$2 million the magic number for Routt County real estate | SteamboatToday.com

$2 million the magic number for Routt County real estate

21 sales at or above $2M in Yampa Valley in 2010; 2011 has 8 through March

— The market for $2 million-plus homes is alive in Routt County.

The valley saw 21 sales of improved residential units priced at $2 million and above in 2010. And there have been eight in 2011, including the March 31 sale of a home on Pebble Run for $2.03 million.

Beth Bishop and Lisa Olson, of Prudential Steamboat Realty, are optimistic their listing of a five-bedroom, timber-frame home in Country Green, with a reduced price of just less than $2 million, is next in line.

"We've had more showings (five) since the price was reduced than we had in the previous six months," Bishop said. "That tells you the buyers are focused on the bottom line, and when the price gets to that point, they come.

"There's always a magic number. Buyers right now don't want to pay market; they want to pay below that."

The custom home at 34745 Country Green Lane has luxury touches like laundries on all three levels; electrical outlets in vanity drawers so hair dryers stay out of sight; programmable shower temperatures; a walk-in coat closet in the foyer; and refrigerated drawers along with an ice maker in the kitchen island. There are three master suites, all with views looking across the conserved meadows of Humble Ranch into the ski trail in Priest Creek.

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Interior designer Cheryl Oliver was brought into the design/build team before construction to ensure each room was programmed to be functional as well as elegant.

"Each room has its own custom look," Bishop said.

The exotic granite slabs for each of five bathrooms were hand selected. The great room is bright and designed to feature the peg work in the handcrafted timber posts and beams.

Bishop said there's a perception among some buyers that they have to seek out bank-owned or short sales in order to find values. That's not the case, she said.

"This new price (it was most recently dropped from $2.2 million) puts this house at $298.50 per square foot. There's no way you could build it for that," Bishop said.

Based on an evaluation of single-home properties in the Steamboat area between $1.5 million and $2.5 million, the price is nearly $74 a square foot lower than the average per-square-foot price in 2006 and $271.50 lower than square-foot average from 2008, she said.

Adding to the value of the home are energy efficient structural insulated construction panels. The boiler is 90 percent efficient, and the home features a heat recovery ventilation system to turn the atmosphere over.

A multi-zone heating system would allow new owners to live on the main level of the house and reduce the energy consumption on two other levels until guest and family arrive, Bishop said.

Extensive wiring allows for many options in the placement of home entertainment appliances, particularly in the walkout recreation and workout rooms. The north wing of the home's upper level has a large optional room under the timber eaves over the garage. With plenty of ambient light from four windows tucked under dormers, it would make an ideal private wing of the house. for teens, or perhaps an artist's studio.

— To reach Tom Ross, call 970-871-4205 or email tross@SteamboatToday.com

$2 million sales

Other $2 million-plus single-family home sales in Routt County this year include the $2 million sale of a home in the Meadows at Stagecoach, a $2.65 million sale that closed Feb. 11 on Deer Clover Lane off Fish Creek Falls Road and a $2.1 million sale of a home overlooking the ski area from Ridge Road on Feb. 10. A new home on Heavenly View in the south-facing portion of The Sanctuary sold for $2.94 million on Jan. 21.

And the largest home in The Porches of Steamboat sold for $2.46 million Jan. 10.

Edgemont sold a three-bedroom condominium for $2.4 million last week and recorded a $3.22 million sale Jan. 4. One Steamboat Place turned in a $1.8 million sale in January.

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