Photo Credit: Steamboat Ski Resort/Alterra Mountain Company

The exciting major renovation of the ski village in Steamboat Springs will make the market even more active than it has been in the past year. Projects like this bring even more attention. The village experience has been a little short, so this revitalization is going to help the overall experience.

This year and going forward into the future, new projects are taking place. The ski village renovation just started construction after it closed its season. That will transform the resort to a 21st century experience. This includes relocating where the gondola is loaded, laying the groundwork to transform Gondola Square into an amenity-rich plaza with additional dining, apres-ski, retail, entertainment, and just a place for visitors to enjoy year-round.

Photo Credit: Steamboat Ski Resort/Alterra Mountain Company

It’s a three-year, $135 million redevelopment plan that will also include adding more ski terrain, making Steamboat the second largest ski area in Colorado behind Vail.

Steamboat is one of the few major resorts left that has prime land available for real estate development in the base area which, with the commercial development that has already begun, will provide a vibrant and exciting experience for residents and visitors alike.

Photo Credit: Steamboat Ski Resort/Alterra Mountain Company

For more information, please contact Doug Labor at 970.846.0661 or dlabor@buysteamboat.com

Doug Labor is the exclusive agent representing the Steamboat Springs, CO real estate market as a member of the Haute Residence Real Estate Network. View all of his listings here.

The post Doug Labor On Steamboat Springs Ski Village Renovations appeared first on Haute Residence by Haute Living.

Doug Labor presents

Rare in-town lot offering nearly a full acre to build a spectacular single-family home nestled in a mature pine forest with views, privacy and only two miles from the Steamboat slopes. The Rollingstone Ranch Clubhouse, which operates the Golf Course and Ski Touring Center, is an easy walk for a round of golf, bite to eat or sunset cocktail on the deck during the summer, or an invigorating cross country ski trip around the course during the winter. Within a few hundred feet is the Sanctuary Trail – a maintained, soft-surface, non-motorized trail which connects with others and can be taken all the way to Fish Creek Falls. Water, sewer and electric are already to the lot, so all that is needed to build your dream home on this spectacular lot is your imagination.

Address: 2425 Clubhouse Drive, Steamboat Springs, CO 80487

Price: $375,000

Photo credit: Doug Labor

For more information, please contact Doug Labor at 970.846.0661 or dlabor@buysteamboat.com

Doug Labor is the exclusive agent representing the Steamboat Springs, CO real estate market as a member of the Haute Residence Real Estate Network. View all of his listings here.

The post Doug Labor Presents A Steamboat Springs Lot Ready For A Dream Home appeared first on Haute Residence by Haute Living.

Photo Credit: Shutterstock

What is your favorite way to network with other professionals in the real estate industry?

Alex Min, Lake Tahoe, NV: "In-person and live. Visiting the various affiliate offices has been one of my primary tools."

Bento Queiroz of The Bento Queiroz Group, Southwest Ranches/Weston, FL: "In the business field"

Brian Pearl of the Pearl Antonacci Group, "Currently, social media, group Zoom calls and virtual happy hours."

Clara Hartree, West Vancouver, British Columbia: "Phone calls."

Claudia Llanes, Edgewater, FL: "I like attending open houses and conferences such as the Power Women Conference held every year by Biznow."

Dante DiSabato, Naples, FL: "Golf events or other charity events that are going on."

David Welles, Wellington, FL: "During COVID, the use of Zoom calls with my associates from around the country has helped establish new and lasting relationships that will lead to new business opportunities."

Debra Johnston, Atlanta, GA: "Social Media, particularly Instagram."

Doug Labor, Steamboat Springs, CO: "From email and online forums to picking up the phone, there are many ways to network. My favorite way is the forums. They offer a variety of topics and allow many brokers from different perspectives to give their insight and opinions."

Elisa Linton, Humble/Kingwood (Houston metro area), TX: "Virtual Events are more common. In-person events in small groups where social distances are practiced"

Elliot Bogod of Broadway Realty, Upper West Side, New York City, NY: "Zoom and webinars is a new way of life. LinkedIn is offering ways to connect with like-minded real estate professionals as well as LinkedIn groups. We started our Broadway Realty group that increased to over 700 professionals in a couple of weeks."

Ernie Carswell, West Hollywood, CA: "Price opinion invites to properties preparing to hit [the] market."

Frank D. Isoldi, Westfield, NJ: "I love the exclusive networking that Haute Residence offers to its members. It’s always refreshing to brainstorm with like-minded agents."

Jennifer Brilliant, Surfside, FL: "We don't have meetings and events in person as much anymore, so I rely heavily on email and calls with other realtors to discuss new listings, etc."

Jochen Lucke, Highlands, NC: "LeadingRE, Inman conference, one-on-one with brokers in target markets."

Karen Kenyon, Vancouver Island, British Columbia: "Private Facebook groups."

