The online auction of Clock Tower Square and Xanadu Condominiums at the base of the Steamboat Ski Area begins Tuesday, Aug. 24 and continues on Wednesday at realtybid.com.
The minimum bid is $3.8 million.
Steamboat developer Jamie Temple and partner Colgate Holmes were seeking city approval to build 201 condominiums, a spa and commercial space on the site until it was foreclosed on. the property was listed for sale by the developers for $15 million in 2009. Mile High Banks foreclosed on the property.

The Aspen Times reported Thursday that assessors and commissioners from six counties around the state, including three from the Western Slope, are participating in a task force formed by the state legislature to reexamine property tax policy that avoids owners of expensive rural homes to value their lots at steeply reduced ag tax rates if they or an independent farmer realizes income from farming activity on open space in the developments.
Times writer Janet Urquhart reported that the group’s current emphasis is tending toward removing residential uses from the overall development and excluding them from the ag exemption.

The lobbying entity Colorado Counties Inc., is also participating in the work of the task force.

Chairwoman Nancy Stahoviak said Thursday the issue was discussed on Aug. 9 with other county officials and the board decided it would not have any input for the task force at this time.

A half-dozen bank sales of property in July accounted for nearly 15 percent of gross dollar volume for the month, according to Routt County statistics researched by Bruce Carta of Land Title Guarantee Company. However, one sale in particular had a heavy influence on the trend.
Carta reported this week that six bank sales last month totaled $5.371 million, or 14.5 percent of the total volume for the month of $36.925 million.
Alpine Bank’s sale of a home on Graystone Drive for $3.2 million pushed the average price of bank-owned sales for the month to $895,167.

July real estate closings produced $36.9 million in dollar volume, up about 3.7 percent from July 2009.
Bruce Carta of Land Title Guarantee Company reports that year-to-date dollar volume is up more dramatically. The $292.1 million sold thus far in 2010 is 174.75 percent of last year’s seven-month total of $167.2 million.

Anyone whose mortgage initiator can persuade an underwriter to give them a 30-year fixed rate this month will get in on record low rates.

Freddie Mac reported Aug. 12 that rate slipped to 4.44 percent compared to 5.29 percent a year ago.

The 15-year fixed rate is less than 4 percent. That’s right, 3.92 percent.

Those unheard-of rates are based on 80 percent loan to value.

Routt County Public Trustee Jeanne Whiddon confirmed Tuesday that the number of foreclosure filings in Routt County to date has reached 178 compared to 195 in all of 2009.
A relative minority of foreclosure filings here result in the property being returned to the bank.
Foreclosure filings here had reached 135 by June 5, causing Whiddon to say she’d be very pleased if the number didn’t hit 300 by the end of the year. However, she said weekly filings had slowed averaged four for almost two months, before increasing just this week. Neither statistic represents a trend, she said.
The worst year on record for foreclosure filings here was 1985 when 234 were filed, Whiddon said.

The County Commissioners voted Tuesday to give Song Mountain developer Ji-ang Song a two-year extension to his conceptual approval for 272 lots on Woodchuck Mountain instead of the 7 years he asked for.
Song cited adverse market conditions in making his request. He and consultant Peter Patten have until Sept. 22, 2012 to submit a complete preliminary development plan.