The brokers quoted in this article were ski bums 5 years ago. They have never seen a bad real estate market and have no idea how shaky a project like this really is. These overpriced units will be for sale for years to come. Tom Ross is a great writer and I hate to see him have to drag his talent in the mud to always hype the real esate development machine that really owns the Steamboat Pilot. Steamboat used to have a conscience, now even old time locals like Tom have completely sold out to the hype machine.
Triple Crown with their lower numbersthis summer have shown that they are not a perpetual growth machine. This is great to see and it should give us all an opportunity to reaccess any new long term deal with them. Triple Crown will probably say that $4.00 gas has caused this year's lower numbers. What wil happen with $5.00 or $6.00 ga. Not as many families will be able to sign up johnny for Triple Crown. Also triple Crown may have reached the peak of their demographic boom. In other words, statistically we have seen the peak in their available market. As a comminity , we would be very mistaken to make a 10 year contract with a business that could suddenly have peaked and be on the way down in their business model. These re very uncertain economic times and we as a community need to address many more important local issues than signing long term deals with Triple Crown. GO SLOW and sign no LONG TERM deals!!
Big G, The Mayor of Hickdepressed, Kansas just called and he wants you to stop bad mouthing his town. You know the Blogosphere is working when our elected officials are jumping in to defend all the Yahoos who are funding all the excesses of our City Council.
The humor of all of these posts are tremendous! The Temples are probably willing to take the jabs, because they have made themselves very rich selling "the western lifestyle" to Rexall Rangers for many years now.
Seeuski, 20-30% discount to current prices. not 20 -30 cents on the dollar. I'm not that bearish! While Steamboat may have special circumstances vs. other resorts. The true problem is in the complete meltdown in the banking and mortgage industry worldwide. We are just beginning to feel the effects. The once mighty Fortress Group has not even clarified how badly they have been hit by the complete unraveling of the once mighty private equity business. The Cafritz Group is not doing anything fast as long as Fortress is silent. Just notice that Fortress is not spending vast quantities at the Ski area this summer. Until Fortress comes out and says that they are just as strong as they were a year ago , don't count on anything happening in ski time square for years to come. Great wimbledon! Federer will not win another major.
Your guess is wrong. I'm not mad or jealous. Just sorry to see excessive speculation by all the developers chasing each other to bring so many large projects on line as the market peaked a year ago. Speculation helps no one. Just be patient, and if you really want a brand new shiney resort property in steamboat, you will have a chance to buy one at a 20-30% in the next few years. Please open your eyes to the debacle that is hitting the world's financial system. Steamboat is just starting to see that they too are part of a much bigger problem that is hitting real estate investors worldwide. Just remember none of these comments are meant to be personal.
I've been here for a LONG time. The last speculative real estate bubble in Steamboat topped out in the early '80's. If you were fortunate enough to be in a position to buy when prices are falling as developers and sellers are forced out of real estate they can not hold on to, then you win. However, buying in a falling market is not what most people feel comfotable doing. As with most things in life, human beings like to follow the herd and do what the majority of their neighbors are doing. I still think Steamboat is a wonderful place to live. I am also a realist , who can see that fair value no longer exists in our real estate market. While most real estate in Steamboat is priced far above what true locals can afford, the current surplus of resort real estate is priced at levels that don't offer value to any investor. The Free Market is a wonderful mechanism. Eventually all the available real estate will have to be sold. The only available means to accomplish these sales will be lower prices. Astute investors with patience , cash, and intestintal fortitude will be the winners. The developers , just like the ones who lost out at the peak in the '80's, will be the losers. Its real simple. But hard to swallow for those long too much real estate . Don't shoot the messenger.
I am a HUGE fan of the free market system. The differenece between you and me is in our separate appraisals of the actual demand and available credit in the system. While you are an obvious fan of rapid development, I am a fan of prudent, nonspecualtive development. There is no need to take offense on your part. The reality of the situation will unfold over the next 3 years. Please be aware that any knowledgeable student of "baby boomer" demographics will tell you that as the baby boomers reach retirement age they cut back on their investments and are more worried about curent income and looming expenses of retirement. The peak in baby boomer real etstate acquistion has already occurred. Steamboat is not immune from the realities of the economic world. Sorry the real facts upset your day. Peace out!!!
