| "My Steamboat Connection" Real Estate Blog |
Stonewood @ Eagleridge UpdateThe Stonewood development features 23 townhomes with a beautiful "Olde World" European mountain design. Currently there is only one unit available that is ready for immediate occupancy and it is the Oakstone Model, Unit # 6, listed for $1,576,000. This unit has 3,465 sq. ft. and is offered furnished at this price. The Elmstone Model, Unit #8, was listed for $1,508,000 and it went under contract this past week. That's it for Phase II, everything else has either sold or is currently under contract.
Phase III construction will begin soon with delivery on the first half of this phase being in early spring 2008 and the second half of the phase is scheduled to be delivered in the early spring of 2009. There are 5 units in the first half of phase III and two of those are already under contract. the Elmstone plan, Unit # 20 is available for $1,699,000 and the Oakstone plan, Units # 21 & 22 are available for $1,732,500 (each). Pricing for the second half of phase III has not been released yet, but you can bet they will be going up due to the demand at Stonewood and in Steamboat in general. Those who are lucky enough to call themselves owners at Stonewood have seen some nice appreciation. The first units sold in September of 2005 for about $297/sq. ft. That same month another unit closed at $338/sq. ft. In May of 2006 a unit closed at $349/sq. ft. and in February of this year a unit closed at $425/sq. ft. Currently, units that are sale pending are listed at $450/sq. ft. and one unit (#6) can be bought for $455 a sq. ft. The rest of the units that are currently on the market are listed at $500/sq. ft. and one unit (a resale) is listed at $572/sq. ft.!!!! Are you thinking what I'm thinking? #6 is sounding like a sweetheart of a deal, huh? Call me (970) 291-1046 and let's go see it. 5:07 PM - Mar. 25, 2007 - comments {0} - post comment
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Effective this spring, the start and end dates for daylight
saving time (DST) will change in the United States . This
change was enacted as part of the United States Energy
Policy Act of 2005:
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Marabou features a total of 1,800 acres of productive ranchland along the revered Elk River and the development will have 62 homesteads for families who want to live on a working ranch. Of the 1,800 acres, 1,300 acres of open lands will be held in easement. The underlying foundation of Marabou is not building out the land but rather preserving the land and increasing wildlife capacity.
19 homesteads have been sold and closed so far and another 10 are pending. Four of these are scheduled to close in February. Construction is moving along very well thanks to the hard work and dedication of their Construction team. The River House Lodge, Main Entry, Barn and Equestrian Center, and the River's Edge Fitness Center are scheduled to be the first buildings complete before June 2007. Roads will begin to be paved in the spring.
Marabou homesteads range in price from $1.8 - $5 Million.
To learn more about this amazing community, visit http://www.MarabouRanch.com . To schedule a tour, call me at (970) 871-1157.
County's December Sales Set Record
By Tom Ross, Steamboat Pilot & Today 1/16/2007
Routt County — The dollar volume of real estate transactions in Routt County shot up in uncharacteristic fashion during December 2006.
December typically ranks in the bottom 25 percent of the annual calendar in terms of sales, but that wasn’t the case last month when the local market grew 174 percent to $97.8 million.
The late surge pushed the total 2006 dollar volume to $1.21 billion, establishing a new record.
Mike Woolverton, president of the Steamboat Springs Board of Realtors, said area real estate agents and their clients, mindful that there was limited inventory available at the close of a record year, snapped up many properties.
“The market had hit that perfect storm level,” Woolverton said. “We had a little frenzy with agents and their clients. There is almost no land on the market and people realized it was time to buy up what real estate you could find.”
Woolverton believes the real estate community and clients in Steamboat came to understand late in the year that the clouds hanging over the national real estate market were not going to curtail the Routt County market. That sense of optimism was reflected in the flurry of late activity.
Real estate professionals here knew by Dec. 5 that the market had crested $1 billion for the first time. What remained to be seen during the final four weeks of the year was whether the market would respond to the news that the sale of the Steamboat Ski & Resort Corp. to Fortress Investments/Intrawest had been placed under contract.
December’s activity, which was achieved on significantly fewer transactions than took place the previous year, suggests buyers took note of the $265 million Ski Corp. deal, which could close as soon as the end of March.
However, Woolverton disputes that notion.
“That was just our natural market,” he said. “The Ski Corp. news had nothing to do with it.”
Woolverton pointed out Routt County’s dollar volume began putting up substantial year-over-year increases in August and the trend continued throughout the fall. The autumn business was attributable to contracts written in the spring, he said, long before American Skiing announced its intent to sell the Steamboat Ski & Resort Corp. Similarly, the genesis of early winter transactions can be found in contracts written in late summer.
Woolverton said December’s numbers were affected by an anomaly — the rush to close sales of single-family lots at Wildhorse Meadows before the end of the calendar year.
A significant number of the 20-plus lots closed on Dec. 31, he noted. And their aggregate value, based on an average price of about $500,000, skewed December figures.
