A new joint venture of KSL Capital Partners and Henry Crown and Company (Owners of Aspen) announced Monday that the purchase of Intrawest Resort Holdings, the parent company of the Steamboat Ski Area, and of Mammoth Resorts is complete. Read the full article in the Steamboat Pilot - Click here
This announcement comes as Steamboat's real estate market is the most active it's been in 5 years. Check out the chart below. This past week we saw the number of properties under contract at 260, which is far higher than our previous peak in the 220 range. To answer everyones question, yes, it's busy out there.
Slate Creek Auction Sale: Previously listed at over $25,000,000, on July
What's Happening In Steamboat?
Intrawest Acquisition By Aspen / KSL: Everything we are hearing says this transaction is moving through the process and heading towards a closing. We are very optimistic about the new ownership for many reasons. Call or email anytime if you would like to discuss in more detail.
Land Auctions July 25, 2017: Slate Creek Ranch and the Frentress Ranch are both going to auction on July 25, 2017. We have prepared an analysis of each property and feel these auctions could represent good opportunities.
Slate Creek Ranch: 1,118 acres offered in 4 Tracts. Two of the tracts offer great property for hunting with multiple springs and potential home sites. The
A Seasonal Market!
Regularly we hear the questions: Will more properties come for sale in the Spring? When is the best time to sell? To answer these questions we took a look at all the data in the Steamboat Springs multiple listing service and created the following charts:
As you can see the above charts show clear trends in when new properties come to market and when the majority sell. Thus if you are a buyer looking for a property, there is a good chance our inventory will get better in the next few months. A Look At Downtown Steamboat Homes: One of Steamboat's most popular locations to live, Downtown Steamboat is an eclectic, diverse
Before and After
While we love looking at the numbers, what we really like is looking at real life examples of what's happening in the market place and how it correlates to the date. Last week we saw a great example we thought would be fun to highlight.
37 Park Avenue Before - Sale Price: $517,500 Sale Date: 1/30/2014
37 Park Avenue After Asking Price: $1,550,000 Asking $/sqft: $449
How does this align with our past market analysis? A hot segment of the market is new, single family homes between $1,000,000 and $2,000,000. We have previously mentioned how this category is the only area we are seeing real spec development. With
Mid-Winter Selling Season Update
Steamboat Aficionado - The second edition of the Steamboat Aficionado is out. Thank you to our editorial and design team and all of the contributors who worked on this magazine to make it such a success:
Click here to read our digital magazine
Market Activity: After a very busy fall, its easy to lose perspective on the seasonality of our market. Is it busy or is it slow? Data tells the story without emotion:
Properties Under Contract
Properties Under Contract
Active contracts are 11.7% higher than the last two
Finishing With Some Firsts!
As 2016 comes to a close, last week saw some transactions worth noting. While the overall Steamboat "High End" or "Luxury Market" has struggled, here are a few interesting transactions which show some optimism in the market:
Wildflower Meadows goes under contract: Listed for $11,250,000, this might appear to be another large-scale home in a high priced ski town. For perspective, this is the first home within 6 miles of Steamboat priced over $6,000,000 to go under contract or sell since 2007. That's almost 10 years! And we have some very impressive properties for sale in the area.
Edgemont 2501 Under Contract: While we have seen Edgemont and One Steamboat Place
Ski Area Opening on Time!
Opening Day 11/23: Things feel a little different - white snow covering the mountain, the ski area opens this week, the Trump cabinet is being selected and we notice a subtle difference in the Steamboat real estate market. Our favorite metric to watch, "Total Number Of Properties Under Contract", is hovering at a very high number - 190+. Without historical context, this might not stand out:
As we've mentioned in the past, Steamboat's market is cyclical and activity comparisons need to be for similar dates each year. Clearly the supply/demand situation is moving in favor of sellers. The number of
The Market Is Different!
Steamboat Aficionado: cNot just the Steamboat real estate market is changing. Steamboat's experience is evolving with new restaurants and some major downtown capital improvements. As advocates for our clients' properties and representatives of the town, we decided to create a magazine focused on why Steamboat is so great, with selective advertising. Hope you enjoy our first edition. Let us know if you would like to receive a printed copy and we'll get one in the mail:
We created a select list of approximately 6,000 addresses of high end homes in our direct flight markets to receive this first edition.
Single Family Homes Continue to Lead:Pending Single Family Homes: In If you are searching for a single family home under $1,000,000 you are starting to experience the frustration of a sellers market. Supporting the data presented in our past newsletter, here is a chart showing the single family homes currently under contract. Of importance is the Days On The Market:
Look at the single digit days on the market for the last 4 homes.
Across the Street: What's it worth to be across the street? This weeks sales would suggest 100%. Here is a sale at One
Time To Pay Attention - 201 Properties Currently Under Contract!It's a different market: In our last newsletter we identified the percentage of properties under contract vs. the number of properties for sale was rising above last year. We concluded this was a precursor to the market heating up and prices rising. This newsletter, it is now clear the market has changed!
Absorption Rate: Typically we look at the absorption rate comparing the number of properties sold in a year vs the number currently for sale. With the market changing rapidly, we felt it was worth looking at the number of properties for sale vs. the number pending.