$17M+ Sale Jumpstarts Steamboat Springs’ 2012 Real Estate Year

Steamboat Springs’ January 2012 real estate sales started off on a positive note coming in just ahead of January 2011 sales. A good start is always welcome, and with the snowfall finally taking Steamboat Springs literally by storm this week, things might just be looking up on all fronts!

While local businesses were soft in January due to the minimal snowfall, the recent snowy weather has business owners across the resort market spectrum optimstic about stronger business through March. Reservations immediately picked up for the balance of the ski season as soon as news of our epic, record snowfall on Monday, February 20th  -  27 inches in one day – hit the news.

Highlights from the January 2012 Real Estate Report

• Sales Volume at $42,660,000 was 1.43% above January 2011.
• The number of transactions (66) was down 51.47% vs. January 2011, driven by a large decrease in Fractional sales which numbered 78 in January ’11 versus only 13 in January ’12.
• There were 14 Bank Sales that accounted for just over 5.5% of the overall sales, down from 18 Bank Sales in December and 15 in November.
• 64% of Residential Improved Unit Sales were under $300K and 85% were under $500K continuing the trend of entry level price points dominating the Steamboat Springs’ market in 2011.
• South  Routt County had the highest share of Dollar Volume as a result of one very large $17M plus sale outlined below.
• The Mountain Area, usually top in sales dollar and transaction volume, came in second in dollar volume share at just over $6.2M, but did maintain the top spot in number of sales transactions with 20.
• There were 6 total sales over $1M with 3 of these sales being over $3M.

Highest Priced Sale for January 2012:

1/18/2012 $17,650,000 M&B: Section 21,22,27,28-5-84 aka Yampa Tailwaters.  This is a Development parcel that has three residential improvements with a total of 3,462 SF Living Area – 6 Bedrooms and 3 Baths.  YOC 1951.  There are also 13 ranch outbuildings on the site totaling: 7,716 in Square Footage.  The total acreage is: 514.82 AC.  It is located in theSouthRouttCountyarea at:31370 State Highway #131

Highest PPSF’s for January 2012:  (two listed since the first one has a land-value factor)

1/27/2012 $800,000 Metes &Bounds in Sec 12-6-88 aka11505 US Highway #40–2 Bedroom 1 Bath YOC 1925 with 1,280 SF Living Area on 295.00 AC.  This property is located in the Hayden area.  PPSF is $625.00.

1/30/2012$693,500 in Howelson Place Condo Unit B301 aka703 Lincoln Avenue, B301 – 2 Bedroom 2 Bath YOC 2008 with 1,131 SF Living Area.  This is a new construction unit located in Downtown.  PPSF is $613.17.

—For more information on buying real estate or questions regarding Steamboat Springs real estate  in Steamboat Springs, Colorado, feel free to call Charlie at 970-846-6435 or write me an email at: charlie@steamboatsmyhome.com

Thanks,

Charlie

Steamboat Springs’ 2011 Real Estate Numbers Leave Room for Improvement

Steamboat Springs’ real estate market did not earn great marks in the recent Colorado Mountain Resort Real Estate Trends released by Land Title Guarantee Co. As compared to 5 other Colorado ski resort counties, Routt County, home to Steamboat Springs, is the only county that decreased 6% or more on 5 key benchmarks* in 2011 as compared to 2010:

• Gross Sales Volume: -12.01% (Eagle & Grand Counties were down >6% as well)
• Number of Transactions*: -23.06% (All other counties were flat to up
• Single Family Average Home Prices: -22.73% (Eagle & Garfield Counties were down >6% as well
• Multi Family Average Home Prices: -33.52% (Eagle, Garfield & Summit Counties were down >6% as well)
• New Development: -52.51% (Eagle, Garfield & Summit Counties were down >6% as well

* For Routt County specifically, there was a high number of fractional sales transactions in 2010 vs. 2011, so if you net out fractional transactions and compare improved units sales transactions only for 2010 vs 2011, Routt county is actually up almost17%.

