Sold! Steamboat’s Perry Ranch

A well-known Rocky Mountain landmark, Colorado’s 470-acre Perry Ranch, sold for $11 million ($23,000+ per acre). The sellers paid $13 million for the Routt County ranch in 2007 intending to improve it and then market it as a conservation development property, but last year’s recession squelched those plans. Hall & Hall’s Brian Smith in Steamboat Springs represented the seller. Tim Casey of Mountain Marketing Associates in Breckenridge represented the buyer. The transaction closed on June 30.

The original asking price of $25 million dropped to $19.5 million and then to $16 million last year when the economy tanked. “This sale is very indicative of what we’re now seeing: 15 to 25 percent off market highs,” says Smith, referring to the spread between the sellers’ purchase price in 2007 and the 2009 sale.

“Buyers who are not trying to pinpoint the bottom of the market can find all sorts of opportunities. A lot of sellers, particularly those with a higher basis in a property, are recognizing current market conditions and adjusting their asking price,” says Smith. “What made this property such an outstanding opportunity was the size of the parcel and its proximity to downtown Steamboat Springs. The south fence line is literally one mile to the city limits. One minute you’re tucked away by yourself in a lush little valley with aspen groves and Soda Creek. Hop in your truck and five minutes later you’re on Main Street. Best of both worlds. It’s extremely difficult to find that combination near a resort town, whether it’s Steamboat, Vail, Aspen, Telluride, Jackson, or Sun Valley.”

CNL Acquires Jiminy Peak

Two months ago, CNL Lifestyle Properties snapped up Crested Butte, Okemo, and Sunapee for $132 million. Now the Florida-based real estate investment trust has acquired another ski resort, spending $27 million for Jiminy Peak. Here’s the press release: Read more

Aspen Market Takes a Tumble

The 2008 numbers are in, and Pitkin County – the bellwether market for high-profile, high-dollar real estate in the Colorado Rockies – has gone downhill. Dollar volume? Down 46 percent from 2007. Real estate transactions? Off 40 percent. Read more

Obama to Nominate Salazar for Interior

Landowners in the West will have one of their own heading up the Interior Department in the new Obama Administration. According to published reports, Sen. Ken Salazar (D-CO) will be named the 50th Secretary of the U.S. Department of the Interior later this week by President-elect Barack Obama. Read more

More Details Emerge on the Crested Butte Mountain Resort Sale

Last Friday’s sale of Colorado’s Crested Butte Ski Resort, part of a three-ski-area package acquired by CNL Lifestyle Properties from Triple Peaks LLC for $132 million, marks the second change in ownership for the Gunnison County landmark in less than five years. In 2002, Triple Peaks, which is owned by Tim and Diane Mueller, was set to buy Steamboat Springs Ski Area from American Skiing Co. (ASC) for $91.4 million, but ASC backed out. The Muellers perservered, however, and two years later they acquired Crested Butte from the Callaway and Walton families in March 2004. Here’s the official lowdown on last week’s sale, which was broadcast via email earlier today:

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CNL Lifestyle Properties to Pay $132 Million for Crested Butte, Okemo, and Mount Sunapee

CNL Lifestyle Properties, an Orlando-based real-estate investment trust (REIT) will announce today that it is acquiring Crested Butte Ski Resort in Colorado (pictured), Okemo Mountain Resort in Vermont, and Mount Sunapee Ski Resport in New Hampshire from Triple Peaks LLC of Ludlow, Vermont. According to The Wall Street Journal, CNL will pay $132 million for the three ski areas, which Triple Peaks will continue to operate. Read more

For Sale: Colorado’s Hunt Ranch Back on Market for $30,000 Per Acre / $17 Million

In a surprising turn of events that is the norm in real estate development, the investment group that paid $8 million for an historic cattle ranch downvalley from Aspen was denied crucial development rights by Garfield County. Hunt Ranch LLC had applied to develop 93 homesites on the 561-acre working ranch while preserving a 230-acre pasture. The county’s planning and zoning commission recommended approval of the plan, but in a 2-1 vote in October the Garfield County Commissioners denied it. The property has subsequently been listed for $17 million ($30,000 per acre).

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Behind the Woodshed: Jeff Hawn

The Land Report prides itself on singling out landowners who make a difference, inspire others, and establish a legacy. This will not be one of those instances. The name Jeff Hawn will never be included under the category Good Neighbor. Instead, it has already been listed in Colorado under a much different heading: felon. Read more

Pinon Canyon: Under Fire Again

Fire destroyed Mack Louden’s century-old Marty Feeds building in Trinidad on September 15. Louden, a local rancher who has been spearheading opposition to Fort Carson’s proposed expansion of the Pinon Canyon Maneuver Site, had insurance on just a portion of the property. As I detailed in this report, the time constraints of his battle with the Army had forced him to shutter his feed store, which he was in the process of selling. Investigators have ruled out arson. Read more

Pinon Canyon: The Fight Goes to the Hill

The U.S. Senate is close to approving a $72 billion military construction budget that would effectively prevent the Army from spending any money to expand the Pinon Canyon Maneuver Site for another year. But opponents of the expansion are by no means breathing easy. Read more

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