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Real Estate Roundup: The Year in Review

Steamboat joins the ranks of other luxury resorts in Colorado with a banner year in 2016.

Eight figure sales aren’t just for Aspen anymore.

The Vista Verde Ranch sold for $16.25 Million in December, 2016, with Cam Boyd of Steamboat Sotheby’s International Realty representing the buyers, making it the highest sale for Steamboat real estate in 2016, and the 2nd highest non-commercial/land sale in the Yampa Valley in the history of the Steamboat Springs Board of Realtors MLS. The 587-acre guest ranch is located on the headwaters of the Elk River in Clark, 23 miles outside of Steamboat. With over 80,000 square feet of livable space, the guest ranch amenities include a main clubhouse, large indoor horse riding arena, pool, dining room and 10 luxury guest cabins with private hot tubs. The property has earned a four diamond rating from AAA.

Luxury guest ranches aside, 14 Steamboat properties sold for over $3.5 million in 2016. “That’s more than the last three years combined,” says Doug Labor, Steamboat Sotheby’s International Realty Manager and Associate Broker. “I think it’s an awakening of our luxury market.”

The sale of 3055 Temple Knoll, just steps from the Thunderhead Express Lift at the Steamboat Ski Area, marked the highest sale of a single family home in the mountain area since 2008. The home sold in November, 2016 at a price of $4.9M, with Darlinda Baldinger and ChLoe Lawrence of SSIR representing the sellers, and Lisa Olson and Josie Tolan of SSIR representing the buyers.

Labor notes the high-end homes sold in 2016 were a combination of new and old construction, with a real concentration of sales in The Sanctuary, one of Steamboat’s premier luxury neighborhoods. 9 Homes sold in The Sanctuary in 2016.

Steamboat Sotheby’s International Realty can account for over 40% of the market share in the luxury segment for properties over $1 million, more than double that of its closest competitor. “When you compare us to our competition in the residential market, we are way ahead of the competition,” says Traci Smith, Marketing Director for SSIR. “We are owning the luxury segment of this market.”

The growth in Steamboat’s luxury market was the biggest trend last year, but here are a few other key trends that sum up the year in real estate.

Positive Trend: Stable Growth

“If you look at the numbers, you see slow and steady improvement in the market as opposed to what happened in 2005-2007, where the growth was just exponential,” Labor says. “When Intrawest bought the mountain it hyped up the market more than what it would have been on an organic basis.” That resulted in a bubble, and that bubble burst in 2008. The good news is the market has not only made a full recovery, but a stable one. “The growth we’re seeing now is a lot more stable. It’s good, solid growth,” Labor says. “This will be the best year we’ve had since 2007.”

The “Down Valley” Effect
With the cost of real estate on the rise and available inventory on the decline, Steamboat’s affordable housing market continues to dwindle, forcing many buyers to outlying areas like Stagecoach and Hayden. Not an uncommon scenario for ski resort towns, Labor says, where real estate prices are too high for working class locals. It’s the same situation in towns like Vail and Aspen, where workers live up to an hour away and commute. News of a possible ski area development in Stagecoach boosted sales in that area, from 8% of the area market share in 2015 to 12% in 2016. “There is a trend for what I like to call ‘down valley development,’” says Labor. “There are definitely more sales happening outside of Steamboat.”

Where the deer and the elk play: Land sales are on the rise.
“In 2016 there were a total of 215 land sale transactions, up 330% from 2009,” Labor says. “I feel that’s because our inventory is getting so low, people aren’t finding what they want in standing inventory, so they are buying land and building.” Buyers should be aware that construction costs are up as a result, and available builders are getting harder to find. “Building costs are up to 350 to 500 dollars a square foot.” Labor says. “I had one client who discovered builders are so busy it’s hard to find one that isn’t booked two years out.”

The Big Picture: Year End Totals for 2016
Total Listings Sold: 1400 (up 6% from last year)
Total Transactions: 1190 (up 10% from last year)
Dollar Volume: $618 million (up 16% from last year)

Contributors: Doug Labor, 2014 & 20015 Steamboat Springs REALTOR of the Year.

For more information on year end statistics, contact your Steamboat Sotheby’s International Realty broker, or visit the MARKET INFO page of steamboatsir.com.

>>>>READ NEXT STORY: Steamboat SIR Launches “The Collection” – A Magazine<<<<


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