Steamboat real estate sales follow the same ups and downs of most Colorado mountain towns, and a recent article in the New York Times entitled, “Skiers Buy Vacation Homes as Prices Fall” highlights some of the trends going on in our Steamboat market and the general Colorado resort market.
Real estate buyers who stayed on the sidelines while prices went up now have cash to spend and are looking to buy. Most Steamboat buyers want deals and are making offers lower than asking price, although sellers aren’t necessarily accepting the offers.
Steamboat real estate buyers now have the ability to choose from a large amount of inventory (including some homes that have never been on the market), motivated sellers that either want or need to sell, and some of the best prices in years.
Trade up buyers are also taking advantage of this buyer’s market. People who originally bought 1-2 bedroom condos and now want more space to entertain friends or family are buying Steamboat townhomes and single family homes.
Sales are still off from the real estate frenzy of 2007, although more people are looking as prices come down. Owning a Steamboat second home is still a dream for many people, and it’s getting more and more attainable.
We're also seeing foreclosures and short sales, although they aren't necessarily the best value.
As one Realtor said in the article, “We all got into a fantasy world there for a while but are going back to the old rules of real estate: Make a wise purchase and anticipate holding it for a while.”
If you would like to talk about the Steamboat real estate market or if you are planning a trip to Steamboat and would like to look at Steamboat condos, townhomes, or second homes, please call us at (970) 819-6372.
For more information on Steamboat real estate, visit Steamboat's #1 real estate blog.
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