Bruce Carta of Land Title Guarantee Company in Steam-
boat Springs compiled figures maintained by Routt County this week that show the local market has nearly doubled since the end of 2004.
Routt County saw $637 million in sales in 2004. The number grew to $886 million in 2005 before eclipsing $1.1 billion in 2006.
The biggest single month in 2005 was July, when $99.46 million in transactions closed. July 2006 fell by the wayside despite hitting $102.8 million.
September 2006 hit $133 million, October notched $124.7 million (152 percent of the preceding year) and November topped $138 million.
Bruce Carta of Land Title Guarantee says:
"Attached is a copy of an article from the 12/26/06 Aspen Daily News. I know we are no Aspen, but with my experience in that area and the fact that
real estate values have increased after Intrawest announced involvement in the base area re-development in Snowmass Village....could this be an indication of where we are heading in the next five years?"
Aspen Daily News
The following is an article taken from the Steamboat Pilot & Today's Sunday, December 24, 2006 paper. If you are thinking of investing in Steamboat Springs, this is a must- read...
Steamboat Springs — Some of Steamboat’s most active Realtors and developers said the announcement that the Steamboat Ski and Resort Corp. is under contract to Intrawest for $265 million will simply further enhance a burgeoning market.
“It will put petrol onto a large and already hot fire,” Michael Hurley said. “It was already burning. It’s just going to go quicker, faster and hotter.”
Fortress Investment Group is funding the ski area purchase to add Steamboat to the portfolio of Intrawest, which Fortress bought in October. The sale of the ski area is expected to close by the end of March.
Hurley has overseen multiple phases of the Trappeur’s Crossing condominium project at Village Drive and Medicine Springs Drive, less than half a mile from the Steamboat gondola.
Hurley is selling condominiums at an average of $800,000 each even as construction at Emerald Lodge continues. Of the 32 condos, seven are available. Just last week, he filed an application with the city of Steamboat Springs to build 32 more units in the sixth and final phase of the project.
His comments about the hot market aside, Hurley is convinced that sales of real estate in the Steamboat market would have continued at a brisk pace absent the ski area’s announcement.
“Personally, I think the fundamentals of the real estate market are such that regardless of Intrawest coming here, the market was already positive, he said. “We would have seen great growth over the next 13 months, just based on supply and demand.”
Jim Cook of Colorado Group Realty concurred that real estate activity in Steamboat Springs and the Yampa Valley shapes its own course independent of ski area ownership. But the announced deal will help, he said.
“You can’t say this isn’t great news for the base area,” Cook said. “American Skiing Co. has a lot of good people here, but they had no money to spend. This is going to be encouragement for projects already on the board.”
Cook is actively involved in several major redevelopment projects in downtown Steamboat Springs.
“It isn’t skiing that is bringing people here to buy homes,” Cook said. “We live in a beautiful place. That’s what will drive it. The ski area is an amenity.”
Pam Vanatta of Prudential Steamboat Realty disagreed.
“I think it validates how important the ski area is,” she said. “We’ve all known what a great ski mountain this is. With Intrawest’s reputation, now, the whole world is going to know it. I think it’s only going to bring a whole lot more people here who will feel the same way.”
Ken Gold of ReMax Steamboat believes Intrawest’s track record of designing and building the best terrain parks in the business at Copper Mountain, Whistler, B.C., and Mammoth Mountain Ski Area in California, could boost tourism and interest in second homes here. If teenagers in a family influence the choice of vacation destinations, the quality of terrain parks rule and any Intrawest upgrades to Steamboat’s parks would be a benefit, he said.
Vanatta and Cook are closer in their view on how Intrawest can update the experience on Mount Werner.
“Everyone’s excited because there’s an expectation they’ll be bringing it up to 2007,” Vanatta said.
Cook said uncertainty about the financial condition of the current ownership is a remark that “rolls off the tongues of a lot of buyers.” A change to Intrawest ownership would defray that caution, he added.
Longtime Steamboat Realtor Steve Downs of Steamboat Village Brokers saw an instant response to news of the sale after forwarding newspaper
accounts to associates and clients in other states.
“I sent the stories from the Steamboat Today and Denver Post to 150 people in my address book,” Downs said. “Within three hours, I had 20 responses.”
Downs believes Intrawest’s reputation will elevate the prestige of Steamboat.
“Our resort will be brought into a higher status, and Intrawest will bring in a higher level of product. You couldn’t have a better (ski area) buyer than Intrawest in terms of their success and track record,” he said.
Downs has been active in real estate here for 32 years and said he just enjoyed his best third and fourth quarters of the year both in terms of numbers of transactions and sales volume.
Vanatta gave a similar report.
“Our company was up 30 percent in dollar volume this year, and this was my personal best year ever,” she said.
Is there a scenario that could see the arrival of Intrawest in Steamboat redefining opportunity in the Steamboat market? Gold believes so. He said he is working with clients who have been looking at property in Breckenridge. They love Steamboat’s laid-back style but are drawn to Breckenridge on another level.
