Steamboat Springs Local developers have purchased 34 previously unsold lots in Hayden’s Dry Creek Village subdivision, with plans to begin building as many as 10 homes on speculation in the spring.
RE/MAX Partners broker Michael Buckley said he’s partnered with Falcon Logistics Corporation’s Damon Hill and Hill’s business partners on the project.
Under Falcon Logistics, the group purchased 34 lots in the subdivision from Glacier Bank in early February for $610,000, immediately selling five parcels and retaining the remainder among the partners for upcoming development.
“There’s about to be a lot of activity, and what’s driving it is the pricepoint,” said Buckley.
He said the group plans to build as many as 10 homes beginning in the spring, either by establishing contracts with prospective home buyers or building on speculation.
The homes would each be 1,500 square feet, three bedrooms and two bathrooms and sell for $250,000, Buckley said.
“We’re trying to set up what we’re calling attainable housing, rather than affordable housing,” he said. “We plan on doing about 10 houses this spring, and we’ll just run down the row. We’ll move on from one to the next.”
The subdivision was previously a project of developers Jon Peddie and Jim Woods, who put in infrastructure in the late 2000s and sold the subdivision’s first 11 lots in 2008 and 2009.
It’s unclear when Peddie and Woods turned the lots over to the bank, but Routt County assessor’s records show the parcels have been owned by Glacier Bank since 2015.
Peddie did not respond to a message seeking more information about his past involvement with the development.
Of the five lots immediately sold by Buckley and the other developers, three were sold to Steamboat Springs builder Paul T. Flood, who also is considering building homes on speculation on the lots.
“I’ll build one on spec to get started and then see what happens,” said Flood, who purchased the lots together for $63,000.
Flood said the lot prices will lead to homes with much lower prices than could ever be built in Steamboat, where land is scarce and prices are significantly higher.
He said the homes he plans to construct would be well-built, energy-efficient and offered for less than $300,000.
Apart from building homes, Buckley and the other developers said they’d entertain selling some of their parcels for $28,500 or $38,500.
Buckley said the subdivision should be attractive to prospective residents for many reasons, including existing infrastructure and a playground and low HOA dues of only $250 per year.
To reach Teresa Ristow, call 970-871-4206, email tristow@SteamboatToday.com or follow her on Twitter @TeresaRistow