But to dig a bit deeper, we need to consider if the question relates to the Steamboat market or the macro US market. If the macro market experiences a burst, Steamboat WILL experience the effects, albeit a tad delayed, which is historically typical. So, what contributed to the ‘07 bubble nationally? Experts contribute it to 4 factors;

1. Low mortgage interest rates, fueled further by foreign investor confidence.
2. Low short-term interest rates which contributed to more ARM loans and extreme leveraging
3. Relaxed standards for mortgage loans, encouraging subprime loans and other problems…. Prior standards expected that most mortgages were 30-year fixed rate loans requiring a down payment of at least 20 percent or mortgage insurance if the 20 percent down payment requirement were not met. The borrowers also had to prove that their income was sufficient to ensure that the monthly mortgage payments would be manageable.
4. “Irrational Exuberance” – A term defined by Robert Shiller as “a heightened state of speculative fervor.” “In practice, all the participants who contributed to the housing bubble (government regulators, mortgage lenders, investment bankers, credit rating agencies, foreign investors, insurance companies, and home buyers) acted on the assumption that home prices would continue to rise.

The combination of all four causes created a type of “perfect storm” causing the housing bubble to be extreme and the resulting credit crisis to be severe.” But, according to an article written by Jeff Holt*, the primary contributor was factor 4. Irrational Exuberance. “The housing bubble would not have occurred without the widespread belief that home prices would continue to rise. Irrational exuberance contributed to the other three causes. Mortgage interest rates would not have been so low if foreign investors and credit rating agencies had not believed that U.S. home prices would keep rising. Low short-term interest rates would not have led to such extensive use of ARMs and such a high degree of leveraging without irrational exuberance. And relaxed standards for mortgage loans would not have led to such a large increase in subprime mortgages without irrational exuberance.”

I, for one, got caught up in the “Irrational Exuberance” and I know that I am far more conservative in my thinking, spending and investing than when I wore my invincible armor of 2007. I’d like to think we all are more conservative and thus, more protected from the effects of a burst.
Source: https://www.uvu.edu/woodbury/docs/summaryoftheprimarycauseofthehousingbubble.pdf

To contact Dean, call at 970-846-8284.

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Looking back at last year, over 25 properties sold for over $2M with the most expensive property coming in at $16,250,000 for Vista Verde Guest Ranch at the end of Elk River Road. Two condos made the list at Edgemont and One Steamboat Place, along with 17 single family homes. Most of the homes that sold were within Steamboat city limits in luxury developments like The Sanctuary (where there were 5 sales over $2,000,000), Elkins Meadows (2 sales) and the neighborhoods around the Thunderhead lift on Temple Knolls and Burgess Pines.
See the full list below, or click here to search all listings.

As always, feel free to call us if you’d like to discuss your real estate needs at 970-846-8284.

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A healthy number of condos made the list with multiple sales at ski in, ski out luxury properties including Edgemont, The Antlers at Christie Base, and One Steamboat Place.

I’ve worked with many of the buyers on this list and know the market well, so call us at 970-846-8284 to talk about your next home in Steamboat.

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Steamboat luxury homes are once again starting to move.  There are still plenty of homes to choose from and we’re not seeing the tight inventory levels and multiple offers like we’re seeing at lower price points, but the nicest homes–and better values–are selling.   As an example, I was showing luxury homes two weeks ago, and of the four properties the buyers liked, two were under contract within a week.

Call us at 970-846-8284 to talk about buying or selling your luxury home, condo, or townhome.

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Steamboat luxury real estate sales are starting to catch up to the red-hot entry level market we’ve been experiencing since the beginning of 2013.   Listed below are the sales and pending sales over $1,000,000 since January 1, 2013.   There are more luxury sales–particularly high-end sales over $3M–than we’ve seen in Steamboat in several years.  For example, Catamount Ranch, Steamboat’s only luxury private golfing community, had one home close for $4,00,000 and another go under contract for $3,895,000 in the last 60 days.  Prior to 2013, about one home a year sold in Catamount Ranch.

Also, note the days on market. Not only are homes that have been on the market for years finally starting to sell, but some new listings are being snapped up within weeks of being listed for sale.

If you think now may be the time to explore buying or selling luxury real estate in Steamboat, please call us at 970-846-8284.

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Steamboat’s high-end luxury home market is definitely rebounding.  Sales and pending sales of luxury homes and condos are seeing more activity since before the recession, and this month,  a $1,000,000+ home has gone under contract every other day.

In 2012, only three Steamboat luxury homes sold for more than $3,500,000.  Six weeks into 2013, one home in Catamount Ranch closed for $4,000,000 and another is under contract in Priest Creek with a list price of $6,600,000.

Here is a list of sales and pending sales since Jan 1, 2013.  Check back in a few weeks to see at what price the pending sales closed.  Call us at 970-846-8284 with your questions about Steamboat’s luxury market or to set up a time to view properties or discuss listing your home.

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The Steamboat luxury home market is one of the last segments to hit bottom, so there are still great buys for high-end homes–and many of them are priced less than replacement value.  We are seeing more showings, more offers, and more closings for properties priced over $1,000,000 than we’ve seen in years.  Here is a list of Steamboat luxury sales (over $1M) for the last few months.  It includes single family homes, shared ranch homes, and condos.  If you have questions or would like to schedule a time to see some of the better values, please call us at 970-846-8284.  Prices in most of our other market segments are rising, so luxury homes won’t be far behind.

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There were three luxury home sales in October including a 3,500,000 sale in Stonebridge Park, a small gated community off of Steamboat Blvd near the Sanctuary.  

Boulder Ridge is another Steamboat neighborhood that has been very active this year.   In the last 14 months, there have been two new home sales and 4 lot sales.  One lot is currently pending.  Boulder Ridge was recently developed and includes 18 homesites.  It is at the top of Fish Creek Falls Rd and close to town.

See pricing details below or call us at 970-846-8284 to talk about buying or selling other Steamboat properties.

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Over the past 6 weeks, there have been seven Steamboat luxury sales with four others going under contract to close at a later date.  All of the sales are within  Steamboat city limits in some of Steamboat’s most popular neighborhoods.

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Steamboat luxury home buyers are back as buyers take advantage of price decreases to buy high-end properties. There are deals to be had as Steamboat luxury buyers–who recently bought properties for more than $1M–are seeing savings average 15% off the list price. Newer properties are selling best because savvy buyers know they can purchase a primary or vacation home for less than it would cost to build.

The inventory of luxury properties is dwindling and land purchases are becoming more common because buyers aren’t finding what they want. One luxury home in Strawberry Park listed for $4,900,000 is under contract after only a few weeks on the market showing the demand for premium residences.

If you would like to discuss what is available in Steamboat Springs, please call us at 970-846-8284 or search Steamboat luxury homes here.

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