Kathleen Floryan, Jacksonville, FL: "IdealEstate, LinkedIn, various Facebook groups, Virtual Meetings, and one on one phone calls."

KC Martin, Paris, France: "While there are many online tools currently available in the market, personal contact is still the best way to build and maintain personal and professional relationships. Reaching out via phone, Zoom, or occasionally socially distanced meetings proves still that real estate is a people business built on real relationships."

Kelly Ringer-Radetich, Redwood City, CA: "In person, but with Covid, Zoom will have to do, or phone calls.."

Krista Richman, Fort Lauderdale, FL: "Project events are an excellent way to learn about the project itself and meet new faces in the industry."

Leslie S. Modell of the Leslie S. Modell Team, Midtown East, New York City, NY: "During this period where we can't get together socially, we get on Zoom panels together, team meetings, phone calls, and send out e-blasts."

Mark Salmon,  South Tahoe, CA: "Professional social media sites."

Nilou Henderson of Henderson Ventures, Charlotte, NC: "Social media. Due to the current climate, I am utilizing social media to network with fellow agents, our community, and our clients."

Roberta Ingletto of RGI Realty, South Miami/Pinecrest, FL: "Smaller events/meetings more on a personal level."

Ryan Knowles, Bahamas: "Instagram."

Sandra Fiorenza, Miami Beach, FL: "Lunches and events."

Scott Goshorn, Brentwood, CA: "Events and masterminds."

Tim Fenton of Blue Zone Realty International, Costa Rica: "I prefer to communicate in live time, either on zoom or on the phone. So much emotion is lost in text or email."

For more, visit dev.hauteresidence.com.

The post How To Network In The Real Estate Industry appeared first on Haute Residence by Haute Living.

Photo Credit: Shutterstock

Read below for how they see their areas' price activity in real estate.

Alex Min, Lake Tahoe, NV: "Up 30% at a minimum in the last six months."

Alison Melton of The Melton Group, Hilton Head Island/Bluffton, SC: "On average, we are +30% from last year and sales volume is +64% for residential homes."

Bento Queiroz of The Bento Queiroz Group, Southwest Ranches/Weston, FL: "Inventory is shrinking and therefore prices are steadily increasing."

Brian Pearl of the Pearl Antonacci Group, "Median list prices in Boca Raton are up 34.7% from last year in single-family homes."

Catherine Burgess of The Burgess Group, Boulder, CO: "Our area has appreciated substantially since last year."

Clara Hartree, West Vancouver, British Columbia: "[On] average, 10% [up]."

Claudia Llanes, Edgewater, FL: "Prices have increased due to the low single-family home inventory that's currently available."

Dante DiSabato, Naples, FL: "Prices are slightly increased but not as much as you think they would [have]. There is just a lack of inventory and prices will rise here shortly."

David Welles, Wellington, FL: "Prices are up approximately 10-12%."

Debra Johnston, Atlanta, GA: "Going up and continue, estimated 5%."

Doug Labor, Steamboat Springs, CO: "Residential prices in the Steamboat Springs area are up an average of 11% from last year."

Elisa Linton, Humble/Kingwood (Houston metro area), TX: "Increased."

Elliot Bogod of Broadway Realty, Upper West Side, New York City, NY: "Manhattan is the only area not increase will be remembered as years of opportunity in residential real estate. Prices are expected to stabilize before the end of the year and increase after the pandemic is over."

Ernie Carswell, West Hollywood, CA: "Prices are generally up 5-7% for properties under $6 million."

Frank D. Isoldi, Westfield, NJ: "Our market has 1/3 the inventory that we had last year, which is driving our average sales price up across the board."

Jennifer Brilliant, Surfside, FL: "Prices for houses are higher this year. Prices for condos are about the same."

Karen Kenyon, Vancouver Island, British Columbia: "Significantly higher and still trending upwards due to low inventory."

Kathleen Floryan, Jacksonville, FL: "Up."

KC Martin, Paris, France: "Prices are generally holding or up, depending on the area. Buyers are looking to make moves in real estate now with interest rates low, Covid uncertainty, and looking to diversify their investment portfolios, which includes real property."

Kelly Ringer-Radetich, Redwood City, CA: "We have seen prices, in some areas, climb, and in other areas [stay] steady."

Krista Richman, Fort Lauderdale, FL: "Prices are going up, inventory is going down!"

Laura Livaudais, Asheville/Western North Carolina: "Simply put - the prices are higher. The average list price ($397,829) was 20% higher while the average sales price ($390,696) was 23% higher. You can readily see from those prices that Asheville maintains its status as “recognizably affordable.”

Mark Salmon,  South Tahoe, CA: "50% higher."

Nilou Henderson of Henderson Ventures, Charlotte, NC: "Steadily increasing. Some areas have seen an increase of almost 20% in the last year. I expect the increases to remain as inventory remains low."

Leslie S. Modell of the Leslie S. Modell Team, Midtown East, New York City, NY: "The prices I would say, on the luxury side (over $3 million), are off about 10-20%."

