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ELK VIEW DRIVE

Steamboat Springs, CO

steamboat legacy estate

experience the ultimate colorado ranchette lifestyle

A Legacy Ranch in The Yampa Valley

Set on 36.48 pristine acres less than 5 miles from downtown Steamboat Springs, this extraordinary estate offers a rare combination of privacy, natural beauty, and convenience. A large private pond serves as the centerpiece of the property, framed by dramatic, unobstructed views of the Steamboat Ski Area, the Flat Tops, and the Elk River Valley. The acreage is a sanctuary for wildlife, where elk and deer frequently gather, creating an exceptional mountain retreat with an ever-changing natural backdrop.

5 BEDROOM 2 BATH MAIN HOME

2,576 SQ FT

2 CAR ATTACHED GARAGE

3 BEDROOM 2 BATH CARETAKER

2,400 SQ FT SHOP

36.48 ACRES

EXPLORING THE HOME

The refreshed 2,576 sq ft main residence is thoughtfully designed for flexibility and mountain living, offering 5 bedrooms, 2 baths and two separate entrances that create opportunities for multi-generational living, guest accommodations, or rental income. Two distinct living spaces provide room to gather and unwind, while specialty spaces including a dedicated fly-fishing room, ski and boot room, and infrared sauna cater to every season of adventure. An attached 2 car garage adds convenience, and large windows frame spectacular views, seamlessly connecting the home to its remarkable surroundings.

THE PROPERTY

Set on expansive acreage with unobstructed views of the Steamboat Ski Area, Sleeping Giant, and the Elk River Valley, this exceptional property offers a rare blend of lifestyle and investment potential. A modern 3 bedroom, 2 bath mobile home built in 2017 and a substantial 2,400 sq ft, 2-bay shop with ofﬁce space contribute to an established income stream. The property features expansive water rights, partial perimeter fencing for livestock, and several premier building sites perched above the landscape, creating an extraordinary opportunity to enjoy the existing improvements while planning a future legacy estate overlooking the water.

OUTDOOR LIVING & RECREATION

Surrounded by sweeping views of the Steamboat Ski Area, Sleeping Giant, and the Elk River Valley, the setting invites a lifestyle deeply connected to the outdoors. A large private pond and open meadows create a peaceful haven where wildlife is a daily presence, while the property’s location offers the perfect balance of seclusion and convenience just minutes from town. From ﬁshing, hiking, biking and horseback riding to skiing, snowmobiling, and hunting, endless recreation awaits nearby. Steamboat Lake, Pearl Lake, Hahn’s Peak Lake, the Elk River and vast stretches of national forest provide year-round opportunities to explore and experience the very best of northwest Colorado.

36-ACRE STEAMBOAT

LEGACY ESTATE

Features

5 BD 2.5 BA MAIN HOME

2,576 SQ FT

2 CAR ATTACHED GARAGE

3 BD 2.5 BA CARETAKER

2,400 SQ FT SHOP

36.48 ACRES

abundant wildlife

Multiple building sites

no hoa or covenatnts

Unobstructed views of the Ski Area, Sleeping Giant & the Elk River Valley

many outdoor activities & recreation

3 miles from town

THE PROPERTY

• Amazing water rights

• Main house with 2 separate entrances

• Caretaker or rental income property

• Shop for storage of gear & equipment or for add’l rental income

• Currently rented for $6,500/month from shop & caretaker

THE MAIN HOME

• Recently refreshed

• Large deck with unobstructed views

• Infrared sauna room

• Fly ﬁshing room

• Ski & boot room

CARETAKER

• 2017 mobile home, separate driveway

• Renovated bathrooms & ﬂooring

• Separate septic system

• Currently rented for $3,000/month s SHOP

• Newer roof

• 2 bays, ofﬁce, lots of storage

• Currently rented at $3,500/month

SUBDIVISION OPPORTUNITY

• Neighbor interested in subdividing & purchasing 1 ac on the other side of 129, stating he would pay a premium price for this 1 acre parcel if new owner would be willing to subdivide

