Steamboat Springs Market Update – November 2019
Commercial Real Estate sales volume of 12.9M with 22 transactions in 2019 is substantially down 46% compared to sales in 2018 with 21 transactions worth $23.8M. Residential Real Estate sales for $390.7M in 2019 are slightly down 3.4% compared to sales in 2018 of $404.2M. Sales Taxes are up 7.7% YTD compared to taxes collected YTD in 2018. New commercial real estate development projects include annexation of 191 acres west of Steamboat Springs by Brynn Gray Partners. 450 new homes are planned to be built over the next 15-20 years with 1/3rd of homes deed restricted. There is also some commercial space planned for retail, schools and parks. 93 lots in the Sunlight residential subdivision are nearly sold out. New homes that started out in the $600K range are now averaging $900K. Alpenglow Village with 72 new affordable housing units have broken ground on Hwy. 40 behind Walgreens. Residence Inn by Marriot Hotel is building a 110-room hotel behind Safeway.
STEAMBOAT SPRINGS MARKET UPDATE
VELOCITY (Source – RE Colorado/Matrix):
SALES TAX INDICATORS (Source – Town of Steamboat Springs):
VACANCY RATE
VACANCY RATE
CAP RATES
CAP RATES
RESIDENTIAL REAL ESTATE
DEVELOPMENTS
- Annexation of 191 acres west of Steamboat Springs by Brynn Gray Partners. 450 new homes are planned to be built over the next 15-20 years with 1/3rd of homes deed restricted. There is also some commercial space planned for retail, schools and parks.
- 93 lots in the Sunlight residential subdivision are nearly sold out. New homes that started out in the $600K range are now averaging $900K.
- Alpenglow Village with 72 new affordable housing units have broken ground on Hwy. 40 behind Walgreens.
- Residence Inn by Marriot Hotel is building a 110-room hotel behind Safeway.
- Hayden Airport Traffic is nearly up 25% since a year ago Airport Tax and the Ski area has help substantially.
- Base area Development is moving along with new hi density SGL Fam homes and Higher end condo developments all in the $1MM -$2MM range 40% cash sales.
- Ski area received approval for a new conceptual master plan that will be implemented over the next decade. $15MM gondola replacement, Food facilities, high speed lifts, new teaching and children’s terrain.
- Hayden 20 miles west of Steamboat is starting to heat up. Hayden and Oak Creek are our only real bedroom communities within 20-30 minutes of Steamboat Springs.
