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The Paoli Group Website | The Paoli Group Blog | View Online
Hello Friends,
Happy New Year! It's official, 2011 is here. As we take the turn to the new year, there are very interesting currents flowing through the Steamboat Springs real estate market. Things are slowly changing and it is important to look at what's really happening HERE versus what we read in the national media. The Steamboat real estate market is making news and well, we are telling it:
"Between $1 million and $3 million there are more real, cash buyers than there are good homes!"
We spent an afternoon analyzing the showings at our high end listings ( Click Here to View Listings), our current active buyers in this price range and our list of other agents clients (we track what agents have clients looking at different priced properties) and in the end it is very clear that the number of good homes between $1 million and $3 million is too low to meet demand. Considering we sat down to write this newsletter over a week ago, it is very interesting to see three homes go under contract (
Click Here to View Listings), with a fourth receiving 7 offers last week ( Click Here to View Listings).
What do we do with this information? This is the first time in 2 years we are being very clear and telling clients, "If a home meets the majority of your criteria and the price represents a value, we recommend making a run at it." The values in the market today will be viewed as exceptional for many years to come.
Here are some links to what is currently on the market for sale in the $1 to $3 million range between the mountain and downtown:
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Downtown: Click Here to View Listings
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Fishcreek Area: Click Here to View Listings
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Mountain Area: Click Here to View Listings
In Steamboat there are many small markets, and each needs to be understood independently to have a clear picture on where we are going. Not all price ranges have the same situation as the $1 to $3 million dollar single family category. In the under $1 million dollar single family home market, we are seeing far less showings and demand. Buyers in this price range tend to need financing, which is still a challenge and a large portion are employed locally, which has not completely recovered. One positive note for this price range is, when we do a search of active listings, there are only a few homes our clients find attractive. In the end, these are homes to live in and many properties do not represent a value at any price. Here is a link to what is currently on the market in this range
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Downtown: Click Here to View Listings
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Fishcreek Area: Click Here to View Listings
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Mountain Area: Click Here to View Listings
As we enter the new year, there are many signs pointing to a more positive 2011. From the number of high end homes going under contract, to the amount of downtown condo activity, interest is up. Steamboat has always been a place people aspire to live in and it is only getting better. Lets make 2011 a great year and we look forward to serving all of you and your referrals with their real estate needs.
Thank you and all the best,
Chris and Amy
Highlights for the month of October 2010:
Click here to view Market Analysis pdf.
- Sales Volume for the month was $41,353,400; this represents a 106% increase over last October 2009.
- Units sold were 176 this represents a 141% increase over the 125 sold last October 2009.
- The Mountain Area had the most sales with 23 units sold and highest volume of $16,416,400.
- The average Transaction price in the Mountain area was $713,757.
- October 2010 had 9 bank sales totaling $2,424,400 in Gross volume or an average price of $269,378 per unit.
Sales over $1.5M:
- 10/4/2010 $3,050,000 OSP Condo @ Apres Ski Way Unit 516 – 2250 Apres Ski Way – 4 Brm 4.5 Bath YOC 2009. 2,532 SF Living Area. New Construction Sale in Steamboat Mountain Area.
- 10/4/2010 $2,350,000 Ledges Townhome Unit B – 2540 Ski Trail Lane – 4 Brm 4.5 Bath YOC 2007. 4,887 SF Living Area. New Construction Sale in Steamboat Mountain Area.
- 10/8/2010 $1,900,000 M&B: Sec 27&34-7-84 – 33875 RCR #38 – 6 Brm 4 Bath YOC 1993. 6,575 SF Living Area on 35.010 AC. In Elk River/Strawberry Area.
- 10/19/2010 $1,575,000 M&B: Sec 5-7-85 – 25490 RCR #52E – 3 Brm 2.5 Bath YOC 1984. 4,081 SF Living Area on 261.94 AC. There is also another small cabin on the property, it has 828 SF.
- 10/25/2010 $1,525,000 Anglers Retreat Subd Lot 13 – 665 Creel Lane – 3 Brm 3.5 Bath YOC 2002. 2,690 SF Living Area on .34 AC. In Fish Creek Falls Area.
Highlights for the month of November 2010:
Click here to view Market Analysis pdf.
- Total Sales Volume for the month of November was $27,275,714 down from the $89,994,700 compared to November 2009.
- Total Units sold for the month of November were 93 down from the 131 compared to November 2009.
- Year to Date Total Sales Volume has reached $457,838,214 a 28% increase from the same period through 2009.
- In 2009 the total sales volume for the whole year was $439,774,300.
- 33 of the 48 Residential Improved units sold in November were for $500,000 or less.
- The Steamboat Mountain area continues to lead sales with $9,673,000 or 35% of the total sales volume for the month.
- YThe Downtown Area was second in sales volume with $4,075,000 or almost 15% for the month.
- No sales to report over $1.5 million
- There was one sale over $1M to report:
11/22/2010 $1,275,000 Pavilion Ranch MDSE Subd Lot 2 - 46915 RCR #129 - 4 Bedroom 4 Bath 1,956 SF Living Area on 35.2760 AC Land Area.
Analysis provided by: Bruce Carta of Land Title Guarantee Company
Chris Paoli
Owner/Broker
Cell 970.819.1432
chris@mybrokers.com
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