Steamboat real estate activity is quickly picking up following a slow winter, with some properties receiving multiple offers after sitting idle on the market for months.
Only $12,000,000 in real estate changed hands in February, the lowest real estate volume in over five years. Those sales reflect contracts written in December and January when the market was at its slowest.
The last two weeks in March have seen a dramatic uptick in showings and offers. Fourteen properties closed and 15 went under contract during the last weeks of March. New developments, like Howelson Place, are starting to close and live/work units at Riverfront Park on the Yampa River are moving.
Foreclosures are beginning to affect Routt County real estate. At least two high-end properties this week are bank-owned properties under contract with buyers looking to buy property at a steep discount. Stagecoach also has a few pre-foreclosure or foreclosed properties with incredible prices.
Routt County is not immune from the economic issues affecting the nation. The real estate bubble burst later in Steamboat than it did in other parts of the country. California, Florida, and Arizona had a dismal 2007 while Steamboat Springs, with the purchase of Intrawest, had a record-breaking year.
The speculators who purchased property two years ago hoping to profit from the 15-25% increases are the ones who are caught in the downturn.
Fortunately, Steamboat Springs doesn’t have the excessive inventory other real estate markets have. We have some new projects that could use some buyers, but once the pendulum swings back and buyers enter the marketplace again, the inventory that is making this year an incredible buyers market will be absorbed.
Call me at (970) 819-6372 or contact me for more details or to learn what properties are too good to pass up.
Here are the Steamboat and Routt County transaction details of the past two weeks: Read More→