Roberta Ingletto of RGI Realty, South Miami/Pinecrest, FL: "Maybe 20% higher. It's crazy how demand has gone up - first homes, now condo sales are picking up as well."

Ryan Knowles, Bahamas: "Similar [to last year]."

Sandra Fiorenza, Miami Beach, FL: "Home prices have increased by 30%. The number of listings has decreased by 50% and inventory is very small."

Scott Goshorn, Brentwood, CA: "Up. However, the market was on fire about this time last year... then Covid threw a bucket of cold water on it."

Tim Fenton of Blue Zone Realty International, Costa Rica: "Prices are up approximately 11%."

For more, visit dev.hauteresidence.com.

The post Real Estate Prices Are Up In U.S. Markets And Abroad appeared first on Haute Residence by Haute Living.

Photo Credit: Steamboat Sotheby’s International Realty

Unprecedented and unpredictable. Two adjectives describing the past year we are so tired of hearing but remain the best words to describe the 2020 Steamboat Springs real estate market.

With the onset of the pandemic, a “COVID Freeze” suddenly fell upon various financial markets in March, including real estate in Steamboat Springs. Buyers stopped buying and interestingly, sellers pulled their properties off the market. People were forced to work out of their home - where many eventually realized they could manage effectively.

Compounding the pandemic panic was the rioting that hit several cities, giving some a reason to look elsewhere for a safer haven and healthier lifestyle, yet keep their jobs by working remotely. The exodus for those wanting a change seemed to hit towns like Steamboat Springs at the end of May, and Steamboat’s real estate market literally went from freezing point to boiling point overnight.

And as things played out, any ground lost in the first five months of 2020 was made up and then some in the last seven months, as nearly every major record within the Steamboat Springs Multiple Listing Service was broken. The only one that was not was the total number of transactions. 2020 posted 1,655, missing the record of 1,729 hit in 2007, but still bettering 2019 by 33% (1,164). Total dollar volume was $1.217 billion, bettering 2007 by 21% ($1.003b) and 2019 by 50%. The amazing fact with these results is that sellers still held off placing their properties on the market, causing buyers to scramble with an offer as soon as something came available.

Quarterly Turns

Graph 1 represents, on a quarterly basis, the number of MLS listings (pink line) and transactions (blue line) and shows just how drastic things changed. When news of the pandemic hit, the second quarter (QII) hit the lowest point for transactions since 2010 (221), then nearly tripled in QIII to a record high of transactions to 609, yet only to be beaten by QIV with 622. Listings also hit records, but in the opposite direction. QIII hit an all-time supply low at 801, then took another dramatic loss with the MLS carrying only 574 listings by year-end. Over the last five years, the average number of quarterly listings was 1,230 and transactions was 306.

One measuring stick for the health of a real estate market is the “Absorption Rate”. It is the dynamic between supply and demand and used to evaluate the rate at which properties are sold during a given time. It is calculated by dividing the number of properties sold in the allotted time by the total of available properties. Graph 2 (following page) represents the quarterly absorption rate of the Steamboat Springs MLS and shows just how unprecedented and unpredictable the market was in 2020. The second quarter of the year posted a 22% absorption rate; meaning 22% of properties available for sale were purchased in those three months, then sprang to 76% in QIII, then to 108% in QIV. In 2020, demand for Steamboat Springs real estate far exceeded supply.

With rising demand and dwindling supply, prices could only go up, resulting in the average price of a property sold in the MLS of $735,000, up 13% from its 2019 average price of $650,000.

Changes in Latitudes

From a geographic standpoint, non-commercial transactions within Steamboat Springs increased 35% from 2019 to 948. Looking beyond Steamboat, the MLS areas north (Elk River and North Routt) experienced the most substantial increase in activity from 2019, at 133% to 154. Stagecoach came in second, increasing 65% to 139 transactions from 84. These increases are quite possibly from buyers seeking more affordable options in Steamboat’s neighboring communities.

Changes in Attitude

Future buyers may need to make a mind shift when looking at the price they will have to pay or change the type of property they can afford. Within the town of Steamboat Springs, 2020 pricing experienced a substantial increase from 2019 in all residential categories. Median prices of single-family homes escalated to a new record, topping the one-million-dollar mark to $1,077,050 (+27%). Also hitting a new record were median prices for condos, which increased 14% to $447,500. Median prices for townhomes increased 13%, to $727,500. Land prices took a hit, however, down 9% to $393,000. See Chart 3.

Change in the Future?