Steamboat Springs’ Routt County real estate market historically has been most comparable to Summit County, home to Breckenridge, Keystone and Copper Mountain ski resorts. In 2007’s real estate market peak, Routt County/Steamboat Springs reported $1.58 billion in sales while Summit County earned $1.63 billion in sales. Fast forward to 2011, and there is a much wider gap in real estate performance on key metrics:

2011 Sales Dollar Volume
Routt County, Steamboat Springs = $450.6M (-12.01% versus 2010)
Summit County = $684.2M (-2.03% versus 2010)

2011 Single Family Homes Average Price Per Square Foot
Routt County, Steamboat Springs = $229.35 (-17.77% versus 2010)
Summit County = $252.68 (-6.11% versus 2010)

2011 Single Family Home Average Price
Routt County, Steamboat Springs = $631,224 (-22.73% versus 2010)
Summit County = $734,262 (-4.74% versus 2010)

While these 2011 year end numbers are certainly not good news for Steamboat Springs when compared to short term history, what they do point to is the potential for great improvement in the Steamboat Springs real estate market as we move into 2012. Reasons for optimism include: new jobs in the coal mining industry, lower inventory than we’ve seen in a while and aggressive sales and development plans for some key real estate projects. And for Buyers, Steamboat Springs is an incredible value right now, but inventory is decreasing  in some key price segments. It remains to be seen how  long it’ll be before the supply/demand equation tips the scale to increasing prices in some of the more sought after price segments.  

As I’ve stated before, the real estate market is local, and Steamboat Springs is not on the I-70 corridor which captures the majority of Denver visitors, a real estate market that has rebounded already. Steamboat Springs pulls a good portion of its buyers from out-of-state feeder markets many of whom have not had economic rebounds as yet. While poised for growth, the Steamboat Springs real estate market is somewhat more dependent on the national economic recovery and the availability of affordable mortgage financing for second/vacation homes than some of the Colorado ski resort counties we benchmark ourselves against.

—For more information on buying real estate or questions regarding Steamboat Springs real estate  in Steamboat Springs, Colorado, feel free to call Charlie at 970-846-6435 or write me an email at: charlie@steamboatsmyhome.com

Thanks,

Charlie

The snow banks might not have been high around Steamboat Springs at the end of 2011, but the Steamboat Springs real estate market ended the year on an overall positive note. In hindsight, the real estate market in Steamboat Springs is still trying to achieve sure footing on what has been a slippery slope throughout 2011, but there are some positive signs where a year ago we were not seeing much to be optimistic about. While some price points are doing well, others are struggling, and bank owned sales are driving actual dollar volumes down overall. So what does it all mean? While there are signs of reasons to be optimistic, there are some critical factors involved that will keep the market on its proverbial toes:

• the number of foreclosures poised to hit the market that haven’t yet (shadow inventory)
• the unemployment rate both here in Steamboat and in feeder markets where many second home buyers come from
• the ease (or lack thereof) of getting financing – there are strict requirements for obtaining second home financing, and as long as they are in place, it’s a deterrent

Snow Making at Steamboat’s Howelsen Hill

Factors (like snowfall) over which we have no day-to-day control over will continue to play important roles in how quickly we see sustained real estate improvements in Steamboat Springs. In the meantime, here’s a recap of how we ended 2011 which is something to take a moment to be thankful for before turning to 2012, and starting a new year with a fresh perspective.

136 December transactions brought in just over $47M in sales volume. December 2011 transactions were up 72.15% over December ’10 transactions, but at $47M in sales we were down 13.19% versus December 2010.

Year end comparisons of 2011 versus 2010 are a little disappointing, but are driven in large part by the 3 macro economic factors listed above:

• 2011 ended with a total of just under $450.6M in sales,  down 12.01% from 2010 year end
• 2011 total transactions numbered 1398, down 23.06% from 2010 year end numbers

On a positive note, inventory is down which means those homes still on the market will have greater value to prospective buyers who desire to liveSki TownUSA.

