Concord Wilshire Partners: Full Steam Ahead
DECEMBER 29, 2006. Christmas came a few days early for land and homeowners in Steamboat Springs. With the recent announcement that an affiliate of Intrawest ULC is intent on purchasing the Steamboat Ski Area, real estate developers are chomping at the bit to see what kind of improvements will be made to the mountain and resort community.
"Intrawest's Steamboat investment helps level the playing field as Steamboat, Vail and Aspen duke it out for mountain resort condominium market share," said Michelle Marsh, Senior Vice President of Sales & Marketing of Concord Wilshire Partners, developer for Highmark Mountainside Condominiums at Steamboat Springs. "Steamboat fosters continuous cash flow for its ski and mountain operations and thus, its community development. That's music to the ears of developers and investors in this area."
Intrawest's resorts hosted 7 million skier visits in FY 2006-9 percent of the United States and Canadian market-a greater market share than any other owner in the North American mountain resort industry.1 Intrawest's ski resort portfolio already includes Copper Mountain and Winter Park in Colorado and Whistler Blackcomb in British Columbia. The significance of this investment hasn't gone unnoticed by Steamboat area developers. Many of them are increasing prices throughout the month of January as a result of the announcement.
"Historically, investments like the one Intrawest is making in Steamboat have caused positive effects on real estate appreciation. At Highmark, we are holding prices through mid-January in order to give buyers an opportunity to purchase at current pricing," Marsh said, noting that seven units are available with a starting price of just over $1.3 million. "But any price increase is indicative of the investment that Intrawest is expected to make. We were pleased to hear that Intrawest's CEO invested here largely because of how Steamboat has developed as both a community and a ski area."
"That connectivity resonates with people who frequent Steamboat, as well as the developers who have properties there. We're not just interested in selling the properties we have on the market," Marsh continued. "We are interested in selling Highmark as part of a valuable Steamboat community."
Marsh noted that sales at Highmark and other Steamboat properties should serve as notice that luxe resort homes continue to buck traditional real estate trends. "Headlines say that nationwide residential housing sales have dropped, but vacation homes such as those at Highmark have increased sales. This recent transaction should only benefit anyone who has built here, or is looking to do so in the future."
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