Are Distressed Properties Impacting
Sales in Steamboat Springs?
Distressed sales are impacting the market in Steamboat Springs. In the first nine months of 2011 of the 174 sales of condos and townhomes, 54 or 31% were distressed. There were 86 sales of single family homes of which 31 or 34% were distressed. But as noted in the graphs below, a large percentage of the distressed sales were sales in the lower end of the market.




Please note: Total number of residential listings is 744, with 7% of those being distressed properties (short sales and foreclosures).


Please note: Total number of pending residential sales is 66, with 25% of those being distressed properties
(short sales and foreclosures).

      August was a much better month than last, even up very slightly over last year's August! It was the second best month of the year with $46.5M in Gross Volume with 134 Transactions, 66 of these transactions were interval or fractional.

      There were some mitigating factors, one very large sale of $10.1M, shown below, really helped the gross sales volume. Although timeshares were up significantly, there was also a rise in Fee Simple sales since last month.

Bank Sales continue to hold a presence, with 17 this month which is up by 3 over last month. The Bank sales database is attached.

Here are the sales over $1.5M, with the highest priced sale listed first:

• 8/15/2011 $10,137,000 M&B: Sections 10,11,12,14,15,23-4-87 & Sections 16,21,22,23,24,25,26,27,34,35-5-87 aka 29994 Routt County Road #27. This sale is for two large Vacant Agricultural sites. The total Acreage for both sites is: 8,346.83 AC. PPAC is $1,214.47. The Purchaser was: Twentymile Coal, LLC. This sale is in the Hayden Market Area.



• 8/22/2011 $1,850,000 OSP Condo @ Apres Ski Way Unit R609 aka 2250 Apres Ski Way - 4 Brm 4 Bath YOC 2009 with 2,284 SF Living Area. PPSF is $809.98. This is a new construction sale in the Steamboat Mountain Area.



• 8/22/2011 $1,800,000 OSP Condo @ Apres Ski Way Unit R514 aka 2250 Apres Ski Way - 4 Brm 4 Bath YOC 2009 with 2,553 SF Living Area. PPSF is $705.05. This is a new construction sale in the Steamboat Mountain Area.



• 8/12/2011 $1,605,000 Boulder Ridge Subd Lot 2 aka 245 Boulder Ridge Road - 4 Brm 3.5 Bath YOC 2010 with 3,551 SF Living Area on .50 AC Land. PPSF is $451.99. This is a new construction sale in the Fish Creek Falls Area.

• OSP Condo Unit R609 listed above for $809.98 PSF


• I've also attached the Buyer Profile database for properties sold over $1M in value.

• August 2011 Routt Buyer Profile
• August 2011 Routt Excel 2003
• August Bank Sales Price Per Sq Ft.

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