By Doug

Yesterday I attended an auction on two beautiful Dakota Ridge homes that are owned by the same developer.  Both have direct views of the Steamboat ski area.

The larger residence is a five bedroom, six bath, 8,800 square foot home with spectacular 360 degree views of ski slopes and Yampa Valley.  It is brand new and never lived in. Built as the developer’s personal residence, everything was top quality, including cherry, oak and alder cabinets and trim, as well as granite, marble and onyx countertops and flooring.  Appliances in the gourmet kitchen were Wolf, Bosch, Viking and Sub-Zero. Outdoor amenties included a kitchen and 10 person hot tub. Located only two miles from the ski area, it is situated on 21+- acres with hayfield and 350+- ft. frontage on the Yampa River—great for horses and trout fishing.  This luxury home was listed for sale at $6,825,000.

The second home is situated on three acres and consisted of 6,500 square feet.  It has 4 bedrooms, 4.5 baths with panoramic ski area and valley views.  The eat-in kitchen has hardwood floors, granite, a 6-burner Viking range, additional oven, glass tile backsplash and beautiful cabinets.  In addition to the normal inclusions, this home also comes equipped with a temperature controlled wine room, spacious family room with fireplace, 2 offices, a mud room with built-in cabinets and a 3-car garage. A large deck and flagstone patio with fantastic views complete the package.  This property was listed for sale at $3,985,000.

The auction was attended by approximately 30 real estate agents (most as spectators) as well as approximately 15 on-site bidders and five phone bidders. 

I was there to bid on the larger home on the behalf of a client of mine.  Bidding started at $1,000,000, and quickly went to $2m, then after some back-and-forth negotiating with two phone bidders, ended at $3,250,000.

Bidding on the second home started shortly thereafter, again at $1,000,000, and ended at $2,100,000.

With a 10% bidder premium, the prices ended at $3,575,000 and $2,310,000, respectively.  Being that the auction was not an absolute, it was then up to the seller to accept the bids or continue to market them on his own for a price that would be acceptable to him.  It is my understanding that the owner did accept the $2,310,000 offer on the smaller home and turned down the other bid.  However, he is prepared to accept $4,500,000 on the larger home for a limited time.

My client did not have either one of the winning bids.

At $354 per square foot, the winning bid on the smaller house was a good value for the quality craftsmanship, design and location.  At $511 per square foot for the larger home, it does have some unique and personal design elements that may not be on target with a majority of today’s luxury buyer.

If you would like additional information about the auction, properties involved, or a search to locate a luxury home in the Steamboat Springs real estate market, please let us know!