December 2011 Routt County Real Estate Report

Highlights of the December ’11 Real Estate Report

• 12 transactions were $1M plus
• Bank Sales were back up at 18 after being at 15 in November and only 6 in October
• The Mountain Area continued its sales and transaction dominance with 27.2% of the month’s transactions (37) and 50.3% of the month’s sales volume ($23.7M)

Highest Price Per Square Foot (PPSF) Sale for December 2011:

12/30/2011: $2,825,000 Edgemont Condo Unit 2803 aka2410 Ski Trail Lane, #2803–5 Bedroom 5 Bath YOC 2009 with 3,642 SF Living Area.  PPSF is $775.67.  This is a new construction sale onSteamboatMountain.

Highest Priced Sale for December 2011:

12/29/2011: $4,500,000 City South Subdivision Lot 1, Mid Valley Business Center #2Lot2, M&B: Sec 20-6-84 – 3 Commercial Parcels:  All Vacant Commercially zoned, with a combined land size of 14.52 AC.  This property is located at1440 Pine Grove Road.  PPAC is $309,917.  This was a Bank Sale. 

Other December Sales over $1.4M:

12/28/2011 $2,050,000 Sanctuary Subdivision #5 Lot 132 Re-plat aka 3050 Clearwater Trail –  4 Bedroom 4.5 Bath YOC 2006 with 5,808 SF Living Area on 1.48 AC Land.  PPSF is $352.96.

12/14/2011: $1,425,000 Big Valley Ranch at Steamboat Subdivision #2ALot25 aka28880 Skyline Drive– 3 Bedroom 3.5 Bath YOC 1992 with 4,636 SF Living Area on 36.10 AC Land. PPSF is $307.38

—For more information on buying real estate or questions regarding Steamboat Springs real estate or renting a home in Steamboat Springs, Colorado, feel free to call Charlie at 970-846-6435 or write me an email at: charlie@steamboatsmyhome.com

Thanks,

Charlie

For those who were seeing the glass half empty as mud season rolled into November, there was definitely more to be thankful for than family, friends, football and turkey on the horizon. What we lacked in snow fall, we made up for in real estate sales in November. November real estate sales were great. And looking at the recent absorption rate, I’d say the Steamboat Springs Real Estate Market is looking much better.

( Please note: I recently blogged about the attributes of “knowing the market.” The stats came out today with a rather large error. I caught it and researched it. There was not a $11 million dollar transaction in Steamboat. So I re-calculated the numbers with a more accurate sales price. The graph below is with the corrected amount – see *)

125 transactions netted just under $44M * in gross sales volume which equals a 64% increase in gross sales over November 2010. In a year full of negative comparisons, this huge increase versus last November has narrowed the year-to-date gap in sales volume to under -10%. The number of transactions year-to-date is down 27% versus last year, but up 34% from last November.

Dare we say that Tim Tebow’s (Denver Bronco’s QB) magic might be rubbing off on real estate sales in Steamboat Springs? Sometimes you just have to believe that value is appreciated, and we sure have a lot to offer here in beautiful Steamboat Springs! So our 4^th quarter is shaping up to be potentially “Tebow-like” here in the Yampa Valley.

As the ski mountain opened on November 23^rd with the annual SSWSC Scholarship Day fund raiser, the community began coming to life with the start of the ski season. With only weeks until Christmas, the snow finally starting to fall, hotels and condos filling up and the ski mountain opening up new lifts and runs “the season” is upon us!

View entire NOVEMBER Real Estate Report – but remember the $11 Million sale is wrong

Highlights from November Routt County Real Estate Report

* 11 transactions were $1M plus.

* Bank sales were up from October (6) with 15, but still down from September (18) and August (17).

* The Mountain Area still ranked #1 in Sales Volume and number of Sales Transactions (net of time-share/interval sales) with $20.4M in Mountain Area sales comprised of 36 transactions.

The Highest Priced Sale and Price Per Square Foot (PPSF) for November 2011

11/21/2011 $4.200,000 (estimated) Catamount Ranch Subdivision Lot 8 aka 33800 Catamount Drive – 5 Bedroom 10 Bath YOC 2000 with 10,358 SF Living Area on 7.04 AC Land.

