Low inventory doesn’t slow busy summer for Routt County real estate | SteamboatToday.com

Low inventory doesn’t slow busy summer for Routt County real estate

Teresa Ristow

It's been a busy summer for the real estate market, where numbers for transactions and gross volume were among the highest in five years. Activity was particularly strong for properties around Lake Catamount. This seven-bedroom, seven-bath home listed by Darlinda Baldinger and ChLoe Lawrence of Steamboat Sotheby's International Realty sold earlier this month for $5.575 million to a buyer represented by Susan Ross Real Estate.

— Relatively low inventory hasn't slowed a busy summer for real estate in Routt County, where July numbers for transactions and gross volume were among the highest in five years.

While official numbers from the Land Title Guarantee Company aren't yet out, both the number of transactions and volume appear to have remained high through August and early September.

For July, 168 transactions translated to $80.6 million in gross volume changing hands — more transactions than any individual month since September 2010 and among the two highest-grossing months since December 2009.

Anchoring the high numbers in July were roughly $29 million in volume representing 55 sales in the Steamboat mountain area, $10.3 million representing 12 sales downtown and $8.7 million representing 11 transactions in West Steamboat.

In Hayden, 17 transactions representing $9.1 million in sales also accounted for more than 11 percent of the total Routt County market.

"July was an amazing month for real estate in Routt County," said Melissa Gibson, of the Land Title Guarantee Company, which prepares the monthly reports.

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Taking a broader look at the summer, broker Doug Labor compared July 1 to Sept. 8 numbers for 2014 and 2015, revealing that 221 transactions during the period in 2014 rose to 234 transactions this year.

More sales translated to more volume, with $112 million during the July 1 to Sept. 8 period last year, versus $120 million this year.

"I think it's been very active, especially in light of the number of listings being down from last year," said Labor, an associate broker and general manager of Steamboat Sotheby's International Realty's downtown office.

Among the most pricey transactions this summer were three Catamount homes and a vacant Catamount lot, an encouraging sign for the high-end market.

"It's nice to see it coming back, for sure," Labor said. "The part of our market that hasn't been that active has been more expensive properties, above three or three-and-a-half million."

Steamboat Sotheby’s International Realty broker Darlinda Baldinger closed on a listing for a $5.575 million Catamount home in early September and represented buyers during the sale of a $4.6 million Catamount home in late August, two of the top sales of the summer.

“Catamount is H-O-T,” Baldinger said.

Labor said that, while the market has been active, he was surprised to see prices didn't rise to the level he expected considering the recovering economy and low local inventory, particularly for entry-level properties.

"Although the market's been very active, prices haven't seemed to jump as much as what would've been expected — which is good for buyers."

To reach Teresa Ristow, call 970-871-4206, email tristow@SteamboatToday.com or follow her on Twitter @TeresaRistow

Largest transactions, July 1 to Sept. 8, 2015

1. $5.575 million, Sept. 3 — A 9,990-square-foot, seven-bedroom, seven-bath Lake Catamount home with detached 790-square-foot, two-bedroom, one-bath residence on 52.89 acres. Last sold as a vacant lot for $600,000 in 2006.

2. $4.6 million, Aug. 27 — A 7,661-square-foot Lake Catamount subdivision residence with five bedrooms and six bathrooms on 38 acres. Last sold as a vacant lot in 1999 for $800,000.

3. $4.25 million, July 31 — Several commercial use buildings that make up Elk River Crossing off Curve Plaza in West Steamboat. Current home to Big House Burgers, Lil’ House Biscuits, Arctic Liquor, Mountain Valley Bank, Ski Town Cleaners, Steamboat Hair Company, State Forest Service and Colorado Mountain College.

4. $4 million, July 24 — 7,795-square-foot Sanctuary subdivision residence on Heavenly View with four bedrooms and seven bathrooms on 1.11 acres. Last sold for $4.9 million in 2008.

5 and 6. $2.945 million and $2.727 million, July 2—An unidentified amount of land in west Routt County sold by Twentymile Coal, LLC.

7. $2.7 million, July 7 — The former Yampa Valley Electric office building on 10th Street in downtown Steamboat Springs.

8. $2.199 million, Aug. 11 — Multiple parcels of agricultural land in rural South Routt County.

9. $2.15 million, July 16 — A 5,803-square-foot, five-bedroom, 4 1/2-bath home on 0.51 acres on Redwoods Court, along the Rollingstone Golf Course. One of 10 lots in the Fairway Place subdivision.

10. $1.85 million, July 30 — 7.85 acres of vacant residential land, Lot 20 of the Lake Catamount subdivision. Last sold for $879,000 in 2000.

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