Steamboat Springs Real Estate | Colorado Group Realty Blog

Next month, The Sheraton Steamboat Resort will reveal the first of its 191 redone guest rooms.  This is just part of the $20 million renovation and redevelopment at the base of the Steamboat ski mountain.  All of the rooms are expected to be open by June 15.

Last year, Starwood Hotels & Resorts Worldwide bought the property for $57 million from Ski Time Square Enterprises.  Starwood Vacation Ownership is starting to market week segments of ownership.  The existing Morningside suites and East Tower hotel rooms will be converted into luxury two and three bedroom vacation ownership villas for Starwood Vacation Ownership. The first phase of Morningside is scheduled for completion by December, and the East Tower condominium conversions are expected to be complete in 2009. 

Popularity: 12% [?]

Steamboat’s new $3.6 million Community Center is now complete following eight months of construction and anticipation from local community groups.

The Community Center is located on Highway 40, a little bit west of downtown and can hold up to 382 people in the main room. It will also serve as the center of operations for the Routt County Council on Aging and the Lee Hill Post No. 44 of the American Legion. With the additional space of the new building, the Community Center hopes to expand their programs and rent the center out for special events.

The center is currently in the process of obtaining a LEED certification from the U.S. Green Building Council. LEED is a rating system used to define and measure “green” or environmentally friendly buildings and awards ratings such as silver, gold and platinum depending on how environmentally friendly the building is. Some of the Community Center’s green features include a heavy reliance on recycled materials, lighting provided by solar tubs and the use of wood purchased from suppliers approved by the Forest Stewardship Council. Once certified, the Community Center will be the first in Northwest Colorado to earn the distinction. 

Popularity: 15% [?]

If you haven’t noticed and it’s been hard to miss, numerous articles about Steamboat Springs have appeared in national and local newspapers as well as magazines over the last 24 months.  All of the sudden the media has taken serious notice of Steamboat.  Many of the reasons they are touting to invest in Steamboat have always existed but were a well-kept secret.While many areas of the country as well as the Colorado Front Range have experienced a depressed or flattened market, Steamboat’s market has remained incredibly strong to steady.  Numerous driving forces have contributed to the real estate momentum that Steamboat has enjoyed. Whether it’s been Steamboat’s endearing western/ranching heritage and community, year-round activities, Champagne Powder, affordability for a mountain resort town, the announcement and successful closing of Intrawest’s purchase of the mountain, the Main Street “renaissance” taking place downtown, the transformation and face-lift of the mountain base area, or the fact that Steamboat offers a little more elbow-room that other mountain resort towns each and all have contributed to Steamboat’s desirability and popularity.  People visiting Steamboat like what they see and feel.  Once they experience that warm and fuzzy feeling, the next thing that happens is they want to figure out how they can be a part of it.

Invariably people walk into Steamboat real estate offices every day and say, “I love it here, I want to buy a condo, and I want positive cash-flow”.  We hear it over and over again.  While purchasing a condo can be a great option and starting place, there are a few things every buyer should know and understand before they make that purchase.  A little homework is always a great idea.

With over 100 condominium projects in town, the options are endless.  Price, location and amenities are always at the top of a buyer’s list.  Price will obviously increase with closer proximity to the mountain as well as the number of amenities a complex offers.  At the same time new developments taking place downtown are offering high-end condos/lofts/townhomes for those who prefer the urban experience.  That’s a personal choice a buyer will have to make.  Also depending on a buyer’s needs, there are whole-ownership and fractional condo units available.  Once you have narrowed your selection down, the potential buyer should become familiar with the Home Owners Association’s declarations, covenants, by-laws, rules and regulations, and the financial responsibility such as dues and any special assessments.  Again the more amenities a complex offers, it is highly likely the HOA dues will increase. Each HOA is different and they dictate how things will operate within a condominium complex.  Another place to visit is the county assessor’s office to learn the yearly tax amount for that unit.

Another consideration is whether the buyer intends to place the unit with a management company as well as enjoy it for personal use.    There are numerous top-notch management companies in town.  A general rule of thumb is that they will charge 45-50% of gross rental income to manage the unit.  Obviously the gross rental income is impacted by the number of owner-use days during the year as well as owner-use days at peak weeks.  Buyers are often taken aback when they hear this. However when they understand what a management company is required to do to effectively market that unit for rental, they realize that the duties are countless and daunting.  A management company has to be set-up to offer marketing, an internet website, booking, processing of credit cards, check-in facilities, housekeeping supplies, and employ staff for booking, check-in, housekeeping, and shuttle bus drivers to name a few. 

