Steamboat Springs, CO Real Estate and Community Blog

Bruce Carta from Land Title created this graphic with Steamboat Springs and Routt County real estate data from 2005-2008.

In 2007, Intrawest purchased the Steamboat Ski Area which lead to an unusual amount of Steamboat real estate being purchased. If you look at sales volume from 2005 and 2006, you’ll see Steamboat Springs is not experiencing large declines in dollar volume like some other real estate markets.

Click image to enlarge

Steamboat 700, and now Steamboat 360, have been working really hard for annexation into the City of Steamboat Springs. They need annexed into Steamboat so the developers can build 2000 homes and commercial properties. Here’s why:

If you own land in Routt County, (like the parcel Steamboat 700 is developing west of Steamboat Springs), the minimum acreage you need to build a home is 35 acres. In some cases, you can go through a process with the city and create a Land Preservation Subdivision. With a LPS, landowners can split a parcel (at least 70 acres, usually more) into 5-7 acre lots and leave the remaining acreage open space. But most homes in Routt County are on 35 acres. Read more »

Right outside of Steamboat, between West End Village and Silver Spur, lies the future neighborhood of Steamboat 700. The developers have been working non-stop for a year, meeting with the public, submitting proposals, and making promises so that they can get their land annexed into Steamboat Springs and start building houses.

Most think it’s a good idea. Steamboat home prices have appreciated about 40% over the last few years, and Steamboat’s city limits are almost out of buildable land. When there is no more land available to build on, real estate prices really start to climb.

Read more »

All the talk about the oil and gas boom of NW Colorado and the annexation of Steamboat 700 and Steamboat 360 got me thinking about Colorado resort town growth.

Here is the census data on the projected growth of four resort counties near Steamboat Springs, Colorado. (I’m not sure this data reflects the recent report that NW Colorado will add population the size of Grand Junction–50,000 people–over the next 25 years due to the oil and gas boom. I would imagine that would make Routt County future population figures higher.)

Click on the graph below for a larger image.

Resort county populations between 2000-2030 are expected to increase by the following percent:

• Routt County (Steamboat Springs)–73%
• Eagle County (Vail, Beaver Creek)–100%
• Grand County (Winter Park)–124%
• Summit County (Breckenridge, Copper, Keystone)–96%

Q: Why do people live in Steamboat Springs and work somewhere else?

A: Because they can.

Did you know that almost 10% of Steamboat Springs’ work force do not work in Steamboat Springs? They work in places like Chicago, New York, Australia, or any other location with internet access and cell phone coverage. With the flexibility to live anywhere they choose, they pick Steamboat Springs.

It’s a good arrangement for the workers and for Steamboat Springs. Workers like the quality of life and the excellent schools. This is probably obvious, but living in a resort town is fun. There is so much to do in Steamboat, it’s like being on vacation every day. You’re living in the mountains with time to have fun enjoying them. Year round.

I have a friend from back East who says her and her husband are going to retire to Colorado. I can’t understand that. Why wait until you are in your 60’s? I want to hike and ski while I’m 29. (Disclaimer: I’ve been 29 for a while.)

Location neutral workers are good for Steamboat because it leads to a more stable community and increases tax revenue. It’s estimated that Steamboat’s location neutral workers contribute $35 million annually to the local Steamboat Springs economy and generate $600,000 in Steamboat sales tax revenue.

Location neutral workers stabilize a community. They aren’t second homeowners (even though a lot of them start out that way.) They are involved in the community through Rotary, SCORE, the schools, and community boards.

Steamboat Springs became a destination town only with the advent of technology. Before the Internet, Blackberries, email, and reliable air transportation, if you lived in Steamboat, you worked in Steamboat.

Although only four Steamboat properties closed last week, twelve properties went under contract-including a $9,500,000 ranch in South Valley.

Colorado resort real estate markets like Steamboat Springs, CO, Jackson Hole, WY, Aspen, CO and Vail are experiencing the same thing– fewer real estate sales but higher average prices.

Resort markets have seen sales slow as credit tightens and buyers become more cautious. Second homes are not “must-have” purchases like primary homes, so second home buyers can take their time.

The Colorado resort market also has fewer real estate speculators. Prices were driven up-sometimes 20%-40% a year-by speculators looking to cash in on big appreciation gains by flipping properties in a year or two.

Instead, people buying Steamboat real estate are buying a lifestyle choice. They are looking to move to Steamboat for its natural beauty, small town feel and outdoor lifestyle-not to buy Steamboat real estate, fix it, and flip it. Without the speculators, buyers have time to choose exactly what they want.

Resort real estate prices have gone up because high end real estate sales are driving the average price up. And foreign buyers are finding the weak dollar means big savings for them. Read more »

I recently drove up to North Routt, Colorado to get photos of a rare parcel of hunting and recreation land listed for sale. The owner is selling 35-70 acres of some of the prettiest, most secluded land in Colorado. It’s surrounded by the Routt National Forest and only a few miles down the road from the famed Three Forks Ranch.

This parcel is perfect for a hunting cabin or secluded family get away.

Click on the photo below to see the entire slide show of this spectacular property. (I know….the pictures do not do this property justice.  I started out on a sunny day in Steamboat, but by the time I got to North Routt, the clouds moved in.  I’ll go back up on a sunny day when the snow melts and take prettier ones.)

For pricing, visit NorthRouttRanchLand.com or email or call Eliese at (970) 819-6372.

North Routt Ranch Land–early spring photos. Click photo to view entire slideshow

In spite of the national housing market reports, Steamboat Springs Real Estate is still very active. Last week, 22 Steamboat properties sold and 10 Steamboat properties went under contract.

The average price of Steamboat residential real estate was $754,527 and the average price of Steamboat vacant land was $1,075,862. (There was a $6,250,000 parcel sold which skewed the numbers higher.) Removing the $6,250,000 Steamboat land sale, the average sales price for Steamboat land was $681,666.

Here are the Steamboat real estate details: Read more »

Stagecoach, Colorado sales are off to a slow start in 2008. Stagecoach, CO is traditionally an area that sees most of its sales from May-October, so it’s not surprising that there has been so little activity. Many roads are inaccessible and building lots are covered in snow.

Since the beginning of the year, only 18 properties have sold or are pending. Compare that to the 137 properties currently listed, and you can see that Stagecoach is a buyers market.

Here’s what has sold in Stagecoach, Colorado: Read more »