Dr. Chapman has gotten it right. Those of us in this valley who do not make their living on real estate specualtion and who are as upset by Dr. Chapman about the excess of Steamboat's never ending real estate machine, will soon be able to say, "We told you so." The real estate bust is here!!! The bus has reached the top of the mountain, the brakes have failed, but no one realizes it yet. The next 3 years will no longer have Tom Ross,{a great writer, who has sold his soul to the hype machine} praising 10,000 sq ft Marabou homes or $1 million Silver Spur homes. Instead, Tom will be reporting on the vacant buildings on Lincoln Ave, the empty, undeveloped Ski Time Square, and the hundreds of unsold, overpriced townhomes littered throughout the Valley. While everyone was thinking the sale of the Ski Area had heralded a new Steamboat , the world of finance was taking a MAJOR hit. Buyers of second homes are the ones hardest hit by the chaos that is now the world of finance. As with all financial disasters, hardly anyone sees it coming as they greedily rush to all contribute to the formation of a GIANT speculative bubble. This year's 4th of July fireworks show is very indicative of Steamboat's current real estate market. Overhyped !! We will all pay the price of the greed of the real estate machine that has fueled this incredible speculative bubble.
Remember that Steamboat has an image as a "Friendly Western Town." 6 months in jail for stealing something with a value less than $20 was always an "unfriendly idea."
Letting the Sweetpea 2 out of jail and showing them the way out of town was a very smart and "friendly" thing to do.
Congratulations to all who contributed to restoring the "friendly" image to Steamboat. Let's keep the "friendly" in Steamboat.
Trailhead Lodge construction hits halfway mark
The brokers quoted in this article were ski bums 5 years ago. They have never seen a bad real estate market and have no idea how shaky a project like this really is. These overpriced units will be for sale for years to come. Tom Ross is a great writer and I hate to see him have to drag his talent in the mud to always hype the real esate development machine that really owns the Steamboat Pilot. Steamboat used to have a conscience, now even old time locals like Tom have completely sold out to the hype machine.
August 4, 2008 at 3:29 a.m. ( permalink | suggest removal )
Triple Crown could stay
Triple Crown with their lower numbersthis summer have shown that they are not a perpetual growth machine. This is great to see and it should give us all an opportunity to reaccess any new long term deal with them. Triple Crown will probably say that $4.00 gas has caused this year's lower numbers. What wil happen with $5.00 or $6.00 ga. Not as many families will be able to sign up johnny for Triple Crown. Also triple Crown may have reached the peak of their demographic boom. In other words, statistically we have seen the peak in their available market. As a comminity , we would be very mistaken to make a 10 year contract with a business that could suddenly have peaked and be on the way down in their business model. These re very uncertain economic times and we as a community need to address many more important local issues than signing long term deals with Triple Crown. GO SLOW and sign no LONG TERM deals!!
July 22, 2008 at 8 a.m. ( permalink | suggest removal )
Marabou's first home under way
Big G,
The Mayor of Hickdepressed, Kansas just called and he wants you to stop bad mouthing his town. You know the Blogosphere is working when our elected officials are jumping in to defend all the Yahoos who are funding all the excesses of our City Council.
July 7, 2008 at 12:32 p.m. ( permalink | suggest removal )
Marabou's first home under way
The humor of all of these posts are tremendous! The Temples are probably willing to take the jabs, because they have made themselves very rich selling "the western lifestyle" to Rexall Rangers for many years now.
July 6, 2008 at 8:31 p.m. ( permalink | suggest removal )
Julia A. Chapman, MD: Grow cautiously
Seeuski, 20-30% discount to current prices. not 20 -30 cents on the dollar. I'm not that bearish! While Steamboat may have special circumstances vs. other resorts. The true problem is in the complete meltdown in the banking and mortgage industry worldwide. We are just beginning to feel the effects. The once mighty Fortress Group has not even clarified how badly they have been hit by the complete unraveling of the once mighty private equity business. The Cafritz Group is not doing anything fast as long as Fortress is silent. Just notice that Fortress is not spending vast quantities at the Ski area this summer. Until Fortress comes out and says that they are just as strong as they were a year ago , don't count on anything happening in ski time square for years to come.
Great wimbledon! Federer will not win another major.
