An Atlanta-based group of investors, SF Capital, last week bought 19 lots at the private ranch conservation subdivision known as Marabou Ranch for just over $12 million, and immediately pulled them off the market with the hope of waiting for the market to heat up again. SF bought 18 developer lots for $11,100,000 at a prorated price of $617,000 a lot, low for the local market, as well as one $1,100,000 bank-owned lot on March 22nd. A number of Marabou's 62 lots had fallen into foreclosure over the course of the recession, but Will Stolz, principal of SF Capital, described Marabou's current owners as simply "tired," but having never missed a payment on their debt.
The 1,800 acre subdivision had sold 42 of its 62 lots beforehand for a total sales volume of $92 million, but few houses had been built. Four foreclosure sales in 2010 and 2011 went for between $998,500 and $1.25 million, while market-rate home sites went for between $1.36 million and $2.87 million during the same time. SF Capital's planning on holding their 19 lots until market conditions improve, at which point they hope to release them in groups of three.
The all-inclusive subdivision has a main lodge, pool, horse stables with saddle horses available for owners' use, miles of cross-country trails, and two miles of prime fly fishing along the Elk River.
· New owner of 19 Marabou homesteads near Steamboat calls timeout [Steamboat Today]
· Big News at Marabou Ranch Steamboat [The Steamboat Group]
· Market Sales add Marabou midst foreclosures [Steamboat Today]
· Marabou Ranch