LandReport.com » Steamboat Springs

Sold! Steamboat’s Perry Ranch

Eric OKeefe — Tue, 08 Sep 2009 18:10:16 +0000

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

Eric OKeefe — Thu, 11 Dec 2008 01:00:05 +0000

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:

CBMR’s parent company Triple Peaks, LLC and CNL Lifestyle Properties, a real estate investment trust specializing in recreational assets, have entered into a 40 year sale-leaseback arrangement which means a robust financial position for CBMR and a continually improving experience for our guests. CNL has purchased the resort assets necessary for ongoing operations. In turn, Triple Peaks, LLC will lease back the operating rights to Crested Butte Mountain Resort, Okemo Mountain Resort and Mount Sunapee Resort. With initial discussions between the parties starting in earnest this past May, this partnership is perfectly aligned with recent rebranding, strategic initiatives, and leadership changes at CBMR.

As Diane Mueller said, “In these economic times this allows our three resorts to move forward. The bottom line is that the Muellers aren’t going anywhere. We’ve been in this industry twenty years and we’re passionate about it. We can now focus on ski operations.” With major capital improvements now in the planning stages, the acquisition gives Triple Peaks’ management additional capital to build the Red Lady Lodge here in Crested Butte and to construct a conference center and an additional 9-holes of golf at Okemo Mountain Resort.

With questions on the sale-leaseback arrangement, Scott Clarkson, VP of Sales and Marketing at Okemo Mountain Resort, answered it this way: “Given the capital and debt credit situation, a financial arrangement like this was able to happen because of the strength of Triple Peaks and the strength of CNL. Their financing is cash-based so they are not subject to the vagaries of the markets. For the resorts, we change from debt financing to equity financing. We’ll make lease payments to CNL rather than interest payments to banks.”

CNL Lifestyle Properties has a diverse portfolio of 115 properties including recently-acquired Big Sky, Montana and Northstar-at-Tahoe Resort among many others. Click here for a list of their portfolio.

The resort assets while owned by CNL, will be under the operational control of CBMR. Further, the Muellers still maintain ownership of the residences within The Lodge at Mountaineer Square, homesites in Prospect, some base area properties, and all of the undeveloped real estate previously in their portfolio. This will allow the Mueller Family and CBMR to participate in shaping the future of the area in a way that honors and enhances what makes this place special for those that live and visit here.

Steamboat Springs Preservation Ranch Takes the Gold

Eddie Lee — Fri, 31 Oct 2008 07:00:20 +0000

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.

The challenge for Jeff Temple and his investors was to take a spectacular 1,717-acre parcel along the Elk River, preserve it, enhance it, and do all of the above while making a profit. No small task.

“We are constantly sharpening the saw, trying to make the service better, and the overall experience better,” says Temple. Many know Jeff from his pioneering success with his brother Jamie at Storm Mountain Ranch. There they used fewer than 40 acres to create 14 homesites on a 1,063-acre parcel just outside Steamboat. The remainder was set aside in conservation easements for wildlife and agriculture. Now Temple is perfecting his craft down the road.

“This weekend we’re going to go on a world-class elk hunt with owners and a prospect. That wasn’t on the program before, but it is now. We are surrounded by one of the largest elk populations in North America, and some of owners really have dreamed all their lives about being able to get a big elk. It’s a lot different than the catch-and-release of the Elk River, and hunting is certainly part of the Western ranch experience.”

Temple and his buyers don’t hunt at Marabou. They take advantage of the tens of thousands of acres of public lands that surround the Yampa Valley. But it’s back at the ranch that he’s made his mark.

Marabou’s recreational facilities comprise 12 amenity buildings: the River House Lodge, Casting Room Theater, Horse Barn, Equestrian Center, Downstream Spa, Outfitter’s Cabin, River’s Edge Fitness Center; River’s Edge Pool, and four Owners’ Cabins. For the amenity building project, TCD of Steamboat Springs was the builder; Denver-based 4240 Architecture was the architect; Braun Associates in nearby Edwards was the land planner; and Elk River Partners of Steamboat Springs was the developer. It was this combination of talents that was singled out in San Francisco at the Pacific Coast Builders Conference where Marabou was awarded a Gold Nugget Award for the Best Public/Private Recreational Use Project.

“Our major challenge was to harmoniously combine themes of ranching, sustainability, and luxury,” says Temple. The dozen buildings are all powered by wind energy. “We wanted the amenity buildings to be well-appointed, spacious, and welcoming gathering places for residents, but we also wanted to minimize our impact on the land and wildlife.”

The results have been telling. Sales of homesteads, which start at $2.9 million, have been brisk even given the present economy. “So far in 2008, we’ve sold four homesteads and expect to sell a handful more between now and Christmas. This year, 2008, has been slightly slower but not much. We feel really fortunate. We’ve recently had a flurry of interest despite the economic news. I think it’s because the project is one-of-a-kind. It’s really special and unlikely to happen again, at least not in some people’s lifetime,” says Temple.

Steep Drop in Ski Country

Eric OKeefe — Wed, 10 Sep 2008 13:14:15 +0000

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.

These numbers apply to Aspen, Breckenridge, Steamboat Springs, Telluride, and Vail, and present an unprecedented buying opportunity, according to George Harvey, president-elect of the Colorado Association of Realtors and a broker at Telluride Properties.

“In my opinion it is the undoubtedly the best time to buy real estate in the Telluride region in over 10 years. At the current sales pace, the market shall absorb about 400 of the approximate 1,800 properties currently listed in the Telluride MLS by the end of the year 2008,” writes Harvey in a note to Land Report Publisher Eddie Lee Rider Jr. On the other side of the coin, this means that about 1,400 listings will not get sold in the Telluride market this year. Per usual, unique properties and those perceived as good values are moving quickest. Harvey notes that buyers are looking for a 15 to 20 percent discount compared with the more typical 5 to 10 percent off. “We know that doesn’t settle well with many sellers,” he writes.

One final consideration. Harvey sees a balanced market emerging perhaps by 2010. It will take that long before the number of listings and the number of sales reach an equilibrium. George Harvey can be reached at Telluride Properties by calling 970-369-5373.

Park City Tops Hot Markets in the West

Grant Gannon — Sun, 27 Apr 2008 19:00:40 +0000

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.