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.”

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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Steamboat Springs Preservation Ranch Takes the Gold

It always amazes me when someone takes the time to go above and beyond the call of duty to improve an already one-of-a-kind piece of property. The idea is to take some great place and make it even more over the top. That is definitely the case at Marabou, a Colorado ranch preservation community just outside Steamboat Springs that was recently honored at the Pacific Coast Builders Conference.

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Steep Drop in Ski Country

Sales of land, ranches, and resort residences in Colorado’s top tier markets are off as much as 50 percent in 2008, according to figures compiled by Telluride Consulting and Land Title Guarantee Company. Read more

Park City Tops Hot Markets in the West

Open range, snow capped peaks, and beautiful views embody what many seek when searching for their first piece of property. One need look no further than the scenic American West when searching for this ideal piece of land.

The Rocky Mountain area continues to be a prime location for landowners seeking convenience and amenity in their purchase. John Pierce of Hall & Hall Ranch Sales says many looking to move to the Rockies do so because of the traditional resort ski areas.

“You have your resort communities and properties within reasonable striking distance of those ski communities. There are Jackson, Steamboat, Vail, and Aspen, those kinds of markets. You have your lesser known like Missoula, Livingston, Bozeman, those areas have been strong although they aren’t first and foremost known as ski towns,” Pierce says. “They are more known as nice communities within reasonable proximity of skiing but not known as a ski community.”

One area where Pierce says he’s seen the most growth is Park City, Utah. Names like Aspen and Snowmass are synonymous with skiing; cost and overcrowding have some potential buyers looking elsewhere.

“You’ve seen a lot of growth in the Park City area because of convenience. [An airport] hub like Salt Lake City where you’re 30 minutes into the mountains from the point you touch down is extremely convenient,” Pierce says.

Park City is 40 miles from the Salt Lake City International Airport while Aspen and Steamboat Springs are more than 180 miles from Denver International Airport.

“With commercial flight becoming more challenging, that’s a big part of it. You go into Denver, and it’s still quite a ways to the ski areas. It’s not as convenient as Salt Lake City with Deer Valley and Park City. That’s certainly an area where we’ve seen a fair amount of growth,” Pierce says. “Going to an Aspen or a Sun Valley; it’s that much more complicated.”

If there is property to be had, many willing buyers are there ready to scoop it up. Pierce says access is the key with many weekend warriors flying to their land from “the major money centers around the country.”

It’s a national draw so air travel is a must.

Still, Pierce says, there isn’t a slowdown in any ski resort communities in the area on the horizon. There will always be buyers for properties in the traditional ski areas.

Hall and Hall’s listings currently point to a high demand market. There are no properties in Pitkin County (Aspen) and only one property, an 876-acre retreat, in the Park City area.

A recent article in the Salt Lake Tribune says that home sales in the area are sagging with more than 2,600 homes priced in excess of $500,000 on the market. Acreage is harder to find however. The Wasatch Front MLS lists only 34 properties with more than four acres of land.

“We have definitely seen more funds coming into the marketplace place as potential buyers where they are looking at it as an investment,” Pierce says.