It is great to see some more signs of improvement here in Steamboat. Here is a link to the article I can even point out examples of appreciation in segments of our market where the distressed properties have thinned out. We have also seen several new medium and large homes that have started in the past few weeks. This increase in construction is due to the limited choices people find in some areas as they look for a home that suits their family's needs. I am working with quite a few families that have seen the choices in existing homes narrow and are now looking for land to build.
For more info call Jon at 970-879-0879 or send me an email. I respect your time and will answer your questions without a sales pitch. You can also click back to the Steamboat Springs blog main page or go to my Steamboat Springs Real Estate page to search for property in Steamboat.
Showing posts with label Steamboat Market. Show all posts
Showing posts with label Steamboat Market. Show all posts
Saturday, November 12, 2011
Monday, August 02, 2010
Has the Tide turned for Tourism in Steamboat?
I just read the June 2010 Sales tax info for Steamboat and it confirmed my thoughts over the past month or so that we are finding the bottom in tourism levels here in Steamboat. If I may be so bold I suspect we may have turned the corner. Why do I say that? First as I talk to fellow business owners around town many are seeing their business firm up and several are seeing good increases over last year, two town seems busier than last year parking wise, three I see that the sales tax report shows overall sales taxes were down 3.37% for June, retail was down 4.1% and lodging was down 2.1%.
How could things be getting better if the numbers are down? Well the best run businesses tend to lead us out of downturns and the friends I talked to definitely qualify for that and most of downtown and the inner circle of the mountain area were pretty torn up in June with the road construction significantly limiting access to downtown businesses and the promenade construction slowing things down at the mountain. Downtown saw about a 10% hit vs June 2009 which looks to be driven by the tearup and rebuilding of 2/3 of Lincoln Avenue downtown ) I'm surprised it was only down 10%. The Mountain area actually saw about a 12% increase which I think is a great sign. Lodging is our most direct proxy for how tourism is performing and it was pretty darn close to last year even with our downtown torn up for road construction.
July numbers will really tell the story but I suspect that we will see more signs that things are stabilizing and possibly a couple of segments showing some growth over last year. I know that most my out of town friends are planning trips, going out to dinner and buying sports gear to make the most of their time in Steamboat so hopefully that is a good sign for the market as a whole. Real Estate sales are over 200% of last year to date and I think that is a good sign people are both more confident and will also be spending more time here going forward. To see the numbers for yourself go to the City's Sales tax page here.
I got a nice email from Scott Ford, one of our local economic gurus, that said this basically agrees with the Yampa Valley Partners economic forecast. They expect an increase of about 4% in Gross Retail Sales in July. He also said "I think we still have some significant challenges in the local economy - the construction industry sector specifically, but I think we are seeing more positive signs than negative." Once we see construction come back things should feel a whole lot better around here. It will take increases in Real Estate sales and clear out some inventory to do so. We are starting to make good progress on that this year but it will likely be a couple of years before we get there. In the meantime if you need some construction work or want to build your dream home pricing is very good and you can get one of the best builders in town to work for you. Ask me I can recommend one for you.
For more info call Jon at 970-819-6930 or send me an email. I respect your time and will answer your questions thoughtfully. You can also click back to the Steamboat Springs blog main page or go to my Steamboat Colorado Real Estate page if you want to search for property in Steamboat.
How could things be getting better if the numbers are down? Well the best run businesses tend to lead us out of downturns and the friends I talked to definitely qualify for that and most of downtown and the inner circle of the mountain area were pretty torn up in June with the road construction significantly limiting access to downtown businesses and the promenade construction slowing things down at the mountain. Downtown saw about a 10% hit vs June 2009 which looks to be driven by the tearup and rebuilding of 2/3 of Lincoln Avenue downtown ) I'm surprised it was only down 10%. The Mountain area actually saw about a 12% increase which I think is a great sign. Lodging is our most direct proxy for how tourism is performing and it was pretty darn close to last year even with our downtown torn up for road construction.
July numbers will really tell the story but I suspect that we will see more signs that things are stabilizing and possibly a couple of segments showing some growth over last year. I know that most my out of town friends are planning trips, going out to dinner and buying sports gear to make the most of their time in Steamboat so hopefully that is a good sign for the market as a whole. Real Estate sales are over 200% of last year to date and I think that is a good sign people are both more confident and will also be spending more time here going forward. To see the numbers for yourself go to the City's Sales tax page here.
I got a nice email from Scott Ford, one of our local economic gurus, that said this basically agrees with the Yampa Valley Partners economic forecast. They expect an increase of about 4% in Gross Retail Sales in July. He also said "I think we still have some significant challenges in the local economy - the construction industry sector specifically, but I think we are seeing more positive signs than negative." Once we see construction come back things should feel a whole lot better around here. It will take increases in Real Estate sales and clear out some inventory to do so. We are starting to make good progress on that this year but it will likely be a couple of years before we get there. In the meantime if you need some construction work or want to build your dream home pricing is very good and you can get one of the best builders in town to work for you. Ask me I can recommend one for you.
