On the Market: Steamboat market logs $7.92M from 4 sales
August 11, 2012
The first full real estate week of August wrapped up in style Thursday and Friday when four sales of $1.4 million or more accounted for $7.92 million in dollar volume.
Thursday was a big day for the Timbers Resorts sales team as they saw two four-bedroom luxury condominiums at One Steamboat Place close, one for $1.735 million and another for $1.915 million. Interestingly, the smaller of the two sold for the higher price, presumably because its sixth-floor location commands better views.
Also on Thursday, a single-family rural home that had been on the market for several years sold for $1.47 million. The house is in the Meadows at Saddle Mountain subdivision about 7 miles west of Steamboat off U.S. Highway 40 very close to the Yampa River and just below the confluence with the Elk River.
In fact, the home is so close to the river, the new owner will be able to cast a fly line from the deck into some very productive trout water.
Then, on Friday, Morgan Creek Land & Livestock sold a large parcel north of Hayden to Smith Rancho Land & Livestock for $2.8 million. The parcel is close to Routt County roads 76 and 54. Morgan Creek also owns a portfolio of subsurface mineral rights in western Routt County.
PostNet of Steamboat unveils new services
PostNet of Steamboat Springs, 1625 Mid Valley Drive, Suite 1, recently unveiled a new suite of services including website and mobile site design and hosting, mobile printing capabilities, and business plan creation, according to a news release. PostNet also plans to roll out social-media management, search engine optimization and other small-business marketing services within the next year.
"Our company is evolving in order to provide the marketing services that are essential to the success and growth of the businesses that fuel our community," local PostNet owner Kathy Stokes said.
For more information, visit http://www.postnet.com/steamboat-springs.
Klauzer & Tremaine firm purchases Robbins Law
Steamboat law firm Klauzer & Tremaine announced in a news release the recent purchase of the Robbins Law Firm. Previous owner Jennifer Robbins had practiced law at the Steamboat firm since 2005, working primarily on real estate, business and estate planning. She is leaving to accept a position with the Colorado Attorney General's Office in Denver, according to the release.
Rich Tremaine, managing attorney at Klauzer & Tremaine, said in the release that Robbins' clients would fit well with his practice and that he expects a smooth transition.
Klauzer & Tremaine was founded in 1990 and includes partners Tremaine, Randall Klauzer, James Horner, Jessica Ryan and Meghan Lutterman.
Aspen market displays optimism, broker says
The Aspen Times
The real estate market in the mid- and upper Roaring Fork Valley is on its way back, with Aspen showing more progress than Basalt and Snowmass Village, according to a presentation by broker associate Andrew Ernemann, of BJ Adams and Co., on Thursday.
The presentation was part of the 2012 Aspen/Snowmass State of the Real Estate and Tourism Economy symposium, hosted in Aspen by BJ Adams. Jim Taylor, a marketing and branding consultant, also spoke there about the behavior of the wealthiest Americans and their interest in second homes in Aspen.
Ernemann used a graph to demonstrate the cycle of attitudes in a real estate market and at what point in the cycle Aspen, Basalt and Snowmass Village each are in 2012.
Ernemann described Aspen's market as optimistic, the beginning of the upward trend on his graph. Ernemann said the number of sales in Aspen was up so far in 2012 from last year, though sales of single-family homes and sales dollar volume are down. Sales price per square foot in Aspen is about flat.
Ernemann and other brokers have been relying more on price per square foot as a metric of the health of the market, he said. Change in price per square foot tends to follow the same trends across markets.
Ernemann said Snowmass Village and Basalt are in the "hope" stage, with Basalt moving toward optimism. The number of sales — as well as the sales dollar volume, average sales price and price per square foot — has been down in Snowmass Village over the past year. Those decreases each amounted to about 10 percent.
"You have to hit the bottom before you can head back up," Ernemann said.
Ernemann cited the soon-to-close sale of Base Village, the Westin coming into the mall and investments by Aspen Skiing Co. as reasons for hope in Snowmass real estate.
In Basalt, number of sales, dollar amount, average price and price per square foot were all flat. The midvalley market struggled in 2011, he said.
Taylor, whose company Harrison Group surveys affluent and wealthy people on an annual basis, said he was trying to give a forecast of what will happen in Aspen and explain the point of view of the wealthiest Americans.
Since the start of the recession, which Taylor considers to be June 2006, the way many people view the wealthiest Americans has shifted to one of "deep suspicion."
"We got people who are increasingly unwilling to be exposed to the outside world," Taylor said of many affluent consumers currently considering buying a second home. "A secondary home is a place of refuge, not aggrandizement."
Many affluent people are interested in adding quality to their lives, and many responded to the survey by saying "adventure" was important to them in looking for a second home.
"Aspen intenders are coming for a fuller and richer life. How many of your people understand that it's not the home?" Taylor said to the real estate agents present.
Taylor also spoke extensively about "worth" buyers, who focus on quality, craftsmanship and service in making a purchase, versus "value" buyers, who choose the best price.