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Price Reduced to $423,000

For more information contact Darrin at (970)846-5551 or email darrinfryer@earthlink.net

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Offered at $1,399,000

For more information contact Darrin at (970)846-5551 or email darrinfryer@earthlink.net

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Now reduced to $394,900! Beautiful Home in Heritage Park with 3 bedroom 2 bath, 2 car oversized garage, fully enclosed side yard for storage, generous open deck off the dining/kichen area and gas fireplace in the living area. The Master Suite includes glass pane privacy door, full size walk-in closet with built-in shelving and storage, and the main level still offers 2 more spacious bedrooms and full bath. The lower level is a finished 933 s.f. with an additional one bedroom(4th total) with full size ingress and egress windows. The laundry area is spacious and the built-in cabinets and utility sink make laundry and clean up a breeze. This home is located in a great Steamboat neighborhood just minutes from downtown.

For more information on this or any property in Steamboat Springs contact Darrin at (970)846-5551 or email darrinfryer@earthlink.net

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Offered at $305,000

For more information on this property or any other in Routt County, contact Darrin at (970)846-5551 or email darrinfryer@earthlink.net

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Intrawest sells The Village at Squaw Valley, Panorama Mountain Resort

Steamboat Springs — Intrawest, the parent company of Steamboat Ski and Resort Corp., has sold two of its resort properties in the past week. On Friday, Intrawest sold The Village at Squaw Valley to Squaw Valley USA, the operator of the Lake Tahoe, Calif., ski resort. The European-style Village at Squaw Valley includes two condo-hotels, six restaurants, 20 retails shops and a full-service spa. The sale price was not disclosed.

On Jan. 28, Intrawest sold Panorama Mountain Resort in western British Columbia, to a group of local investors. The deal includes the resort’s on-mountain and cross-country ski operations, a 50 percent stake in Greywolf Golf Course, all of Intrawest’s commercial operations and lodging units in the village and land available for real estate development. The sale price was not disclosed.

Intrawest has been working to refinance debt and already has sold Copper Mountain in Colorado and two of its French resorts.

Read Article on SteamboatPilot.com

Please contact me with any questions  at (970)846-5551 or email darrinfryer@earthlink.net

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Pressured Developer Auctions off Steamboat Condos

DENVER—With high-end furnishings inside and views of the Steamboat Springs ski resort outside, The Highmark sold the first of its 23 luxury condos for $3.17 million in 2008 and planned to wrap up sales that year.

It didn’t happen. The developer’s lender failed in August 2008, and credit markets froze following the collapse of Lehman Brothers a month later.

Under pressure from the new lender, The Highmark’s developer will auction off 15 units next month with minimum bids as low as $630,000—or $407 per square foot, down from $1,185 per square foot two years ago.

“I kick myself, but what can you do,” said Atlanta-area businesswoman Sharon Habibi, who with a friend bought a four-bedroom penthouse at The Highmark for about $3.1 million in 2008.

Economy-driven real estate deals in ski towns can be good for newcomers, maddening for early-bird buyers, but Habibi will be content having more neighbors to chip in homeowners association dues.

“We’re just excited to see them sold,” she said.

Some prices for ski town real estate have fallen 10 to 30 percent from their peak, depending on the market and product, and high-end buyers are looking for bargains, said Dennis Hanlon, president of the Western Mountain Resort Alliance, which represents 13 markets around the West.

Since Christmas, though, activity has picked up along with the stock market, as people who put off purchasing a second or third home reconsider, Hanlon said.

“People still want that dream vacation place,” he said.

Steamboat Ventures Limited says it has invested $300,000 to hold its auction. It’s been pressured to unload its condos since the Federal Deposit Insurance Corp. took over its lender, Integrity Bank in Georgia, in 2008.

Arash Kolahi, a senior vice president of Steamboat Ventures, said the auction will determine the true value of the properties—and quickly.

“Right now, people are looking for a bargain, and unless they think they’re getting a bargain, they won’t buy,” he said. “The best bargain you can give is let them choose the price.”

A buyer willing to buy all 15 unsold Highmark condos at once could get an even better deal, said National Auction Group Inc. President William Bone, who is handling the sale.

The minimum bid for a two-bedroom unit with a den and three bathrooms is $630,000. A similar unit sold for $1.8 million in 2008, Kolahi said.

Kolahi expects the company will lose $15 million on the project. The 15 condos at their original prices had been expected to bring in $30.5 million.

Inquiries on the condos have been about evenly split between Coloradans along the populous Front Range that includes Denver and potential buyers from New York, Atlanta, Dallas and Houston, which have direct flights to Steamboat Springs during ski season, Kolahi said.

Habibi said she stayed at The Highmark, which lets owners rent out units, before deciding to buy in 2008 with her friend.

“We know we definitely paid way over what we would have paid now,” she said with a laugh. “We’re excited for all of them be fully owned.”

View Article on DenverPost.com

If you would like more information on the upcoming auction, contact Darrin at (970)846-5551 or email darrinfryer@earthlink.net

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Offered at $458,000

For more information contact Darrin at (970)846-5551 or email darrinfryer@earthlink.net

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Now Offered at $1,800,000

For more information contact Darrin at (970)846-5551 or email darrinfryer@earthlink.net

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Offered at $130,000

Contact Darrin for more information at (970)846-5551 or email darrinfryer@earthlink.net

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