For more info call Jon at 970-819-6930 or send me an email. I respect your time and will answer your questions thoughtfully. You can also click back to the Steamboat Springs blog main page or go to my Steamboat Colorado Real Estate page if you want to search for property in Steamboat.
Monday, March 29, 2010
Real Estate Market Update for Steamboat Springs
Living in a resort town like Steamboat I get to meet a lot of interesting people from around the country that are really good at what they do. Some of them are also in real estate like me so it is great to compare notes with them and hear who things are around the country. I'm not calling bottom but I have seen strong signs of the things it takes to have a recovery all over the country from both the national news and agents I trust that really know their markets. Fortunately I am seeing many of the same things here in Steamboat Springs. Steamboat saw the effects of the recession 2-3 years later than the rest of country but seems to be closer to a year or so behind the recovery in many of the markets that our guests and owners come from. Even though we have relatively high levels of inventory there is relatively little room to build significantly more so people are taking this chance to secure their long terms goals and choose from some of the best homes at attractive prices.
We are starting to see more activity here in Steamboat, I have been very busy for about a year helping both buyers and sellers reach their goals and the overall market has started to post volume gains over the last 6 to 8 months. Dollar volume has doubled from year ago levels each of the past 4 months as sellers come closer to market with their list prices. Until about 6 months ago 80 plus % of our listings were priced at the peak levels and sometimes beyond so the few transactions that were happening required significant negotiation to come together. I have been fortunate to be able to help quite a few people find this right values and now the market is coming closer. There are opportunities out there, the key is determining what the pricing should be and reaching a deal that makes sense.
There are many great signs but to very clear I am not yet calling a recovery because there is some distressed property, some excess inventory to be worked through and plenty over overpriced homes. For the next year or two it will be key to understand the market in each segment, neighborhood and even down to the level of what is the situation with each individual property both that you are looking at and ones that are comparable to get the best feel for where pricing is going. Current comps are nice but knowing if there is something coming is very valuable. I have been doing this with good results so call me if you would like to know more about our market or want to see if your goals are within reach.
Speaking of other real estate markets I spent some time with Tania Hosmer from McLean, Virginia last week. McLean, VA is just outside of Washington, DC. She has become a friend over the last few years. Tania is a true professional that has deep market knowledge and really looks out for her client's best interests, two things I personally value. According to Tania's research over half of the market segments in McLean, VA have actually turned into Seller's markets and one is balanced. This is a great insight and the kind of thing that is good to know early before everyone reads it in the paper after it has happened in the market as a whole and prices go up. It was hard for me to believe but Tania has the data to prove it.
To see it for yourself go to Tania's McLean Real Estate blog and her insightful McLean Market Update that breaks down the market by price point and whether that segment is a buyers or sellers market based on sales and current inventory. Click on the link to her chart to see it for yourself. Thanks Tania, I appreciate any chance to learn something and you gave me a few good things.
To contact Jon Wade call 970-819-6930 or send him an email. Jon values your time and will answer your question without a sales pitch. For more of his Steamboat blog click back to the Steamboat Springs blog main page.
We are starting to see more activity here in Steamboat, I have been very busy for about a year helping both buyers and sellers reach their goals and the overall market has started to post volume gains over the last 6 to 8 months. Dollar volume has doubled from year ago levels each of the past 4 months as sellers come closer to market with their list prices. Until about 6 months ago 80 plus % of our listings were priced at the peak levels and sometimes beyond so the few transactions that were happening required significant negotiation to come together. I have been fortunate to be able to help quite a few people find this right values and now the market is coming closer. There are opportunities out there, the key is determining what the pricing should be and reaching a deal that makes sense.
There are many great signs but to very clear I am not yet calling a recovery because there is some distressed property, some excess inventory to be worked through and plenty over overpriced homes. For the next year or two it will be key to understand the market in each segment, neighborhood and even down to the level of what is the situation with each individual property both that you are looking at and ones that are comparable to get the best feel for where pricing is going. Current comps are nice but knowing if there is something coming is very valuable. I have been doing this with good results so call me if you would like to know more about our market or want to see if your goals are within reach.
Speaking of other real estate markets I spent some time with Tania Hosmer from McLean, Virginia last week. McLean, VA is just outside of Washington, DC. She has become a friend over the last few years. Tania is a true professional that has deep market knowledge and really looks out for her client's best interests, two things I personally value. According to Tania's research over half of the market segments in McLean, VA have actually turned into Seller's markets and one is balanced. This is a great insight and the kind of thing that is good to know early before everyone reads it in the paper after it has happened in the market as a whole and prices go up. It was hard for me to believe but Tania has the data to prove it.
To see it for yourself go to Tania's McLean Real Estate blog and her insightful McLean Market Update that breaks down the market by price point and whether that segment is a buyers or sellers market based on sales and current inventory. Click on the link to her chart to see it for yourself. Thanks Tania, I appreciate any chance to learn something and you gave me a few good things.
To contact Jon Wade call 970-819-6930 or send him an email. Jon values your time and will answer your question without a sales pitch. For more of his Steamboat blog click back to the Steamboat Springs blog main page.
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