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It’s official — the town of Gypsum is under contract to buy the Cotton Ranch Golf Course, which has been in financial straits.

“It will be an affordable municipal golf course,” said Town Manager Jeff Shroll. “Greens fees will rival those charged in Garfield County or maybe even Mesa County, which are the cheapest places to golf on the Western Slope.”

Gypsum will buy the course through a lease purchase for $2.5 million, with a closing date in mid January. Shroll emphasized the town is not cutting services or raising taxes for the deal.

“We feel like we need to protect the [value of] homes,” Shroll said, explaining that such a struggling operation affects property assessments townwide.

The course has been financially troubled for at least a year. The owners of the golf course — Cotton Ranch Club Inc. and Cotton Ranch Company, LLC., based in Gypsum — defaulted on their loan from PMC Commercial Trust. That set off a series of court hearings and the course operation was placed in the hands of a receiver last spring.

Eventually PMC Commercial, the lender for the Cotton Ranch golf course, purchased the asset at an Eagle County Assessor sale in July. The purchase price was $1.7 million. The lender was the only bidder at the sale.

Since the golf course went into foreclosure earlier this year, PMC Commercial contracted with Edge Golf Group to manage the golf course and other club facilities. Attorney Bob Holmes, who was representing PMC at the assessor’s sale, said his clients don’t want to be in the golf course business. He noted PMC Commercial Trust was interested in talking to anyone about a purchase and that the company just wanted to get the loan repaid.

Gypsum town officials considered the prospect of buying the course for seven years, Shroll said, “when prices were $5 million to $7 million higher.”

The town elected not to participate in the foreclosure sale several months ago because that process was hampered by the fact that the successful buyer would acquire the course in its present state.

Shroll noted by holding off, the town was able to complete comprehensive due diligence process. That process included an examination of homeowners’ rights with respect to the club takeover.

With the buy, Shroll said, Gypsum “could become one of the premier recreational towns in the county.”

This artical is provided by The Vail Daily written by Derek Franz.  Eagle Valley Enterprise editor Pam Boyd contributed to this report.  View this artical on Vail Daily: CLICK HERE

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Attention Buyers

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Offered at Only $319,900

Pinon Valley Towhome in The Terrace, Eagle, Colorado

HUGE Price Reudction well below what owners purchased home for, Priced to Sell–LEASE OPTION would be considered. Best Location in Pinon Valley Townhomes. Low-maintenance end unit townhome that backs to open space with spectacular mountain views. This spacious & bright floor plan delivers 3 large bedrooms, 2.5 bathrooms and 1-car attached garage. Beautuful traditional dining room. Large master suite with walk-in closet with custom storage, and master bath with dual sinks. Classic living room with built-in bookcases and a cozy gas fireplace. Gleaming hardwood & tile floors on main floor. Separate main floor laundry room. Open kitchen with appliances included, breakfast bar, gas range and tons of storage space. A manicured lawn with plenty of shade, a sprinkler system, and much more. Newer water heater, updated lighting fixtures, and new paint inside and out. Just a short walk to Eagle Ranch, Downtown Eagle, parks, Capitol movie theatre, ice rink, pool, coffee shops, restaurants, the Eagle Library, and shopping. You will love coming home to the perfect place to relax, take in the views and enjoy life with low maintenance Rocky Mountain living. All of this plus the added bonus of being just a short drive to all that the Vail Valley has to offer including the world class Vail & Beaver Creek Ski Resorts. Don’t miss out on this stunning piece of Eagle Real Estate. Call your experts at Vail Mountain Realty today to set up your private tour or for more information!

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Offered at Only $289,900

Beautifully remodeled townhome with the best location in Eagle, Colorado. This stunning home features 2 bedrooms plus a loft, 2.5 bathrooms, attached 1-car insulated garage with work area and shelving. Completely remodeled kitchen with Corian countertops, newer raised Hickory cabinets, newer Frigidaire stainless steel appliances, updated hardware, and hardwood floors. Private master suite has a large walk-in closet, master bathroom, and great views from your windows. Upgrades throughout this home include: updated fixtures, newer neutral carpet, new interior paint, remodeled bathrooms, new high capacity water heater, and much more. The fenced yard with large deck overlooks the creek right out your backyard. You can’t beat this location backing to open space with breathtaking valley & mountain views. This is a smaller quiet complex with low HOA dues & low taxes. Just a short walk to Downtown Eagle, parks, library, coffee shops, dining, and shopping. You will love coming home to the perfect place to relax, take in the views and enjoy life with low maintenance Rocky Mountain living. All of this plus the added bonus of being just a short drive to all that the Vail Valley has to offer including the world class Vail & Beaver Creek Ski Resorts. Don’t miss out on this great deal for a stunning piece of Eagle Real Estate. Call your experts at Vail Mountain Realty at 970-337-7283 today to set up your private tour or for more information!