Be aware that HOAs often have exclusive management agreements with a particular management company.  Before a buyer decides to self-manage from afar or select a management company, they need to check with what is stipulated in the HOA documents.  Management companies also rate the units according to conditions and appearance such as furnishings and updating.  The rating system varies from management company to management company.  One company may use the 1 to 4-star rating while another uses the A to D-rating.  Essentially they represent the same idea.  The higher rated units are usually preferred and rented first or more often.  The idea being that it reflects well on that particular management company, as well as gives other owners in the complex who have units in the rental pool an incentive to keep their units updated and appealing.  So in actuality, it is a win-win situation for everyone.  So again if you have thoughts of purchasing a condo and placing it with a management company, check to see how it is currently rated and take that into consideration in regard to cost for updating and having it rated higher with the management company.

Buyers need to understand that their purchase of a condo and placing it in the rental pool may not produce a plethora of positive cash-flow.  That is not a realistic expectation and if that were the case every Realtor in town would own numerous condo units.  BUT that absolutely does not mean that buying/investing in a condo is not a sound financial decision.  A buyer needs to look at their purchase in regard to short-term vs. long-term.  Looking at it short-term…should a buyer decide to place their condo with a management company, their HOA dues, taxes, and management fee may very well be covered by the rental income but possibly no more.  However when evaluating the long-term benefits of their purchase, a buyer will realize the tax benefit, the enjoyment of personal use, and the potential of the strong appreciation in value that condos have experienced in the recent past.  If a buyer of a condo has no intentions of placing it with a management company, it is still a sound idea for the buyer to have a general working knowledge of how the management company operates within the complex and how some of their neighbors might be managing their investment.

Multitudes of buyers are investing in condos in Steamboat.  A condo suits buyers’ needs for various reasons.  It might be the entry-level buyer making a sound investment decision to purchase while they decide whether to make Steamboat their permanent home and at the same time build equity. It might be the baby-boomer wanting that tangible investment that they can personally enjoy while watching their investment appreciate. Or it might be the retiree who has simply decided to purchase their retirement home.  If you’ve done any homework, you’ll find that Steamboat is still an incredible place to invest and offers the comparable life-style that Park City, Sun Valley, Telluride, Aspen, and Vail offer yet is far more affordable.

Popularity: 20% [?]

Wednesday, February 6th 5:30 PM

Opening Ceremonies

Thursday, February 7th 4:30 PM

Cross Country Obstacle Race

Thursday, February 7th 7-8 PM

20, 30 & 50 Meter Jumping

Thursday, February 7th 7-8 PM

Snowboarding Jam Session

Friday, February 8th 9 AM - Noon

Alpine Ski Flying Training

Friday, February 8th 10 AM

Soda Pop Slalom

Friday, February 8th 1:30 PM

Bumps, Jumps & K-18 Ski Jumping

Friday, February 8th 3-6 PM

Amateur Alpine Ski Flying

Friday, February 8th 4:30 - 7:30 PM

Tubing Party

Friday, February 8th 6 - 7:30 PM

Dual Slalom Bicycle Race

Friday, February 8th 6:30 - 7:30 PM

Amateur Alpine Ski Flying Night Event

Saturday, February 9th 8 - 11 AM

Knights of Columbus Pancake Breakfast

Saturday, February 9th 8 AM

100-meter Nordic Dash

Saturday, February 9th 9 AM - Noon

Street Events

Saturday, February 9th 9 AM - Noon

Pro Alpine Ski Flying Training

Saturday, February 9th 9:30 AM

Telemark Challenge

Saturday, February 9th Noon

Red Bull Sledstyle Demo

Saturday, February 9th Noon - 2 PM

International Muzzleloading Biathlon

Saturday, February 9th 1 PM

Pro Alpine Ski Flying Qualifying

Saturday, February 9th 6:30 PM

Night Extravaganza

Sunday, February 10th  9 - 11 AM

Street Events

Sunday, February 10th 11:30 AM

Diamond Hitch Parade.  Free Hot Cocoa at the Colorado Group Realty office at 509 Lincoln Avenue.

Sunday, February 10th 1 PM

Pro Alpine Ski Flying Finals

Sunday, February 10th 1-2 PM

Parent-Child Downhill

Popularity: 22% [?]