With more properties being bought faster than new listings coming on the market (+100% Annual Absorption Rate), few signals, if any show this scenario will change anytime soon. Putting the COVID-19 Pandemic to rest with a vaccine will certainly help, but the supply side of the equation will be fought for a while. Steamboat Springs is not the only real estate market experiencing record demand. Resorts, suburban areas, and certain smaller towns throughout the country have experienced a similar influx, placing added demand on building contractors and materials to add new inventory, causing price increases in those services and products…and the need for land. Again, vaccinations will temper some of this pressure, but the Steamboat market had seen increased demand well before the pandemic. Furthermore, the motivations of today’s buyers are not as much for investment as they were in the mid-2000 runup, but for personal use and enjoyment; a deep-rooted and sincere desire for a better lifestyle and cause for owners to hold, not flip their asset. Markets do go up and down, and in early 2020 everyone thought the real estate markets would take a big hit. Once again, in our “unprecedented” times, we would expect that demand will continue into the near future, but with the certainty of uncertainty, we will be watching closely for signs of shifting trends. Stay tuned…

For more information, please contact Doug Labor at 970.846.0661 or dlabor@buysteamboat.com

Doug Labor is the exclusive agent representing the Steamboat Springs, CO real estate market as a member of the Haute Residence Real Estate Network. View all of his listings here.

The post Doug Labor Reviews 2020 Real Estate In Steamboat Springs appeared first on Haute Residence by Haute Living.

Photo Credit: Shutterstock

Alison Melton of The Melton Group, Hilton Head Island/Bluffton, SC: "ZOOM, FaceTime, WhatsApp, virtual showings are all the rage!"

Bento Queiroz of The Bento Queiroz Group, Southwest Ranches/Weston, FL: "Instagram for sure!"

Brian Pearl of the Pearl Antonacci Group, "Zoom and Matterport."

Catherine Burgess of The Burgess Group, Boulder, CO: "Apple Watch, and a weekly newsletter"

Clara Hartree, West Vancouver, British Columbia: "Instagram."

Claudia Llanes, Edgewater, FL: "I'm definitely using Instagram a lot more in order to strengthen my brand presence digitally. This has helped me generate leads at a volume I did not think was possible."

Dante DiSabato, Naples, FL: "More online signing and contract forms. Not enough time in the day to write out the contract and scan for signature. this just streamlines the process to get a contract out fast in an ever-changing market."

David Welles, Wellington, FL: "Zoom calls with clients for updates and referrals and Matterport for my significant listings."

Debra Johnston, Atlanta, GA: "Mostly analytical tools that were not previously available."

Doug Labor, Steamboat Springs, CO: "Facetime. With our market so active, and it being a resort/retirement area, buyers need to jump on a listing as soon as possible, and the quickest way to get the property seen is by Facetime."

Elisa Linton, Humble/Kingwood (Houston metro area), TX: "CRM."

Elliot Bogod of Broadway Realty, Upper West Side, New York City, NY: "We use our smartphones to access apps to post updates and changes to listings."

Ernie Carswell of Carswell and Associates, West Hollywood, CA: "Zoom changed our world; Google Mapping."

Frank D. Isoldi, Westfield, NJ: "Every listing now has a virtual iGuide tour and we are doing more and more personal video tours as well."

Joyce Rey, Beverly Hills, CA: "I would say I use Instagram, YouTube, and publish articles on my blog a lot more often than [in] previous years. Instagram and YouTube are truly two of the top channels for promoting our listings/business!"

Karen Kenyon, Vancouver Island, British Columbia: "Facebook Business page and Instagram."

KC Martin of Sotheby’s International Realty, Paris, France: "My cell phones (plural) are probably my greatest asset in the market today. Staying connected real-time via online meetings, phone calls, video calls, apps, text, and email keeps me in touch and informed and up to date daily."

Kelly Ringer-Radetich, Redwood City, CA: "Active Pipe."

Krista Richman, Fort Lauderdale, FL: "We have been using Zoom for years to connect with international buyers. Now, we use it for our American buyers as well."

Leslie S. Modell of the Leslie S. Modell Team, Midtown East, New York City, NY: "Zoom, Microsoft teams, and digital staging."

Roberta Ingletto of RGI Realty, South Miami/Pinecrest, FL: "Zoom meetings, FaceTime to show properties; social media in general."

Ryan Knowles, Bahamas: "Zoom and WhatsApp."

Sandra Fiorenza, Miami Beach, FL: "Mostly Instagram."

Scott Goshorn, Brentwood, CA: "YouTube marketing."

Tim Fenton of Blue Zone Realty International, Costa Rica: "Definitely Zoom and other video conferencing tools."

For more, visit dev.hauteresidence.com.

The post What Are The Preferred Real Estate Tech Tools For Professionals? appeared first on Haute Residence by Haute Living.

