The Condo Conundrum: Why Condo Sales Struggle in Steamboat Springs, Colorado

Steamboat Springs is a resort community in northwest Colorado. We have about 11,000 full-time residence and about that many in second homes owners. Steamboat is also known for its light powder snow, superb tree skiing and is often referred to as "Ski Town USA."  We also have more sunny days here than most cities in Florida. In short, it's a beautiful place to live.

Real estate in Steamboat Springs has seen some great improvements over the last 6 months. Absorption rates have improved for both single family homes and townhomes. Inventories are shrinking and we have more pending sales than we've seen in 3-4 years. But one facet of the real estate in Steamboat Springs still suffers: Condo values and sales.

Two primary reasons for the sluggish condo market:

1. Hard to get a loan (Very few banks now lend on condo sales in resort communities)

2. A glut of inventory (Bad timing with condo development in Steamboat Springs)

About 5-6 years ago, many developers broke ground on larger condo buildings in Steamboat Springs. At the time, it looked like a great idea. Steamboat Springs was growing and real estate was red hot. But as we know, things changed. Now we have a surplus of condos both in the mountain area and downtown. And one development is going to auction off 39 unsold units next month. Trailhead Lodge at WildHorse Meadows has had a tough go with sales and is in financial trouble. So, to auction they go. Would love to see all these units sell. But I'm not optimistic. They all have a reserve price. But with a starting price of $110,000, it look pretty attractive.

Real Estate is local. I know Steamboat Springs real estate . Feel free to call me at 970-846-6435 or write me an email at: charlie@steamboatsmyhome.com