Steamboat Real Estate Home Search and Blog

Highmark, the on-again, off-again development across the street from Market on the Mountain and La Montana, opened today as a Luxury All-Suite Hotel.  They are offering 2, 3, and 4 bedroom luxury suites for rent.

Steamboat is lacking in large, luxury hotel-like accommodations.  The Highmark will fill a niche for Steamboat guests who want high-end accommodations and don’t mind spending $22,000+ for a four bedroom suite over Christmas week.  They are offering fall specials for people who book through October, so visit highmarksteamboat.com.

The Highmark units were recently marketed for sale at prices between $1,500,000-$2,300,000.  None were actually sold through the Steamboat Springs MLS, but a quick look at county records show that 7 units were purchased by out of town buyers this year.  Most of the buyers happened to be from Georgia and California.  The bank which holds the note on the property is located in Georgia and the partners in Steamboat Ventures, LTD and Concord Wilshire Partners (the developers of the Highmark) reside in California.  Coincidence?   The other 14 Highmark units owned by Steamboat Ventures, LTD, were withdrawn from the MLS in July.

The Steamboat Pilot reported in August, 2006 that:

[A local Realtor] has the listing on the seven unsold condominiums at the Highmark. The other 17 were pre-sold by developer Concord Wilshire Partners of Los Angeles.

Concord Wilshire took over development of the project in mid-construction and made pre-existing contracts dating to the summer of 2003 “go away,” [the local Realtor] said.

Those seven units were involved in a lawsuit last year, and the other 17 appear to have been pre-sold to the new developer, not actual buyers.

The Steamboat Pilot reported in April, 2008 that:

A breach of contract suit filed last year by Steamboat Ventures against seven contracted condo buyers who never closed on their purchases was settled early this week, according to documents on file in Routt County District Court.

A Fort Lauderdale, Fla., business entity, The Formula, stepped in as settling buyer and took a joint venture interest in all seven units with the contracted buyers. Steamboat Ventures agreed to return the earnest money committed by the buyers (in the range of $150,000), with interest. The Formula will receive a fee at such time as the seven units are resold.

Whatever the status of the actual units may be, The Highmark is now a luxury hotel for guests looking for an over-the-top experience in Steamboat Springs.