Sales over $1.5M in November 2011

11/29/2011 $2,475,000 Robbins Subdivision Lot 117 aka 0674 Steamboat Boulevard – 5 Bedroom 6 Bath YOC 2007 with 7,305 SF Living Area on .60 AC Land.  PPSF is $338.81.

—For more information on buying real estate or questions regarding the  Steamboat Springs MLS in Steamboat Springs, Colorado, feel free to call Charlie at 970-846-6435 or write me an email at: charlie@steamboatsmyhome.com

Thanks,

Charlie

October was only a little stuck in the mud season muck, but that’s not totally unexpected in the bi-annual shoulder season. There were some encouraging sales as some folks do like to get settled in to a new home before the winter weather sets in.

With 99 transactions logged in the 10^th month of the year, October ranked 7^th in transactions and 8^th in total dollar volume with just over $31.6M in sales. Similar to September, dollar volume was down due to the large percentage of residential homes sold under $200,000 (35%) as well as 68% (more than two out of 3 homes) selling for $500,000 or less during the month of October. 

The bright spots while analyzing this report, are that the snow making machines are going full blast on Steamboat’s ski mountain and opening day is less than 2 weeks away…which means that soon Steamboat Springs will be full of skiers and winter loving vacationers.  Mud season always comes and mud season always goes…ushering in either a fabulous winter or a spectacular summer. “Fabulous” is on the horizon for sure. Mountain base improvements, revived financial backing at One Steamboat Place & Trailhead Lodge, new restaurant openings in Wildhorse Marketplace and a total remodel of The Cabin in The Steamboat Grand are a few of the pleasant surprises awaiting visitors and available year-round for residents.

Highlights from the Routt County/Steamboat Springs’ October Real Estate Sales Report include: 

* 8 transactions over $1M, three of these were over $2M and one was over $3M. There have only been four total $3M+ sales all year.

* Bank sales were significantly down with 6 in October versus 18 in September and 17 in August.

* The Mountain Area ranked #1 in $ Sales Volume as well as the number of Sales Transactions (net of time-share/interval sales) with just over $12M in Mountain Area sales comprising 27 total transactions.

The highest priced sale and the highest price per square foot sale for October 2011 were as follows:

Highest Priced Sale for October 2011

10/27/2011 $3,375,000 Agate Creek Preserve Subdivision Lot 1 aka 35375 Humble Road – 5 Bedroom 5.5 Bath YOC 2004 with 8,137 SF Living Area.  7.57 AC Land Area.  PPSF $414.77.

 Highest PPSF for October 2011:

10/6/2011 $2,030,000 OSP Condo @ Après Ski Way Condo Unit R-418 aka 2250 Après Ski Way – 4 Bedroom 4 Bath with 2,420 SF Living Area.  PPSF is $838.84.  This is a new construction sale that is located in the Steamboat Mountain Area.

—For more information on buying real estate or questions regarding Steamboat Springs real estate or renting a home in Steamboat Springs, Colorado, feel free to call Charlie at 970-846-6435 or write me an email at: charlie@steamboatsmyhome.com

Thanks,

Charlie

The numbers have been compiled and through the third quarter YTD, there’s a mixed bag among the key Colorado ski resort counties. Focusing on Pitkin County (Aspen, Snowmass), Eagle County (Vail), Summit County (Breckenridge, Copper Mtn.) and Routt County (Steamboat Springs) here are the key facts with the entire report located here.

Gross $ Sales Transactions

1)      Pitkin $977,073,114 (+18.84% vs. same time period 2010)

2)      Eagle $803,246,756 ( -29.6% vs. same time period 2010)

3)      Summit $496,283,700 (+1.74% vs. same time period 2010)

4)      Routt $331,187,400 (-14.91% vs. same time period 2010)

Number of Recorded Sales Transactions

1)      Routt = 1,039

2)      Summit = 1,005

3)      Eagle = 970

4)      Pitkin = 584

Number of Bank Sales Transactions

1)      Eagle = 225  (23.2% of total for the county)

2)      Routt = 127  (12.2% of total for the county)

3)      Summit = 89 (8.9% of total for the county)

4)      Pitkin = 45 (7.7% of total for the county)

Average Price Per Square Foot: Single Family Homes

1)      Pitkin $784.41  (-15% from 2010 ave. $/sq.ft.)

