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Dear Friends,

Another great ski season has come to a close. It is more evident than ever, Steamboat is an amazing place. Reflecting on the special memories created around the ski mountain is always entertaining. From closing day's wacky costumes to the improvements made by our children, we are thankful for digital cameras.

We also are very thankful for the incredible support our real estate business has seen from everyone we know. The beginning of 2011 is solidifying our place among the top real estate teams in Steamboat Springs. The number of home owners who have placed their trust in our ability to get real estate deals done has far exceeded our expectations. Combining this trust and the success we have achieved in executing for our clients, the year is off to a great start for all.

Clearly the real estate market is changing for the better. The amount of activity is up and pricing is still very attractive for buyers. One topic we have discussed in a number of our newsletters is Foreclosures and we want to address this subject again. Throughout the winter, numerous headlines were written about the number of foreclosures increasing, therefore leading to a significant drop in prices. From the local to national headlines, one would expect a constant wave of great deals flowing through Steamboat's local real estate market.

Contrary to the trends, Steamboat is not following the national real estate market. We are a very small community with a large quantity of unique homes. In looking through the list of potential foreclosures, we do not see a large number of great opportunities. We have done the research and looked through each of the 127 Notices of Deficiency filed since 1/1/2011. Our research shows the majority do not meet our client's wants. The results of our analysis support what we are seeing in the market place. When a property does come to market, at a price representing a value, there are typically multiple offers and a competitive bidding situation. This is due to pent up demand for values in our market. We are currently advising buyers to be prepared and educated so they can act quickly when the "good" properties get priced right. They do not sit on the market for long.

If you have any questions about the current market or a home valuation, give us a call. The spring is a great time to plan for the summer selling season. Being prepared is paramount to success.

Best regards,

Chris and Amy
Chris Paoli - Owner/Broker
1.970.819.1432
chris@mybrokers.com
Amy Brown - Broker Associate
1.970.846.2114
amybrown@mybrokers.com
February 2011 Routt County Market Analysis

Market Snapshot for the month:
Volume & Units Sold
  • The Volume was $21,041,600 and off by 34% from the previous February 2010 Volume of $32,234,900.
  • Unit's sold were 105 and up 34% from the previous February 2010 Unit's sold of 78.
By Area
  • For this month of February the Steamboat Mountain Area had the most number of sales with 17 and a Median Transaction Price of $230,000 with $7,416,500 in total sales volume.
  • Compared to last February 2010 the Steamboat Mountain Area had the most number of sales with 16 and a Median Transaction Price of $862,500 with $16,715,200 in total sales volume.
Interval/Fractional
  • For February 2011 their were 66 sales for a total sales volume of $2,444,800 with a Median Transaction Price of $19,900.

  • Compared to last February 2010 their were 43 sales for a total sales volume of $4,189,200 with a Median Transaction Price of $59,700.
Price Points
  • Of the 34 Residential Improved Units sold for this February, 24 of those were sold for $500,000 or less.

  • Compared to February 2010 their were 20 Residential Improved Units sold and 7 of those were sold for $500,000 or less.
Lender Market
  • Loans recorded for the this month were 146 compared to 126 from last February 2010.
Bank Sales
  • February 2011 saw 12 Bank sales totaling $3,838,300 in Gross Volume or an Average Price of $319,858 per unit.

  • Their were 4 Banks sales in February 2010, totaling $4,500,100 in Gross Volume or an Average Price of $1,125,025 per unit.
Sales to report over $1.5 million
  • 2/11/2011 $2,650,000 Alpine Acres Subd Lot 2 - 0120 Deer Clover Lane - 5 Bedroom 4.5 Bath YOC 2008 - 5,994 SF Living Area on .83 AC. PPSF $442.11. New Construction Sale in Fish Creek Falls.

  • 2/10/2011 $2,100,000 Rendezvous Trails Subd #2 Lot 28 - 2476 Ridge Road - 6 Brm 7.5 Bath YOC 1997 - 8,136 SF Living Area on .65 AC. PPSF $258.11. Steamboat Mountain Area.

  • 2/24/2011 $2,000,000 Meadows at Stagecoach Subd Lot 11 - 21500 Green Ridge Court - 4 Brm 4.5 Bath YOC 2007 - 6,823 SF Living Area on 20.78 AC. PPSF $293.13. New Construction in Stagecoach Area.

  • Highest PPSF for February 2011:

  • 2/16/2011 $650,000 Aspen Lodge @ Trappeurs Crossing Resort Unit 4305 - 1875 Medicine Springs Drive - 3 Brm 3 Bath YOC 2006 - 1440 SF Living Area - PPSF $451.39. Steamboat Mountain Area.
Please note we have made a couple of changes to our report. One is that we have added a separate page for the Year to Date sales by Area chart.


Analysis provided by: Bruce Carta of Land Title Guarantee Company
Click here to view Market Analysis pdf.

Chris Paoli
Owner/Broker
Cell 970.819.1432
chris@mybrokers.com