Steamboat Springs Sees Another Record Month in Real Estate Activity in part due to COVID-19

Tuesday, November 24, 2020

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Where are all these Steamboat home buyers coming from?

Recent showings of my equestrian - recreational property on the road to Steamboat Lake were younger families from southern states. They tend to have middle school - high school aged kids and are looking for a place to play outdoors with access to public lands, privacy from neighbors, and the possibility of moving here permanently. You can take a virtual tour of Phantom Springs Ranch here.

With Increased Demand Comes Increased Home Values

In 26 years of real estate I didn’t do many sales in excess of $1M. In the past 60 days from this post date, there have been a total of 32 pending and closed sales for single homes over $2M. The average price of a home in Steamboat Springs is now $1.4M up 18% since this time last year, here are the home sales in the past 30 days. Low inventory, cost of land, high construction cost and high demand since COVID-19 continues to drive up prices.

During October, residential properties in Steamboat Springs went under contract in 15 days on average.

Lets Break another Record

My actual wish is to see a record year of snow, this last couple months of home sales is concerning because its not always a good thing to grow too fast, but always a good thing to see abundant powder. See Steamboat’s snow alarm.

Dean Laird, Broker/Owner, Colorado Group Realty, LLC, Steamboat Springs Colorado

 

 

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Setting a benchmark at crisis time, Steamboat Springs Real Estate

Sunday, March 22, 2020

Having been in this business for close to 30 years now, I know what to expect at times of crisis. We still have pent-up demand for real estate in Steamboat Springs and low supply, but not much is moving which could mean our market is about to change.

To monitor change, set a benchmark, and watch the market. (I had to redact my original thought here), I’m first to admit I didn’t anticipate the effect of COVID-19 and end result for the Steamboat Real Estate Market. See what I have sold lately.

You can sign up to receive market reports directly from our MLS by contacting me. 

 

 

Prices and sales volume continue to increase in and around Steamboat Springs

Thursday, January 22, 2015

Land Title just released their stats for the month of December for Routt County including Steamboat Springs.

Steamboat Market Report 2014December 2014 there were $58.17M in gross sales and 121 transactions. Our year ended with just under $600M in Gross Sales and 1,360 transactions for 2014.  That is the highest gross sales volume in Routt County since 2008 besting 2013 by +18.79% in gross sales volume and +6.42% in the number of transactions.  

Average Sales Prices: Single Family +10%, Multi Family +11%, Vacant Land +2%

PPSF/PPAC: Single Family +15%, Multi Family +6%, Vacant +25%

 

 

 

Steamboat mountain area homes median price approaching $800,000

Wednesday, January 7, 2015

Sanctuary log home saleSteamboat Springs real estate sales volume for Routt County in 2014 was over $540 million with single family homes a major contributer. The mountain area (near the ski slopes) had 44 single family home sales and the median price approached $800,000. Out of 50 homes currently listed in the mountain area, only 15 are priced under $1,000,000 as of today’s date.

The Steamboat Pilot reported that 62 homes priced between $1 million and $2 million had sold in Routt County as of the end of November, however, when they say “62 homes”- that statistic must have included multi-family like condos and townhomes. 39 single family homes sold in 2014 between $1 million and $2 million according to data posted to the Steamboat Springs MLS.  Fourteen of the the Buyers were represented by Colorado Group Realty Real Estate Brokers which includes the log home pictured - listed for $1,989,450 and sold for $1,909,500 in July 2014.

 

 

 

 

 

 

A beautiful Steamboat Springs fall drive past Edgemont

Wednesday, October 9, 2013

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Steamboat Springs Edgemont Real EstateEdgemont built in 2010 has 22 condos sold and 3 pending sales. Today, there are just 3 listings to choose from, and you have to spend $895,000 to get into 1467 SF, 2 bedroom Edgemont ski-in condo with South Valley Views.

An Edgemont 2 bedroom condo generated about $18,000 net revenue after HOA cost, management expenses and taxes.

