Steamboat Homes

The Highmark condominium project is set to auction off 15 unsold units on March 12th. ‘William Bone, president of the National Auction Group in Gadsen, Ala., said the owners’ intent is to sell one of the 15 condominiums with no minimum price but with reserves on the remaining units.’ Selling one unit with no reserve will result in a sale will that be at the highest bidding price. According to Bone, the other 14 units are set with reserves, meaning bidders must surpass a previously established minimum for the unit to be sold.

By not setting a reserve on one unit, this will help both developers and the community understand how these units are valued per square ft.

Highmark has had difficulty throughout its short history. Construction began in 2003, however the original developer abandoned the project after the realization that his funding was not sufficient to see the condo through to completion. Work began again in 2005, but a battle in the courtroom between the new developers and 7 of the contracted buyers, once again left many of the units were left unsold.

Since that time the ‘six-story condominium tower has been managed as a boutique hotel. The management is quoting a nightly rental rate of $1,100 for a four-night stay in a three-bedroom condo in mid-February.’

Highmark is a luxury condominium designed with elegant, Bavarian influences. Each unit includes ‘slate entries, sandstone fireplaces, coffered ceilings, hardwood floors, French doors, extensive moldings, large balconies and theater systems with surround sound — many with views of the Steamboat Ski Area.’

This auction and the surrounding circumstances represent an opportunity for a long troubled but well located development to take on a new life.  There are some interesting factors that you need to know to make your decision but these may present a good opportunity to those in the know.  If you would like to talk to someone who can help you make the best decision either way on participating in the auction and give you independent advice on values give me a call at 970-819-6930 or email jon@mybrokers.com

Related posts:

1. Highmark Contracts Accepted, Awaiting Closings
2. Highmark Foreclosures Withdrawn
3. Weekly Solds for the Third Week of September

This entry was posted on Monday, February 22nd, 2010 at 1:46 pm and is filed under Condo, News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.