I heard from a good source who was involved in the sale that 71% of the units sold yesterday, 61 out of 86 condos. I would call that a very successful launch given the pricing averaged $904 per sq foot and the most expensive ones on a per sq foot basis went first. They now have almost 2 years to sell the remaining 30% and they are likely to make a push to sell a few more before they go public with the news by calling everyone again like they did on the Range lots.One Steamboat Place is is also progressing very well through their selection process. They have fewer units but it is taking longer because they give people overnight to decide if they want the time. The conversion rate from reservations to people deciding to proceed with their purchase was over 75%. That is nearly unprecedented even if it comes down as they get further through the list and people can't get the units they wanted. One Steamboat Place is going for between $1,000 and $1,100 per square foot. Both projects are realizing ground breaking prices and bringing higher levels of quality to the market.
These sales have big implications for pricing of both mountain and downtown developments going forward including existing units. I believe that higher quality units will see a particularly strong pull from these new price points. If you are curious how the market is moving, what impact it is likely to have on your property or your goals and what the real drivers are feel free to contact me. My number is 970-819-6930 or email me at the address on this page.
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