Steamboat Real Estate

How anybody can get reliable information out of the national media is beyond me. Florida, California, and Arizona can tank 25% while the rest of the country appreciates 3%, and the headlines blare “Housing Prices Drop 22%”. The fact is that real estate is local. Different areas of the country are experiencing different conditions. (Believe it or not, but prices in half the markets are actually the same or higher than last year! But you won’t read that because how many newspapers is that going to sell?)

Even Routt County real estate is local. It’s so local that you need to look at Micro Markets to see what is going on. A Routt County micro market can be a type of real estate (condos) an area (Stagecoach) or even a neighborhood (Dakota Ridge). Here are some examples of how real estate is divided into micro markets:

• There is a 3 1/2 month supply of Steamboat real estate over $1,000,000
• There is a 10 year supply of Stagecoach lots
• There is a 2 month supply of Steamboat condos under $400,000
• Hayden had 19 sales/pending contracts since May 1st and Stagecoach has had only 5 sales/pending contracts–Even though both areas have similar populations.
• There are only 19 ski-in, ski-out places that range in price from a dinky one bedroom $335,000 Ski-Inn condo to a $5,575,000 luxury townhome at the base of Thunderhead lift. Only 5 are Steamboat luxury ski-in, ski-out units.
• First time buyers can get a $7500 incentive from the government
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What does that mean to a buyer thinking about purchasing Steamboat real estate?

• Some segments of the Steamboat real estate market are Buyers Markets. As a buyer, you are in the drivers seat–but you need to make a move.
• If you are going to finance, get your financing and lock in the rate. If you pay cash, you’re golden.
• Many homes are priced correctly. Learn the value and don’t assume you can lowball every property. Get a Realtor you can trust to do the research.

Would you like to learn more about Steamboat real estate micro markets? Call Eliese at (970) 819-6372 for more details or to learn what properties are “hot buys”.