Doug Labor present

Like-new 2-bedroom, 2.5 bath luxury residence in the heart of Steamboat. Located on the highly coveted top floor and on the quiet side of Steamboat’s most desirable downtown complex, this 1,334 square foot residence is the perfect condo for an urban Steamboat lifestyle. Enjoy Ski Area and Buffalo Pass views, and easily walk to any restaurant, shop, special event, or recreational activity you desire. Like to fish or kayak? The Yampa River is right across the street! The spacious floorplan has exceptional features including hand-scraped hickory flooring, limestone slab counters in two baths, a gourmet kitchen featuring a Wolf range, Subzero refrigerator, Asko dishwasher and granite countertops. Timber post details are throughout the living area, as are exposed venting to add a modern flair to the decor. A luxurious five-piece master bath, in-unit washer and dryer, dedicated heated underground parking space and storage closet are additional features not found in many Steamboat condos. Handy and right off the living room is a desk area if computer time is needed and an outdoor deck perfect for sipping an after-hour cocktail while deciding whether a walk along the Yampa River, stroll down main street or evening picnic up Emerald Mountain is in the plans.

Address: 35 5th Street Unit #Unit 405, Steamboat Springs, CO 80487

Price: $1,099,000

For more information, please contact Doug Labor at 970.846.0661 or dlabor@buysteamboat.com

Doug Labor is the exclusive agent representing the Steamboat Springs, CO real estate market as a member of the Haute Residence Real Estate Network. View all of his listings here.

Photo Credit: Doug Labor

Photo Credit: Doug Labor

Photo Credit: Doug Labor

Photo Credit: Doug Labor

Photo Credit: Doug Labor

Photo Credit: Doug Labor

Photo Credit: Doug Labor

Photo Credit: Doug Labor

The post Doug Labor Presents A Steamboat Springs Condo appeared first on Haute Residence by Haute Living.

Photo Credit: Steamboat Sotheby’s International Realty

Like the rest of the country and the world, the Steamboat Springs real estate market has taken a wild ride over the past eight months, from news of the Coronavirus spreading globally in February, then shortly thereafter the local impact of the Steamboat Ski Resort abruptly halting winter lift operations on March 15. The real estate world entered a “COVID Freeze” with buyers holding off their searches and sellers pulling their properties off the market. Brokers were not permitted to show properties, let alone keep their brick‐and‐mortar offices open. After a month, the Colorado Real Estate Commission took direction from the Governor’s office on new protocols on showing properties and keeping the public safe. Lenders, appraisers, property inspectors, title companies and contractors all had to learn new procedures and stifling activity. The industry flipped upside down.

Although prior to the pandemic most of the population had an inkling that working at home was a possibility, it suddenly became a  requirement. Many realized that ‘home’ did not even have to be within commuting distance to company headquarters anymore.  Providing reliable internet access and for some reasonable access to air travel, employees could be as productive as normal, while employers realized the benefit of reduced overhead. Compounding the pandemic panic was the rioting that hit several big‐city streets, giving more people a reason to look elsewhere for a safer haven and healthier lifestyle with small‐town living. The exodus for those wanting a change seemed to hit towns like Steamboat Springs in earnest around the end of May.

The statement has become cliché that the pandemic that hit the world is unprecedented and most certainly devastating to the economy. No one would have projected the equally unprecedented and opposite reaction certain real estate markets have had, and Steamboat Springs has become a case study in a nationwide demand for real estate.

A Turn on a Dime

With data compiled by the Steamboat Springs Multiple Listing Service, the second quarter (QII) of the year is typically the second most active for transactions. Over the past five years, it has averaged 325 transactions and captures 27% of the annual market. QIII is the busiest quarter averaging 31% of annual transactions. QII of 2020, which was the first full quarter of the pandemic, saw only 214 transactions ‐ a 36% drop from QII 2019 and the lowest posting that quarter had since 2011. However, QIII of 2020 set an all-time high for quarterly transactions at 604 (blue line in the graph) and an all‐time low for listings at  801 (pink line). The prior transaction record was set in QII of 2007 at 569,  or bettering the old record by 6%.

Over the past three months, these 604 transactions generated over $438 million in sales, surpassing the quarterly record set back in QII of  2007 of $306 million.

Although the increase in transactions from the prior record was only 6% (QII of 2007 to QIII of 2020), the dollar volume increase was an unbelievable 43%!

What’s a Buyer to Do?

All this activity has caused a feeding frenzy for buyers. Sellers are certainly in the driver’s seat and some have seen as many as 14 offers on their property. So, what is a buyer to do to make his offer stand out?  The following are carrots a buyer can throw into an offer to make their offer rise to the top:

