Tight supply bumps home prices in Steamboat into $600K range | SteamboatToday.com

Tight supply bumps home prices in Steamboat into $600K range

In the West End Village neighborhood, there are both deed restricted affordable homes, and market rate homes. The most recent sale of a 2,000-square-foot market rate home was for $675,000.

STEAMBOAT SPRINGS – The $675,000 sale in late April of a two-story, 2,000-square-foot, single-family home in the West End Village neighborhood underscores how tight housing supply is pushing the price of homes originally intended for working households to new heights.

The four-bedroom, 2.5-bath home at 2339 Oxford Way was built in 2015. It recently sold for the equivalent of $337 per square foot in a small-lot subdivision that was originally created with a mix of both income-restricted, affordable housing and market-rate housing.

Buyer's broker Robert Yazbeck, of Coldwell Banker Distinctive Properties, said the home is a rare property in the price point with the clean lines of modern architecture more typically found in seven-figure homes. Listing broker Melissa Fielding, of Steamboat Sotheby's International Realty, who owned the home, could not be reached for comment.

"That house really stood out in the neighborhood. It had multiple offers, I believe, the first day," Yazbeck said.

But his clients very nearly lost out on the deal.

Another buyer was awarded the original purchase contract. But Yazbeck's clients had been watching the market closely for long enough with the help of Yazbeck’s associate, Taylor Barker. When the clients found the right home, they were willing to take a second position.

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"They weren’t aggressively looking to buy," Yazbeck said. "We had shown them everything comparable, and there just weren’t many options. When this one popped up, it was a unique property in that price range. We actually took a backup position."

When the original contract didn’t close, Yazbeck's and Barker's buyers were next in line.

Yazbeck said, "Absolutely!" Inventory of single-family homes is tight in 2018.

Steamboat Pilot & Today reported in depth on the scarcity of homes for working households in February.

West End Village built for working households

Tony Connell, of Connell LLC, developed West End Village subdivision in 2002-2003 in collaboration with the Regional Affordable Living Foundation (RALF), which managed deed restrictions (capping the price of resales) on 24 single-family lots and 10 duplexes. RALF has since ceased to exist.

The purchase of the deed-restricted lots was limited to people earning no more than the 120-percent of the area's median income. All deed-restricted owners also received down payment assistance from RALF through a second mortgage.

The remaining 35 lots were sold on the open market, and the home that sold for $675,000 in April is on one of those lots.

A search of the Routt County Assessor's website reflects that many of the 2003 purchasers of the the deed-restricted lots for $65,000 remain in their homes (there have not been resales), where the land is now valued for taxes in the range of $135,000. 

To reach Tom Ross, call 970-871-4205, email tross@SteamboatToday.com or follow him on Twitter @ThomasSRoss1.

A home on the range will cost you…

There are very few single-family homes priced within the relatively large range of $450,000 to $750,000 Im the Steamboat Springs market this month. There is a 2,152-square-foot multi story home built in 1982 that overlooks Running Bear from its steep perch at 3300 Apres Ski WAy.  It’s priced at $649,000.

There is a well-kept home in Steamboat II with a chinked log interior, five bedrooms, three bath and 2,767 square feet, listed for $640,000.  At 873 Yahmonite in Old town Steamboat, there is three-bedroom home listed as a “possible tear down rebuild” that will be sold as is, at an asking price of $675,000.

In the heart of old town, there is a classic 1,064-square-foot, frame home with one of two bedrooms tucked under the eaves for $699,000

There is also a compact three-bedroom, two-bath home with quick access to Emerald Mountain trails in Brooklynn for $625,000.

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