Steamboat Real Estate Market Report: August 25-31, 2008
Hayden, Colorado is the new Routt County real estate hot spot this week as Steamboat luxury homes (which have been selling really well) take a breather.
Hayden properties are an affordable alternative to Steamboat Springs (Read 5 Reasons To Buy in Hayden here), but also are attractive to the oil and gas workers who work in Craig (25 miles west of Hayden).
40% of the homes sold this week were in Hayden, CO, and 42% of homes that went under contract are in Hayden.
Homes are selling for an average of 94% of list price, so there is room for negitiation if you are a buyer.
Would you like more information about the Steamboat real estate market? I’d be happy to answer your questions about Steamboat real estate and opportunities to buy in Routt County. Please call Eliese at (970) 819-6372 or email me.
Here are the details of the 22 Steamboat area homes and land parcels that sold or went under contract last week: Read more »
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Posted: September 4th, 2008 under Uncategorized.
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Steamboat High End Real Estate is Selling
Steamboat Springs real estate is moving briskly–if you are buying or selling property over $4 million. Four Steamboat properties sold in July between $4,500,000 and $8,200,000.
7/31/2008 $8,200,000 South Routt Ranch
7/10/2008 $4,950,000 South Routt 77 acres vacant land
7/24/2008 $4,700,000 North Routt Area
7/ 3/2008 $4,500,000 Downtown Commercial and Restaurant
Since the beginning of the year, 42 Steamboat properties have sold or gone under contract over $2,000,000 for an average selling price of 92% of list price.
Steamboat Luxury Homes that have sold since January 2008 include: Read more »
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Posted: August 29th, 2008 under Market Reports.
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Chicken Little Is a Liar
There are two sides to every story, and the side the media publishes when it comes to real estate is generally the negative side. Yesterday’s headline in the USA Today reported, “Housing market shows a hint of hope” then goes on in the first paragraph to use phrases like “there are still significant risks” and starts the second paragraph, “Housing prices fell at a slow pace….”
Is this from the same Office of Federal Housing Oversight’s Housing Price Index I looked at yesterday?
The other side of the report showed 30 out of 50 states showing positive gains in housing prices from June 2007 to June 2008, including Colorado at #18 with a 1.82% appreciation gain.
The worst states for price declines were the usual suspects-California, Nevada, Arizona and Florida. The worst cities with significant price declines were in… (you should be noting a pattern)….California, Nevada, Arizona and Florida.
Here’s what OFHEO Chief Economist Patrick Lawler had to say. “The most overbuilt areas of the country–including California, Nevada, Arizona, and Florida–contrast greatly with most other states, where prices are declining more moderately or even increasing”.
The good news is we live in Colorado, the 18th best state for real estate appreciation.
In fact, Colorado real estate has appreciated over 273% since 1980, or almost 10% a year.
Real estate stats can’t be swept together and lumped into one number. You need to look a lot closer to get the real story, even down to Steamboat real estate micro markets.
If you are thinking about purchasing Steamboat real estate, buy it because you love coming to Steamboat. Buy property in Steamboat Springs because you plan on using it and are tired of renting. Don’t buy a place to flip or for an investment (although history proves Steamboat real estate will go up) unless you plan on holding it for several years.
And by all means, stop believing everything you read in the papers.
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Posted: August 28th, 2008 under Real Estate.
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Edgemont—Digging Started at this Ski-In, Ski-out Property
Edgemont is one of the newest ski-in, ski-out properties in Steamboat Springs. The Selection Event where people picked which unit to buy happened way back in May. Since then, a lovely Steamboat summer has come and gone with only the one photo-op golden shovel of dirt being moved.
I was up there yesterday and there are construction vehicles at work.
Finally.
My buddy Dennis Rush, the Edgemont specialist my buyers and I work with, tells me they are currently installing the water and sewer. The building will go up slower than Trailhead Lodge in Wildhorse Meadows because the building will be concrete vs. the frame construction of Trailhead.
Edgemont sold about $45,000,000 worth of Steamboat real estate at their Selection Event in May, and units have been selling at about 1-2 a month all summer. Once the ski season starts and visitors increase, there will be fewer units to choose from as they sell out.
If you are interested in purchasing brand-new Steamboat ski-in, ski-out real estate, buy it now. Prices will continue to increase (Barn Village raised their land prices this week) as the project gets further along.
Call Eliese at (970) 819-6372 or email me for a registration packet. I’ll get you the remaining inventory and current price list so you can make your decision about which unit is best for you and your family or friends.
(Photo courtesy of Dennis Rush)
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Posted: August 27th, 2008 under New Developments.
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Steamboat Real Estate Week in Review: August 18-24, 2008
15 Buyers put Steamboat property under contract last week, and 4 Steamboat real estate Buyers became proud homeowners when they closed on Steamboat homes and land.
The lower end did very well, with 8 Buyers purchasing Steamboat real estate under $400,000. There were even two “affordable” units where buyers must meet certain criteria in which to qualify.
