August rebounds from Steamboat’s real estate slump in July
September 23, 2011
August turned out to be the second best month of 2011 for Steamboat real estate closings with $46.5 million in gross dollar volume on 134 transactions.
However, nearly half of the transaction volume was accounted for by interval or fractional sales.
"There were some mitigating factors," said Stan Urban, Land Title Guarantee Co. branch manager. "One sale of $10.1 million (for vacant ranch land outside Oak Creek) really helped the gross sales volume. Although timeshares were up significantly, there also was a rise in fee simple (whole ownership) sales since last month."
Bank sales continue to have a presence, with 17 in August, up three from July.
There were four sales of more than $1.5 million in August, all of them closing in the latter half of the month. They included sales of $1.85 million and $1.8 million at One Steamboat Place.
The larger of the two sales at One Steamboat Place worked out to $810 per square foot on the 2,284-square-foot condo at the base of the ski area, according to Urban's research.
August marked just the third time this year that the monthly dollar volume was greater than in 2010, though last month's gain of 0.4 percent was slim. July had been down 14.35 percent from July 2010. May (up 25.38 percent) and June (up 11.38 percent) now look like the strength of the year. However, September 2010 was up 86 percent compared with September 2009, and Realtors report that pending sales are as strong as they've been this year (see "Pending real estate contracts" graph here).
Year to date, dollar volume is down 12.6 percent.
Looking at recent history, dollar volume in August 2009 was $33 million after reaching $58.8 million in August 2008. The record August volume of $152.6 million in August 2007 feels like a distant memory.
Steamboat's mountain neighborhoods, with 30 transactions in August, continues to represent the heart of the market's sales; there were just seven transactions in the downtown area last month and three in West Steamboat neighborhoods.
Urban reports that there were 18 sales of residential units valued at less than $200,000 in August and seven sales of between $1 million and $2 million.
Year to date, there have been 52 sales of homes valued at more than $1 million.