Legacy Ranch Investments are among most recent sales in Steamboat
This week’s news of a $2.9 million sale at the upscale luxury ranch Marabou, and the $1.9 million closing at the slopeside Edgemont quickly got the attention of those who are thinking about investing in Steamboat, or who call Steamboat home.
With the uncertainty of the existing tax laws, there was a flurry of activity at the end of this year creating a few noteworthy sales in the upper end of the market. But the interesting part of this year’s story, in Tom Ross’ New Year’s Steamboat Pilot article is how much has moved under $500,000 during the month of November. Out of 48 homes that were sold, 33 of them sold for less than $500,000. And, 20 were under $300,000 – with 8 less than $200,000. I had buyers in town who were interested in this segment of the market, and I had plenty to choose from in the city limits, which is quite different that what was available at the beginning of the year.
As of the last several months, buyers are seeing that Sellers have been coming to terms with the current market conditions, and many are back on the path to finding a home that fits within their comfort zone.
This last month, a home I had listed for $460,000 in the Whistler Village area went under contract in less than 2 weeks. It was in an ideal location, bordering the Yampa Core River Trail, in a cul-de-sac, and although it perhaps needed some paint and designer touches, it was perfect for a starter family. Because the owner had wanted to make some changes in his life (and his land wasn’t moving that he also had listed), he told me he wanted to do something to free up cash. We priced the home to sell in a market where buyers have done their homework.
In talking to Buyers, I have found that two things have to happen to move a property in today’s economy. Motivation and desire. In the case of the Whistler Park home, my Seller was motivated because he had some equity in his home. He knew a few years ago he may not have acted quickly enough to walk away with a bundle, but he was OK with what the current market conditions were going to offer him. He realized he had to be realistic about pricing. He also told me he wanted a lifestyle change. His desire in selling was to retire. He told me that in his lifetime, the clock was continuing to tick, and he wanted to make a change immediately.
The Pilot article goes on to describe affordable homes that are listed for well under the $200 per square foot mark, prices that were unheard of just a few years ago – that we never believed would happen in our mountain town.
Land with homes that might be just outside of Steamboat are also very attractive to folks who want to have space to breathe in, with acreage for horses and other amenities, that might be a great value. I have a property on 50 acres in Hayden with a seasonal pond, with a modest home overlooking a spectacular valley not far from the Elk Head Reservoir – perfect for someone who wants to have Elk and wildlife roaming out their back door, for an affordable lifestyle.
See more here: http://ranchhomecolorado.com/.
Are you trying to research Steamboat’s market to see what your home is worth? For a sample on homes under $500,000, click here
To see Tom Ross’ whole story in Sunday’s Steamboat Pilot, click here.
