High-End to Destroyed Through Foreclosure in Steamboat Springs

By
Real Estate Agent with Steamboat Sotheby's International Realty

High-End to Destroyed Through Foreclosure in Steamboat Springs

A true story of the ramification of foreclosure. There is a home located in an area called the Sanctuary in Steamboat Springs, Colorado. It's a high-end neighborhood near the Steamboat ski area and Fish Creek Falls. Most of the homes are between 3,500 and 7,000 square feet with value starting around $1,2 million up to $5 million.

Sanctuary home in Steamboat is a foreclosure

Once priced at $2.2 million, this 4 bedroom home has wonderful views over Steamboat Springs, Colorado. The price dropped and for several months this home was offered for sale as a short sale at a price of $1,500,000.  

This home did not sell and thus it went to auction 6 months ago. After it sold at the Routt county court house I  did a little reasearch and made this video referencing this home in the Sanctuary.

After this home was foreclosed on, the past owners stopped paying their utility bill and the gas and electric was turned off. This took place back in January. Well, January in Steamboat Springs is a cold month. Consequently, the pipes froze and the home sustained a lot of damage.  Water pipes burst and water damage can be seen everywhere. The walls have water damage with possible mold and the beautiful cherry hardwood flooring is all destroyed.  Most high-end homes in Steamboat Springs have in-floor radiant heat. So all the floors have plastic pipes and hoses in or under them and they most likely all need to be replaced.

Here are some before and after pictures:

Foreclosed Sanctuary Home in Steamboat

 Foreclosed Sanctuary Home in Steamboat

 

 

 

 

 

 

 

 

 

Foreclosed Sanctuary Home in Steamboat

 Foreclosed Sanctuary Home in Steamboat

And like many foreclosed homes, all the appliances have been removed and the home is a wreck. And this is a bad reality of foreclosures.

This home is now on the market for sale for $975,000. Yet, I'd roughly estimate the damage to be around $200,000. And that's just from what I can see.

Foreclosure is bad. Nobody wins and this home in the Sanctuary is a prime example of seeing a great home destroyed in the foreclosure process.

Regards,

Charlie

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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Selling Daytona paradise for heavenly good prices

Charlie - what an excellent blog post. There are many videos out there, and with rare exception they are plain boring. Even though you are staying in front of the camera all that time, it is not boring, and the numbers popping on the screen help understand the point you are making.

 

Jun 09, 2012 06:11 PM #1
Rainmaker
289,804
Charlie Dresen
Steamboat Sotheby's International Realty - Steamboat Springs, CO
Steamboat Springs, CO e-Pro

Thanks Jon. I appreciate your honesty. 

Jun 10, 2012 01:12 PM #2
Rainer
277,285
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA
- Pierce, King, Kitsap, Thurston, Mason Counties

Charlie -- we fortunately do not have such extreme cold in the winter, however, there are still foreclosure homes that end up with frozen pipes, and extensive damage because of them. It is a shame to see a beautiful house destroyed in this manner.

Jun 11, 2012 10:17 AM #3
Rainmaker
238,427
Brad Rachielles
CENTURY 21 Prestige Properties, Ca BRE# 01489453 - Upland, CA
REALTOR, CDPE, Upland, CA

Charlie,

Well Done! There are clearly other perspectives, but this one is on target regarding the home aftermath. Procrastination and lack of communications on the seller's part and the lenders part can lead to this too.

(What a crime that someone didn't winterize this when the utilities were discontinued.)

Jun 11, 2012 11:00 AM #4
Rainmaker
289,804
Charlie Dresen
Steamboat Sotheby's International Realty - Steamboat Springs, CO
Steamboat Springs, CO e-Pro

Steven - This one is one of the worst. Radiant frozen pipes are just devastating. 

Brad - Yes, it's just a shame all around. I could point fingers all day but it does no good. 

Jun 11, 2012 11:06 AM #5
Rainmaker
182,281
Rich Cotton
Rich Cotton The Waterfront Specialist EXiT Preferred Realty - Chesapeake City, MD
Waterfront Specialist Cecil and Kent Counties MD

Charlie,

How does any of this make sense from the Banks perspective? Nobody said you need to be smart to be a banker....and this kind of thing proves it!

Jun 12, 2012 04:40 AM #6
Rainmaker
289,804
Charlie Dresen
Steamboat Sotheby's International Realty - Steamboat Springs, CO
Steamboat Springs, CO e-Pro

I'd like to think if they knew it might have been different. This isn't Florida in terms of winter temperatures. 

Jun 12, 2012 05:48 AM #7
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Charlie Dresen

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