RARE 36-ACRE

steamboat legacy estate

PLANS & SURVEY

LOCATION CERTIFICATE OF A TRACT OF LAND IN THE NW1 4 NW1 4 OF SECTION 25, TOWNSHIP 7 NORTH, RANGE 85 WEST OF THE 6TH P.M., ROUTT COUNTY, COLORADO

RARE 36-ACRE

steamboat legacy estate

LOCATION & MAPS

STEAMBOAT

LAKE 23 MILES

CARETAKER/ MOBILE HOME

LOAFING SHED

APPROXIMATE PROPERTY BOUNDARIES

MAIN HOME

POND

BARN

STEAMBOAT SPRINGS, CO

Steamboat Springs, also known as Ski Town USA®, is part of the Yampa Valley and is a 3-hour drive from Denver. From skiing and fly ﬁshing, to camping, hiking, rodeos and golf, Steamboat Springs is a destination for year round activities. Steamboat is best known for its epic skiing, with an average of over 330" of Champagne Powder® each winter. Besides skiing, Steamboat is also known for its other vibrant seasons, its gourmet restaurants, fashionable shopping, arts and culture, and its western heritage. With a population of about 13,500, the American West is alive and well in Steamboat Springs with its strong economic base grounded in agriculture and tourism. The town offers 4 golf courses, endless hiking, biking and riding terrain, and the beautiful Yampa River ﬂowing through town. Steamboat is a unique mountain town with a true sense of community, a family friendly place enriched by a diverse economy and rooted in its western heritage.

RARE 36-ACRE

steamboat legacy estate

WATER RIGHTS

Mr. James Odom

NeitzelWater,LLC

Email: jay.odom@mydomiservices.com

April 1, 2025

Stephanie J. Neitzel , Esq. P.E

Direct: (720) 822-3108

stephanie@neitzelwater.com

MEMORANDUM

Jay,

This Memorandum summarizes my review of water rights associated with your property at 29244 Elk View Drive, Steamboat Springs, CO 80487. The water rights were conveyed from Daniel E. Beggs to James Robert Odom Jr and Sarah Rose Davidson (together hereinafter referred to as “Odom”) by Bargain and Sale Deed dated May 28, 2023. The deed conveyed the following:

All water and water rights, whether adjudicated, pending adjudication, unadjudicated, or inchoate water rights, including ditches and ditch rights, reservoir and reservoir rights, livestock water tanks, wells and well rights, spring and spring rights, wastewa ter and seepage, storage structures, pending or existing well permits, and any other types of rights to the ownership of water, which are, have been, or may be located on, underlying, appurtenant to, historically used on, used in connection with, or otherw ise associated with the real property described in the attached Exhibit A, including, without limitation, all of Grantor’s interest in the water rights described in the attached Exhibit B (collectively ‘Subject Water Rights”)

This memo reviews the four water rights listed in Exhibit B of the Deed that are associated with the real property described in Exhibit A of that Deed, being the same real property as that conveyed to Odom from Daniel E. Beggs by Special Warranty Deed dated June 30, 2023 (hereinafter referred to as “the Property”). The source for the water rights is McFadden Creek, a tributary of the Elk River that is tributary to the Yampa River. The water rights include both absolute and conditional water rights, as those terms are briefly defined below

Absolute and Conditional Water Rights

Under Colorado law, appropriation of a water right requires that the water be diverted and applied to beneficial use. The appropriation is confirmed by decree of the Colorado water court entitling the owner to an absolute right to use a certain amount of water for the intended purposes within the priority system. The water right’s priority is based on the date the appropriator first demonstrated its intent to appropriate the right. Failure to use the water right as decreed for an extended period of time risks loss of the right due to abandonment.

An entity can also be granted a conditional water right by decree of the water court. This is where the entity has taken a substantial step with the intent to appropriate water in the future. The entity must also demonstrate that there is water available for appropriation and that the entity has the ability to complete the appropriation. Conditional water rights are approved for six years and the water right’s place in the priority system is preserved . The water right is made

absolute when the water is finally diverted and put to beneficial use as confirmed by the water court. Every six years or until the water right is made absolute, the owner is required to file an application with the water court showing it has been reasonably diligence in its efforts towards completion of the appropriation.

