Steamboat Real Estate Home Search and Blog

I’ve been listening to the affordable housing debate for some time and I’m not sure what the answer is.  Do we all want to live in a ski town and own a brand new place at the base of the mountain?

Some of my ambivalence may be because I’m from the east.  Back east, it is rare to live in the city.  Everyone commutes to the suburbs and accepts the fact that you need to drive in order to have a nicer home and better schools.

Also, a good part of our Routt County population likes living outside of town.  They drive 20-30 minutes to be in the country yet they are still an important part to our community.  So I don’t really buy the argument that you have to live right in the city of Steamboat in order to work here and be here.

I think Steamboat policy makers bought into the same “home ownership is good at all costs” that the rest of the nation bought into over the past ten years.  Now we’re in one of the biggest housing and financial messes the nation has ever seen because of it.

Rentals went out of favor when everyone and their mother could get a mortgage, no matter how bad their credit was or how empty their checkbook was.  Who wanted to rent when you could own your own home?  Vacancy rates for apartments were high while people stood in long lines to purchase places in new developments with 100% financing and interest only loans.

Now that the pendulum has swung back the other way, rental units have a place again, especially in Steamboat.  Unfortunately, Steamboat rental inventory is low and rents are high.

With real estate, if a developer wants to build new condos, they must supply affordable housing.   First Tracks is the new development being built by Trailhead Lodge to meet their (and One Steamboat Place’s) affordable housing requirement.  First Tracks is selling small condos where buyers must meet income restrictions, work in Steamboat, and settle for an appreciation cap of 3%.

First Tracks is selling studios for $165,000, one bedrooms for $242,000, and two bedrooms for $299,000.

Believe it or not, there are 95 places to buy right now in that price range–both on the mountain and in the outlying areas of Stagecoach, Hayden, or North Routt.   They are not deed restricted and you can sell them to whomever you want. Some are larger and have three bedrooms, in case you have guests, roommates, or kids.

You can buy a brand-new single family home in Hayden for about $300,000, the same price you’ll pay for the 2 bedroom in First Tracks.  Yes, you’ll commute, but there are a lot of reasons why it makes sense to buy there instead of at First Tracks.  (Call me and I can give you details.)

So it makes sense to look at buying if you are planning to be here for a while, and it makes even more sense to explore ALL your options, not just the new affordable housing at the base of the mountain.