“They like Breckenridge because there’s been so much reinvestment there,” Gold said. With major projects such as One Steamboat Place and Wildhorse Meadows just beginning to come on line, the prospect of reinvestment by Intrawest could help validate real estate prices of $800, $900 and $1,000 per square foot, he said.
“Because of Intrawest’s history with other resort areas, buyers could begin to see a new ground-floor opportunity.”
Gold is in the midst of developing Cimarron at Steamboat Townhomes, within walking distance of the ski slopes. They are still largely under construction, but already there have been re-sales with considerable appreciation realized. Of the 23 units, five are completed and closed at prices above $1 million, and there have been two re-sales in that group including one that was originally sold at $1 million and resold for $1.4 million. Among the 18 remaining units under construction, investors have resold four units at prices of $500 a square foot.
“If we had 20 more Cimarrons to sell, we’d probably bump the prices to $600 and $700 a square foot with the possibility of going to $800 a year further on,” Gold said.
Those kinds of increases in value translate to the entry level of Steamboat’s housing market, Gold said. Less than a mile from Cimarron, Gold is involved in Sunray Meadows condominiums, which represent entry-level product in today’s market. The price of those homes has recently escalated from $200 per square foot to $350 per square foot.
Downs has seen it all in Steamboat in 32 years. He can recall busing tables in restaurants and cleaning condos to augment his income. He urges longtime residents who are anxious about the pace of change in Steamboat to understand that failure to grow means stagnation or regression. Look at the remarkable community assets Steamboat is able to afford and carry on with life in a beautiful valley, he urged.
“The engine that runs every community is business,” Downs said. “We have an incredible medical facility, I was impressed with the community’s willingness to fund a new library. We have a vibrant arts community, look at the benefits (of the half-cent sales tax) for our schools.
“Growth always creates challenge and change. But if you stop change, then there’s a reversal. Would we all like to live in s sleepy little town with fabulous skiing? Probably. Life goes on.”
The following is a fascinating article, written by Tom Ross, for the Steamboat Pilot & Today. For those of you interested in the history of the Steamboat Ski Area, I am sure you will find this to be a delightful read.
Steamboat Springs — Assuming the deal is closed, Intrawest would become the sixth owner of the Steamboat Ski Area in the ski area’s 43-year history.
Steamboat began as the dream of local cattle ranchers, was launched into international stature by a Texas aerospace company, underwent landmark expansion and augmented its champagne powder with man-made snow with a Kansan at the helm. It installed its first high-speed quad chairlifts with a privately held Japanese company in charge and opened a massive new hotel under current owner, American Skiing Company.
Changes in ownership often seemed to come at the eve of a new decade. And amid all of the changes in corporate culture, Steamboat’s ingrained commitment to Western hospitality and unpretentiousness was always preserved.
The genesis of the Steamboat Ski Area we know today actually began in the 1950s, the dream of a man named Jim Temple. “Storm Mountain” ski area, under the ownership of the Storm Mountain Ski Corp., opened for a season, offering only a 2,220-foot-long Poma lift named Bear Claw. Ski historian Sureva Towler records that gross receipts from lift tickets that winter of 1961-62 was $1,213, leaving operating profit of $267.47 after expenses were deducted.
The inability to get the first double chairlift open for that first tentative season hampered the fledgling corporation. A separate company, the Steamboat Partnership, was formed to infuse the struggling little ski area with cash.
Storm Mountain officially opened on Jan. 12, 1963. Towler reported that the temperature was 25 degrees below zero and the oil in the gearbox was so stiff that it was difficult to start the new chairlift. A dozen skiers rode the lift that first day; seven had passes and five paid cash. Receipts for the first day were $13.75.
The pioneer ski developers pushed on, John Fetcher, Hank Perry and Marv Crawford among them.
By the winter of 1965-66, the ski area was able to offer the new Thunderhead double chair and Storm Mountain came within a few skiers of 20,000 skier days. In the winter of 1968-69, with more terrain than ever to ski on, including the new Four Points Chairlift, Steamboat jumped up to 99,000 skier days, nearly doubling the numbers from the previous winter.
Steamboat caught the eye of Paul Thayer, an ex-fighter jock, who had become a top executive at Dallas aerospace giant LTV. The corporation added a recreation division and purchased the ski area. The company had big money to invest, and the $10 million it committed to Steamboat allowed the company to begin developing the Steamboat Village Resort, (now the Sheraton Hotel and Conference Center).
LTV-RDI moved quickly and in 1970 installed the six-passenger Stagecoach gondola, which put Steamboat on the map of the world’s top ski areas.
The gondola took skiers to Thunderhead Peak in 13 minutes. The 3,330-foot span between towers one and two was hailed as the world’s longest. And the new gondola reached the dizzying height of 252 feet between towers two and three.
LTV took a year off before installing the Priest Creek chairlift in 1972. The first chairlift to be installed by helicopter, it opened the gladed Aspen skiing that Steamboat is famous for today.