• Make a cash offer – For most sellers, cash is king.  It eliminates financing and appraisal contingencies, which may be troublesome for the seller to accept. If you don’t have the cash in hand, consider geƫng a home equity line on your primary residence instead. If you must finance, get a preapproval letter from your lender before making an offer. This shows the seller you are serious about buying and have the financial wherewithal to do it.
• Escalation Clause – In anticipation of competing with other offers, include a clause that will automatically escalate the price you are willing to pay for a property if someone comes in at a higher price than yours. This clause states you will automatically increase your price to a designated amount higher than any other bona fide offer…but only up to a certain limit you would set.  Should you include this clause in your offer and you’re the only one in the game, your original price would prevail.
• Make an offer fast – If you find a property that works, make an offer.  Thinking about it or doing research before making an offer only gives other buyers an opportunity to step in before you.  Lock up the property and address your concerns within the due diligence period of the contract.
• Limit the Inspection – Buying a property “as‐is” is a risky proposition but buying it as‐is with a contingency that you can still inspect but only terminate if something major is found is totally different. This will give the seller a sense you will not be nit-picking over minor items you want repaired and that you will only terminate the purchase if a major flaw is found.
• Make a backup offer – Even though a property is under contract, it does not mean it will close.  Approximately one out of every five properties that go under contract come back on the market, so wriƟng a backup offer may be a good way to step into a  property in case the existing contract falls through.
• Post‐Closing Occupancy – Having a quick closing date is typically attractive for the seller, but it may also be difficult to move out quickly. Giving the seller a period of time to vacate the property after closing, either by renting it back or at no cost, may just be the ticket to stand out in the field and relieving the stress they will be going through to get moved. If you are buying a  short‐term rental property, giving the seller a week or two for the next few years after selling may also be an enticement to take your offer over others.
• Retain the right broker – The most important. Get a broker on your side who will keep you informed on the market, let you know as soon as properties that match your desires hit the market and who will keep your best interests in perspective.  There’s one thing getting you the property you want, but another to bring you back to reality about a reasonable price to pay.  Price is not the only item important to a seller, and having the right broker making a smart offer is one way to do that.

Although the Steamboat real estate market had made a full recovery from the Great Recession by 2017, when the pandemic hit in early 2020 it felt like it was heading back to that level again. No one would have guessed the pandemic accelerating the real estate market…but it did. Supply is at an all-time low and with only a handful of new projects are coming online, prices will continue to appreciate and buyers will need to stay on top of their game and be patient but ready to act as soon as a property coming close to their needs presents itself. 

Click on "Learn More" above to get in touch with Doug Labor.

The post Doug Labor: 3Q2020 Breaks Three Records In Steamboat Springs appeared first on Haute Residence by Haute Living.

At the time I was conducting research for this article, Coronavirus had yet to rear its ugly head. My 37 year real estate career has spanned several downturns and recoveries, including the 1980s oil and savings & loan collapse, the stock market crash of the later 1980’s, the tech bust & 9/11 attacks in the early 2000’s, and most recently, the mortgage meltdown and great recession of the late 2000’s. As of this writing no one knows how the Covid-19 pandemic will affect our lives. From a real estate market perspective, the answer to that question may not be known for months, if not years. What we have learned from history, however, is every market downturn has always been followed by a recovery.

I will continue to analyze the market and keeping my clients up to date on all its twists and turns, but for now I am providing my most recent analysis. Although it seems such a long time ago, 2019 real estate activity continued to improve in Steamboat Springs. But how did Steamboat compare to other top-tier western ski resorts? Here’s an interesting look at that question, with very informative and surprising results.

The Resorts

Ten resort areas, which include Steamboat, Aspen/Snowmass, Vail/Beaver Creek, Summit County, CO (Breckenridge/Keystone/Copper Mtn), Summit County, UT (Park City/Deer Valley/Canyons), Telluride, Crested Butte, Big Sky, Jackson Hole and North Lake Tahoe (Lake Tahoe, Alpine Meadows, Squaw Valley, Northstar) were selected due to market similarities and historic data availability. One quick note about Park City’s data - it encompasses their entire MLS, which includes Summit and Wasatch Counties.

Average Price

Photo Credit: Doug Labor

At an Average Residential Sales Price of $792,524, Steamboat was the most affordable resort to buy property of the ten resorts in 2019. That increase was still a 10% improvement over 2018. Crested Butte, which jumped ahead of Steamboat, had the largest year-over-year increase at 26%. The average price for a residential property in Aspen fetched $4.345m, topping all other resorts. Telluride had the second greatest YOY gain, at 21% and posting an average price of $1.840m.

Dollar-per-Square Foot

Photo Credit: Doug Labor

The benchmark many real estate professionals use to value property is dollar-per-square foot cost. This is a common denominator for property value and gives what a square foot would cost, no matter if the property is 1,000 square feet or 5,000 square feet, whether it is in Jacksonville or Jackson Hole. In 2019 the Average $/sf cost in Steamboat was $371, giving a 3,000sf house value of around $1.113 million. Aspen posted sales at $1,531/sf for the top spot with Telluride and Jackson Hole tying for second at $800/sf.

Days-on-Market

Photo Credit: Doug Labor

The time it takes a home to sell is an indication of market demand. It takes more days to sell a property in a market long in listings (supply) but short in buyers (demand), than one with fewer listings and more buyers. In 2019, it took only 60 days to sell a home in Breckenridge (highest demand), yet it took 320 for a home to sell in Telluride (lowest demand). Steamboat fared well in this category, with the third least amount of time for a property to sell (102 days). Park City was slightly better at 100 days.

