The ski season wraps up Sunday, but the buzz in Steamboat this week is as exciting as an 18″ powder dump. Aspen Skiing Co. and KSL Partners announced this week they will buy Steamboat as part of a larger $1.5 billion acquisition. To add to the buzz, Aspen announced two days later that they will also be buying Mammoth Resorts, which includes Mammoth Mountain, June Mountain, Snow Summit and Bear Mountain. Once the deal is finalized in Q3 2017, Aspen Skiing Co. and KSL Capital Partners will own or manage the following resorts in North America: Intrawest Aspen Skiing Co. KSL Capital Partners Mammoth Resorts Aspen Ski Co has been looking for ways to compete with the ever growing Vail Resorts. Steamboat and Winter Park will be the only two Colorado ski areas added to the Aspen brand outside of Pitkin County. After the dust settles, Aspen will have 14 resorts compared to Vail’s 11 resorts. Read the Denver Post article here Aspen is such an iconic brand and has been managed successfully by the same ownership for decades. We are optimistic about the opportunities and look forward to seeing the changes it will bring here in Steamboat. Call us at 970-819-6372 to discuss how this will impact Steamboat Springs real estate. |
Archive for steamboat springs real estate – Page 2
Storm Mountain Ranch
Twenty seven Steamboat single family homes (and 1/2 duplexes) closed in February and March for almost $25M. Twelve of them (44%) sold for more than $900,000 showing the rising trend in prices. With the recent announcement of Aspen acquiring Steamboat, don’t expect the trend to reverse.
See the list of sales below, or call us at 970-819-6372 for details or to schedule a time to talk about buying and/or selling.
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Steamboat Springs Winter Carnival
Most buyers have zero interest in buying a home in the middle of a Steamboat Springs winter, especially if it means moving all your stuff in the middle of a snowstorm. But research says it’s better to buy now. According to Nerdwallet and Realtor.com, January and February are the best months to buy because sales drop 47% and prices are, on average, 8.45% less than prices in July and August.
Even here in Steamboat, where seasonal ski properties are a huge part of our market, more people come to look in the winter but don’t actually buy until later in the year. Buyers often think they’ll wait until ski season is over to get a better price, although in a rising market, most sellers coming on the market are pricing their properties higher than the last one that sold. The combination of low inventory and interested buyers mean sellers are often getting close to their price.
You also have a better chance at negotiating when you aren’t in competition with other buyers. Once a seller has their choice of multiple offers, the “winning” buyer often pays more.
Another reason it makes sense to buy January and February of 2017 is because interest rates are expected to increase. You can get ahead of rate hikes by locking in rates now. If you are part of the 50% of buyers who pay cash for a home here in Steamboat, this doesn’t apply.
If you are ready to start your home search, contact us here.
Melissa at Land Title Guarantee just sent the real estate wrap up for November. She says:
“November was a good month with 171 Transactions and $67M in Gross Volume. Compared to last October, Gross Volume was down -29.20%, with the YTD. at +4.80%. However, this is due to over $33M in upper end sales last October including a $23M ranch sale. Transactions were up by +32.56% compared to last October, with the YTD. at +10.02%.”
Average Steamboat Springs Real Estate Sales Price:
Single Family +4%
Multi Family -1%
Vacant Land -51%
Median Steamboat Springs Real Estate Sales Price:
Single Family +16%
Multi Family +5%
Vacant Land -59%
Average Steamboat Springs Real Estate PPSF
Single Family +8%
Multi Family +2%
Vacant Land +7%
The Range at Wildhorse Meadows
There were 24 Steamboat Springs area single family homes that sold during October. The average price was $853,750, and no homes sold for under $500,000 in the city limits. Buyers looking to stay below $500,000 are purchasing in some of the surrounding neighborhoods like Stagecoach, Milner, and North Routt.
Sold prices averaged 96% of the asking price leaving very little negotiating room for buyers. If you’d like to discuss purchasing a home in Steamboat, please call us at 970-819-6372.
