The majority of Steamboat’s mountain base area was built in the ’70s and ’80s. And some people would say it looks like it. Take a picture, though, because that’s likely to change. Plans for the redevelopment of the base area and the new One Steamboat Place, combined with announcements that both the ski area itself and adjacent resort properties are for sale, mean change may be imminent.

Ski Area on the Market

American Skiing Company, which has owned the Steamboat Ski Area since 1997, announced last summer that it would entertain offers to purchase the local ski area.

Steamboat came close to having new owners in 2002, when it was under contract to Tim and Diane Mueller, who later purchased Crested Butte Mountain Resort. Instead, ASC sold Heavenly Valley ski area near Tahoe, California.

That potential deal was made when ASC faced dire financial straits, but things are different this time around.

“Steaboat’s status as a world renowned destination resort, combined with the financial performance generated by its tremendous management team and dedicated staff, have positioned the resort for success well into the future,” says B.J. Fair, American Skiing Company’s CEO and president.

Last winter’s 400 inches of powder, combined with a healthy economy, made Steamboat a popular destination, contributing toward American Skiing Company’s decision to test the market again.

“Our intent is to drive the maximum value for the company’s stakeholders,” Mr. Fair says.

Sheraton Ups the Ante

Potential buyers of the Steamboat Ski Area may have suddenly found the deal more attractive in September, when Chuck Porter, general manager of the Sheraton Steamboat Resort & Conference Center, confirmed that its owners had decided to test the resort real estate market waters, too.

In addition to the Sheraton hotel, the golf course, Thunderhead Lodge & Condominiums, Ski Time Square, and 11 residential acres are being offered.

The Sheraton is the closest property to the gondola base area, while Ski Time Square is adjacent to the Christie Base, as is Thunderhead Lodge. The Sheraton underwent a major remodel and expansion less than ten years ago, but both Ski Time Square and Thunderhead have long been identified as ideal targets for a facelift.

“The Sheraton and related assets are all located on the ‘beachfront’ of the ski area, and given the redevelopment climate made possible by the Steamboat Springs City Council, the properties are poised for a complete repositioning and redevelopment at the heart of the resort’s base area,” states Mike Sullivan, managing director of HVS Capital Corp., of Denver, which is handling the sale of the Sheraton properties.

Base Area Renewal

When the Steamboat Springs City Council implemented an Urban Renewal Authority in 2005, plans to redevelop the aging ski area base began to see the light of day. Literally.

One of the first projects to be undertaken as a result of the URA, which directs a portion of taxes raised by new development in a given area to capital improvements in that area, is to “daylight” the portion of Burgess Creek that runs across the base of the ski area. Currently, the creek runs through an underground conduit, which makes skiing over it easy, but which buries a natural feature that could enhance the area. Plans call for diverting the creek to a new bed in summer, then re-channeling it under ground during ski season.

Other efforts to make the base area more inviting to pedestrians include adding signage and promenade leading people from the gondola base, along Torian Plaza and into Ski Time Square. The promenade would also go along the slopeside behind Ptarmigan Inn, up to Bear Claw Condominiums. Landscaping, lighting and fencing are also planned.

A new “north portal” at the intersection of Torian Plum and the Tugboat would include a drop-off for SST buses and shuttle vans. Better pedestiran connections are being designed to access the future promenade.

Planning and design is moving forward this winter, with a scheduled bid deadline in January. “We would like all the work to begin next summer,” says city planner Suzanne Bott. “We want to be ready to break ground the day after the ski area closes.”

One Steamboat Place

City Council approved a key component of base area redevelopment plans when it gave a conditional go-ahead to the Timbers Company, developers of One Steamboat Place, a multi-story, 500,000 sq.ft. residential/commercial complex that would be adjacent to the gondola building.

One Steamboat Place will include residences available to whole and partner interests ranging from $450,000 to $4.5million. Reservations for residences are currently being taken for this ski-in/ski-out property.

The enclave will feature a zen-inspired spa, fitness and yoga facilities, outdoor pools, hot tubs, retail shops and private members’ lounge and dining experience. Full-service concierge will be provided, and a children’s concierge is planned to attend to all children-related activities, both on and off-site.

Construction is slated to begin in spring 2007.

Ski Area Improvements

Affectionately dubbed “Wally World” by Steamboat locals, Sunshine Bowl is paradise for families, powder hounds, and even beginning tree skiers.

The only shortcomings, in the past, have been a slow chairlift ride back to the top and a couple of crucial pitches that were a little too steep for some people’s comfort zone.

That all changes this winter, with the installation of a high-speed quad to replace the old Sunshine Lift, and the re-contouring of upper Tomahawk and the middle pitches of Broadway runs.

The new Sunshine Express reduces average travel time from 11 minutes to 5.5 minutes. The high-speed quad, which operates on wind an solar power, has a vertical rise of 1,400 feet. It is expected to open by the holidays.

To make skiing off the top of Sunshine Peak easier, the ski area added a new trail, Sundial, to bypass the steep upper section of Tomahawk; it traverses back to High Noon and Rendezvous Saddle. In addition, the resort re-graded the beginner trail, Broadway, to improve its width and decrease its steepness. Snowmaking has been installed on Sundial plus upper sections of the Tomahawk and High Noon trails. New trail signage and family terrain features are also being set up.