In a new economic climate, LTV began returning to its core businesses and Steamboat no longer made philosophical sense.
A group of eight investors formed the Northwest Colorado Ski Corp. and led by Martin Hart purchased the ski area from LTV and changed the name to the Steamboat Ski Corp.
Hart is an affable but intensely private businessman, and the ski area management never released a biography that detailed his background.
He has served on the board of directors of the Hardees fast food chain, and his name was associated with the Carney brothers who founded Pizza Hut. When PepsiCo acquired Pizza Hut in 1977, Hart emerged with a small stake in the giant soft drink company. Hart’s other business interests have included banks, an industrial park in Boulder, an Oklahoma City travel agency and a large ranch near Loveland. During Northwest Colorado Ski Corp.’s tenure as owner of the Steamboat Ski Area, Hart continued to oversee his business interests from his Denver home.
The new owners would invest $36 million in the ski area during their tenure, and they immediately installed three new triple chairs (Christie III, Arrowhead and Southface), cut a new trail on the lower mountain called Ted’s Ridge and added 10,000 square feet to the Thunderhead restaurant.
In 1981, Steamboat invested millions in a new form of insurance policy — snowmaking systems were installed on 160 acres serviced by nine lifts. Northwest Colorado Ski Corp. kept up its investment pace, installing important new triple chairs, Sundown and Storm Peak, in 1983, and completed the Sunshine Bowl expansion over 1984 and 1985.
The new eight-passenger Dopplemayr gondola was installed in 1986, the same year a gourmet restaurant named after Hazie Werner was installed at Thunderhead.
Northwest Colorado Ski Corp. retained a New York investment banking company to market Steamboat. Hart was closed-mouthed about the process and it was not known if some of the original investors wanted out or the company felt it would take a greater infusion of cash to move the ski area forward.
Hart’s group was tempted by an offer of more than $100 million and in 1989, a family-owned Japanese company called Kamori Kanko Co. Ltd, became the new owner of Steamboat. The patron of the company, Kimihito Kamori, owned the Rusutsu Kogen ski resort on the island of Hokkaido, along with a koala bear preserve in Australia and other recreation investments. He purchased Heavenly ski area in California at the same time he purchased Steamboat. He was largely an absentee owner, represented by Japanese executives based at the ski area.
Kamori immediately approved the expansion of the Rendezvous Saddle facility in 1990 and gave Steamboat skiers inbounds extreme terrain with the opening of Chutes Two, Three and Christmas Tree Bowl.
Kamori himself presided over the opening of the Storm Peak Express and Sundown Express high-speed quad chairlifts in 1992. Steamboat jumped into employee housing with the construction of Walton Pond apartments in 1995, but the dollar was slipping against the yen. In 1997 Kamori sold both Steamboat and Heavenly to American Skiing Company the same year Les Otten took the ambitious company public.
The anticipated Pioneer Ridge expansion with 260 acres and a dozen new trails debuted under Otten’s tenure.
Otten quickly introduced his model for a “grand hotel” to Steamboat, but the hotel took a year longer to build than expected, and cost overruns undermined profitability.
ASC’s debt quickly became a problem, but in December 2000 Otten offered the promise of new efficiencies with a merger to the MeriStar hotel management group. Wall Street did not respond favorably and when the merger fell apart in the first quarter of 2001, Otten’s departure from the company was not far behind.
B.J. Fair was named to succeed Otten at the company’s helm and began working with the company’s creditors to restructure its debt. Steamboat quickly revamped its marketing strategies in the wake of Sept. 11, 2001, and salvaged a better season than anyone had dared pray for. In succeeding years, Steamboat has continued to perform well despite the struggles of its parent company. This summer, ASC made a significant investment in the ski area by replacing the Sunshine Express chairlift.
ASC announced in July that it had retained the New York firm of Bear Stearns to market the ski area to potential buyers.
The following was taken from an article written in the Steamboat Pilot & Today by Alexis DeLaCruz on Wed., Dec. 20, 2006
The Steamboat Ski Area is being purchased by a veteran ski resort developer and operator with access to significant financial resources.
Intrawest announced Tuesday that it has reached an agreement to buy Steamboat Ski and Resort Corp. and its related assets from American Skiing Co. for $265 million. The deal is expected to close in late March.
Intrawest president and chief operating officer Alex Wasilov said he was as drawn to the Steamboat community as he was to the ski area.
Wasilov said it is too early to say what sort of improvements or changes Intrawest might make at Steamboat. Those announcements will come once the sale has closed.
Visit steamboatpilot.com for extensive coverage of the sale announcement. Reporter Tom Ross examines how the ski area went from being worth $90 million five years ago to $265 million today. We also have local reaction to the sale as well as the history of the Steamboat Ski Area.
The new Steamboat Springs Community Center will be built adjacent to the Stock Bridge Transit Center west of downtown, and could be completed in late fall 2007.