Water Rights Conveyed in Exhibit B of the Bargain and Sale Deed dated May 28, 2023.

1. Rosa Hangs Ditch

This water right was decreed absolute for 1/5th cfs on June 12, 1913, by the Routt County District Court, with an appropriation date of May 15, 1909. The decreed point of for diversion is from the north bank of a branch of the McFadden Creek for irrigation of 12 acres located on the Property. This is the most senior water right conveyed to Odom in the Bargain and Sale Deed.

There is no record of this water right being used after April 2004. The notes in the records of Colorado Division of Water Resources (“DWR”) say that this ditch structure no longer exists. Further, there was an Order of the Division Engineer dated September 30, 2019, for Beggs to install a headgate and/or measuring device for this ditch. I do not know whether there was compliance with the Order but I suspect not due to the lack of diversion records and the reference in the DWR notes that the structure no longer exists.

Nonuse of this water right for more than 20 years can be cause for a presumption of abandonment and risks the Division 6 Engineer placing this water right on its Decennial Abandonment List. The next Decennial Abandonment List is anticipated in approximately 2030. To rebut the presumption of abandonment, the owner will need to provide evidence sufficient to prove it did not intend to abandon the water right.

2. Wilhelm Spring

This water right was decreed to Richard and Patsy Wilhelm for 0.05 cfs on December 31, 1971, in Case No. W-60 with an appropriation date of June 21, 1969 for irrigation, domestic, stock watering and all other beneficial uses as may be necessary for proper and beneficial use to the persons using the waters not only for the present but also for the future. The source of the spring water is McFadden Creek and the water diverted from the spring is transported by pipeline to a storage tank to then be pumped to the house and yard on the Property. The application describes the lands to be irrigated as 5 acres in the E½S½S½NW¼NW¼ of Section 25. There are no records for diversions or irrigated lands for this water right and the notes in the DWR records say it is an active structure but that diversion records are not maintained. This water right is included as a source of water for the Beggs Pond decreed in Case No. 2017CW3048.

3. Beggs Pond

This pond was decreed on May 23, 2019, in Case No. 2017CW3048, Water Division 6, with an appropriation date of December 20, 2011. The decreed amount is 2.5 acre-feet absolute and 2.8 acre-feet conditional, including a conditional refill right of 27.1 acre-feet. The source of the water for the pond is the North Fork of McFadden Creek and the Wilhelm Spring. The uses for

5369 E. Weaver Drive, Centennial, Colorado 80121 2

the water include recreation, aesthetics, evaporation, wildlife watering, fire control, livestock, piscatorial, and irrigation of no more than 8.7 acres located on certain lands depicted on a map attached as an exhibit to the Decree. These lands are within the boundaries of the Property.

Prior to construction of the pond, required notification was not provided to the State and the dam embankment may qualify as a jurisdictional dam requiring compliance with the Dam Safety Engineer and Division Engineer’s Office. To be non-jurisdictional, the dam must create a reservoir with a capacity of 100 acre-feet or less and a surface area of 20 acres of less and with a height of 10 feet or less.

The 2017CW3048 Decree includes many terms and conditions that require compliance to maintain the conditional portion of the water right and to finally make the water right absolute :

a. The first diligence cycle ends on May 31, 2015. The 2.8 cfs conditional portion has not yet been made absolute. Therefore, an application for Finding of Reasonable Diligence must be filed with the water court no later than May 31, 2025. This application is presently being prepared.

b. Within the next 2 diligence cycles (6 years from date a decree resulting from the upcoming finding of reasonable diligence is granted), the following must be completed:

(1) Survey of the Beggs Pond to verify the quantity of water being stored and beneficially used.

(2) If surveyed storage volume is greater than 2.5 acre-feet and it is desired to make that additional amount absolute, an application is to be filed to make that amount absolute and cancel any remaining conditional amount.

