Steamboat Springs is a mountain town in northwest Colorado known for its champagne-powder skiing, bicycling, fishing and, most of all, friendly western atmosphere.
Steamboat Springs, Colorado (PRWEB) April 11, 2013
Steamboat Barn Village lots are coming back on the market for up to 70 percent off the original sale prices. Steamboat Barn Village is a single-family-home and duplex development along Fish Creek behind Steamboat’s iconic barn. It has a great location that makes it easy to get to downtown, the mountain or the grocery store and is great for bicyclists.
Steamboat Barn Village originally was developed in 2007, and its properties were reserved more than twice over when they rolled out. The process and disclosure wasn’t handled well by the development team, leaving many unanswered questions, and as a result, most of the buyers didn’t move forward before the market changed. A few pieces of land sold after then but mostly sat idle while the developer struggled and eventually was foreclosed on by the bank.
The note was auctioned for about $5.6 million, and Gibraltar Capital, the private-equity arm of Toll Brothers, bought the note. Toll Brothers finally was able to foreclose on the 47 remaining lots in Steamboat Barn Village a few months ago. The long-term distress has pulled prices down significantly to the point they now are attractive compared to other alternatives in the Steamboat area.
Lots in Steamboat Barn Village are about 70 percent off their original pricing. The real-estate market in Steamboat is completely different today, but there are basically two remaining land developments that are very close to the mountain, and a third remaining land development is above the Rollingstone golf course. They are The Range at Wildhorse Meadows, Steamboat Barn Village and Graystone at the Green.
There are a total of 108 lots that haven’t been built out, as of today, in the three new subdivisions; a total of 68 are owned by two private-equity groups. That is a significant number of lots, so that begs the question, what is the path forward here? Outside the developments, a few lots are available at those amazing price points, and there is no additional land to develop single-family lots in the mountain area. The new pricing for Steamboat Barn Village is below:
- Smaller single-family lots range from $140,000 to$200,000
- Large single-family lots range from $230,000 to $240,000
- Large single-family lots with creek frontage run about $450,000
- Duplex lots cost $350,000 to $450,000
To see how those prices compare to other available land listed in the Steamboat Springs MLS, click here.
Steamboat Springs is a mountain town in northwest Colorado known for its champagne-powder skiing, bicycling, fishing and, most of all, friendly western atmosphere. The Steamboat Group is focused on giving its clients a superior real-estate experience. We are proud to be a part of Colorado Group Realty, and Waterfront Properties and Club Communities is proud to be one of the company’s trusted real-estate partners.
For information about The Steamboat Group, call Jon Wade at 970-879-0879.