After hearing 19 comments from members of the public in an overflowing Centennial Hall on Tuesday night, the Steamboat Springs City Council gave final approval to plans for the new community center with two 6-1 votes. Council member Towny Anderson twice voted ‘no,’ voting against one plan detailing the center’s site layout and another detailing its architecture. While nearly all of the public comments dealt with the 2.3-acre site bordering the Yampa River, praising or criticizing a site that has stirred debate throughout the center’s planning process, the pair of council votes affirmed that the 8,400-square-foot, nearly $3 million center will be built at Stock Bridge.
Fortress’ money matters
New York company owns Intrawest and is eyeing ski area
By Matt Stensland (Steamboat Pilot & Today, Thursday, December 21, 2006)
Steamboat Springs — The press release announcing the sale of the Steamboat Ski Area on Tuesday said Intrawest, but make no mistake, the new owner of the ski area will be Fortress Investment Group if the $265 million sale goes through as planned.Fortress, a private equity firm and hedge fund, entered the ski industry when it acquired Intrawest in October for $1.8 billion in cash and $1 billion in debt. On Tuesday, Intrawest announced it was acquiring the Steamboat Ski Area from American Skiing Co. The deal is expected to close by the end of March.It is Fortress’ money that will be used to acquire Steamboat, and it is Fortress that will expect a return on investments in the resort, analysts said.Based in New York, Fortress was formed in 1998 and has five principals — Chief Executive Officer Wesley Edens, Robert Kauffman, Randal Nardone, Peter Briger and Michael Novogratz. Today, the company manages about $26 billion in assets.No one with Fortress could be reached for comment Wednesday. But analysts familiar with the company said it’s not a big surprise the company dove into the ski industry. Purchasing Intrawest made sense, said JMP Securities analyst Will Marks. Fortress “is a company that looks for assets that it can finance easily,” Marks said.Ski areas are unique because they can be purchased for about 10 times yearly earnings, while other investments such as warehouses or office space can cost as much as 20 times earnings, Marks said.The Wall Street Journal reported in an article on Dec. 2 that the acquisition of ski areas by private equity firms likely will continue at a brisk pace. The Journal reported that such firms have access to the large amounts of cash necessary to make improvements to ski resorts and raise their values for possible sale later.Intrawest has interests in 10 North American ski resorts including Copper Mountain and Winter Park. Intrawest will be part of a “huge company,” and as such, Fortress likely will be hands-off when it comes to managing the ski areas, Marks said.“They are using outside management,” Marks said. “They’re not going to try to run Steamboat from New York City.”Fortress started as a private equity firm and has since expanded into hedge funds, real estate and debt. The company has offices worldwide and 500 employees.The firm manages about $9.4 billion in hedge funds and a $13.6 billion private equity fund. The equity fund invests in North America and Western Europe and acquires asset-based businesses with significant cash flows. The firm collects a management fee based on the performance of its investments.Since March 2005 the company’s assets have doubled, according to Bloomberg. The firm’s assets have grown from about $1.2 billion in December 2001 to $26 billion as of September 2006, according to a Nov. 8 Securities and Exchange filing.The filing was made because the company plans to go public.When Fortress goes public, the five principals in the firm will retain 90 percent control and $750 million in stock would be sold that could be invested in new or existing Fortress assets.Investor analysts have noted that once Fortress becomes a publicly traded company, it will be subject to SEC disclosures that include information private equity firms would rather not disclose, like what the returns are on Fortress investments. No U.S. firms comparable to Fortress have gone public, but others might follow its lead, experts say.Fortress in the SEC filing stated it was going public to offer incentives to its employees through stock options and to allow the firm to “more efficiently access capital.”On the same day it bought Steamboat, Fortress made another major announcement. Nomura Group, a global financial services group, announced it was acquiring a 15 percent stake in Fortress so it would be easier for both companies to gain access to each other’s markets. It is an $888 million deal with the proceeds going to Fortress.