A Comparative Analysis

After looking at these results, one must wonder which market performed the best in 2019? To answer this question, I compiled the past six years of market data from all 10 resorts in against their individual six-year average in six categories of residential sales. These categories are, in order of importance: Average Dollar-per-Square Foot (10), Days on Market (8), Average Sales Price (6), Annual Transactions (4), Sales:List Price Percentage (2), and Dollar Volume (1). Because these categories are more meaningful than others, they have ‘weighted values’. For instance, Dollar-per-Square Foot (i.e. are values increasing or decreasing?) is more telling of market health than mere Dollar Volume. Therefore, each category is given a weighted value (in parenthesis above). The weighted value will then be multiplied by the position the resort places in each category. First place receives 10 points, second place 9, and so on, with the last place resort will have a “1” place score, then multiplied by the weighted value for each category. Resorts will then be ranked based upon their total score.

And the Winner Is…

Photo Credit: Doug Labor

With a potential of 310 total points, Montana’s Big Sky Resort outscored the competition with a total point value of 245, closely followed by Breckenridge (243) and Crested Butte (241). Steamboat took 6th place with 151.

What impaired Steamboat was its 8th place finish for $/SF. Although many Steamboat buyers feel square footage values are high, 2019 was only at 110% of its 6-year average, whereas values at Crested Butte (#1) and Summit County, CO (#2) jumped 131% and 130%, respectively. Steamboat took 3rd place in Sold:List Price %, where our six-year average was 96%; second only to Summit County, CO’s 97%. Steamboat placed in the middle on the other four categories. Finishing in the middle is not a bad thing. It shows most rudiments are in check. At year-end 2019, Steamboat remained one of the most affordable top-tier ski resort real estate markets in the Rocky Mountains, where all markets have enjoyed steady growth since the 2008 recession. However, as mentioned at the beginning, COVID-19 will most likely effect resorts differently. It will be interesting to conduct this same analysis a year from now to see what has changed.

The post Doug Labor On The State Of Top-Tier Western Ski Resorts appeared first on Haute Residence by Haute Living.

The new course the Steamboat Springs real estate market set in 2018 did not alter more than a few degrees in 2019.

The number of transactions (trades) posted by the Steamboat Springs Multiple Listing Service dropped 2% from 2018, at 1,242. This is most likely due to the low supply of properties for sale in the market over the past three years.

Speaking of low supply, listings declined for the ninth straight year, to 1,083. Except for 2006 (1,065), 2019 carried the second-lowest number of listings throughout the year, calling it a tie with 2007 at 1,081.

Photo Credit: Steamboat Sotheby’s International Realty

Another key indicator is Absorption Rate, or the inventory bought, which is the dynamic between supply (listings) and demand (transactions). The graph below shows the relationship between the Absorption Rate (red line) and Average Price (green line). After nine straight years of there being a higher supply than demand (less than 100%), the last three years the market has seen more demand than supply (over 100%) and has averaged around 119%. With supply not meeting demand, one would expect prices to increase, which is seen by the sharp increase in Average Price from $522,000 to nearly $651,000 in 2019. From 1995 to 2019, the Average Price for properties in the Steamboat Springs MLS has increased an average of 9.17% annually. The 2019 Average Price of $650,780 is the highest the MLS has ever recorded. Likewise, the 2019 Median Price was $419,000, also the highest on record.

Photo Credit: Steamboat Sotheby’s International Realty

Although there were not as many 2019 transactions as 2018, there were some very interesting ones. Following are some of the most notable sales and occurrences this past year in the Steamboat Springs MLS:

Single Family Residences

Single-family homes typically represent about one-third of all MLS transactions. 367 single-family homes were sold in 2019 at a median price of $665,000 and $299/square foot. Dollar-per-square-foot is an industry benchmark that equates to a price a property is valued, depending on its square footage. SFR’s within Steamboat had posted 169 transactions (-10%) with a $850,000 median price (+11%) at $362/sf.

The highest-priced single-family home (non-Farm & Ranch) was a 7,555 sf, 6-bedroom (BR), 7 bath (ba) home on 3.48 acres (ac) in the center of town that sold for $5.625 million, or $745/sf. It was only on the market for 267 days. The least expensive home that sold was a quaint, 2BR/2BA, 1,320 sf home downtown on a .15-acre lot and sold at its list price at $402,500.

The Motherwell Ranch, located south of Hayden, captured the award for the highest ranch sale. The ranch consists of 10,349 acres, stunning scenery, river, lakes, excellent wildlife habitat, and numerous improvements. Listed at $33.5 million, it sold for $27 million.

Condominiums

Condos accounted for nearly half of all residential sales in Steamboat Springs (49%). 334 sales (+11%) occurred with a median price of $391,000 (+7%).
One Steamboat Place was home to the highest-priced condo sale, at $3.6 million. The 3,217sf residence was sold at $1,102/sf. This slopeside, 4br / 3.5ba residence comes with yearly HOA dues of $49,706, but some of the finest services and amenities one could want. Fish Creek Condos had the least expensive condo sale at $152,000 for a 1br/1ba, 680sf ground floor unit.