(3) If survey volume is less than 2.5 acre-feet and it is not intended to increase the storage volume, the original Decree shall be amended to request any remaining portion of the absolute rights and any remaining conditional portion of the right be canceled.

(4) Out-of-priority storage in the pond is required to be released and if the existing outlet to drain the pond cannot drain the pond if required, a controlled siphon or by-pass of inflows is required to be installed

(5) An accounting system to track the decreed refill amount is required to be developed with the accounting provided along with annual records to the submitted to the Division Engineer by November 15 each year.

It is important to note that there are no records of diversion or storage for this water right in the DWR records.

as abandoned in its entirety on August 1, 2014, in Case No. 11CW37. I did not further research this water right as it is no longer valid.

Conclusion: The water rights decreed for the Beggs Pond and Wilhelm Spring should be sufficient for uses decreed for those water rights on the Property, including irrigation of 8.7 acres. If additional development and/or more extensive irrigation on the Property is intended, use of the Rosa Hangs Ditch should be investigated. I identified the following issues of concern for the water rights that are the subject of this Memorandum as well as actions that are required or suggested to be taken to preserve the water rights for future use.

1. Statutory and Administrative Compliance:

It is important that the owner of a water right comply with all the statutes, rules and orders of the State Engineer and Division Engineer for Water Division 6 governing the measurement of surface water diversions and storage release and delivery of water located in Water Division 6. Noncompliance can risk court proceedings and responsibility for the State’s costs, including attorney’s fees, among other penalties. From my review of the record, it does not appear there has been consistent or full compliance for these water rights. Rules and orders specifically applicable to water rights administration in Water Division 6 include, but is not limited to, the following:

• Rules and Regulations Governing the Measurement of Surface Water and Groundwater Diversions and Storage, Release and Delivery of Water Located in Water Division 6, Order of the State Engineer dated October 28, 2022.

• Water Measurement Rules Now in Effect for Yampa, White, Green and North Platte River Basins, in effect as of January 16, 2024.

• Colorado DWR Memo, Important Notice Regarding Division 6 Measurement Rules, dated January 6, 2024.

A review should be undertaken of what is required for measurement structures, record keeping and submittal, etc. for the water rights reviewed here. A ppropriate actions should then be taken.

It has not yet been determined whether Beggs Pond is a Jurisdictional Dam. The required survey of the Pond will make this determination and coordination with the Dam Safety Department and Division Engineer will be needed as to any additional safety and administrative requirements for the pond.

2. Abandonment

The Rosa Hangs Ditch is at risk of an abandonment determination due to nonuse. If it is not the intent to abandon these water rights, a review and discussion of actions that might be taken to help demonstrate that intent should be initiated very soon.

This water right was decreed for 1.0 cfs absolute for irrigation and stock water uses in Routt County District Court Action No. 3926 on June 8, 1967. The water court ordered this water right

4. Truax Ditch

3. Title Review

I performed a cursory title review for the water rights. It is important to understand that water rights can be sold separately from the property which they were originally for use on. Such transfers are not always recorded or in the chain of title for the property. A Bargain and Sale Deed does not guarantee against liens or other claims against the property conveyed.

My review of the Routt County property records went as far back Richard and Patsy Wilhelm who owned the Property prior to its transfer to Beggs. The Property was transferred to Daniel and Ramona Beggs by Deed by Paul Sachs, personal representative of the estate of Patsy Wilhelm, on 12/20/2011. This deed included all appurtenances including “any and all water and water rights of any kind and nature, including springs, wells, and ponds, ” The four water rights discussed herein are not specifically called out. Prior to this transfer, there were numerous documents recorded pertaining to various properties owned by one or both of the Wilhelms Although my search was not exhaustive, I did not find anything in the records to suggest that the water rights discussed herein did not transfer to Odom from Beggs in the 5/28/2023 Bargain and Sale Deed. If more extensive research is desired, this can be untaken separately and may require an in-person search of Routt County records not available on the website.

If there are any questions concerning this Memorandum, please do not hesitate to contact me.

Sincerely,