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COLORADO GROUP REALTY

INSIDER MAY 2017

VOLUME 1

ISSUE 2

2017: The Year for Progression By: Kara Mann - Broker Associate

The first quarter of 2017 has been extremely busy for Steamboat Springs real estate! A total of 124 residential listings (single family, condos, and townhomes) were sold through March, a considerable 51% increase over last year. The average sold price for residential listings also continues to rise; $1.2M for single family homes and $600K for condos/townhomes (up from 28% and 22% at this time last year). With the announcement that Aspen Skiing Company and KSL Capital Partners acquired Intrawest, owner of Steamboat Resort, we expect the upcoming selling season to be very strong. As an indicator of things to come, we are seeing increased interest from out of town real estate developers who are looking at potential new projects. Give us a call so that we can keep you updated on how this big deal affects you! 2016 Q1

2017 Q1

Single Family Homes

23 vs 28

Sold Single Family Homes

22% Condos/ Townhomes

59 vs 96

Sold Condos/Townhomes

63%

275 vs 162 Average Days on Market

$935K vs $1.2M Average Sold Price

28%

41%

137 vs 172

Average Days on Market

$492K vs $600K Average Sold Price

26%

Source: Steamboat Springs MLS / data shown for the City of Steamboat Springs

22%


Trends & Forecast By: Chris Paoli - Broker/Owner

The ski area sale will likely impact ski area properties the most. An interesting statistic to monitor is the months of supply for ski in/ out condos. In September of 2016, there was a 1.61 year supply and at the end of April of 2017, there was a 1.18 year supply. We expect these trends to continue. Average Price per Sq Ft

2016 Q1

$200

2017 Q1

$256.60

172

162

137 2015 Q1

$250

2015 Q1

2016 Q1

3

Single family homes <6 years old in city for <$1.5M

0

Build lots under $200K in city

1

2BR condo under $200K

0

Single family homes in city under $500K

$340.75

275

100 days

Condos/Townhomes

$300

201

175 days

Condos/Townhomes 279

250 days

Single Family

$350

$339.39

Single Family

325 days

$314.12

Average Days on Market

$267.32

With inventory for sale at relatively low levels and the announcement of the Intrawest acquisition, it is reasonable to anticipate upward pressure on prices

in the next 12 months.

$298.62

In real estate markets, change occurs slowly. While the data can be random due to the varied nature of inventory, signs of real change are easiest to observe on the supply side.

Tightening Inventory in the City

2017 Q1

Source: Steamboat Springs MLS / data shown for Downtown, Fish Creek, & Mountain Area

Commercial Real Estate By: Chris Sias - Broker Associate

The first quarter of 2017 presented expanding or relocating businesses with options to acquire existing real estate at below replacement cost. With businesses like Staples and Sports Authority shuttering, this creates the opportunity to expand into existing facilities without the cost, uncertainity, and delay involved with building. The industrial sector has several large, mixed-use buildings in excellent condition available in the Elk River area as well as two sizeable properties adjacent to US 40 on the west end. The current market offers great options for the nimble and ambitious businesses to get up and running in virtually no time.


Routt County Construction Increase Value of New Building Permits

$350 M With tightening inventory, construction is on the rise! $250 M

Courtesy of Becker Architecture

$126 M

$96 M

$87 M

$77 M

$80 M

$51 M

$55 M

$74 M

Barn Village Construction

$334 M

$50 M

$251 M

$150 M

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Source: Routt County Regional Building Department

Courtesy: Colorado Group Realtyâ&#x20AC;&#x2122;s Matt Eidt

The Evolution of Stagecoach By: Matt Kaufmann - Broker Associate

Southeast of Steamboat lies the peaceful mountain community of Stagecoach. Fueled by speculation of developers hoping to acquire 3,600 acres to build a new 2,100 acre ski resort, Stagecoach has seen a promising start to 2017!

large uptick once summer arrives, but 2017 is not looking like a traditional year for Stagecoach.

With limited in-town inventory and the ongoing ski resort development chatter, the combination will likely spur more interest in This year, there have been two single Stagecoach. Rest assured that CGR is in frequent family homes sell for an average of $1.4M. discussions with the developers & potential Traditionally, residential and land sales see a investors and weâ&#x20AC;&#x2122;re ready to share updates!


Company Progression By: Allison Alfone - Director of Operations

Colorado Group Realty is committed to improving client service. Through significant investments, the standards of transaction management are being taken to the next level.

TCâ&#x20AC;&#x2122;s who manage and monitor the transaction process. We are taking the best practices of each agent to enhance the levels of consistency of each real estate transaction.

We are excited to announce Our goal is to provide a greatly the Transaction Coordination improved home buying or Team (TC Team), made up of selling experience for you!

Upcoming Events MAY

JULY

20

Cobweb Classic at Haymaker Golf Course 26-29 Sidewalk Sale - Downtown

1 2

Ranch Rodeo

JUNE

4

July 4th Parade and Fireworks

8-9

Hot Air Balloon Rodeo

2

First Friday Art Walk

3

Yampa River Festival

4

Steamboat Marathon & 10K Free Concert Series - Tribal Seeds

Free Concert Series - Bruce Hornsby & The Noisemakers

Itâ&#x20AC;&#x2122;s important for us to give back to this wonderful community. Through the CGR Charitable Foundation, we have given our time and funds to the following organizations in 2017: - Steamboat Art Museum - Young Professionals Network - Steamboat Dance Theater - Partners of Routt County - Humane Society - STARS - Junior Achievement - LiftUP - Friends of the Yampa - Young at Art - SSHS Drama Troupe - United Way - Steamboat Winter Sports Club

& Balloon Glow 14

Free Concert Series - The Record Company

15-18 Mustang Roundup 23

CHARITABLE FOUNDATION

28

Free Concert Series - The Wood Brothers

Shelley Stanford MyBrokers.com Neighbors.Friends.Realtors 970-870-8800 509 Lincoln Avenue Steamboat Springs, CO 80487

The Stanford Team Broker/Owner 970-875-2913 O 970-846-2991 C shelley@yoursteamboathomes.com mybrokers.com

May Newsletter_Shelly Stanford  
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