Steamboat Condo Sales for Nov. 2010
December 14, 2010
Steamboat Grand and Wildhorse Meadows Gondola
Steamboat condominium sales in November, 2010 are listed below. If you would like information regarding any of these Steamboat developments please call 970-819-6372. We can answer your questions, give you more details about the places below that sold, or tell you more about the Steamboat condo and townhome market.
| Area | Development | Address | BR | Asking Price | Sold Price | REO Bank Owned Y/N |
| 1-DOWNTOWN | Howelsen Place | 703 Lincoln Avenue B307 | Two | $750,000 | $707,000 | No |
| 1-DOWNTOWN | Howelsen Place | 700 Yampa Street A204 | Two + | $1,165,000 | $990,250 | No |
| 2-FISH CREEK | Longview | 1076 Longview | Four | $599,000 | $550,000 | Yes |
| 2-FISH CREEK | Mountain Vista Townhome | 473 Mountain Vista Cir | Two | $299,900 | $262,500 | Yes |
| 2-FISH CREEK | Sunset Towhome | 338 Little Moon Trail | Three | $474,500 | $455,000 | No |
| 3-MOUNTAIN | EagleRidge Lodge | 1463 Flat Top Circle | Two + | $499,000 | $450,000 | No |
| 3-MOUNTAIN | Lodge @ Steamboat Condo | 2700 Village Drive, B102 | Two | $299,500 | $284,000 | No |
| 3-MOUNTAIN | Lodge @ Steamboat Condo | 2700 Village Drive C-202 | Two | $339,900 | $335,000 | No |
| 3-MOUNTAIN | Moraine Townhome Subdivision | 1417 Moraine Circle #23 | Four | $450,000 | $435,000 | No |
| 3-MOUNTAIN | Phoenix @ Steamboat Springs | 2315 Apres Ski Way | Four | $425,000 | $375,000 | No |
| 3-MOUNTAIN | Rockies Condo | 1945 Cornice Road | One | $129,000 | $120,000 | No |
| 3-MOUNTAIN | Ski Ranches Subdivision | 2488 Val d’Isere | Three + | $749,000 | $710,000 | No |
| 3-MOUNTAIN | Sunray Meadows Condos | 3335 Columbine Drive | Two | $289,000 | $272,000 | No |
| 3-MOUNTAIN | Sunray Meadows Condos | 3315-2 Columbine Drive | Three | $290,000 | $290,000 | No |
| 3-MOUNTAIN | Terraces Condo | 2700 Eagleridge Drive S21 | Two | $294,000 | $265,000 | No |
| 3-MOUNTAIN | Trappeurs Crossing Condos | 1750 Medicine Springs Dr. | One | $249,000 | $225,000 | No |
| 3-MOUNTAIN | Waterstone @ Eagle Ridge | 2743 Waterstone | Three | $675,000 | $590,000 | No |
| 3-MOUNTAIN | Whistler Village Thm | #4 Sequoia Court | Two | $139,900 | $145,000 | Yes |
| 3-MOUNTAIN | Wildhorse Meadows – First Tracks | 2525 Cattle Kate Cir. | Studio | $119,000 | $119,000 | No |
| 3-MOUNTAIN | Wildhorse Meadows – First Tracks | 2525 Cattle Kate Cir. | Studio | $119,000 | $119,000 | No |
| 3-MOUNTAIN | Wildhorse Meadows – First Tracks | 2525 Cattle Kate Cir. | Two | $249,000 | $240,000 | No |
| STAGECOACH | Stagecoach Townhomes | 23120 Schussmark Trail | Three | $84,500 | $79,000 | Yes |
Steamboat Condos and Rental Income
December 3, 2010
Many buyers looking to purchase a Steamboat condo want to rent their condo to help cover expenses. So how much revenue can you expect from your Steamboat Springs condo? Short answer is: It depends. The long answer is: Rental income varies with:
- The property you choose and how many amenities it offers (those with shuttle service, pool, etc. are more than those on the bus route.) Location matters, too. For example, some renters prefer ski-in, ski-out while others prefer newer properties. These affect rental rates.
- When the property is rented. You’ll get higher revenue during peak times like Christmas week, Presidents weekend, and Martin Luther King weekend than you will, say, in the summer. If you tend to use your condo during those peak times, your overall rental revenue will be lower.
- How often you personally use the condo. Owner days definitely cut into the amount of rental income.
- What is included in the HOA. Some developments include heat, cable, internet, etc. in addition to the basic services like snow plowing, capital reserves, etc. Make sure you look at what is included before concluding the HOA dues are high.
- How you rent it. You could self-manage many condos through vrbo.com or a similar rental site, or you can go with a property management firm that charges +/- 50% of your rental income in management fees. These companies do everything from advertising the condo for rent to cleaning it and preparing it for the next guest.
As prices come down and rents eventually go back up, owners of Steamboat condos will have better cash flow. Those who bought at the peak (when prices were 25-30% more) then had rents cut by 25% due to the recession didn’t do so well.
Finally, resort real estate has always been driven more by appreciation than cash flow. Hopefully, we’ll see the bottom soon and the lucky buyers who purchased in 2011 will see nice appreciation gains.
