A recent search of our MLS here in Steamboat Springs, Colorado revealed some interesting information about the Steamboat Grand Resort Hotel & Condominiums. This 4-star condo hotel, with 1, 2, 3 and 4-bedroom condominiums, suites and penthouses, is extremely popular among frequent visitors to Steamboat because of its close proximity to the mountain (it is directly across the street from the gondola) and its great amenities, including a year-around outdoor pool, state-of-the-art health club and spa. However, people who really love it often purchase either a fractional ownership (in a 1/8 or 1/4 share interest) or a whole-ownership condominium. Regardless of the size of the interest owned in a unit at the Grand, the owner still enjoys all its benefits, including a private Owner’s Lounge in the hotel and private Owners Club at Gondola Square, First Tracks Ski Program, ski storage, and a highly coveted parking space in its underground parking garage.
In the past, it has been rare to see more than one whole ownership condo listed at the Grand at a time. Hence, I was surprised to find 5 new listings of whole ownership condos there within the last month, to make a total of 6 units available on the market. They range in price from $599,000 for a 2 bed/2 bath “Nordic” standard condo with a full kitchen, to a $2,400,000, 4 bed/5 bath luxury penthouse on the 7th floor, with two master suites. And there is a one 2 bed/3 bath unit on the 4th floor listed at $650,000 with a very motivated seller.
A unique feature of whole-ownership at the Grand is the potential for the owner to split it into either 1/8 or 1/4 shares and sell them separately. Fractional ownership at the Grand is deeded by calendars, which rotate yearly to give all owners equal opportunities for holiday weeks. With a 1/4 share, an owner gets 13 weeks a year, and with 1/8 share, those 13 weeks are split so that the owner gets 6 weeks one year, and 7 weeks the next. When owners stay at their condos, they pay housekeeping fees, which are based on the size of the units.
There is also a “space available” program which is great for Front Range residents. If the hotel is less than 90% occupied, an owner can stay in the hotel and pay only housekeeping fees. The owners are also able to enroll in the rental pool, which often covers their HOA dues. There are a few models, such as the Nordic, which is mentioned above, that have a lock-off potential with a double-queen hotel room, so the owner could potentially rent one side and stay in the other at the same time. They can also enroll into the RCI program to exchange weeks at other resorts around the world.
One of the things that people love about owning at the Steamboat Grand is the fact that because it is run as a hotel, they really feel like they are on vacation when they are staying there. And because it is so close to the ski area, it’s easy for various family members to ski on their own schedule. With the whole -ownership condos available, as well as 47-fractional ownerships ranging from $54,900 to $425,000, there are many opportunities for a wide range of buyers.
If the Steamboat Grand sounds appealing to you, please give us a call today.
