Monday, January 08, 2007

General Update on Marabou Ranch

Today's Steamboat Pilot had a nice article by Tom Ross that summarizes a few things I have mentioned recently about what is going on at Marabou Ranch. I've summarized the article below for your convenience followed by a link to the article.

"Steamboat Springs The developers of Marabou Ranch luxury subdivision west of Steamboat Springs have responded to the pending sale of the Steamboat Ski & Resort Corp. by temporarily withdrawing about 40 home sites from the market and accelerating construction of community buildings. We feel that it'’s fantastic news, development team member Jeff Temple said of the pending ski area sale. Marabou is a sprawling ranch of 1,800 acres bordering the Elk River. The developers, Elk River Partners, have Routt County's approval to create 62 homesteads in a land preservation subdivision that keeps large parcels of ranchland intact. The community will continue to employ a ranch manager, harvest hay and raise grass-fed beef.

Thus far, DMB Real Estate of Scottsdale, Ariz., representing the developers, has sold 17 lots at prices ranging from about $1.8 million to $5 million. Another handful of lots are expected to close within the next week or two. Temple said sales of homesteads were exceeding the development team’s expectations and the holidays represented an opportunity to call a timeout and reassess the market.

“We'’re feeling very, very positive, Temple said. “We'’ve had some interaction with (representatives of Fortress and Intrawest) that some people may have not had, and it's more positive than we had hoped.

Temple said he and principals Mark Hall and Jeff Jepson sat down to envision the best scenario for Marabou going forward. They decided that spending the money necessary to complete the community buildings at Marabou Ranch on an accelerated timetable better represented the ideal. The intent is to have the improvements complete when prospective buyers arrive in the Yampa Valley during the summer months, which are most critical to land sales.

Drain said road construction as well as construction on the equestrian barn, lodge compound and other buildings is proceeding throughout the winter. Temple said the theater and spa would be complete in June. Work on mountain biking trails will resume April 1. Work on trout habitat improvements to the Elk River is proceeding during the difficult winter months. Link to the full article here

Back to the Marabou Ranch blog main page for more.

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