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It is easy to talk about “the market” in broad general terms, but like it is said about politics, all real estate is local. Specifically, this means that “the market” is what is going on in a particular neighborhood. Here is the update for three separate and distinct neighborhoods in the Steamboat Springs area, and how they have faired over the last few years.
Whistler Village Townhomes
This complex is made up of approximately 150 two-bedroom townhomes that were built in the late 70’s, less than one mile from the base of the ski area. The neighborhood is made up of entry level homes for the locals, along with a mix of long-term rentals. Foreclosures and distressed sales have impacted this complex. So far in 2011 there have been 2 sales, with an average sales price of $122,000. In 2007 there were 12 sales with an average sale price of $295,000. There are currently 5 townhomes listed for sale, 3 of which are bank owned.
Sanctuary Single Family Homes
The Sanctuary neighborhood wraps around Fish Creek and borders the Rollingstone Ranch Golf Course. The area consists of luxury single family homes, with many lots backing to the golf course or Fish Creek. In 2010/2011 the average sales price per square foot of these homes was right at $365. Although a significant drop from the 2008 average price of $536 per square foot, it is only a 5% drop from the 2006 average price per square foot of $384. There are currently 14 homes listed for sale, none of which are bank owned.
The Stagecoach Townhome neighborhood is located 15 miles from Steamboat Springs near Stagecoach Lake State Park. The complex consists of 90 three-bedroom, 1,400 square foot townhomes. The neighborhood is a mix of outdoor enthusiasts, young families and long-term rentals. This market has been extremely hard hit by distressed sales. In 2011 the average sale price of a unit was $69,000, while in 2008 the price was $262,000. Seven of the nine townhomes currently listed for sale are either bank owned or short sales.
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