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Country Green Neighborhood
September was certainly a treat with 176 Transactions and $80.5M in Gross Volume! Compared to last September Gross Volume was up by +36.55%, with the YTD. at +12.99%. Transactions were also up by +32.33% compared to last September, with the YTD. at +7.22%
Average Sales Price:
Single Family +5%
Multi Family -2%
Vacant Land -48%
Median Sales Price:
Single Family +13%
Multi Family +4%
Vacant Land -59%
Average PPSF
Single Family +9%
Multi Family +2%
Vacant Land +7%
New Unit Sales were down with 6 in September, compared to 8 in August. There was great upper end activity this month with 19 in September, compared to 11 in August.
This info provided by Land Title Guarantee, Steamboat Springs
The following Steamboat real estate information is provided by Melissa Gibson of Land Title Guarantee. Melissa writes,
“August was a great month for Steamboat Springs real estate sales with $68.4M in Gross Volume and 161 Transactions – one of the best August months we have seen in years. Compared to last August, Gross Volume was up by +9.59%, with the YTD. at +9.36%. Transactions were up 7.33% compared to last August and YTD up 3.53%.
Average Sales Price:
Single Family +1%
Multifamily -2%
Vacant Land -43%
Median Sales Price:
Single Family +13%
Multi Family +4%
Vacant Land -34%
Average PPSF
Single Family +10%
Multi Family +2%
Vacant Land +15%
There were two bank sales in August, up from 0 in July.
New Unit Sales were up slightly with 8 in August, compared to 7 in July.
Upper end unit sales were static with 12 in both August and July.”
This summer between June and August, 55 single family homes sold in Steamboat Springs. Prices ranged from $265,000 for an entry 2 bedroom home in Milner to $3,300,000 for a home on Natches Way with a spectacular view of the ski area. The average price of a Steamboat area home was $1,100,000 and the median price was $800,000.
Last year, 67 properties sold so the total number of sales is down, but the average price is significantly higher than last year’s average of $889,000 and median price of $628,000.
Only six homes sold for less than $500,000 and 21 sold for over $1M. There aren’t many new spec homes for sale to fill the demand–only two new homes are for sale under $1,000,000.
Search all properties for sale here or call us at 970-819-6372.
Here are the properties that sold:
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2016 Q1 results are in thanks to Land Title, and it’s no surprise that prices are up. Here are general trends comparing the 1st quarter of 2016 to the 1st quarter of 2015 in Routt County:
* Average Residential Price up 28.43%
* Gross Sales Volume up 10.61%
* Real Estate Transactions down 1.65%
* Buyer Profile: 54.42% local, 9.29% Front Range, 36.28% Out-of-State
In March thru May 2016 there were 38 Single Family home sales in Steamboat Springs with the most expensive being a $2.3 million home sold at Burgess Pines. This was one of six properties that sold for over $1 million in that time frame.
The average price for single family homes was $801,000 according to the Steamboat MLS.
See the homes that sold below, and call us at 970-819-6372 with your questions:
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Buyers looking to purchase a Steamboat home have fewer properties to choose from now that single family home inventory is down almost 10% from a month ago. But if you are fortunate to find a home you like, this is one of the best times of year to make an offer. Pending home sales increased by 46.2% in November and median prices are up to $550,000 for single family homes. Remember, the $550,000 median includes the entire Routt County area and a few outlier sales (at either end of the spectrum) can affect median prices in Steamboat Springs. Steamboat prices are almost always higher than homes located in Stagecoach, North Routt, and west of Steamboat.
If you look at the pending sales information below, you’ll see that December-February are good months to purchase properties because there isn’t as much competition from other buyers. Two to three times as many buyers go under contract from March-November, so sellers may be more motivated if presented with an offer between December-February. When sellers have more showings and more activity, they are less likely to negotiate because the next buyer might be ready to write a higher offer.
If you are looking in the winter, remember that Steamboat gets a lot of snow. Buyers may want to wait to see what lies beneath the snow when purchasing single family homes but it’s never to early to start looking and line up financing. See all the homes and condos currently for sale here, or call 970-819-6372 with your questions.
