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Following upon last month’s newsletter discussing how we are starting to see transactions which indicate market stabilization, this month we identify more interesting activity. These sales may not be the absolute bottom, but they are definitely signs that buyers, who have been watching the market for a long time, are now stepping off the fence. A number of the properties we highlight below have been on the market for many days. Here they are:

Anglers Retreat:
Click Here to View Listings These transaction within the Anglers retreat subdivision are the first since April of 2008. The Anglers Retreat subdivision was extremely active in 2005, 2006 and 2007, with prices rising at an exponential rate. With the above two transactions occurring around $425 per square foot, it appears we have found a price where buyers see value in this neighborhood.

High End Duplexes:
Click Here to View Listings Here are two duplex homes which were completed right as the market began to slide. In 2006, there was a significant increase in the development of high end duplexes such as the ones in this link. Unfortunately this created a situation of too much supply at just the wrong time. Both of these properties have been on the market for far longer than their “Days On the Market” indicate. Considering both homes closed at price per square foot numbers of approximately $260/sqft, we can again say this appears to be where buyers are seeing a value.

Interesting High End Closings:
Click Here to View Listings This link is to three very interesting transactions. From the developers perspective they were all at distressed or significantly reduced prices. From a market observer’s perspective, I feel they were all very good deals in today’s market. It is always good to see 3 buyers willing to spend $2 million dollars and up on homes in Steamboat. The $4 million dollar transaction occurred at a price per square foot of $611.53. This is a big number for Steamboat, even in the best market. As much as we all thought our market was heading the way of Aspen and Vail, $611/sqft is and was a substantial sale price for a home. I feel the same way about the Ridge Road closing at $534/sqft.

As we prepare for the upcoming summer selling season, we are steadily seeing an increase in the positive articles throughout the national media. Here are three which caught our attention and may provide some indication as to what we here in Steamboat may expect in the near future. Since Steamboat was late to the slowdown, it is reasonable to expect we will be late to the turn. Hopefully by watching the national shift, buyers will have a small window into what may be heading Steamboat’s way.