Routt County sees sales of 78 million-dollar homes in 2010 |

Routt County sees sales of 78 million-dollar homes in 2010

The Jim and Gayle Dudley home is under construction on Routt County Road 14. Jake Drury
Tom Ross

— Homes priced at $300,000 to $500,000 ruled the transaction volume at the end of the third quarter in the Routt County real estate market, but homes priced at $1 million to $1.5 million could lay claim to the biggest slice of the money pie.

The local market had seen 78 home sales valued at more than $1 million at of the end of September, according to a statistical analysis done by Bruce Carta, of Land Title Guarantee Co. He based his research on information from the Routt County Assessor’s office. That’s about 23 percent of the 339 total home sales. Of the 78, 42 were in that sweet spot between $1 million and $1.5 million. Nine homes sold for more than $3 million and another 8 sold for prices between $2.5 million and $3 million.

At the other end of the spectrum, Carta noted that Septem­ber saw 12 sales of bank-owned properties totaling $6.16 million for an average price of $551,392 per unit.

Year to date, Carta said, 48 bank sales totaling $26.55 million represent 6.82 percent of the overall gross dollar volume in sales of $389.2 million.

Working from a different set of statistics, Doug Labor, of Buyer’s Resource Real Estate, said that compared to national figures on bank-owned sales, Steamboat’s market looks stable and secure.

He pointed out that of 1,350 homes listed as of Oct. 8, 48, or 3.6 percent, were in foreclosure. Nationally, 25 percent of homes listed for sale are in foreclosure, Labor said.

“It means property owners here are better heeled,” Labor said. People here, as a whole, “are in much better financial state,” than most Americans.

Labor looks only at real estate sales that come through the Steamboat Springs Multiple Listing Service and for that reason, they don’t include sales that were made without the involvement of a Realtor.

Under more stringent lending practices today, recent Steam­boat homebuyers as a group probably will be more stable in their vacation homes because the terms of their loans don’t take into account any short-term rental income they may benefit from, Labor added.

Support Local Journalism

Support Local Journalism

Readers around Steamboat and Routt County make the Steamboat Pilot & Today’s work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.

Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.

Each donation will be used exclusively for the development and creation of increased news coverage.


Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User