There has been an incredible year for change in the Buyer Agent Rockies real estate market. There have been a number of large transactions that will definitely change the market in Steamboat for many years to come and there are many new projects already under way. Some of the big sales are as follows:
$265,000,000 – The sale of the Steamboat Ski Area to Intrawest, which is owned and operated by Fortress Investments. In 2007 alone the company put over $16,000,000 in improvements into the mountain including the Christy Peak Express (a six seated quad chairlift) and re grading of the entire bottom of the mountain.
$53,900,000 – The sale of Ski Time Square and Thunderhead Lodge to Cafritz, Washington, D.C. Developers. Their plan is not to refurbish all the building but to demolish them and build new building in their place making all the area modern and new. The Ski Time Square road was also redone this year and a new bus turn around was put in at a different location to make room for all the new projects.
$57,000,000 – The sale of the Sheraton Steamboat Resort Hotel and the Sheraton Golf Club to Starwood Hotels, one of the world’s largest hotel and timeshare companies. Starwood said their plans include a complete re-model of the entire Sheraton Hotel.
$24,600,000 – The sale of 540 acres in West Steamboat for residential development to Steamboat 700,LLC. They are in the planning process talking with the city to build approximately 2,000 homes.
$23,000,000 – These are public dollars to be used for improvements taking place to the public infrastructure at the Ski Area Base.
$25,000 – The purchase of the Ski-in / Ski-Out property which was Bear Claw III. This will create a new Ski in Ski Out property on the Mountain by the South Face Lift.
New projects under construction in the Mountain Area:
ONE STEAMBOAT PLACE – An exclusive residential and commercial development at the Ski Area Base. This project will include two large buildings consisting of Ski-in / Ski- Out condominiums, fractional ownership units, commercial space, and a restaurant all located right next to the Gondola.
WILDHORSE MEADOWS – A single family home and commercial development. This will include single family lots, mountain lofts, townhomes, Trailhead Lodge condominium, a second Lodge to be determined, country store and a Gondola in front of Trailhead Lodge to the base of the Ski Area.
New projects under construction in Downtown Steamboat:
The new projects underway in the Downtown Area total over 450,000 square feet of new residential and retail space. They include 5 sites where the original building was demolished to make room for the new buildings.
ALPENGLOW – at 6th and Lincoln – consisting of 16 Townhouse and Condominiums units which will sit on the former site of the Nites Rest Hotel
HOWELSEN PLACE – at 7th and Lincoln – consisting of 42 condominium units which was formerly the The Harbor Hotel
THE OLYMPIAN – at 5th and Yampa – there will be 22 condominium units in this project which was formerly an office building.
THE VICTORIA – at 7th and Lincoln – this will include 7 large condominium units and commercial space.
RIVERWALK – located at 3rd and Yampa – this project will be built where the former Trailer Park was located. This will be the largest project of all and the property is located on the Yampa River.
New Ranch Developments:
MARABOU – This land development is located in the Elk River Valley consisting of 62 homesites on 1,800 acres starting at $2,500,000 per homesite.
ALPINE MOUNTAIN RANCH – Located next to the Steamboat Ski Area with 63 homesites on 1,200 acres starting at $1,500,000 per homesite.
CURRENT MARKET CONDITIONS
The following is a quote from the Steamboat Pilot from May 2004,“Steamboat sees record setting first quarter median sales.” The first quarter of 2004 marked a record high median price for Real Estate in the area covered by The Buyer Agent Rockies Board of Realtors Multiple Listing Service. To follow up on the complete year of 2004, we experienced the HIGHEST NUMBER OF TRANSACTIONS EVER, AND THE DOLLAR VOLUME WAS ALSO THE HIGHEST EVER since the Buyer Agent Rockies Multiple listing service was started.
The first two quarters of 2005 BROKE THE OLD RECORD set for the first two Quarters of 2004 by 51% – for the NUMBER OF TRANSACTIONS and DOLLAR VOLUME. When 2005 ended we saw a record NUMBER OF TRANSACTIONS with 1,621, a 24% Increase over the prior record year of 2004. 2005 also recorded a NEW RECORD DOLLAR AMOUNT at $606,000,000 .
The first quarter of 2006 is ahead of 2005 DOLLAR VOLUME by 128.67%, and the first Quarter of 2006 is ahead of 2005 unit count by 163.92%. In our opinion, there are still good buys available but the current trend is upward. Now is the time to buy Steamboat Real Estate to catch the market and to obtain future appreciation. This is a great time to use STEAMBOAT’S 1ST EXCLUSIVE BUYER AGENCY COMPANY, The Buyer’s Agent of Buyer Agent Rockies, who only represents you to get the best property and the best terms and price. For properties that might interest you and ALL the Buyer Agent Rockies Multiple Listing properties currently on the market please search our website:
For more information and 100% Buyer Representation on any and all listings you search, please call or e-mail Maureen or Martin, and we would be happy to assist you with your Real Estate needs.
The Buyer’s Agent of Buyer Agent Rockies