How time changes things and this is definitely true for Trailhead Lodge. It's been a little over a year since the second auction and the Steamboat Real Estate Market has stabilized and some properties are going up in value including Trailhead Lodge Condos. We can't get ahead of ourselves as I am seeing in some cases but we are moving ahead.
Trailhead Lodge is the flagship building of the Wildhorse Meadows development on 42 acres at the base of the Steamboat Ski area. It is rare to have 42 acres in the city limits of Steamboat Springs much less at the base of the mountain or any other premier ski area for that matter. This allows a clean slate to do something nice and it also happens to represent most of possible the non-ski in ski out development land in the mountain area. Most of the remaining land is in the hands of a new developer and they plan to break ground on their first phase in 2014. Trailhead was originally sold in 2007 at premium prices that represented the times. About 63 of the 86 condos sold in the pre-development phase but things changed while it was being built and the developers then their bankers failed to recognize it. Surprising I know.
After a few years the note went to auction and someone who was advised by the developers paid about 50% too much for the remaining condos managing to make it even more distressed then did a few more things to amplify that. I could give you more details but we should save that for over a hot or cold beverage. That didn't work out well so some of the units went to auction to pay down their debts in the Spring of 2012 and the rest in the Fall of 2012. Both auctions were successful due to the appeal of this property despite less than optimal handling by the owner and auction company. All of this distress resulted in some amazing deals for people and the end of the distress hanging over the building.
Where does that leave these condos now? The short version (hot or cold beverage version upon request) is that after the auctions, the passage of a year, the turn in our local market and most importantly the removal of all but 4 condos (those are close) from distressed hands we are about where I expected a year or so ago. Trailhead Lodge Condos are still great condos in one of the newest nicest condo buildings in Steamboat. They are no longer being pulled down by a distressed developer or the buyers of the note who had access to far more money than sense. This is the most significant change and it gives us a positive path forward.
If you would like to get a sense for the current values or are interested in getting a condo in Trailhead before they come on the market give me a call. I have a couple clients who have asked me specifically to find them a private transaction. I also have one Studio listed at a reasonable price compared to other older studios that have sold recently. If you are interested in selling lets talk about the best strategy for you.
Trailhead Lodge is a great building with high quality amenities, easy year round access to town, the grocery store, Strings, movie theater, restaurants, and a gondola that takes you up to One Steamboat Place. I call it the nicest hotel in Steamboat for it's quality and amenities rivaled only by the Sheraton with it's recent remodel and ski in ski out access. Trailhead is a condo development not a hotel but for guests looking for a place to stay it is an apt description since it offers anything from Studio's with Kitchens to 3 plus bedroom condos and a capable staff. Just let me know if you would like to know more, my cell is 970-819-6930.