All that skiing and riding makes people hungry, and improvements to both the floor plan and menus at Redezvous Saddle offer added enticements to spend the day in Sunshine Bowl. The restaurant facilities at Thunderhead, atop the gondola, also received an upgrade. Together, the renovation of the two lodges came at a price tag of $1 million.

Improved snowmaking on the lower mountain and a new pipe cutter in the SoBe Terrain Park round out the winter 06/07 improvements.

STEAMBOAT SPRINGS - Bookings for ski vacations continue to be well ahead of last year’s pace in Steamboat Springs.

Bob Milne, whose company manages 875 units, reports phone call volume of 30 percent and bookings of 20 percent ahead of last year. He tells the Steamboat Pilot & Today that a 10 percent increase over last year will be realistic when all is said and done. Milne also reports an increase in visitor days, up to 5.7 days per visit, compared to 5.5 days last year.

His report jibes with others from elsewhere in Steamboat Springs, which had uncommonly good snow early last year. Both trends - earlier bookings and longer stays - are also in sync with what is being reported elsewhere in the ski industry this year in Colorado, and the travel industry even more generally.

Steamboat also is benefiting from an expanded program of direct flights that was announced last spring. The number of booked passengers is up 7.8 percent compared to last year, and 20 percent ahead of two years ago.

By MARY JANE GILBERTSON
Title insurance is little understood by most consumers. In fact, a recent survey by the American Land Title Association revealed that most home buyers think of title insurance as “just another fee” they have to pay to buy a home. They don’t really know what it does, or how it protects them. 

A major reason for this is that buying a home has become a rather complex process. There are so many details to take care of that most people rely on the person handling the sale to take care of them — typically their real estate agent. They trust their agent to know the process and do what is required, including ordering services like the appraisal, home inspection and title work. Since the buyer isn’t directly involved, they may not be knowledgeable about what many of these services entail. 

An owner’s policy of title insurance assures that the home you are buying is free of issues that could cloud the title. Prior to issuing the insurance policy and before you close, title professionals conduct an exhaustive search to check for liens, encumbrances, easements, and other problems that could affect the status of the title. If a problem is discovered, title professionals typically take care of it, or notify you so that you can make an informed decision. If a title defect covered under the policy isn’t discovered until after you close, the insurance kicks in to cover your losses. 

What are some typical problems that might cloud a title? There may be a lien on the property for unpaid property taxes by the previous owner, or a mechanic’s lien by a subcontractor who performed work on the property and was never paid. Other examples include a prior unpaid mortgage, or covenants and restrictions on the use of the property. 

Sometimes there are problems that go undetected during the title search, such as fraud or forgery, a mistake in the public record, or an unknown heir claiming ownership. If this occurs, you would file a claim with your title insurance company. 

The truth is, claims are rare in the title insurance business because of the due diligence that is performed before the policy is issued. Most of the premium dollar goes to pay for the upfront costs of performing the title search, and clearing up title issues before you close. 

An expanded title insurance policy covers many title defects not covered under a traditional policy, including issues that did not exist at the time you purchased your property. Expanded coverage typically covers things like access to the property, zoning violations, post-policy easement issues, encroachment removal, and building permit violations. 

An example would be if someone used a portion of your land as an easement to their property, and you wanted to build something that would block their access. They file a claim asserting their rights based on their continued use over time. A judge then orders a cease and desist order on construction until the matter can be heard in court (which could take months or years). Because this occurred long after you purchased title insurance, a traditional owner’s policy wouldn’t cover it. But with an expanded policy, the title insurance company would negotiate with the parties involved to reach a settlement, or, pay your legal expenses to defend your claim in court. If you were to lose your case, the title insurance company would compensate you for your losses. 

Another benefit of expanded coverage is that it insures you even after you no longer hold title to your property. This means that if you are sued for certain issues after you relinquish the title through a sale, the expanded coverage policy continues to protect you. And many underwriters increase the coverage amount each year as a hedge against inflation. 

Let’s examine some actual examples. 

In one state, a homeowner took an extended trip overseas. Upon her return, she discovered that new neighbors had moved in next door and were building a fence that was headed for the middle of her driveway. A survey was done, which revealed that building a fence on the neighbor’s property line would block access to her garage and the rear portion of her property. Fortunately, the homeowner had purchased an expanded coverage policy. 

The title company immediately hired an attorney to represent the homeowner. After having the fence removed, the attorney filed for a variance with the county to get a county-established setback line redrawn, and obtained an easement for the homeowner to use her driveway. 

Another example was when a homeowner discovered that the previous owner had not obtained the proper permits for some home improvement work. Because the new homeowner had purchased an expanded coverage policy, the title insurance company paid $18,000 to bring the work up to local building code standards. 

Title insurance is more than “just another fee.” It provides real protection should something happen to threaten the title to your home. Talk to your title representative to find out what is and isn’t covered in your title insurance policy, and whether an expanded policy is right for you. (Expanded coverage is only available in 41 states, so check to see if it’s offered where you live.) 

For peace of mind, make sure you fully understand your coverage before you close.