MARCH 2023 Newsletter
WHY BUILD IN STEAMBOAT?
An interview with Chris Paoli regarding market trends & what we’re seeing as real estate experts.
STEAMBOAT SPRINGS SHORT TERM RENTAL LICENSE APPLICATION IS NOW OPEN!
All properties that are being short term rented need to apply for a STR License with the city by April 30, 2023.
DO NOT ALLOW YOUR VHR PERMIT or LEGAL NONCONFORMING APPROVAL TO EXPIRE!
Visit: https://steamboatsprings.net/str for more information and to register.
ARE THE BUYERS BACK?
Since the late summer of 2022 there has been a sense of uncertainty when it comes to how the housing market will react to rising interest rates and Steamboat Springs’ new short term rental restrictions, and uncertainty brings slowness to the real estate market. We saw this in the fall and early winter with both lower inventory and fewer buyers.
However, around the end of January we saw demand start to shift. Buyers are coming back to the market strong and quickly buying up the already low inventory, particularly in the under $1.5M price range. This demand is obvious with two recent examples. At the end of January, an updated two-bedroom condo in the yellow zone without a short-term rental permit received four offers within three days. Last week, an updated townhome that can apply for a grandfathered short-term rental permit had over 50 showings and received 24 offers within six days. In addition, a green zone townhome that spent over 170 days on the market ended in a two-party bidding war before going under contract.
The rise of interest rates has seen an increase in fixed income investment rates. When was the last time you considered buying a high yield CD or increasing the percentage of municipal bonds in your portfolio due to better returns? The financial market is becoming more balanced with the ability to diversify beyond stocks. By pairing a 5.5-6.5% loan with a 4.5-5.5% fixed income investment, the loan becomes easier to carry. Year to date for 2023 we have not seen a drop in the percentage of homes using mortgages, with a continued 57% of homes being closed with a loan each year since 2021.
Additionally, the continued remote working culture is driving buyers looking for a new primary or seasonal secondary residence that does not need to be short term rented. It is apparent that demand from the last three years is still around with buyers back to actively waiting for more homes to come to market. For more information on the state of the market, or for a free consultation on the value of your home, call Justin Read at 970-761-0094 or email jread@thegroupinc.com.
BREAKING GROUND SUMMER 2023
NEW CONSTRUCTION AT THE BASE: INTRODUCING, THE AMBLE
Steamboat Ski Resort has been reinventing the mountain for the past couple of seasons, intending to enhance the experience of locals and visitors alike, committing $200 million to the project. This project includes an ice rink, new restaurants, and The Amble, “the first new residential property built at the base of the ski resort in nearly 15 years,” said Joe Cashen, director of sales for Slifer Smith & Frampton Real Estate.
The Amble is a new residential community at the base of the mountain, located next to Steamboat Ski Resort in between The Steamboat Grand and the Wildhorse Gondola. It’s designed for walkable access to everything Steamboat Resort has to offer. According to theamble.com, it’s “a home right in the middle of the action, built for a life lived outdoors.”
At The Amble, there will be 42 residences with a range of floor plans from one to four-bedroom options. The property will also include underground parking, a pool and hot tub, and ski storage to make residents’ adventures easy and accessible.
Not only is The Amble providing incredible access to Steamboat’s best outdoor playground, but it’s also committed to sustainability. The website discusses the project’s dedication to climate-responsible design and architecture through natural ventilation and low-embodied carbon materials, stating that “The Amble honors our mountain surroundings and seeks to preserve and protect them.”
The Amble is a property built for the adventurous while focusing on sustainability to protect our mountain wilderness. They expect to break ground in the summer of 2023, so stay tuned for this unique residential community.
Courtesy of Jessica Colombo.STEAMBOAT SNOWFALL REPORT
Steamboat Ski Resort receives the second most snowfall in Colorado, coming behind Wolf Creek Ski Area, according to Uncover Colorado. Of course, the locals are more than prepared for a hefty seasonal snowfall, yet this 2022-23 season has left even the long-time residents with a giddy smile and an unquenchable thirst to hit the slopes.
As of Feb. 28, Steamboat has had a total snowfall of 351 inches, surpassing last season’s total snowfall by more than 100 inches. According to steamboat.com, which has snowfall data dating back to the ‘80s, there have only been eight 400+ inch seasons, the last one being more than a decade ago.
Steamboat Resort also has data stating that the average snowfall for January over the last decade is 58.53 inches. This season in January alone, 124 inches fell onto the ski town. This much snow has resulted in the mountain extending its closing date by another week.
As we head into March, it’s safe to say that Steamboat is quickly approaching a 400-inch season, and even if this year isn’t record-breaking, it will be painted in the minds of the people that live here for years to come!
Courtesy of Jessica Colombo.
FEATURED LISTING: 3023 TEMPLE KNOLLS
1/4 SHARE LUXURY HOME OWNERSHIP IN STEAMBOAT SPRINGS COLORADO
5 BEDROOMS | 7 BATHS | 6,583 SQ FT LINK TO THE LISTING
• Unique opportunity to own 1/4 share of an impeccable home only steps away from the high-speed Thunderhead chairlift.
• Possibility for extended, multi-week stays.
• Great for groups! 5BR each with a private bath, including 2 master suites; plus multiple living spaces.
• Club-like locker room for gear storage, and an oversized 2 car garage complete with a house SUV for owner use.
GIVING THE INSIDE SCOOP
These properties are not currently on the market, but are available through our network.
1. Restaurants: Turn key restaurants and restaurant spaces available.
2. 2000sf retail space on Lincoln Avenue. Available soon.
3. 1,000+ acre cattle, horse and hay operation with good water, working facilities, indoor arena, and two homes.
4. Luxury home on the private Catamount Golf Course. 11,000sf home with spectacular south valley views. Contemporary design and designer furnished. This is a turn key offering.
5. A second luxury, turn-key offering on the private Catamount Golf Course. 11,000sf home with spectacular south valley views.
6. The best views in Steamboat! Set high above the valley and backing to the Steamboat Ski area, this custom home has been meticulously redone creating an amazingly private, luxurious experience for a home in the city limits.
7. Luxury Ski-in/Ski-out: 14,000+ sf iconic home in the ideal ski-in/out location on the Right of Way trail. 4,000sf of heated outdoor living, 10 bedrooms, 4 car garage, theater and every luxury your family and guests could ask for in their mountain retreat.
8. New construction: Luxury downtown condo on Yampa Street with great views of the Yampa River and Howelsen Hill. An open floorplan designed for entertaining flows seamlessly onto comfortable outdoor spaces. Contact us to be first to receive updates.
9. New construction: Custom duplex built by an award-winning contractor. Incredible views of Emerald Mountain, 5 bedrooms and over 5,000sf.
10. New construction: Single Family home downtown on the Yampa River. 4,500sf of modern, extravagant living. Private two car garage and a riverfront backyard. Rooftop decks round out the experience with stunning views.
11. New construction: Two connected waterfront residences in the heart of downtown on the Yampa River. 3,500sf of high end finishes and superior quality. Contact us to be on the update list.
Thank you for reading our newsletter. Our goal is to be your resource for real estate information in the Steamboat area. From luxury homes to condos, from commercial property to large ranches, we have the expertise you require to make great decisions. Call or email anytime and we look forward to seeing you in Steamboat.
Sincerely,
Chris, Amy, Randi, Chris S., Brian, Jessica and Justin