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Government Affairs Monthly Report

09-1-2020

West Steamboat Neighborhoods Land Deal Appears Dead

As first reported in the Steamboat Pilot. . .

After six years of discussions, intense negotiations and a public vote, developers of the West Steamboat Neighborhoods project said they have not been able to “close the deal” on purchasing property for the proposed housing development from Steamboat 700, according to a four-page project update memo sent to Steamboat Springs City Council on Aug. 28,.

The last communication City Council had received from O’Neil and Sherburn was another letter, dated Dec. 10, 2019, explaining why West Steamboat Neighborhood had missed the Nov. 12, 2019, deadline for closing on the property that was part of the annexation agreement. In that communication, the pair told council that a fully executed purchase and sale agreement and related promissory notes and deeds of trust were in escrow with Land Title at that time.

The city of Steamboat Springs had worked for years with Brynn Grey Partners on an annexation plan that would have allowed the developers to build 450 homes west of the existing Steamboat city limits on a 150-acre parcel of land owned by Steamboat 700, which the developers said they were planning to purchase. The annexation ordinance was referred to the ballot, and voters approved the measure in June 2019.

In the memo, Sherburne and O’Neil said they were not given a clear reason why Steamboat 700 terminated the purchase agreement. In outlining “what next” for the project, O’Neil and Sherburne said the future of West Steamboat Neighborhoods lies in the hands of Steamboat 700.

CAR Property Management Forum to Cover Regulatory/Legislative Issues

In the ever changing environment of property management, the Colorado Association of REALTORS® is working hard to keep members updated on the latest rule/law changes affecting the industry.

Register today for CAR’s virtual Property Management Forum! Industry experts and experienced property managers will cover a variety of issues affecting property managers of all sizes. Participants will have the opportunity to ask questions.
  • Regulatory Update: Marcia Waters, Colorado Division of Real Estate
  • Advocacy Update: Elizabeth Peetz, Colorado Association of REALTORS®, Nate Baumgart, Institute of Real Estate Management
  • Property Management Roundtable Discussion: Daniel Muldoon:
    • Marc Cunningham, Grace Property Management & Real Estate
    • Larry Mallard, Alpine Lodging Telluride
    • Linda Romer Todd, Associated Brokers & Consultants, Inc.
    • Alex Yoder, Dorman Real Estate Management


This event is open to ALL Colorado REALTORS® on When: Monday, September 22; 2:00 pm – 3:30 pm MT. More information can be found here: https://pheedloop.com/propmgmt2020/site/home/

National News: NAR Responds to CDC Evictions Moratorium

WASHINGTON (September 1, 2020) – National Association of Realtors® President Vince Malta, along with CCIM and the Institute of Real Estate Management, released the following statement Tuesday evening in response to a new CDC and White House executive order halting virtually all evictions nationwide through the end of the year.

“While NAR appreciates and is supportive of administration efforts to ensure struggling Americans can remain in their homes, this order as-written will bring chaos to our nation’s critical rental housing sector and put countless property owners out of business,” said Malta, broker at Malta & Co., Inc., in San Francisco, CA.
“Any eviction moratorium must also come with rental assistance for property owners, the vast majority of which are mom-and-pop investors and are still required to meet their financial obligations even as they cease to receive income on their properties.

“An untailored eviction moratorium will bring more havoc to our economy, not less, and will put America’s 43 million renter households at significant risk. NAR strongly encourages Congress to pass immediate legislation that would instead provide emergency rental assistance programs directly to housing providers, protecting Americans’ access to affordable housing and our nation’s critical rental housing sector”