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Posted March, 2008

Total sales volume in all of Routt County in 2007 was $1,587,357,500, a new record, and 142% of volume in 2006, when we had sales of $1,121,036,063. Property sold at a rapid pace for the first three quarters of '07, with a monthly average of 177% of sales volume over the same month in '06. We saw a slowdown in the final quarter when the monthly average was only 85% of sales volume over the same month in prior year.

September 2007 sales volume reached $132,588,800 with only 189 units sold! Last September we saw 274 units sold for a record sales volume of $133,075,900, a difference of $487,100 (about the median price of one condo near the mountain). Last September, that record number included a $25 million dollar transaction in the mountain area and this September we had an $11.5 million dollar transaction in the mountain area as well. Thus far into 2008, January sales volume came in at $80,775,200, only 80% of January 2007, but 169% of 2006.

With headlines coming out in the last quarter of 2006 with the announcements of pending sales of the Steamboat Ski Area and Sheraton Hotel and Golf Course, and Ski Time Square and Thunderhead coming up for sale, it created quite a buzz in town and throughout the Real Estate industry. This might have caused the record of almost $500 million dollars in sales volume for the last 4 months of 2006. The trend now seems to be fewer units sold with higher transaction prices. The average sales price of a single family home in Steamboat for last year was $803,133, and $406,942 for a condo, still a value compared to Vail prices at $1,476,000 and $780,336 for the same products.

*Note this information is compliments of Bruce Carta of Land Title Company, Steamboat Springs, Colorado.

Posted March, 2008

American Ski Company's sale of the ski mountain to Intrawest in March of 2007 was music to the locals' ears. More than $16M of improvements will have been completed already by the end of the year, which launches the $40 million that is planned to be spent to advance the resort's competitive position over the next decade. The City of Steamboat Springs is also very active in redevelopment, as we expand the library, build a new community center, complete the County courthouse and build a new elementary school downtown.

The mortgage crisis that clobbered the country in August had a somewhat delayed effect on the Steamboat marketplace. The higher interest rates and publicity of increased foreclosures slowed the market a bit, mostly in the activity of single-family home sales. Rate of sale typically slows for primary homes and land during the winter months, but this is not necessarily the case for second-home buyers. This impact has lessened as the mortgage industry has settled down, as well as the rates. We still see the Buyer that is coming to Steamboat to purchase real estate driven to do so because of our quality of life and what Steamboat has to offer them. While having proved to be a solid investment, we don't perceive Steamboat to be "investment driven" but rather "quality of life" driven.

Inventory levels still remain lower than in previous years and condominiums on the mountain are still experiencing good rates of sale overall. The change in mortgage practices may create some opportunities in the next four to six month period. It is an interesting time for Steamboat real estate and the surrounding area, as it may be the first time that we have seen that it is both a good time to sell a property to realize substantial gains in investments, as well as a good time to buy, due to the growth in Steamboat and the opportunities that the sale of the ski mountain to Intrawest will bestow.

Posted March, 2008

There has never been more activity in Steamboat real estate developments than what we are experiencing right now. There are five new mixed-use construction projects under way in the downtown area alone. The mountain is also experiencing a lot of earth moving with locations that are commanding unprecedented prices per square foot. These condominium and commercial developments have estimated build-outs phased from 2008-2014. Ski Time Square is headed towards a much needed overhaul. The Starwood group has purchased the Sheraton Hotel and Golf Course for just under $57 million, and has begun plans for renovation of the hotel and condominiums, set to begin immediately following the 2007-08 ski season. It has been purchased and will be demolished and replaced with a state-of-the-art development. Recently approved plans for the Edgemont development, formerly known as Bear Claw III, will bring a whole new look.

As the cost of materials and transportation costs rise, in addition to increased land values, existing properties may have more square footage and or land than new projects, which may represent a better value to a Buyer. Steamboat Real Estate® is a full-service brokerage offering Seller Agency as well as Buyer Agency services. One of our brokers will be able to assist you in determining whether a new property or an existing property is the right investment for you.

Posted March, 2008  

A Steamboat Real Estate broker will be happy to provide you with additional information regarding pricing and floorplans on any property of interest.

