First quarter Steamboat real estate volume challenges records with $169 million in transaction value
Nine new homes permitted this spring
April 21, 2017
Steamboat Springs — A standout first quarter for real estate transactions in Steamboat Springs has rolled into an active season for single-family home starts.
Doug Labor, of Steamboat Sotheby's International Realty, reported this week that the local real estate market enjoyed some of its best sales activity ever between January and March.
"The first quarter of 2017 just finished, and it is crazy what happened," Labor wrote in an email.
He reports that dollar volume was just shy of $169 million, the second-best on record, and though that volume was helped along by a couple of very large sales, the trend was backed up by transaction volume of 247 sales, representing the fourth-best on record in that category.
The second quarter of 2017 is signaling an uptick in home construction. Statistics reported by the Routt County Regional Building Department reflect that the pace of sales here may also be supporting a single-family home construction boom-let. And some of the new homes are in relatively modest price ranges.
Of nine permits issued for single-family homes here early this spring, the permit value for two of those homes is $250,000 and $266,000. A third has a building permit value of $356,000.
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Two of those homes are on Gilpin Street, in the historic family neighborhood of Fairview, which contains a mix of almost historic, quite-small homes, mixed with more expensive new homes tucked onto small lots.
One of the two lots under new building permits last sold for $235,000 11 months ago and comprises 14 acres, like some of the smaller lots in Old Town Steamboat. Its attributes include large shade trees and a location in a quiet neighborhood.
New home starts
Of the nine single-family building permits issued his spring, only one had a permit value of more than $1 million. There were three issued for homes with permit values between $700,000 and $750,000.
Steamboat Barn Village, set back from Pine Grove Road between Fish Creek and Yampa Valley Medical Center, seems to be a hot spot this building season for $700,000 homes that will almost certainly have a $1 million retail value when construction is completed and the cost of the land is taken into consideration.
Two of those homes are being developed by Barn Village JV, LLC, and being built by Taylor Build, LLC, on side-by-side lots at 915 and 945 Twilight Lane. Concrete footers were in place April 8 and now await vertical construction to begin.
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