With 2010 coming to a close in real estate sales, everyone always asks me, “How did you do this year?”. I suppose they’re always referring to my sales, how many people I’ve made happy, and certainly they’re not asking about my results in the latest triathlon, although I wish they sometimes would. My answer is always the same, “unbelievable!”. And this year, it certainly has been, unbelievable.
An article written by my favorite author, Tom Ross, sums up Steamboat’s market, by saying, “The 2010 sales dollar volume coupled with the presence of distressed property owners and the discounted pricing that results signals that Steamboat’s real estate and housing markets still have a hike ahead of them before a recovery officially is proclaimed.” (official story)
So what does that mean to you and I? I thought I’d take a look at some of the prime areas and just see where the prices have gone, what the total amount of sales have been and what’s jumped off the map in a few of Steamboat Springs’ neighborhoods that seem to be the most popular. For this story, I’ve concentrated on the single family market.
Let’s start with the downtown area. Here are the findings:
Total Sales: 19
Low: $262,000
Median: $575,000
High: $1,225,000
Highlights: 6 homes sold on Logan Street, a record in one year; Logan is located just steps away from a great park and hiking trails, and many of the homes have been remodeled or need to be redone. On the high end, the home selling for $1,225,000 had 4484 square feet, with a caretaker’s unit and was a very cool mountain-contemporary home. Original asking price was $1,395,000 – 14% off the listed price. Home went under contract in 74 days. Downtown has a mix of very eclectic and historic homes; the kind of place that you’d want to be in close to elementary schools and parks, within walking distance to downtown shops and Howelsen Hill.
To see all homes available in the downtown area, click here.
Fish Creek Falls
Total sales: 28
Low: $350,000
Median: $764,000
High: $4,000,000
Highlights: On the upper end of the market, neighborhoods such as Angler’s is included in Fish Creek Falls, a very sought-after area where years ago many of the professionals who were moving to Steamboat purchased lots and built homes in this exclusive enclave. Many of the properties were built in the ’80′s but some have been remodeled and/or built on existing lots and carry a hefty price tag. This area commands exceptional views of the mountain. The asking price of the $4,000,000, located in Angler’s on 1.24 acres was $5,495,000 – 37% off the listed price! The home was just over 6500 square feet.
To see all homes available in the Fish Creek Falls area, click here.
Total sales: 23
Low: $399,000
Median: $764,000
High: $3,490,000
Highlights: On the low end of the spectrum, Treehaus captured this slot; a neighborhood that became one of the first developments off of the mountain that was developed in the early 70′s. Back then, these lots sold from $17,000 – $50,000 at the high end; folks built homes that resembled treehouses and captured all the bragging rights of having the most spectacular views in town. Treehaus is a mix of the old and new – you can find bargain properties if you’re willing to do a little (or a lot) remodeling.
On the high end on the mountain, the Porches has once again shown locals and visitors that they continue to see sales amidst a challenging market; the quality is second to none, and the location, while off the mountain gives buyers that feel of exclusivity without high density. Combined with the clubhouse and all the amenities, along with a staff that knows how to treat people who may be nightly rental users, this 68+ twin townhome development, in existence for 8 years, is truly one of the best values in Steamboat.
The best value on the mountain was a sale in the Sanctuary, listed at $1,390,000 and sold for $1,050,000. An all-time exceptional price per square foot for the buyer, prices have never been this great a value in the history of re-sales in the Sanctuary. Even when considering this price point; the median price at the Sanctuary is still a handsome $2,000,000 overall. On the upper end of this development, a great home originally listed for $5,745,000 – closed in November for cash for $2,300,000. Over 9,000 square feet, the buyer found the attractions to be plenty: Robert Trent Jones, Jr. Rollingstone Golf Course, skate-skiing and cross country skiing out your backdoor, Fish Creek Falls trailhead within 5 minutes to walk the dog, and the elegance and style this area is famous for around Steamboat’s well-heeled residents.
To see all homes in the mountain area, click here.
North Routt
Total sales: 4
Low: $299,000
High: $2,500,000
Highlights: My personal favorite, North Routt is a special segment of Routt County, and has the least amount of turnover in properties. The best value this year was a home that sold in my neighborhood – on Seedhouse Road, bordering the Elk River. A 16 acre piece, it wasn’t listed at the time, and some folks from San Diego wanted to have a property contiguous with some land they currently owned. It has a cute cabin in the woods, and its right on an Elk and Deer migration area that travels right next to my home.
On the high side, the Aspen Games subdivision log home, on 41 acres, commanded exceptional views and was next to the National Forest trailhead. The property was listed for $2,950,000 and sold for $2,500,000. A 7000 square foot, single family home with a caretaker’s unit attached, this was a “one of a kind” property that offers all the comforts of living in the woods without having to run into town – for anything.
To see all homes in the North Routt area, click here.
South Valley(Lake Catamount/Dakota Ridge)
Low: $240,000
Medium: $1,325,000
High: $4,300,000
Highlights: On the high end, a 8,823 square foot home on Blazemark Trail, with 350 feet of private Yampa River frontage sold for $4,300,000. On 20 acres, the listed price in 2009 was $5,950,000. South Valley is a mix of many old homesteads and ranches, but also emcompasses Lake Catamount and Dakota Ridge, developments that offer privacy and views.
A development built in the 70′s and 80′s, McKinnis Creek offers buyers opportunities for land as well as single family homes. Many are being purchased as fixer-uppers, and there are a few prime homes at the entrance to the development. Bordered by large, preservation ranches, the home on the low end of the market selling for $240,000 was on 1.87 acres, and looks out over Lake Catamount on the north side of Highway 40.
Best deal in South Valley: A bank-owned property was sold in Dakota Ridge for $1,250,000 – 2.68 acres, at over 6000 square feet, originally listed for $1,695,000.
To see all homes in the South Valley area, click here.
Have any comments? Do you own a home in any of these areas? I’d love to hear from you, and your story. Send me a note!
For Tom Ross’ take on his evaluation of 2010′s Real Estate market, click here.
