Luxury Homes For Sale in Steamboat Springs
With the recent sale of Intrawest Resort Holdings, the parent company of the Steamboat Ski area, and Mammoth Resorts for $1.5 billion to a joint venture of KSL Capital Partners and Henry Crown and Company on August 1, 2017, it was evident that not only was business booming in Steamboat Springs, but so was the real estate market.
Anytime there is a major growth or uptick in development and investments in a small area, such as Steamboat Springs, it is common for the real estate market to see an uptick in real estate sales as well.
When new developers, companies and businesses move into an area, the next logical major shift is to see real estate thrive.
If you are looking to purchase a home in Steamboat Springs and want something on the luxury scale of homes, it is important to consider the Ws (what, when, where, why and how) of purchasing luxury homes in Steamboat Springs’ real estate market.
What
What defines luxury home sales in Steamboat Springs? The first thing to consider is what deems a property a luxury home? Many luxury homes in Steamboat Springs tend to be the residences with the most advanced technology, design, finishes, amenities, and in some cases services.
Additionally, the price point on a luxury home for sale in Steamboat Springs tends to be over the $1.2 million marker. According to Doug Labor’s report: “ From a general perspective, since 2006 the top 5% of the market for all residential properties sold at a price point of $1.6m and above. 2016 posted 43 residential transactions at the minimum $1.6m benchmark; three less than the prior year, but fourth best over the pass eleven years.”
The three main types of properties considered in the luxury homes for sale in Steamboat Springs are: single family residences, town homes, and condominiums. Ranches and farm properties are often considered a smaller subset of luxury home sales in Steamboat Springs Multiple Listing Service (MLS), because of the many luxurious offerings these properties boast- both in terms of natural landscape and manmade qualities as well as size.
When
Timing is a key factor when purchasing any type of real estate property. Depending on the economic situation and the growth and strength of local businesses and the local economy, real estate prices can hit peaks and valleys.
Many real estate experts were forecasting that buyers would downsize in the “new economy,” but local luxury sales in Steamboat Springs indicate otherwise.
For example, luxury home sales in the Sanctuary surged in 2016 with 10 homes sold- that was how many sold in the previous 3 years of 2013, 2014, and 2015.
Of the nine luxury townhome purchases in 2016, the highest purchase price was a 6 bedroom and 5+ bath townhome located on the slopes, under the gondola that boasted 4,901 square feet. This property sold for $1,825,000, which is a price point of $372 per square foot, which is almost even with the price per square foot from the previous year, 2015.
Where
Location is key when it comes to purchasing real estate, and buying a luxury home in Steamboat Springs is no different.
When you look at the top luxury home sales in the various categories (Single family homes, townhomes and condominiums), in Steamboat Springs, there are commonalities. For example, all top luxury homes sold in the various categories were homes priced at over $1.6m, and included sprawling residences that were well over 3,500 square feet. The price per square foot for these various properties was also over $350 per square foot.
For example, the largest luxury single family home sold in 2016 was an enormous 7,716 square foot home located slopeside on Temple Knoll. This 6 bedroom and 5+ bathroom home sold for $4.9m, or $635 per square foot.
In the townhome category, the most expensive luxury sale in 2016 was a 6 bedroom and 5+ bathroom home under the gondola that spans 4, 901 square feet. With a selling price of $1,825,00, this luxury property cost $372 per square foot.
In 2016, the MLS posted a total of 301 condominium sales in Steamboat Springs. While the most expensive condominium sale took a while to sell (600+ days on market), the 3,903 square foot property on the slopes in the Edgemont development yielded $2,995,000, or a whopping $767 per square foot.
The 3 highest selling properties in the various categories in 2016 were all located on the mountain and all sold at over $1.8m, and at a price point of over $350 per square foot.
Why
This is by far the easiest question to answer. Most people purchase homes in Steamboat Springs because they love the outdoor lifestyle that is offered here and all the year-round entertainment the mountain resort offers from hiking and biking in the warmer months to snowshoeing, skiing, snowboarding, and snowmobiling in the colder, snow-filled months which run from November through late April.
For those looking in the higher price point bracket, luxury homes for sale in Steamboat Springs abound and because there are so many options (Single family homes, townhomes, and condominiums), it is easy to find something that meets your needs.
How
Purchasing real estate is oftentimes one of the largest, most expensive purchases people will ever make in their lives, and it can be an emotional and stressful one.
In order to reduce stress and ensure that you are getting the help you need, it is best to engage a seasoned professional who knows the luxury homes market in Steamboat Springs, and who is experienced at luxury home sales.
Sunny Bristina, Real Estate Broker, with Steamboat Sotheby’s International Realty moved to Steamboat Springs in 2005 and has been a real estate investor in the local market since then. Sunny holds a Master’s Degree in Information Systems, so in addition to knowing and experiencing all facets of the local Steamboat Springs real estate market, Sunny has acute knowledge of technology and how to use today’s technology and marketing tools to get your home the best exposure possible.
Sunny’s past clients have called her “amazing” to work with and said that she is “a thorough agent who works hard and goes above and beyond the call of duty.”
For more information about luxury homes for sale in Steamboat Springs, contact Sunny Bristina directly at: 970.846.1574 or via email at: sunny(dotted)steamboat(at)gmail(dotted)com