Steamboat Springs Market Update – April 2019
Commercial Real Estate sales volume of $1M with 4 transactions in 2019 is substantially down 65% compared to sales in 2018 with 8 transactions worth $2.9M. Residential Real Estate sales for $81.43M in 2019 are down 17% compared to sales in 2018 of $98.1M. Sales Taxes are up 8.7% YTD compared to taxes collected YTD in 2018. New commercial real estate development projects include Trailside Village residential condo complex on hold due to increasing construction costs, Marriott development that is proceeding even though local efforts are underway to halt the project based on concerns of old growth pine trees, traffic issues and use of the property, Riverside Shipping Center has been purchased by new owners, new affordable housing project breaks ground and Steamboat Ski Area improvements include a new gondola and relocation of Ski School activities.
STEAMBOAT SPRINGS MARKET UPDATE
VELOCITY (Source – RE Colorado/Matrix):
SALES TAX INDICATORS – THROUGH 11/30/2018 (Source – Town of Steamboat Springs):
VACANCY RATE
VACANCY RATE
CAP RATES
CAP RATES
RESIDENTIAL REAL ESTATE
PUBLIC POLICY CHANGES
- Routt County to enforce regulations that do not allow AirBNB/VRBO use
- Steamboat School Board votes to proceed with a new elementary school on land next to Steamboat II, west of town
- West Steamboat Annexation goes to a city vote in June, even though the City Council has voted to approve
DEVELOPMENTS
- Trailside Village residential condo complex is on hold due to increasing construction costs
- Marriott development that is proceeding even though local efforts are underway to halt the project based on concerns of old growth pine trees, traffic issues and use of the property
- Riverside Shipping Center has been purchased by new owners
- New affordable housing project breaks ground
- Steamboat Ski Area improvements include a new gondola and relocation of Ski School activities
