Construction is abuzz in the Barn Village at Steamboat subdivision, where four homes and a duplex are under construction and as many as a dozen more homes could break ground this summer.
Real estate broker Chris Wittemyer, who has brokered more than $33 million in sales since the development’s inception more than 10 years ago, said that, after a rocky start, the subdivision is now one of the most thriving areas for new construction in Steamboat Springs.
“Seven homes and one duplex have completed construction in the last two years, while four homes and another duplex are currently under construction,” said Wittemyer, who is a broker with Steamboat Sotheby’s International Realty. “Things will only get more busy this summer, when up to 12 more homes are anticipated to break ground.”
In many ways, the subdivision’s history represents a microcosm of the Steamboat real estate market over the past dozen years, said Wittemyer, who represented the More family, the original developers, and Gibraltar Residential in transactions over the years.
The project began in 2004, when developers Bob Comes and Eric McAfee contracted for the purchase of 40 acres from the More family, longtime ranchers.
Planning for the subdivision took more than three years and included the creation of a four-acre park surrounding the iconic More barn, which sits at the front of the 62-parcel neighborhood along Angels View Way.
When the project was launched to the public over Labor Day weekend 2007, each of the 54 lots up for sale was reserved by a prospective homeowner, builder or developer, with many parcels having two or three prospective buyers in line.
But by the time the development was fully platted as a subdivision the following year, and before those reservations could become legally binding contracts, the recession was beginning.
Of the original 54 reserved lots, only 11 contracts closed, and through the course of the next four years, only four additional lots sold.
A promissory note for the remaining 47 lots was sold by Vectra Bank to Gibraltar Residential in 2012, and Gibraltar subsequently foreclosed on the property.
When Gibraltar reintroduced the lots to the market the following year, prices were reduced by 65 to 70 percent of original listing prices.
The reintroduction went well, and as every few lots sold, Gibrlatar would bump up the prices of the remaining lots, Wittemyer said.
Seventeen lots were sold in 2013, 11 in 2014 and nine in 2015.
“For 2016, two additional lots have sold, three are under contract and only five remain left for sale,” Wittemyer said. “The subdivision has come full circle and, today, is one of the most thriving areas for new construction in Steamboat Springs.”
Prices for the remaining lots, which are all neo-traditional lots intended to have alleyway garages, range from about $212,000 to $250,000.
More information about Barn Village is available at barnvillageatsteamboat.com
For information on the available lots, contact Wittemyer at 970-846-1364 or email@example.com.