July 6, 2008 at 3:47 p.m. ( permalink | suggest removal )
Julia A. Chapman, MD: Grow cautiously
Seeuski,
Your guess is wrong. I'm not mad or jealous. Just sorry to see excessive speculation by all the developers chasing each other to bring so many large projects on line as the market peaked a year ago. Speculation helps no one. Just be patient, and if you really want a brand new shiney resort property in steamboat, you will have a chance to buy one at a 20-30% in the next few years. Please open your eyes to the debacle that is hitting the world's financial system. Steamboat is just starting to see that they too are part of a much bigger problem that is hitting real estate investors worldwide. Just remember none of these comments are meant to be personal.
July 6, 2008 at 1:07 p.m. ( permalink | suggest removal )
Julia A. Chapman, MD: Grow cautiously
Freshair,
I've been here for a LONG time. The last speculative real estate bubble in Steamboat topped out in the early '80's. If you were fortunate enough to be in a position to buy when prices are falling as developers and sellers are forced out of real estate they can not hold on to, then you win. However, buying in a falling market is not what most people feel comfotable doing. As with most things in life, human beings like to follow the herd and do what the majority of their neighbors are doing. I still think Steamboat is a wonderful place to live. I am also a realist , who can see that fair value no longer exists in our real estate market. While most real estate in Steamboat is priced far above what true locals can afford, the current surplus of resort real estate is priced at levels that don't offer value to any investor. The Free Market is a wonderful mechanism. Eventually all the available real estate will have to be sold. The only available means to accomplish these sales will be lower prices. Astute investors with patience , cash, and intestintal fortitude will be the winners. The developers , just like the ones who lost out at the peak in the '80's, will be the losers. Its real simple. But hard to swallow for those long too much real estate . Don't shoot the messenger.
July 6, 2008 at 11:28 a.m. ( permalink | suggest removal )
Julia A. Chapman, MD: Grow cautiously
Seeuski,
I am a HUGE fan of the free market system. The differenece between you and me is in our separate appraisals of the actual demand and available credit in the system. While you are an obvious fan of rapid development, I am a fan of prudent, nonspecualtive development. There is no need to take offense on your part. The reality of the situation will unfold over the next 3 years. Please be aware that any knowledgeable student of "baby boomer" demographics will tell you that as the baby boomers reach retirement age they cut back on their investments and are more worried about curent income and looming expenses of retirement. The peak in baby boomer real etstate acquistion has already occurred. Steamboat is not immune from the realities of the economic world. Sorry the real facts upset your day. Peace out!!!
July 6, 2008 at 10:38 a.m. ( permalink | suggest removal )
Julia A. Chapman, MD: Grow cautiously
Dr. Chapman has gotten it right. Those of us in this valley who do not make their living on real estate specualtion and who are as upset by Dr. Chapman about the excess of Steamboat's never ending real estate machine, will soon be able to say, "We told you so." The real estate bust is here!!! The bus has reached the top of the mountain, the brakes have failed, but no one realizes it yet. The next 3 years will no longer have Tom Ross,{a great writer, who has sold his soul to the hype machine} praising 10,000 sq ft Marabou homes or $1 million Silver Spur homes. Instead, Tom will be reporting on the vacant buildings on Lincoln Ave, the empty, undeveloped Ski Time Square, and the hundreds of unsold, overpriced townhomes littered throughout the Valley. While everyone was thinking the sale of the Ski Area had heralded a new Steamboat , the world of finance was taking a MAJOR hit. Buyers of second homes are the ones hardest hit by the chaos that is now the world of finance. As with all financial disasters, hardly anyone sees it coming as they greedily rush to all contribute to the formation of a GIANT speculative bubble. This year's 4th of July fireworks show is very indicative of Steamboat's current real estate market. Overhyped !! We will all pay the price of the greed of the real estate machine that has fueled this incredible speculative bubble.
July 6, 2008 at 9:42 a.m. ( permalink | suggest removal )
DA agrees to release men in Sweet Pea case
Remember that Steamboat has an image as a "Friendly Western Town." 6 months in jail for stealing something with a value less than $20 was always an "unfriendly idea."
Letting the Sweetpea 2 out of jail and showing them the way out of town was a very smart and "friendly" thing to do.
Congratulations to all who contributed to restoring the "friendly" image to Steamboat. Let's keep the "friendly" in Steamboat.
September 6, 2006 at 9:39 p.m. ( permalink | suggest removal )