Steamboat Springs Market Update � August 2019
Commercial Real Estate sales volume of $7M with 13 transactions in 2019 is substantially down 60% compared to sales in 2018 with 17 transactions worth $17.6M. Residential Real Estate sales for $287.4M in 2019 are flat compared to sales in 2018 of $287M. Sales Taxes are up 7.6% YTD compared to taxes collected YTD in 2018. New commercial real estate development projects include Trailside Village residential condo complex is on hold due to increasing construction costs, Marriott development is proceeding, Riverside Shipping Center has been purchased by new owners, new affordable housing project breaks ground on Hwy. 40 behind Walgreens and Steamboat Ski Area improvements include a new gondola and relocation of Ski School activities. Steamboat Springs voters have also approved to proceed with the building of a new elementary school next to Steamboat II.
STEAMBOAT SPRINGS MARKET UPDATE
VELOCITY (Source � RE Colorado/Matrix):
SALES TAX INDICATORS – THROUGH MAY 2019 (Source � Town of Steamboat Springs):
VACANCY RATE
VACANCY RATE
CAP RATES
CAP RATES
RESIDENTIAL REAL ESTATE
DEVELOPMENTS
- Trailside Village residential condo complex is on hold due to increasing construction costs
- Marriott development is proceeding
- Riverside Shipping Center has been purchased by new owners
- New affordable housing project breaks ground on Hwy. 40 behind Walgreens
- Steamboat Ski Area improvements include a new gondola and relocation of Ski School activities