Steamboat condo sales in 2018 feels a lot like the heady days of 2007 when multiple offers were common and there wasn’t enough inventory in certain segments to go around. Prices were rising and the rental market was as tight as the buying market. One big difference today is there is no new inventory coming on the market any time soon. There are several developments in the pipeline, but nothing vertical…yet.
I was curious how current prices compare to the peak of 2007-2008 so I sampled a few developments to see if we are at, or close, to a new peak. Surprisingly, I learned prices still aren’t where they were ten years ago for most Steamboat condo developments.
Here are a few examples:
Bear Claw, a true ski in, ski out condo development, was selling for over $750/sf at the peak. Today, Bear Claw is selling in the mid-$400/sf range. I think Bear Claw is a safe bet, especially once the future renovations are complete. (There will be an assessment but even after factoring in those costs, prices are a fraction of One Steamboat Place and Edgemont which are selling for over $1000/sf for a comparable location.
Sunray Meadows, a popular development for full time owners, long term renters, and nightly rental DIY managers, was selling over $400/sf back in 2007-2008 and now trades in the mid to upper $300/sf range. Sunray has lower HOA dues and garages which appeal to people living in Steamboat full time so buying makes sense if you are planning on living in Steamboat for a few years.
Finally, Canyon Creek has a walk-to-ski location and has very similar interiors to Eagle Ridge Lodge. What it may lack in curb appeal to Eagle Ridge Lodge it gains with underground parking. Canyon Creek traded in the mid $500/sf and now sells in the low $400/sf range.
So even though prices seem to be moving upward at a fast pace, historically there is still appreciation potential. If you’d like more information about other developments or want to start looking for a place of your own, please call us at (970) 846-8284.
2018 Steamboat condo sales:
Here is a full list of Steamboat condo and townhome sales from January 2018-May 1, 2018:[table id=120 /]