American Skiing Company Announces Sale of Steamboat Resort for $265 Million
PARK CITY, UTAH – December 19, 2006 – American Skiing Company (OTCBB: AESK) announced today that it had entered into a definitive agreement to sell Steamboat Ski & Resort Corporation, in Steamboat Springs, Colorado, to Steamboat Acquisition Corporation, an affiliate of Intrawest ULC, for $265 million. The announced sale follows the review of strategic options for the resort announced in July. Steamboat was the nation’s eighth most visited resort in 2006, with over one million skier visits. Known as Ski Town USA®, and renowned for its Champagne Powder®, Steamboat was recently named the “#1 Family Resort in the West” by SKI Magazine.Headquartered in Vancouver, British Columbia, Intrawest ULC is a privately held company that, together with its affiliates, has interests in ten North American mountain resorts. “In light of favorable market conditions and considerable interest from prospective buyers, ASC decided to pursue a sale of the resort. The proceeds of this transaction will reduce outstanding debt and allow us to focus on opportunities in our portfolio of resorts and their related real estate,” said ASC President and CEO B.J. Fair. “We look forward to working with the entire Intrawest team to ensure a smooth transition and a continued outstanding resort experience for our guests,” added Fair.Included in the sale are the resort and all resort-owned operations, all of Steamboat’s resort-owned real estate assets, the commercial core of the Steamboat Grand Hotel & Condominiums and the company’s interest in the Walton Pond Apartments complex. The transaction is subject to customary closing conditions, including Hart-Scott-Rodino antitrust approval and consent of the United States Forest Service, and is expected to close on or before March 31, 2007.The purchase price of $265 million includes approximately $4 million in assumed debt, and is subject to working capital and seasonal earnings adjustments. After closing, it is anticipated that net proceeds from the sale will be used to repay all existing senior debt and outstanding revolver balances under ASC’s senior credit facility and certain other indebtedness. “Though it’s only December, Steamboat is off to a terrific start for the winter season with a number of new improvements, such as a new high-speed lift in the resort’s Sunshine area and renovations of the two main on-mountain dining facilities. As the resort makes the transition to new ownership, the Steamboat team will remain focused on the same qualities that make Steamboat the West’s favorite family resort: providing the best possible vacation experience for its guests,” said Steamboat’s President and Managing Director Chris Diamond.Bear Stearns and Main Street Advisors acted as financial advisors to American Skiing Company in connection with the transaction. Goodwin Procter LLP acted as legal advisor to American Skiing Company and Skadden, Arps, Slate, Meagher & Flom LLP and Jacobs Chase Frick Kleinkopf & Kelley LLC acted as legal advisors to Intrawest. About American Skiing CompanyHeadquartered in Park City, Utah, American Skiing Company is one of the largest operators of alpine ski, snowboard and golf resorts in the United States. Its resorts include Killington, Pico and Mount Snow in Vermont; Sunday River and Sugarloaf/USA in Maine; Attitash in New Hampshire; Steamboat in Colorado; and The Canyons in Utah. More information is available on the company’s web site, www.peaks.com.Certain statements contained in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). These forward-looking statements are not based on historical facts, but rather reflect our current expectations concerning future results and events. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. We have tried, wherever possible, to identify such statements by using words such as “anticipate”, “assume”, “believe”, “expect”, “intend”, “plan”, and words and terms of similar substance in connection with any discussion of operating or financial performance. Such forward-looking statements involve a number of risks and uncertainties. In addition to factors discussed above, other factors that could cause actual results, performances or achievements to differ materially from those projected include, but are not limited to, the following: the failure to satisfy any of the conditions to closing of the purchase agreement for the Steamboat resort, or the buyer’s refusal to close for any reason; and other factors listed from time to time in our documents we have filed with the Securities and Exchange Commission. We caution the reader that this list is not exhaustive. We operate in a changing business environment and new risks arise from time to time. The forward-looking statements included in this press release are made only as of the date of this document and under Section 27A of the Securities Act and Section 21E of the Exchange Act, we do not have or undertake any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.###
| By Bankrate.com |
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After drifting downward for more than five months, mortgage rates have hit the lowest point all year, and that has ignited a refinancing boomlet.
The benchmark 30-year, fixed-rate mortgage fell for the sixth week in a row, this time by 9 basis points, to 6.08 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.25 discount and origination points.
The 15-year, fixed-rate mortgage fell 8 basis points to 5.83 percent. The 5/1 adjustable-rate mortgage tumbled 6 basis points to 5.95 percent.
That put the 30-year rate at its lowest level since Oct. 5, 2005, when it was 6.07 percent.
Mortgage rates have drifted generally downward for more than five months since they hit the year's high on June 28, when the 30-year fixed stood at 6.93 percent.
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| Weekly national mortgage survey |
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| Results of Bankrate.com's Dec. 6, 2006, weekly national survey of large lenders and the effect on monthly payments for a $165,000 loan: |
| 30-year fixed | 15-year fixed | 5-year ARM | |
| This week's rate: | 6.08% | 5.83% | 5.95% |
| Change from last week: | -0.09 | -0.08 | -0.06 |
| Monthly payment: | $997.76 | $1,377.26 | $983.96 |
| Change from last week: | -$9.60 | -$7.09 | -$6.36 |
The investors whose trades set mortgage rates have been pushing rates down, chiefly on the belief that the higher gas prices and the cooling of the housing market were slowing the economy down enough to keep inflation tame. That would, in turn, be enough to spark rate cuts from the Fed.
Consumers have noticed the lower rates -- not enough to re-ignite the sagging housing market, but enough to get those who wanted refinancing into their local mortgage broker's office.
The Mortgage Bankers Association's weekly survey of mortgage applications, released Wednesday, showed a seasonally adjusted increase of 8.1 percent. Its Refinance Index rose even more strongly: to 13.7 percent, up from the previous week.