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Steamboat Springs / Routt County June 2012 Real Esate Statistics

Tuesday, July 24, 2012

June was an amazing month, the best in a long time! There were 109 transactions totaling $65.4 million in sales, with one big sale of $14 million. Even discounting the $14 million sale, the month was way up! While transaction numbers are still off, there are some good signals for the average price and price per square feet. A notable situation is the lack of Interval Sales, there were only 3. One of the other factors that really contributed to the sales volume in June was the sell-off of the Trailhead Lodge units. There were 16 units with a gross volume of $7,057,800. Average price per square foot was $368.97. There were a total of 30 Bank Sales (16 Trailhead Lodge) and 14 in other areas of the county. The highest priced sale was for a ranch property in the Yampa/Toponas area for $14 million. Although there are 4 residential units on this large acreage property, the value is probably more oriented towards the land size.

Discounts and Incentives Offer Real Estate Deals for Buyers in Steamboat Springs, CO

Sunday, February 19, 2012

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Buyers looking for high-end, luxury condominiums in Steamboat Springs are in a great position to find some deals. A recent surge of price reductions and developer incentives has increased interest in some of the best properties on the market. Demand is still lagging supply, however there have been 16 sales over $800,000 for condos and townhomes in the downtown and mountain areas since November 2011, and our busiest selling season is just beginning. The relative abundance of luxury real estate has sellers competing for buyers to keep this recent condo buying trend in motion. For example, the developers of the ski-in/ski-out luxury condos at Edgemont are offering to pay three years of HOA dues on the next sale of any of the 13 remaining condos. They are also offering two years of paid HOA dues estimated at $22,000 annually for the next phase of to-be-built four and five bedroom townhomes. And while the townhomes are being built, they will provide use of Edgemont Ridge condos for up to two weeks in both the winter and summer seasons! Two other properties, Cimmaron Townhomes across the street from the Steamboat Ski Area, and Norwegian Log, an older ski-in/ski-out are also offering a price reduction. Bear Lodge at Trappeur’s Crossing is offering 25% off the next sale of their remaining new 3 or 4 bedroom luxury condominiums located one block from the base of the Steamboat Ski Resort. The offer also includes paid HOA dues for 3 years. Recently discounted pricing makes these high-end condos an attractive deal for anyone looking for resort properties. Listing prices are less than $500 per square foot. Newly constructed Trailhead Lodge at Wildhorse Meadows slashed prices of its fully-furnished condos up to 50% off the original listings with prices now in the mid-$400 per square foot range. Deals don’t stop at the ski area. In downtown Steamboat Springs condos in the newly constructed Howelsen Place and Alpenglow Lofts have incentives also. Up to 25% off at Howelsen Place and 35% at Alpenglow on the next two sales at each property.

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3.8% new tax on all Real Estate Transactions is not true

Friday, January 27, 2012

Effective January 1, 2013, a new 3.8 percent tax on some investments is slated to affect real estate transactions. The is a complicated tax and while I’m not a tax accountant, here are the basics: The 3.8 percent tax passed by Congress in 2010 won’t affect all real estate purchases. The tax may be applied to income from interest, dividends, rents (less expenses) and capital gains (less capital losses) for individuals with an adjusted gross income (AGI) above $200,000 and couples filing a joint return with more than $250,000 AGI. The new tax applies to the lesser of 1) investment income amount 2) excess of AGI over the $200,000 or $250,000 amount. One Example: Let’s say you are married and have $300,000 in adjusted gross income (AGI) and sold your principal residence for a $600,000 gain. $500,000 of the $600,000 is the standard deduction for a married couple. The Math: AGI Before Taxable Gain $300,000 Gain on Sale of Residence $600,000 Taxable Gain (Added to AGI) $100,000 ($600,000-$500,000, standard deduction for married couple) New AGI $400,000 ($300,000+$100,000) Excess of AGI over $250,000 $150,000 ($400,000-$250,000) Lesser Amount (Taxable) $100,000 ($100,000 is less than the $150,000 so taxable gain is on the $100,000) Tax Due $3,800 (.038 x $100,000) Watch out for the chain emails stating this is a tax on all real estate transactions, because that info is false. This new tax is supposed to raise $210 billion (over 10 years), representing more than half of the total new expenditures in the health care reform package. I support the National Association of Realtor which strongly objected to this tax, but the legislation passed on a largely party line vote. For questions about how this affects your sale in Steamboat Springs, Colorado real estate purchase, contact me. Dean Laird Colorado Group Realty Broker/Owner dean@mybrokers.com 970-846-8284

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