May condo auction boosts Routt County June sales
July 20, 2012
Steamboat Springs — The closings of sales involving 15 condominiums in Trailhead Lodge last month helped put the Routt County real estate market in the pink for June when dollar volume of $65.4 million was up 64.57 percent from June 2011, when it was $39.7 million.
The 15 Trailhead sales, which went under contract as a result of an auction in May, had an aggregate value of $7.05 million, according to research by Stan Urban, of Land Title Guarantee Co. So, June would have been up from 2011 anyway, but the auction made it all look a little more robust.
The Trailhead sales, technically involving foreclosed units, also made the difference in unit volume: 109 sales closed in June were up 16 percent from 94 in June 2011.
SilverLeaf Financial, of Salt Lake City, acquired the six-story Trailhead Lodge building and the remaining 58 unsold condos in fall 2011 through foreclosure proceedings by purchasing the outstanding debt of $57 million on the property from Bank of America for $28 million.
Trailhead closings continued into this month with two more sales through Wednesday with a combined value of $634,000.
Year-to-date Routt County dollar volume of $231.59 million is ahead of 2011 ($217.7 million at the end of the second quarter) but is off the pace of 2010, which stood at $255.25 million by the end of June.
The highest June unit volume in seven years was recorded in 2005, when 321 properties sold.
The Steamboat mountain area saw 43 sales in June for a combined $20.68 million and a median transaction price of $400,000. The average residential price at the mountain was $450,656.
Year-to-date, the mountain has seen $85.3 million in sales, about 37 percent of the total $231.59 million in Routt County.
June sold prices were higher in downtown Steamboat, where 13 sales produced $8.66 million in volume. The average transaction price was $666,638, with a median of $490,000. The average residential price was a little more than $520,000.
Through the first six months of 2012, 301 residential units have sold in Routt County, putting this year slightly ahead of 2011 when 591 homes sold in the full 12 months of the year.
In all of 2011, 29 percent of the transactions were for homes priced below $200,000 and another 19 percent were homes that sold for between $200,000 and $300,000. Those same percentages have held up for the first half of 2012.
The number of million-dollar homes that sold in 2011 represented 14 percent of the total; thus far in 2012, they are only 9 percent of the total at the midway point.
Most of that change can be seen in the number of sales of homes priced between $1 million and $1.5 million. Forty homes in that price range sold in all of 2011. As of the end of June, 13 had sold.
To reach Tom Ross, call 970-871-4205 or email tross@SteamboatToday.com