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Steamboat 700, the development west of town where up to 2000 homes may eventually be built, still has not been annexed into the City of Steamboat Springs.  The most recent hurdles were whether or not Steamboat 700 developers needed to supply water rights and whether or not “big box” stores (like Target or Lowes) would be required (since they could potentially be a big source of tax revenue) at the new development.

Both answers turned out to be no.

Steamboat 700 will have to pay a fee toward water projects but do not have to provide water rights.  Water in the west is valuable, and will become even more valuable if the population of Northwest Colorado increases like it is scheduled to and we continue to have drier than average years.

As for that Target, Steamboat Springs city council members who want to keep the small town charm of Steamboat intact voted not to require big box stores at Steamboat 700.  Read whether Steamboat “big box” stores are a blessing or a curse.

Danny Mulcahy recently emailed a Steamboat 700 newsletter.   Apparently he gets asked a lot about Steamboat home values and whether they will go down if he builds 2000 more houses in Steamboat.

He says no.  (No surprise there.)  I agree with him for several reasons.  First, Steamboat 700 may not be finished for 20 years.  Supply and demand will determine what–and when–homes are built.

Look at the Vail Valley as an example of  the effect building has on home prices. Housing now stretches the entire length of I-70 from Vail Pass to Glenwood.  Home prices hardly fell as more homes were added in Eagle County.  (Let’s leave the current economic mess and its effect on housing prices out of this example.)

Steamboat has a master plan (the West of Steamboat Springs Area Plan) that addresses growth.  Here is how Danny Mulcahy, Principle, Project Manager of Steamboat 700, sees Steamboat 700 fitting into the Steamboat Springs mix of housing:

“…Steamboat Springs clearly has existing housing markets that are distinctive: the Base Area, Old Town, West Steamboat, and others. How do we see Steamboat 700 in context to those other markets?

* Old Town has it own distinct character and history, and its concentration of schools, shopping and amenities, with a central location, creates a strong identity quite distinct from the future Steamboat 700 community.

* The Base Area’s prevalence of vacation housing and second homes at the foot of Mount Werner is a very different market setting than what we’re planning at Steamboat 700.

* We believe that existing West Steamboat communities should see appreciating value because they will gain all the benefits created by Steamboat 700 such as trails, parks, shopping and enhanced transit with none of the taxes that Steamboat 700 residents will pay to help finance the new infrastructure. Further, Silver Spur, Heritage Park, and Steamboat II all have many large lots compared to Steamboat 700’s denser, New Urbanist feel, so residents of those neighborhoods will have larger housing on bigger lots, access to all of Steamboat 700 amenities, and none of the taxes to help pay for infrastructure.

It is safe to say that some level of stabilization in Steamboat Springs’ rate of housing appreciation will occur when new supply enters the market. But the benefits of creating new housing supply adjacent to Steamboat Springs–which prevents sprawl, shortens commuting times and preserves the region’s environment–will enhance the quality of life throughout Steamboat Springs and Routt County.”

Visit Steamboat700.com for maps, vision, and all the details.