Building plans, competing offers signal hope for Steamboat market
November 4, 2011
Steamboat Springs — After a disappointing August and September, October brought some encouraging signs to the Routt County real estate and construction markets.
Colleen de Jong, of Prudential Steamboat Realty, who lives in The Sanctuary and serves on its architectural review board, said there are two custom homes being built for end users in The Sanctuary.
Two more lot owners have approved plans from the review board and have indicated they will build next year, and a fifth owner intends to break ground in the summer, she said. Add to that two homes under construction in Boulder Ridge, another on Ridge Road and the recent sale of a lot on Anglers Drive to a buyer who intends to build and there are the beginnings of a better construction market in 2012.
The optimistic news includes reports on sellers receiving multiple offers on entry-level homes. And not just on bank-owned properties.
De Jong said she received three competing offers last week on a condominium in the $200,000 to $300,000 price range.
"In certain projects, we think we're seeing the bottom," de Jong said.
She's cautiously optimistic that the two buyers who don't get the unit of their choice still will follow through and bid on similar properties.
Jill Limberg reported competing offers on a West End townhome, and a third Prudential broker, Cindy MacGray, had competing offers on a Walton Village townhome.
Despite the news on pending construction starts in high-end neighborhoods, entry-level homes continue to dominate sales in the housing market.
Land Title Guarantee Co. reports that in September, 24 homes sold for less than $300,000 in Routt County, bringing the third-quarter total to 199 home sales in that range with another 74 selling for $300,000 to $500,000. The sales below $300,000 account for 49 percent of all residential transactions through the end of September.
To reach Tom Ross, call 970-871-4205 or email tross@SteamboatToday.com