2)      Summit $254.87 (-5% from 2010 ave. $/sq.ft.)

3)      Eagle $235.98 (-26% from 2010 ave. $/sq.ft.)

4)      Routt $235.67 (-16% from 2010 ave. $/sq.ft.)

Pitkin and Summit counties are weathering the real estate roller coaster better than Eagle and Routt counties. The number of Bank Sales has been detrimental to Eagle and Routt counties depressing both total sales dollars year to date as well as average price per square foot of residences sold. It remains to be seen what the 4^th quarter of 2011 will hold, but it’s likely that Bank Sales will continue to be a factor well into 2012 as shadow inventory remains and must be worked through in the months to come. Routt county is showing positive signs with regard to new construction permits being issued, and entry-level (non Bank owned) listings are getting offers, in some cases multiple offers, indicating that perhaps the bottom is in sight for homes priced under $300,000.

—For more information on buying real estate or questions regarding Steamboat Springs real estate or renting a home in Steamboat Springs, Colorado, feel free to call Charlie at 970-846-6435 or write me an email at: charlie@steamboatsmyhome.com

Thanks,

Charlie

Mixed Report in September Routt County Real Estate Market

As fall entered full swing, the Steamboat Springs’ real estate market continued its swing along its own bumpy ride with the number of transactions totaling the second highest all year at 140, but with gross dollar volume just over $35 million which only ranks 5^th year to date with 9 months down. That makes sense when you dig deeper into residential home sales and see that 34% of them in September were for homes under $200,000.

As September turned to October and mud season follows, we’ll see less real estate activity, and as you’d expect, January sales historically trend low with fewer ‘Under Contracts’ or ‘Pendings’ going on the books the last quarter of the year. But with the bad bounce, comes the good bounce: Steamboat Springs’ ski season is right around the corner. Three ski resorts have opened already, and as always this time of year, there’s winter excitement in the air. With all the Steamboat mountain area base improvements, and the impressive #8 ski resort ranking, we’re looking optimistically ahead and doing our best to ignore the bumps along the way.  

Highlights from the Routt County/Steamboat Springs’ September Real Estate Sales Report include:

Steamboat Springs Market Report September 2011

* 7 transactions over $1M with the top 2 being from buyers residing in Texas and Illinois.

* 18 bank sales up only 1 from last month.

* The Mountain Area ranked #1 in sales volume at 22% of the Total Sales Volume, while Timeshare & Interval Unit Sales held the top number of transactions with 52.14% of the month’s 140 Total Transactions.

The highest priced sale and the highest price per square foot sale for September 2011, were as follows:

Highest priced sale for September 2011:

9/2/2011 $3,900,000, Dakota Ridge Sub 31665 Aspen Ridge Road – 5 Bedroom 5.5 Bath YOC 2008 with 7,654 SF Living Area on 5.3 AC Land.  PPSF is $509.54. This is a new construction sale located in the South Routt County Area.

Highest PPSF sale for September 2011:

9/29/2011 $665,000, 30750 County Road – 2 Bedroom 2 Bath YOC 1999 with 1,014 SF Living Area on 35.38 AC Land.  PPSF is $655.82.  NOTE: This PPSF is slightly misleading because there is also a 5,700 SF Barn located on site, and a 1,200 SF Utility shed that are not included in the living area sizing.  This sale is located in the South Routt County Area. (The second highest PPSF is the above Dakota Ridge Sale)

—For more information on buying real estate or questions regarding Steamboat Springs real estate or renting a home in Steamboat Springs, Colorado, feel free to call Charlie at 970-846-6435 or write me an email at: charlie@steamboatsmyhome.com

Thanks,

Charlie