Are you in the market for about 3 1/2 acres of land with 360 degree views of the Pacific ocean? I am working with a couple who own this beautiful property in Pismo Beach, CA and they have decided to sell this property so they can buy in Steamboat Springs. One of the neighbors of this property is baseball player, Robin Ventura. The CC&R's allow for horses and the property next door recently sold for $2.9 million. If you would like more info and pictures, contact me at stacy@stacy-brown.com
Bubble? What bubble? With talks of slowing markets nationwide, it's good to be buying and selling real estate in Steamboat Springs right now. The market here has not slowed down and we are still seeing double-digit appreciation in many areas! Following are the sold stats for November. If you would like more detailed information on a particular area, give me a call at (970) 871-1157 or email stacy@stacy-brown.com.
| No. of Listings | Dollar Volume | Average Price | Median Price | Average DOM | ||
| RESIDENTIAL | ||||||
| CONVENTIONAL | 71 | $34,596,430 | $487,274 | $310,000 | 301 | |
| FHA | 1 | $118,000 | $118,000 | $118,000 | 21 | |
| CASH | 16 | $9,649,859 | $603,116 | $366,500 | 156 | |
| OTHER | 1 | $598,000 | $598,000 | $598,000 | 139 | |
Analysis by Area |
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| 1-DOWNTOWN AREA | 8 | $3,777,000 | $472,125 | $512,000 | 109 | |
| 2-FISH CREEK AREA | 6 | $2,530,000 | $421,667 | $384,000 | 86 | |
| 3-MOUNTAIN AREA | 53 | $26,713,589 | $504,030 | $335,000 | 291 | |
| GRSCK BLKTL HEN | 1 | $582,500 | $582,500 | $582,500 | 72 | |
| HAYDEN- TOWN OF | 10 | $2,091,000 | $209,100 | $213,500 | 175 | |
| JACKSON COUNTY | 1 | $116,000 | $116,000 | $116,000 | 326 | |
| MOFFAT COUNTY | 1 | $118,000 | $118,000 | $118,000 | 21 | |
| OTHER | 1 | $125,000 | $125,000 | $125,000 | 3,866 | |
| SOUTH OF HAYDEN | 1 | $300,000 | $300,000 | $300,000 | 271 | |
| SOUTH VALLEY | 1 | $6,530,200 | $6,530,200 | $6,530,200 | 153 | |
| STAGECOACH | 2 | $696,500 | $348,250 | $348,250 | 128 | |
| W 40 CORRIDOR | 4 | $1,382,500 | $345,625 | $387,500 | 117 | |
| Totals | 89 | $44,962,289 | $505,194 | $312,000 | 270 | |
| LAND | ||||||
| CONVENTIONAL | 9 | $3,141,400 | $349,044 | $350,000 | 189 | |
| CASH | 11 | $4,208,000 | $382,545 | $375,000 | 295 | |
Analysis by Area |
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| 1-DOWNTOWN AREA | 1 | $350,000 | $350,000 | $350,000 | 155 | |
| 2-FISH CREEK AREA | 1 | $1,250,000 | $1,250,000 | $1,250,000 | 138 | |
| 3-MOUNTAIN AREA | 4 | $1,784,000 | $446,000 | $417,000 | 595 | |
| ELK RIVER AREA | 1 | $992,900 | $992,900 | $992,900 | 594 | |
| MOFFAT COUNTY | 1 | $190,000 | $190,000 | $190,000 | 210 | |
| NORTH ROUTT | 3 | $579,500 | $193,167 | $58,000 | 75 | |
| SOUTH VALLEY | 3 | $1,925,000 | $641,667 | $685,000 | 243 | |
| STAGECOACH | 6 | $278,000 | $46,333 | $43,750 | 86 | |
| Totals | 20 | $7,349,400 | $367,470 | $362,500 | 247 | |
| COMMERCIAL/INDUSTRIAL | ||||||
| CONVENTIONAL | 1 | $248,900 | $248,900 | $248,900 | 94 | |
| CASH | 1 | $1,875,000 | $1,875,000 | $1,875,000 | 104 | |
Analysis by Area |
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| ELK RIVER AREA | 1 | $1,875,000 | $1,875,000 | $1,875,000 | 104 | |
| W 40 CORRIDOR | 1 | $248,900 | $248,900 | $248,900 | 94 | |
| Totals | 2 | $2,123,900 | $1,061,950 | $1,061,950 | 99 | |
| Non Co-op Sales | 31 | $22,874,649 | $737,892 | $380,000 | 389 | |
| Co-op Sales | 80 | $31,560,940 | $394,512 | $311,000 | 214 | |
| All Sold Listings | 111 | $54,435,589 | $490,411 | $333,500 | 263 | |
HAPPY VETERANS DAY!
This is an amazing story of an amazing dog named Skidboot. Dog lovers won't want to miss this...
