allowed buyers to earn guaranteed rental income from the developer for a set number of years, offsetting carry costs. Unfortunately this incentive program turned out to be a very bad deal for those who jumped at the opportunity. Currently one of these units is in foreclosure and being sold for close to half what was originally paid.  It is our hope that once the property is turned over to a true homeowners association, the real value can be realized. 

Is this auction a good opportunity? This is the big question. We have performed an analysis of the units being auctioned for our clients and have determined there could be an opportunity. If you have any interest in owning a home across the street from the Steamboat Springs Ski area, contact us and we will review the situation with you. There are a number of variables which need to be considered with an auction of this nature. We can be reached at 970.819.1432 or chris@mybrokers.com

THE HIGHMARK DEVELOPMENT IN STEAMBOAT SPRINGS COLORADO GOES TO AUCTION

The Highmark, one of Steamboat's luxurious residences will go to auction on Thursday, March 4th. Fifteen condominiums will go to auction including 1 condo that will sell regardless of price. The rest are 2,3, and 4 bedroom condos that will sell fully furnished. The interior is furnished with top of the line Ralph Lauren inspired furniture, beds, dressers, lamps and accessories, natural slate entryway, gas fireplace with timber mantel and mountain rock surround, 9’4” volume ceilings with crown molding in the foyer, dining room, living room, and bedrooms, 8’ high panel doors,premium brass interior hardware, fluted casings with rosettes around all doors, Berber carpeting throughout living, dining, and bedroom, high-end home theater system in living room and surround sound system throughout, large open balconies with paver-tiled floors, gourmet kitchen with under-counter lighting,custom designed wood raised panel cabinetry with European-style hinges and top-of-the-line kitchen appliances including top of the line GE Monogram® appliances.
The Highmark has upscale amenities and is located only 300 yards from the gondola. Some of the amenities include valet and underground parking, health and fitness club, swim-in and swim-out heated pool and Jacuzzi, ski valet and storage, butler services, private airport transportation, etc.

If you would like to participate in this auction or need additional information please do not hesitate to give us a call or send an email.
chris@mybrokers.com, 970-819-1432 or amybrown@mybrokers.com, 970-846-211