COLORADO GROUP REALTY
INSIDER MAY 2017
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
Single Family Homes
23 vs 28
Sold Single Family Homes
22% Condos/ Townhomes
59 vs 96
275 vs 162 Average Days on Market
$935K vs $1.2M Average Sold Price
137 vs 172
Average Days on Market
$492K vs $600K Average Sold Price
Source: Steamboat Springs MLS / data shown for the City of Steamboat Springs
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
137 2015 Q1
Single family homes <6 years old in city for <$1.5M
Build lots under $200K in city
2BR condo under $200K
Single family homes in city under $500K
Average Days on Market
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.
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
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
Barn Village Construction
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Source: Routt County Regional Building Department
Courtesy: Colorado Group Realtyâ€™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€™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€™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
Cobweb Classic at Haymaker Golf Course 26-29 Sidewalk Sale - Downtown
July 4th Parade and Fireworks
Hot Air Balloon Rodeo
First Friday Art Walk
Yampa River Festival
Steamboat Marathon & 10K Free Concert Series - Tribal Seeds
Free Concert Series - Bruce Hornsby & The Noisemakers
Itâ€™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
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 firstname.lastname@example.org mybrokers.com