Steamboat sees 17 $1M homes sell in September
November 14, 2017
STEAMBOAT SPRINGS — The sale of 17 $1-million-plus homes in Steamboat Springs and Routt County in September has added oomph to the local real estate market as it takes aim at the $800 million annual sales mark.
Through the end of the third quarter, a total of 86 $1-million-plus homes have sold this year in Steamboat and rural Routt County combined, according to Land Title Guarantee Company. That compares to the 108 in that price range for all of 2016 and 92 in 2015.
Realtor Jon Wade of the Steamboat Group said a lack of supply, which is difficult to overcome due to the scarcity of building lots, is one of the obvious reasons why home prices here are rising to the $1-million mark.
"These things have been happening for a few years now, but it has hit a visible tipping point over $1 million now," Wade said. "One way I picture it is that these factors have lifted the center of our single-family home market in town close to $1 million — $1 to $1.2 million is the new $800,000 to $1 million," in the housing market.
But there's more to it than that, Wade said. The dynamic employment market on Colorado's Front Range is adding wealth to that tight housing market and reducing previous resistance to growing home prices in Steamboat.
"People I work with tell me Steamboat has become much more affordable relative to Denver and Boulder," Wade said. "In some cases, we are cheaper."
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The most expensive home sold in Steamboat so far in 2017 was a new construction, 5,819-square-foot home built in a neighborhood off Fish Creek Falls Road at $3.425 million.
And although the pace of sales has steadied in the first two weeks of November, the sales of two more million-dollar homes closed Nov. 13, both rural properties in the Twentymile Road corridor west of Steamboat.
Lani Holmberg of Steamboat Sotheby's International Realty sold her personal home on Routt County Road 33A earlier this year and sold a nearby neighbor's home this week for $1.45 million. The 3,752-square-foot, three-bedroom home on 35 acres qualifies as a horse property, and it's just 5 miles from the Bud Werner Memorial Library in Steamboat Springs.
“It's living so close to town for having a horse property, and the neighbors are friendly," Holmberg said. "I see people I know walking their dogs. They're not luxury homes, but Tom Fox totally remodeled the home I just sold about 10 years ago. It's a beautiful home with high-end appliances, a beautiful master suite and views to the Sleeping Giant and the ski area."
Holmberg said 33A is a lightly traveled road in a friendly neighborhood. She said inventory is low and that's putting pressure on existing homes. Attorney Jane Martin, with Melnick Martin LLC, represented the buyers in the sale.
Bo and Sue Stempel, of Colorado Group Realty, were the listing agents for a second home on Routt County Road 33A that sold Nov. 13 for $1.5 million.
The 5,417-square-foot, five-bedroom home is flooded with sunlight, and large wrap-around decks are designed for outdoor living. The property includes a large steel shed/barn on its 40 acres. Sunny Brstina of Steamboat Sotheby's International Realty represented the buyers.