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Offered at $370,000

Attention Buyers-Don’t miss out on this rare opportunity to get a homebuyer tax credit. This is a huge incentive for homebuyers but this is only available until April 30, 2010. For first time homebuyers (or those whom haven’t owned a home in 3 years) an $8,000 credit is being offered. For homebuyers that have owned their home for the last 5 years a $6,500 credit is being offered. Prices & interest rates are down so with this incentive now is the time to purchase a beautiful Eagle County home. Call your experts at Vail Mountain Realty at 970-337-7283 today for more details.

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Reduced to $598,500

Eby Creek Mesa- Eagle, Colorado

Huge Price Reduction by $130,000–Stunning New York Mountain & Valley Views, best location in desirable & spacious neighborhood of Eby Creek Mesa in Eagle Colorado! Gorgeous and Updated home offers 3 large bedrooms, 2.5 bathrooms & a bright, open floor plan. Main floor master suite features a 5-piece bathroom w/ jetted tub, stone shower & 2 large walk-in closets. The spiral staircase leads to the finished walkout basement has a HUGE rec/family room with 10 ceilings. Many upgrades throughout include: Recessed lighting, cozy gas fireplace, gleaming hardwood floors, large rooms throughout, decor niches, rounded corners, surround sound, grand spiral staircase, vaulted ceilings, & more. This home is perfectly place on a large lot with immaculate landscaping in front & back yard with a 12-zone sprinkler system, wraparound deck with views from every end and storage shed. Added bonus-The furnishings in this home are negotiable please call for complete details. Close to Glenwood Canyon, Eagle River & all that the beautiful Vail Valley has to offer. An premier piece of Eagle Real Estate, all of this plus just a short drive to the world class Vail & Beaver Creek ski resort.
Don’t miss out on this fantastic home. Call today your experts at Vail Mountain Realty at 970-337-7283 for more information or to schedule a private tour.

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Williams Street, Denver, CO

Home located 1 block from Denver University campus that has been remodeled throughout.  Basement apartment with 1 bedroom, 1 bathroom, living room & kitchen at $700 per month.

Available Now, All appliances included, cable included, private off street parking, & large fenced yard.

Pets are okay with an additional pet deposit.

Please call 720-319-7161 for more information or to schedule a time to view

Williams St, Denver, CO

Basement apartment w/ 2 bedrooms, 1 bathroom, & full kitchen at $750 per month.  Beautifully remodeled home located 1 block from Denver University campus & from Light Rail.  All appliances included, cable included, private off street parking, & large fenced yard.

Available immediately, pets are okay with additional pet deposit. Please call 720-319-7161 for more information or to schedule a time to view.

Reduced to $729,000

Possible Short Sale- Expansive Custom Golf Home with Incredible Views in Cotton Ranch Golf Club. 3 wraparound Trex decks are perfect for taking in the scenery & entertaining. This home features 5 large Bedrooms, 4.5 Bathrooms, 3-Car Garage & 1,800 square foot walkout lower level which could be used as a mother in-law suite. Best value with a fantastic floor plan. Boasting Central A/C, In-floor Radiant Heat, Main Level Junior Master Suite, 2 Wet Bars, Wormy Maple Cabinets, Solid Granite Countertops, Gleaming Hardwood Floors, Stainless Steel Appliances, 2 Jacuzzi Tubs, Large Rooms, Plenty of Storage & so much more. Incredible Master Suite features a HUGE master 5-Piece bathroom with 7′x6′ Steamer Shower, Jacuzzi Tub & Large Walk-in Closet. This home has been created for maximum Comfort with Optimal Views. Close to Cotton Ranch clubhouse, Gypsum Rec Center, pool, schools & all that the Vail Valley has to offer. All of this plus the added bonus of being just a short drive to the Eagle River, Glenwood Canyon and world class Vail and Beaver Creek Ski Resorts. Don’t miss out on this stunning piece of Vail Valley luxury real estate. Call your experts at Vail Mountain Realty today for a private showing or for more information!

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