September was the 3rd highest real estate dollar volume month in nine years with 23 Steamboat Springs luxury properties selling over $1,000,000.   Properties ranged from 2 Edgemont condos to an Eagleridge Townhome to several single family homes in and around Steamboat.  Most of the sold prices were close to asking except for a large land parcel in Hayden which was auctioned in September. 

See the list below or call us at 970-846-8284 for details:

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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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In January and February of 2016 there were 16 single family home sales in the Steamboat Springs area. The least expensive house sold was near Stagecoach Lake and sold for $452,500.  The most expensive home sold was a 6 bedroom house at Alpine Mountain Ranch that sold for $3,625,000.

Here are the homes that sold:

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In 2015 five home sold in the Running Bear development of Steamboat Springs.  They ranged in price from $1,250,000 to $1,400,000.

Click here to see all homes currently for sale in Running Bear.

Here are the homes that sold:

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In 2015 two homes sold in the Boulder Ridge development of Steamboat Springs. Both were in the $1.8 million price range.

See all the homes and homesites available for sale at Boulder Ridge here.

Here are the homes that sold:

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See all of the available homes and homesites at Graystone on the Green here.

Here are the homes that sold:

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In 2015 four properties sold in the Strawberry Park area of Steamboat Springs, Colorado.  The homes sold all had significant acreage to go with the main home.

The largest sale was a four bedroom home with 369 acres that sold for $4,995,000.

See all the homes for sale in Strawberry Park and Soda Creek Highlands.

Here are the sales:

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In 2015 three Porches whole ownership homes sold in Steamboat Springs. The lowest price was $1,468,500 for a four bedroom while the highest was $2,075,000 for a five bedroom.

See all Porches whole and fractional residences for sale here.

Here are the details of the homes that sold:

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See all luxury homes for sale in The Sanctuary  

See those houses that sold below:

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