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The following information was gathered from the Steamboat Springs Multiple Listing Service. If you have any questions or if you would like more detailed information on certain areas, give me a call at (970) 871-1157 or send an email to stacy@stacy-brown.com. I would love to hear from you. Over $85 Million Dollars worth of real estate was sold in the month of October through the local MLS!!
| No. of Listings | Dollar Volume | Average Price | Median Price | Average DOM | ||
| RESIDENTIAL | ||||||
| CONVENTIONAL | 84 | $38,829,258 | $462,253 | $362,400 | 175 | |
| FHA | 2 | $393,000 | $196,500 | $196,500 | 68 | |
| CASH | 30 | $31,014,562 | $1,033,819 | $597,500 | 219 | |
| OTHER | 2 | $597,500 | $298,750 | $298,750 | 79 | |
Analysis by Area |
||||||
| 1-DOWNTOWN AREA | 8 | $6,033,137 | $754,142 | $646,819 | 236 | |
| 2-FISH CREEK AREA | 7 | $4,604,900 | $657,843 | $469,900 | 83 | |
| 3-MOUNTAIN AREA | 69 | $34,252,847 | $496,418 | $364,900 | 177 | |
| ELK RIVER AREA | 2 | $10,380,000 | $5,190,000 | $5,190,000 | 204 | |
| HAYDEN- TOWN OF | 6 | $1,158,336 | $193,056 | $190,000 | 120 | |
| JACKSON COUNTY | 1 | $55,000 | $55,000 | $55,000 | 245 | |
| MOFFAT COUNTY | 2 | $967,000 | $483,500 | $483,500 | 313 | |
| NORTH ROUTT | 4 | $2,305,000 | $576,250 | $536,000 | 130 | |
| OC PBURG YAMPA | 2 | $352,000 | $176,000 | $176,000 | 192 | |
| SO ROUTT RURAL | 1 | $1,261,700 | $1,261,700 | $1,261,700 | 654 | |
| SOUTH AND WEST | 3 | $1,681,500 | $560,500 | $607,500 | 353 | |
| SOUTH VALLEY | 2 | $4,025,000 | $2,012,500 | $2,012,500 | 323 | |
| STAGECOACH | 1 | $180,000 | $180,000 | $180,000 | 136 | |
| W 40 CORRIDOR | 10 | $3,577,900 | $357,790 | $354,450 | 150 | |
| Totals | 118 | $70,834,320 | $600,291 | $374,900 | 183 | |
| LAND | ||||||
| CONVENTIONAL | 15 | $5,445,400 | $363,027 | $270,000 | 230 | |
| CASH | 24 | $7,695,900 | $320,663 | $86,000 | 345 | |
| OWNER FINANCE | 2 | $445,000 | $222,500 | $222,500 | 186 | |
Analysis by Area |
||||||
| 1-DOWNTOWN AREA | 1 | $450,000 | $450,000 | $450,000 | 47 | |
| 2-FISH CREEK AREA | 1 | $755,000 | $755,000 | $755,000 | 326 | |
| 3-MOUNTAIN AREA | 4 | $2,000,000 | $500,000 | $515,000 | 463 | |
| ELK RIVER AREA | 2 | $3,570,000 | $1,785,000 | $1,785,000 | 143 | |
| HAYDEN- TOWN OF | 4 | $334,900 | $83,725 | $86,000 | 370 | |
| NORTH OF HAYDEN | 1 | $516,000 | $516,000 | $516,000 | 51 | |
| NORTH ROUTT | 4 | $267,000 | $66,750 | $71,500 | 226 | |
| OC PBURG YAMPA | 2 | $352,500 | $176,250 | $176,250 | 266 | |
| SOUTH AND WEST | 3 | $835,000 | $278,333 | $310,000 | 123 | |
| SOUTH VALLEY | 4 | $3,255,000 | $813,750 | $965,000 | 118 | |
| STAGECOACH | 15 | $1,250,900 | $83,393 | $27,000 | 386 | |
| Totals | 41 | $13,586,300 | $331,373 | $150,000 | 295 | |
| COMMERCIAL/INDUSTRIAL | ||||||
| CONVENTIONAL | 1 | $240,000 | $240,000 | $240,000 | 577 | |
| CASH | 1 | $80,000 | $80,000 | $80,000 | 45 | |
| OWNER FINANCE | 1 | $675,000 | $675,000 | $675,000 | 257 | |
Analysis by Area |
||||||
| 3-MOUNTAIN AREA | 1 | $80,000 | $80,000 | $80,000 | 45 | |
| HAYDEN- TOWN OF | 1 | $675,000 | $675,000 | $675,000 | 257 | |
| W 40 CORRIDOR | 1 | $240,000 | $240,000 | $240,000 | 577 | |
| Totals | 3 | $995,000 | $331,667 | $240,000 | 293 | |
| Non Co-op Sales | 74 | $43,005,630 | $581,157 | $308,000 | 258 | |
| Co-op Sales | 88 | $42,409,990 | $481,932 | $364,900 | 175 | |
| All Sold Listings | 162 | $85,415,620 | $527,257 | $352,500 | 213 | |
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