Development slows in Grand County, but projects move forward
July 9, 2009
Despite real estate in Grand County taking a huge hit in this economy, a handful of developers have found a way to continue their projects.
On Wednesday, July 1, Sterling Pointe Condominiums in Fraser held a ribbon-cutting to celebrate the new project.
Listing agent Margaret Sonnek, with Coldwell Banker Mountain Properties, said the project started building in Spring 2008 and they have several buildings ready for move in.
“Once people buy and own them,” Sonnek said, “they can sell them or rent them out.”
Sonnek said the builders have four buildings that are complete, with six units in each.
“In the end there will be a total of 28 buildings, with 164 units altogether,” Sonnek said, “the streets will be paved and the project will all be landscaped.”
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They intended to have six buildings ready by this month, but their plans changed slightly.
“We are going phase by phase,” Sonnek said. “We had to cut back to four buildings being ready instead of six because of the economy.”
The development team is Wintergreen Homes LLC, which is located in Avon. The group has also done work in other ski towns around Colorado including Steamboat, Frisco, and Breckenridge.
“In a slow economy, it is exciting to see that there are still new real estate projects moving forward,” Sonnek said.
According to Art Kleinstein of Wintergreen Homes the company contracted the land in 2006, closed in 2007, and started building in the spring of 2008.
“We feel it’s the right time for units that have this level of finishing commitment,” Kleinstein said.
Although the Sterling Pointe project has gone through, Fraser Town Manager Jeff Durbin said things have definitely slowed down in the area.
“We have only had two new housing permits since August in Fraser,” Durbin said, “people are definitely more cautious.”
Grand Lake town planner, Abbi Jo Wittman, said as far as real estate goes, there have been a few different projects going on, but nothing has been completely finished in the Grand Lake area.
“There has certainly been projects that have been put on hold,” Wittman said.
It’s not all bad news, according to Winter Park town planner James Shockey. Real estate development in Winter Park is continuing.
Shockey said Snow Creek, a 20-unit development off Kings Crossing Road, which started back in 2006, has their development to a finished grade.
Whistle Stop located off Lions Gate Drive also started building in 2006 and is still moving on with the job.
“Really anything in the planning process that is not on the ground, has been put on hold,” Shockey said.
Things are also looking up for the Winter Park Resort. Central Village is finishing development and will be complete soon according to Shockey.
Kremmling Town Manager Ted Soltis said the town has two town homes being built, and two more still planning to go through with building.
“There will be eight units altogether when they are finished,” Soltis said.
The town homes are located in the Grand West Division in Kremmling.
Soltis said because of the economy, the town has seen duplexes being built more than anything else.
“It is more affordable,” Soltis said.
According to Soltis, Cliff Side Estate subdivision has put the building of 41 new homes on hold due to the state of the economy. Soltis said the subdivision was supposed to consist of higher end homes.
“It will be put on hold until things change,” Soltis said.
As far as Granby goes, town planner Deborah Hess said things haven’t completely stopped going forward.
“The planning process hasn’t stopped, just the actual building process,” Hess said. “That way when the economy turns around people will be ready to build again.”
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