The Steamboat real estate market has been strong at both ends of the spectrum–the lower priced places and the multi-million dollar places.
Three homes went under contract with list prices of over $900,000. Click Read More for the details.
Call Eliese for details at (970) 819-6372 or email me with your questions or home buying needs. Read more »
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Posted: August 26th, 2008 under Market Reports.
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5 Reasons to Buy Real Estate in Hayden, Colorado
Top 5 Reasons Hayden, Colorado is one of the fastest growing areas of Routt County:
- Hayden, Colorado is only 25 miles to Steamboat Springs on US 40. It is an easy-to-drive commute or you can take the bus and enjoy the ride.
- Hayden, Colorado is home of the Yampa Valley Regional Airport, where all commercial flights originate and depart in Routt County. The airport is going through a renovation and expansion and has a new terminal which opened in 2007.
- Hayden, Colorado is the half-way point between Craig and Steamboat. For households with workers in both towns, Hayden is the place to live to “split the commute”.
- The forecast for real estate appreciation in Hayden is excellent. Northwestern Colorado is experiencing a boom in oil and gas production. The population in Northwest Colorado is expected to double by 2035.
- Hayden offers both new, established neighborhoods and traditional, historic homes. Real estate in Hayden is affordable–you can purchase a home in Hayden for $200,000-$400,000.
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Posted: August 23rd, 2008 under Hayden.
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One Steamboat Place Now Offering 1/12th Fractions
One Steamboat Place is now offering 1/12th fractions for owners. Call me at 970-819-6372 for a reservation packet. Here’s an exerpt from OSP’s announcement: Read more »
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Posted: August 21st, 2008 under Fractional Ownership.
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Steamboat Real Estate Week In Review: August 11-17, 2008
5 homes sold last week and 10 went under contract. High end properties and lower end properties continue to do well. Steamboat homes under contract are well-priced homes with an average days on market of 81 days.
For more details about these properties or similar properties, call Eliese at (970) 819-6372. Click to read the entire Steamboat real estate summary report. Read more »
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Posted: August 21st, 2008 under Market Reports.
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Routt County Real Estate “Micro Markets”
How anybody can get reliable information out of the national media is beyond me. Florida, California, and Arizona can tank 25% while the rest of the country appreciates 3%, and the headlines blare “Housing Prices Drop 22%”. The fact is that real estate is local. Different areas of the country are experiencing different conditions. (Believe it or not, but prices in half the markets are actually the same or higher than last year! But you won’t read that because how many newspapers is that going to sell?)
Even Routt County real estate is local. It’s so local that you need to look at Micro Markets to see what is going on. A Routt County micro market can be a type of real estate (condos) an area (Stagecoach) or even a neighborhood (Dakota Ridge). Here are some examples of how real estate is divided into micro markets:
- There is a 3 1/2 month supply of Steamboat real estate over $1,000,000
- There is a 10 year supply of Stagecoach lots
- There is a 2 month supply of Steamboat condos under $400,000
- Hayden had 19 sales/pending contracts since May 1st and Stagecoach has had only 5 sales/pending contracts–Even though both areas have similar populations.
- There are only 19 ski-in, ski-out places that range in price from a dinky one bedroom $335,000 Ski-Inn condo to a $5,575,000 luxury townhome at the base of Thunderhead lift. Only 5 are Steamboat luxury ski-in, ski-out units.
- First time buyers can get a $7500 incentive from the government
What does that mean to a buyer thinking about purchasing Steamboat real estate?
- Some segments of the Steamboat real estate market are Buyers Markets. As a buyer, you are in the drivers seat–but you need to make a move.
- If you are going to finance, get your financing and lock in the rate. If you pay cash, you’re golden.
- Many homes are priced correctly. Learn the value and don’t assume you can lowball every property. Get a Realtor you can trust to do the research.
Would you like to learn more about Steamboat real estate micro markets? Call Eliese at (970) 819-6372 for more details or to learn what properties are “hot buys”.
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Posted: August 14th, 2008 under Stagecoach, Uncategorized.
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Colorado Resorts Single Family Price Comparison
Thinking about buying a home in a Colorado resort community? Here are the average prices for single family homes in some of the more popular ski areas including Steamboat Springs, Breckenridge, Vail, and Aspen. (Click to enlarge photo.)
Aspen, Colorado has the highest prices by far at $5,193,174. Yes, that is one house.
Eagle County is a large county that includes Vail, Beaver Creek, Edwards, and Eagle. The average price is $1,491,328. Homes in Vail Village are much higher, with prices in the $2,000-$3000 per square foot range.
Routt County has an average price of $922,581. It has the best ski mountain, Steamboat. (I’m biased.)
Summit County, on I-70, includes Frisco, Breckenridge, Copper, and Keystone. A single family home in Summit County averages $830,624.
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Posted: August 14th, 2008 under Real Estate.
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