Town Homes

Townhomes fill the niche between condos and single-family homes, with 152 (-4%) selling in 2019. Steamboat $/sf values increased substantially from $310 to $351 (+11%), and median prices increased 7% to $642,000.

Winning the top townhome honor was Chapelco Lodge - a 6br / 4.5ba, 5,573 sf home at $2,350,000. It also features five ensuite bedrooms, a gourmet kitchen, custom metalwork, and a large bunk room. A 2br/2ba Whistler Village townhome in the Mountain Area was the most affordable townhome sale, at $237,500 and 920 sf.

Land

Land transactions saw another decline in 2019. Overall land transactions in 2018 were at 209, and 2019 saw 148. This 61-sale drop was mainly felt in Steamboat, where sales went from 74 to 28. Despite the drop in activity, the Median Price increased substantially from $327,500 in 2018 to $430,000 (31%) in 2019.

The most expensive lot sale in town as a .62-acre parcel in the Boulder Ridge Subdivision. Perched just above downtown with stunning panoramic views of the entire Yampa Valley, the parcel was only on the market for 19 days and had competing offers.

Summary

The issues facing the market a year ago remain the same. Low inventory and high demand are choking the market, increasing values and pricing buyers out of the market. Building costs continue to be high and skilled tradesmen are hard to find. There are some projects on the drawing board, but they are years out for delivery. Look for condo prices to increase more than other property types.

Future Forecast

Although 2020 is an election year, politics have had little impact on markets like Steamboat Springs, so don’t expect the market to change course over the next year. In the near term, look for real estate transactions to drop again in 2020 between 1% and 3%. Transactions will be stymied because of low inventory, which should hover around 1,050. Look for property values to continue to increase another 8% to 10% due to these conditions.

The post Doug Labor On The Steamboat Springs Real Estate Market appeared first on Haute Residence by Haute Living.

With a spacious floorplan, quality finishes and spectacular views, mountain living doesn’t get any better than Big Bear Lodge. This 2br/loft, 3ba, 1 car garage, furnished townhome is set in a private, treed setting with ski area, golf course and Fish Creek views and just minutes to the slopes. Perched high above the 5th green of the Rollingstone Golf Course and protected by towering pines, cottonwoods and aspen, entertaining can be enjoyed from 3 decks while listening to the cascading waters of Fish Creek. Indoors, a spacious living room has a two-sided moss rock fireplace, balcony, and ski area views. The fireplace is also enjoyed from the dining room and remodeled kitchen. Above the living room is a generous loft with a full bath. The master bedroom with a full bath is on the entry level, while guest bedroom, private bath, and laundry room are on the lower level. All floors of the home are artistically connected with a beautifully crafted Honduras Mahogany circular staircase.

Address: 1168 Memphis Belle Court A, Steamboat Springs, CO 80487

Price: $799,000

For more information, please contact Doug Labor at 970.846.0661 or dlabor@buysteamboat.com

Doug Labor is the exclusive agent representing the Steamboat Springs, CO real estate market as a member of the Haute Residence Real Estate Network. View all of his listings here.

Photo Credit: Steamboat Sotheby’s International Realty Photo Credit: Steamboat Sotheby’s International Realty Photo Credit: Steamboat Sotheby’s International Realty

The post Doug Labor Presents A Spacious Steamboat Springs Townhome appeared first on Haute Residence by Haute Living.

This impeccable 4BR/4BA Trails at Storm Meadows townhome is the epitome of vacation home ownership. It is centrally located within the Storm Meadows complex-known for its ski in/out location, spectacular views, private setting, swimming pool, hot tub, steam rooms, fitness center and tennis court. "The Innsbruck" is a highly desirable end-unit with spacious great room, dining for ten, cathedral ceiling living room, balcony and main level master bedroom suite with its own fireplace. The lower level features a family room (rare for this property type), junior master with king bed and ensuite, and two additional bedrooms and third full bath. The patio has its own private hot tub. The attached one-car garage is big enough to fit a Suburban & Thule! Interested in renting?  This home has out-performed others in its size, due to its excellent condition, layout and ease to the slopes and fitness center. Offered furnished and ready for the next family to enjoy.

Address: 2335 Storm Meadows Dr., #6, Steamboat Springs, CO 80487

Price: $1,100,000

For more information, please contact Doug Labor at 970.846.0661 or dlabor@buysteamboat.com

Doug Labor is the exclusive agent representing the Steamboat Springs, CO real estate market as a member of the Haute Residence Real Estate Network. View all of his listings here.

Photo Credit: Steamboat Sotheby's International Realty

Photo Credit: Steamboat Sotheby's International Realty Photo Credit: Steamboat Sotheby's International Realty Photo Credit: Steamboat Sotheby's International Realty

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