Steamboat 700 developer seeks to limit real estate speculation

Steamboat Springs — Steamboat 700 is no place for speculation, Project Manager Danny Mulcahy said Tuesday.

Mulcahy delivered this message at a talk hosted by Colorado Group Realty. His presentation drew about 50 people. Colorado Group Realty Chief Operating Officer Bart Kounovsky said the crowd that packed the meeting room at Tread of Pioneers Museum was about 50 percent real estate agents, and many of Mulcahy’s comments were directed at such an audience.

“People’s ability to speculate on this property will be limited,” Mulcahy said. “For the Realtors in here, that’s a shame, but it helps the attainability.”

Mulcahy outlined some mech­anisms he would use to limit speculation and keep his proposed community one for the working-class, full-time resident. The most important one, he said, will be to bring large amounts of real estate to the market at the same time. He predicted there could be 200 sales a year in Steamboat 700 in its first years on the market.

“The way speculation is limited is by the pure volume I have on the market,” Mulcahy said. “It’s going to be real hard for speculators to compete with me.”

Mulcahy offered some insight into how his product might be brought to the market and when. He said he won’t be the only developer and that there also would be lot sales for people to build their own homes. He predicted it would take about 20 years to build out the entire property.
“There will be several developers,” Mulcahy said. “There will be lots of lot sales.”

Mulcahy was asked when such sales might start, but he could not be specific.

“I can’t even have that conversation until I get annexed,” Mulcahy said. “With your guys’ help, I’ll be annexed this year. If I get annexed this year, my first sale is 2010. … I won’t take reservations at least until I get annexed.”

Mulcahy said a school, a community center and a quick-care clinic could be included in his project, but not a recreation center. He also spoke about what he hopes Steamboat 700 will look like from a design standpoint.

“I like the eclectic nature of downtown, and that’s what I want to create out here,” he said. “I like the pink house, next to the stone house, next to the wood house.”

Mulcahy admitted that his goal of getting annexed by the city of Steamboat Springs in the next nine months is an aggressive one, but he also noted that the city has identified his 700-acre property as a target for growth in area plans and should be able to move quickly. He also said the longer it takes the city to annex Steamboat 700, the higher prices will be on the approximately 2,000 homes he proposes. Nonetheless, Mulcahy said he would not abandon the project no matter how long it takes.

“I’m not going anywhere,” he said. “It will happen.”