One Steamboat Place: Located at the base of the slopes and steps to the gondola (between the Gondola building and Snowflower Condos), Timbers Resorts and SV Capital are constructing One Steamboat Place. This is a defining chapter in the new Mountain Village. This extensive mixed-use development combines commercial as well as whole and fractional ownership condominiums. All whole ownerships are under reservation pending completion of the project, but some fractional ownerships are still available to purchase. This property is priced $1,000-$1,200 per square foot and will tout upscale amenities in addition to its ski-in/ski-out location. Other signature Timbers Resort developments include locations in Tuscany,Italy, Cabo San Lucas, Mexico, Scottsdale, Arizona, and Snowmass, Colorado, and they are proud to make Steamboat Springs another coveted destination.
Contact us to get more information about One Steamboat Place

Wildhorse Meadows: Located in the big meadow adjacent to the Tennis Center and the Ski Resort's Meadows parking area, this residential resort community features a mix of housing types with a vast array of amenities. Single-family residences, condominiums, townhomes and fractional ownerships in a condo-hotel lodge are all included in the plans. Infrastructure of the development has been completed, and foundation work is underway on the Wildhorse Lodge, a condo hotel offering whole and fractional ownership. One of the unique draws to owners of this property will be the Wildhorse Gondola, a tram-type gondola providing direct access to the ski area gondola building. There are a limited number of condos available for reservation now, with reservations for the townhome development expected to be released in Summer, 2008.
Contact us to get more information about Wildhorse Meadows

Edgemont: Formerly approved as the next phase of the Bear Claw complex, the Edgemont promises to bring a new look and feel to this prominent ski in/ski out, slopeside location. The Atira Group, which is also developing projects in Ski Time Square, including the Thunderhead Lodge, is working on finalized approval for some 40 residences, condos and townhomes. Offering tremendous views, amenities, and slopeside location, homes will be from one to four bedroom, and will range in price from $800,000 to $2M. Atira hopes to break ground on the project in early Summer, 2008.
Contact us to get more information about Edgemont

Ski Time Square and Thunderhead Lodge: The redevelopment of Ski Time Square and Thunderhead Lodge is a key component of Steamboat's base area revitalization effort, complementing significant on-mountain improvements by Intrawest and more than $20 million of public investment in base village infrastructure and amenities. Under development through a partnership of Cafritz Interests and The Atira Group, the seven-acre site will offer ski-in, ski-out access to new pedestrian-oriented mixed-use development along Burgess Creek at the ski area edge and provide an enhanced experience for visitors, residents and locals. Streamside and slopeside the site provides spectacular Storm Peak views, resort amenities, and a lively village setting. Still in the planning stages, infrastructure by the City began this past summer, and demolition of some present structures will begin Spring, 2008.
Contact us to get more information about Thunderhead & Ski Time Square

Sundance North: Located across from Sundance at Fish Creek at the intersection of Anglers Drive and Highway 40, this development will offer both commercial and residential condominiums in four buildings. The first floor commercial units will present lease and sale opportunities, with an eclectic design to evoke individual storefronts. The upper floor residences are two and three bedroom condos with underground parking, ranging in price from $475,000 to $665,000. Infrastructure was installed this past fall, and construction will begin spring, 2008. About one third of the residences are under contract at this time, with delivery anticipated in the fall of 2009.
Contact us to get more information about Sundance North

Trailside Village: Working its way through the City planning process is the Trailside Village project, proposed for a 7.5 acre site at the northwest corner of Highway 40 and Pine Grove Road. The residential development would offer 200 market rate condominiums, plus 30 affordable living units. Homes will vary from one to three bedrooms, and 850 to 1,434 square feet of living space. Located between town and the mountain, this site offers easy access to shopping and restaurants, and a direct link to the Yampa River Core Trail. Developers are hoping to break ground in the fall of 2008, and prices are anticipated to be in the $300,000 to $600,000 range.
Contact us to get more information about Trailside Village

Posted March, 2008  

A Steamboat Real Estate broker will be happy to provide you with additional information regarding pricing and floorplans on any property of interest.

The Olympian: Located on 5th and Yampa Street, the building is 41,000 sq ft of combined commercial and residential space. Twenty residential units, 3 deed restricted units, 5700 sq feet of commercial space and 32 underground heated parking spaces with storage units comprise this structure that will have a "mountain contemporary" interior. Pricing ranges from $590 to over $1,000 per square foot for residential units. This development flew through the City planning process and touts residential balconies that overlook the Yampa River and Howelsen Hill. Estimated completion is late 2008.
Contact us to get more information about the Olympian

Howelsen Place: Located on the 7th Street block between Lincoln Avenue and Yampa Street, this development replaces the Harbor Hotel. Two buildings with some 85,000 square feet, this development offers leased commercial units at the street level, and one to three bedroom residential condominiums are for sale on the next two floors. At this time, at least 50% of the condominium units are under contract, and estimated completion is January 2009.
Contact us to get more information about Howelsen Place

Alpenglow: Located at 6th Street and Lincoln Avenue, this was once the location of the Nite's Rest Motel. From the developers of Howelsen Place, Alpenglow is a mixed-use development comprised of leased commercial units at the street level with eight condominiums encompassing the next two levels. A heated alleyway separates six townhomes that have a garage and a three-level floorplan, with some units having a creek-side location and trees. At this time, at least 50% of the condominium/townhome units are contracted for and the estimated completion date is June, 2008.
Contact us to get more information about the Alpenglow

