Steamboat Homes

A public notice of foreclosure was posted yesterday by Intrawest’s lenders, stating the auction to sell Intrawest’s assests will be held on February 19th. Whether this will proceed according to the lender’s notice, will only be told in the coming weeks. Intrawest is the current owner of Steamboat Springs Ski Resort.

The Lehman Brothers along with Kempner Capital Management are Intrawest’s primary creditors. After Intrawest missed the latest payment of $524 million, on a $1.4 billion loan, the lenders posted the threat of auction. Intrawest’s owner, Fortress Investment Group, stated yesterday that they continue to own and control Intrawest and all of its properties’ at this time. ‘Intrawest spokesman Ian Galbraith said no company assets have been seized, and it’s business as usual for the Games. Galbraith called the notice of auction…a standard practice by lenders during refinancing discussions.’

The New York Post reports that ‘by forcing Intrawest into bankruptcy, Lehman and other creditors could raise several billion dollars repossessing Intrawest and selling off its various resorts.’Another possible scenario is Galbraith’s explanation, that the lenders are using the Olympics as a means of grabbing more attention to the situation, increasing pressure on Intrawest for the most recent missed payment.

In the short term however, if there is a declaration of bankruptcy, Dan Doyle, the Vancouver organizing committee’s executive vice president of construction, is not worried. ‘Bankruptcy doesn’t happen overnight.’It’s a long process, it’s a process that takes months. Given all of that, we’re very confident that the Games will go on at those two venues in Whistler, and they’ll go on with the co-operation of the people that are running the mountain.’

What does this mean for Steamboat? Depending on how this situation plays out, could result in different scenarios. The headline of the New York Times, tells a fair bit though, ‘Lenders Threaten to Auction Whistler Ski Resort.’ Nothing is yet set in stone.

The 2 solutions I see as most probable are that either Intrawest will re-finance with Fortress’s help, or a new owner with cash will get the resorts for substantially less. This would result in a much better cash flow and the ability to invest in improved facilities.

Will keep you posted on the change of status of Intrawest, and the effects felt in Steamboat.

The Porches of Steamboat have seen positive sales in their community over the last half-year. Over this time frame ‘the Porches has made six sales; three fractional interests in the Private Residence Club and three whole ownership units, one of those being a pre-construction purchase.’ Similar to the success of One Steamboat Place, the Porches describes their success as a result of the quality of their development. Bruce Shugart, the developer of the Porches states, ‘We have remained true to our vision, emphasizing three core tenants: quality craftsmanship, exceptional service and attention to detail. Delivering on this promise has enabled us to remain viable.’

The Porches has been developed with the idea of creating ‘a genuine neighborhood perfect for multi-generational family gatherings.’ True to their name, each residency in the Porches has a large, exterior deck for gathering in the morning for coffee or in the evening to regale your day. With their success, the Porches is continuing their building of new residencies into 2010, for more information on specific floor-plans and designs contact me at or 970-819-6930.

One Steamboat Place officially opened for the first group of guests on Saturday.  This beautiful facility is now open for owners and guests looking to capitalize on the beautiful weather in Steamboat. ‘The first guests — as many as 14 or 15 couples — were scheduled to begin checking into residence club condos Saturday.’ In addition to the successful condo sales thus far, 34 of 50 Summit Club memberships have been acquired.  The Summit Club ‘memberships entitle members who don’t own real estate at One Steamboat Place to use amenities including the spa and ski lockers.’

‘Although One Steamboat Place is a private lodge, members of the public who would like to take a tour to satisfy their curiosity are welcome to inquire at the sales office just off the entrance near the outdoor fire pit at Gondola Square.’ For more information about taking a tour feel free to contact me at 970-819-6930 or jon@mybrokers.com

More pictures of the finished development will be available in the coming week, so be sure to check back for more images of the fitness center, spa, and the many comfortable lounges around this new development.

Today was a beautiful day in Steamboat, albeit a bit cold, but beautiful. I got out this morning for a few runs and hitting fresh powder at each turn made battling the cold worth it.

With the completion of Edgemont just around the corner, the interior design is coming together with each passing day. Finishing the main lobby area, Edgemont has combined a chic design with the traditional, ski chalet warmth. Below are two pictures from different angles of the main lounge area. I will try to include more pictures in the upcoming days to better outline the progression throughout the building.

Edgemont Lounge

Edgemont Lounge

The Walk of the Olympians was featured this morning on the Steamboat Today Morning Show. I was happy to outline the idea of the Walk of the Olympians and what we are hoping to accomplish through this project. I am very excited that sponsorships are well underway and look forward to seeing more in the near future. It will be a great way to honor our Olympic roots in Steamboat Springs. To see the video click on the sample Walk of the Olympians plaque below.

At 830 tomorrow the competition begins for the few coveted automatic bids to the 2010 Olympic Games. With events in Nordic combined, Moguls, and Aerials the competition is sure to be intense in each area, with only the winners guaranteeing themselves a spot on the Olympic Team. The cross-country race should be a great event to watch, for those of you looking to stop by one or two events. With the start staggered according to their previous jumps. However, whoever crosses the finish line first will win the event. This great show of fitness will begin at 1130am at the rodeo grounds on Howelsen Hill. For information on the locations and times of the rest of the events check the Steamboat Pilot. Hope to see you out there, should be a unique, fun event.

Real Estate in Routt County saw the best month of the year this past November. The “November’s dollar volume was $89,994,700, representing 237 percent of the November 2008 volume and putting last month’s total slightly ahead of November 2007, according to research by Bruce Carta, of Land Title Guarantee Co., in Steamboat Springs.” Another contributing factor was the change in First Tracks from an affordable housing option to now being available on the open market has spurred 9 closings and 10 more contracts. Hopefully this is indicative of a positive trend for the future of Routt County real estate!

To read the entire article published in the Steamboat Pilot click below:
Routt County Real Estate Market Sees Best Month of the Year

The newly developed Walk of the Olympians is looking for sponsors! The Walk of the Olympians is designed to be a series of 18 x 18 in plaques recognizing the Olympians who lived in Steamboat Springs during the years they were actively competing. These “bronze plaques are going to be placed along the sidewalk that runs along Yampa Street behind The Olympian and Howelsen Place developments. The bronze plaques will include two images of each athlete — a portrait and action shot. The plaques also will include the events and years of each athlete’s Olympic appearances and the plaque sponsor’s name.”

The goal is for the plaques to be completed in time for the Olympic send-off ceremony on February 5th.

For more information or to become a sponsor, call Jon Wade at 970-819-6930 or e-mail jon@mybrokers.com.

The Denver Magazine published a recent article discussing the two newest developments at the Steamboat Springs Base Area, One Steamboat Place and Edgemont. Dana Butler describes her time spent this summer staying at the luxurious  One Steamboat Place guest house where she was treated to “breakfast every morning, and a glass of wine before bed.”

While starting with a brief discussion about the new developments and real estate, the author describes her favorite part about Steamboat. She states, “the real selling point is the town and the ski area itself. The town retains its authentic Western charm, and the Mountain Village is undergoing what some would call much-needed change. Some may mourn the loss of Ski Time Square — although the stalwart Tugboat Grill & Pub remains.” Remembering what brings us all out to Steamboat in the first place, a great conclusion to the article.

To read the article click here: Two Sides of Steamboat

Click here for more information about One Steamboat Place or Edgemont.