Million-dollar market


— The broader Steamboat Springs real estate market has a 3-year supply of homes priced between $1 million and $2 million dollars. Jump the price to more than $2 million and current inventory increases to a 5-year supply.

John Worden, president of the Steamboat Springs Board of Realtors, said last week he has detected a softening in the current market for high-end homes here. But he also does not believe existing inventory is out of line with ongoing demand.

"This year seems to be softer," Worden said. "We're a little top-heavy, but a 3-year supply is not bad."

Worden's organization (he's also a practicing Realtor with Re/Max Steamboat) publishes the Steamboat Springs Board of Realtors' Multiple Listing Service. It catalogs most of the property for sale in Steamboat Springs and surrounding rural areas. Properties sold without using the services of a Realtor would not be reflected in the MLS statistics.

A current search of the multiple listing service shows that there are 73 homes on the market advertised at prices of $1 million or more.

Of that total, 21 are priced at more than $2 million. Based on the fact that local Realtors sold five homes at more than $2 million in 1999, and the same number in 2000, Worden is calling the 21 homes in that price category a 5- year supply.

Even though Worden detects a slight slowdown in the overall market, 5 homes in the $2 million-plus range have already closed this year. Realtors say July, August, and early September represent the best selling period of the year.

The softness in the high-end home market here would appear to be in the price range between $1 million and $2 million. There are currently 52 homes actively listed in that price range. During the year 2000, 19 homes in that price range were sold.

Thus far in 2001, three homes in that range have closed and another is under contract, Worden said. So, the local market has some catching up to do during the next 8 weeks of the prime home selling period.

A discussion of local real estate sales in the $1-million to $2-million range would not be complete this year without mentioning condominiums, Worden said. That hasn't always been the case, but one project in particular has changed that picture. The Antlers at Christie Base includes 18 condominiums constructed in a townhome floor plan, that are priced from $975,000 to $1.25 million. The project is currently being roofed in by general contractor TCD. Of the 18, 11 are under contract, according to listing Realtor Stephan Baden of Re/Max. Baden said the project was designed to be competitive with single-family homes.

"Given that they range in size from 1,900 to 2,600 square feet and the finishes, we had buyers of million-dollar homes in mind," Baden said.

Worden said that any longer, housing priced at $500,000 in Steamboat Springs represents the upper end of the middle range.

The lower end of the range is now represented by homes priced at $250,000 and less. Expanding the local market to include Oak Creek and Hayden brings the number of homes in that range to 56 current listings. However, of that total, just 11 are in Steamboat Springs.


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