The much anticipated renovation of Steamboat’s Old Town Hot Springs has been completed. Located at 139 Lincoln Ave., the Old Town Hot Springs have been an integral part of life in Steamboat for both locals and visitors for years and now the complex is better than ever.

With $5 million in improvements, the Old Town Hot Springs now has two water slides, a 3,000 sf heated pool, an aquatic climbing wall, a 240 sf spa and has refurbished the beloved Heart Spring pool. Improvements yet to come include completion of another spa pool, new landscaping and a sun deck.

Steamboat Springs resident and Hot Springs fan Bethany Hrbek says, “It’s wonderful. I love the new setup with the rock wall that spills water over you. It’s really lovely.”

Stop by to check out the new improvements!

Popularity: 22% [?]

In 2007 the Steamboat Springs market will set a sales volume record. The total dollar value of real estate transactions through the end of November 2007 was $1.48 billion. The prior record was set in 2006 at $1.12 billion. The increase represents at least a 25% increase in sales volume from 2006. Although a new record will be set in 2007, sales for the months of September through November of 2007 were 18% less than sales for the same period for 2006. Impacting the 2007 results were the sluggish national real estate market, the nationwide credit crunch that hit in the fall of 2007, and a lack of inventory in selected price points in the Steamboat market.For more information on the Steamboat Spring real estate market, please contract your Colorado Group Realty broker.

*Statistics compliments of Bruce Carta with Land Title Guarantee Co.  2007 4th quarter total is an estimate, statistics have not yet been recorded. 

Popularity: 25% [?]

Once again, it’s time to brush up on your ski jumping, muzzleloading biathlon and chariot racing skills because the 95^thAnnual Steamboat Springs Winter Carnival is just around the corner. The Winter Carnival, hosted by the Steamboat Springs Winter Sports Club, will take place at various locations throughout the Yampa Valley February 6-10.

Started by Carl Howelsen in 1914, the Winter Carnival has become the highlight of the winter season in Steamboat. Thousands of locals and visitors come out every year to observe and take part in the festivities which include ski jumping, dual slalom bicycle racing, a snowboarding jam session, tubing party, soda pop slalom, telemark revival, international muzzleloading biathlon, chariot racing and a fireworks display complete with an appearance by the famous Lighted Man.

The Winter Carnival is a Steamboat tradition that’s not to be missed and has something fun for the whole family. Long time Steamboat resident Lee Findell says, “It’s one of the signature events that make Steamboat the family place that it is.” 

Popularity: 59% [?]

Always an exciting month in Steamboat Springs, December has ushered in the winter sports season, record amounts of Champagne Powder and an incredible Western art exhibit at the Steamboat Art Museum (SAM) located on Lincoln Avenue. From December 7 through April 13, the SAM will be exhibiting the most comprehensive collection of oil paintings by E.W. “Bill” Gollings in existence today.Born in 1878, Gollings spent his childhood being shuffled between relatives’ homes throughout the United States but he fell in love with the West. As a young adult he worked herding sheep and cattle in Nebraska, South Dakota and Montana; experiences that would later shape his paintings and etchings. After attending the Art Institute of Chicago for several semesters, he settled in Sheridan, Wyoming where he would remain until his death in 1932.

Gollings’ oil paintings are most noted for their realistic portrayals of life in the Wild West and vibrant use of color. Although he experienced moderate success during his lifetime, his work wasn’t widely appreciated until after his death when approximately 182 finished and unfinished oil paintings were discovered in his studio. Today, his work is rarely available for purchase but can be viewed in various institutions such as the Gilcrease Museum in Oklahoma, the Buffalo Bill Historical Center in Cody, Wyoming, the National Museum of Wildlife Art in Jackson Hole, Wyoming and now at the Steamboat Art Museum.

The Gollings exhibit is currently on loan from the University of Wyoming Art Museum, allowing Steamboat residents and visitors a unique opportunity to view the works of one of the most revered Western artists of the 20^th Century.

Popularity: 35% [?]

Despite a slow start to the snow season, Steamboat’s Champagne Powder days have arrived. The Steamboat Ski Area has received over 8.5 feet of snow at mid-mountain in December alone, a nearly record setting amount. The past week has brought over 4 feet of Champagne Powder, enabling 95% of the runs to open up for the season.

Avid skier Jill Limberg exclaims, “It’s awesome! There’s plenty of soft powder on the sides of the runs, even the groomed ones. It’s really fun out there right now.”

Popularity: 28% [?]