The Victoria: Located at 10th Street and Lincoln Avenue, previous location of the Rocky Mountain Liquor Store, The Victoria is another mixed-use development offering retail, office and residential units for sale. The developers of this property believe this to be at the high-end of the projects being constructed downtown. Seven residences occupy the second and third floors, with five commercial units on the second floor and eight on the street level. Commercial units are available for purchase or lease. Residential units include one underground parking space per unit in the purchase price with additional spaces available for purchase for commercial and residential property owners. Approximately 50% of the commercial units are spoken for with Buyers being able to start tenant finishes around January 2008. Availability exists on residential units with those properties having an estimated completion date of Summer, 2008.
Contact us to get more information about the Victoria

River Walk: Located between 3rd and 5th Streets off of Yampa Street, this property has Yampa River frontage. Like Howelsen Place and Alpenglow, River Walk shares the same developer, with this property said to "raise the bar for urban development in a resort community". While still in the planning stage as developers solidify Howelsen Place and Alpenglow, it is anticipated that approvals and construction will begin sometime in 2008. River Walk is the largest of the mixed-use projects being constructed downtown and will include commercial, residential condos and townhomes, as well as concepts for a fractional ownership hotel on the corner of 3rd Street and Lincoln Avenue. This venture, upon start of construction, is slated for a three year completion. No reservations are being taken on this project at this time, but owners of Howelsen Place and Alpenglow will be allowed priority in the reservations process.
Contact us to get more information about River Walk

Posted March, 2008

A Steamboat Real Estate broker will be happy to provide you with additional information regarding pricing and lot availability on any property of interest.

Alpine Mountain Ranch and Club: Located on the southeast border of the City of Steamboat Springs, Alpine Mountain Ranch is a unique 1,216 acre Land Preservation Subdivision currently under construction that affords superior views of the south valley and Flat Tops Wilderness. Conserved open space entails approximately 900 acres, including 500 acres of wildlife preserve north of Priest Creek. First class amenities include an on-site ranch manager's residence, an owner's lodge, guest cabins, a pool and fitness center, concierge services, a horse barn, a fishing/recreation pond, hiking/horse/snowshoe trails and membership in the Catamount Ranch and Club. Offering includes 43, five acre homesites, ranging in price from $1,570,000 to $1,990,000.
Contact us to get more information about Alpine Mountain Ranch and Club

Marabou: Marabou is a working cattle and hay ranch located west of the City of Steamboat Springs. Its concepts in land preservation, stewardship and sustainability have climbed to an entirely new level. Marabou encompasses nearly 1,700 acres of picturesque ranch land and open space with nearly 20 miles of trails and the quiet rush of the Elk River. Just 62 homesteads grace the Marabou landscape, each from 5 to 9 acres. Carefully chosen in prime locations, each homestead is its own private refuge, nestled among vegetation and valleys to maximize privacy and seclusion. Built Green® principles have been used for all construction of the vast Marabou amenities, which include: the River House Lodge, Owners' Cabins, Horse Barn, World Class Private Fly Fishing, North Park Fishing Club, Marabou Mountain Camp, Spa, Fitness Center, River's Edge Pool, Theater, Outfitter's Cabin, and Ranch Trails. Over 50% of the parcels are sold, with Homestead prices starting at $2.8M.
Contact us to get more information about Marabou

Steamboat Barn Village: Maybe you’ve seen the photo of the old barn with the ski mountain in the background? That is the historic Moore Barn, and the land around it has been developed into lots for single family and duplex. Located between Steamboat Blvd and Pine Grove Rd, and adjacent to the hospital, this development offers ski mountian views and a great location near the mountain, shopping, restaurants, trails and public transporation. With a total of 54 lots, sizes range from 0.14 to 0.58 acres, and from $467,500 to $1,150,000 in price. Of the lots offered for sale, 20 have been contracted or reserved, and some 34 lots are still listed as Active for sale.
Contact us to get more information about Steamboat Barn Village

Steamboat 700, LLC: West of town, just before you reach Steamboat II and Silver Spur subdivisions, lies a tract of land, 540 acres in size. Developers Steamboat 700, LLC, has purchased the property and is in the planning process for a development that could add some 2,000 units to the market. Obviously, this could have a huge impact on the community in several ways, and is both exciting and challenging at the same time. Steamboat 700 is working with the City for possible annexation. The plans would provide a mix of products, condos and townhomes, duplex and single family homes, plus a commercial center with retail and office space. There will also be an affordable housing (deed restricted) component, possibly as much as 20% of the development. The buildout would take 12 – 15, possibly as long as 20, years for completion, and final plans are still a long way off.
Contact us to get more information about Steamboat 700, LLC.