Located behind Steamboat’s iconic barn, the 62-lot subdivision sells out in the summer of 2017. Represented by Chris Wittemyer of Steamboat Sotheby’s International Realty since 2007, the sell-out marks a significant landmark for vacant land sales within Steamboat Springs.
Barn Village subdivision reached another milestone in its development this summer with the sale of Lot 5 to Steamboat builder Stein Halsnes. The sale to Halsnes marked the 62nd and final conveyance of lots from the original developers and their successors to the general public.
Situated behind the famous More Barn on Pine Grove Road, the residential subdivision of single family and duplex properties was conceived by developers Bob Comes, Eric McAfee, and Jim Kelley in 2004. One of the last sizeable parcels in the mountain area, the 40 acre parcel that would become Barn Village was owned by Jerry More and members of the More family, one of Steamboat’s oldest ranching families who had originally homesteaded in the Yampa Valley in 1885. The property included the More Barn, one of Steamboat’s most iconic symbols that has been photographed and depicted thousands of times over the years.
Paralleling the peaks and valleys of the Steamboat real estate market the project entered the planning process in 2005 and received final approval in 2007 at the height of the “go go” days of the Steamboat real estate market. At the initial launch of the project on Labor Day weekend of 2007, reservations two and three deep were placed on all lots within a matter of hours. Unfortunately for the original developers, hammering out details of the final plat and development agreement took another nine months to complete, a window that saw the collapse of investment bank Bear Stearns and gathering storm clouds of the Great Recession. Of the original reservations, only 8 lots closed in 2008. Infrastructure on the project completed in 2009 but the country was mired in the worst economic collapse in 30 years and interest in building lots evaporated. Hoping for a rebound that would never come, Comes and McAfee held on to the project until finally saying uncle in 2012.
Enter Gibraltar Capital and Asset Management who acquired the debt on Barn Village in 2012 and foreclosed on the property. Adjusting prices downward by more than 60% to find market, Gibraltar brought the lots back to market in the spring of 2013. Over the last four years, the 51 lots of remaining inventory sold at a steady clip with prices raised every two or three sales. People who purchased when Gibraltar first brought the property back to market got the best deals but even the final sale to Halsnes was at a price that was more than 45% off of the original sales prices. For Halsnes, Lot 5 marked his third purchase in Barn Village where he has built and sold two other homes in the last three years.
Construction in Barn Village has been steady and ramping up since the property came back to market. Presently, 36 homes and duplexes have been completed or are under construction in Barn Village with 34 of those properties breaking ground since 2013. The project finds appeal with locals and second home owners. More than 2/3 of the occupied properties are permanent residents including local teachers, realtors, doctors, lawyers, and retirees.
While Barn Village has seen its share of change over the last 13 years, the one constant has been real estate broker Chris Wittemyer who represented the More family, the original developers, and Gibraltar. The listing broker on all developer sales at Barn Village, Wittemyer started working with the More family in 2002 after the death of family matriarch Amelia More. In the settlement and distribution of Mrs. More’s estate he helped the family with the sale of the Barn Village property, the former Windwalker ranch below Lake Catamount and two other ranches.
“It was a privilege to get to work with the More’s. Jerry More, Eloise More, Gonk Jacobs and the rest of the family are salt of the earth people and some of the most colorful characters I’ve ever met. It was a once in a lifetime opportunity to work with one of the valley’s oldest families on one of the most important properties in the Steamboat area. Seeing a project like Barn Village through from original landowners, through planning and development to the last lot sale has been incredibly satisfying and rewarding. Fortunately it’s not quite over yet. I’m working with a couple of builders and will be bringing two single family homes and three duplex units to market in the next year.” – Chris Wittemyer
For more information, EMAIL CHRIS or call him at 970.846.1364.