Steamboat Springs Market Update Q3 2022

Steamboat Springs Market Update Q3 2022

 

Steamboat Market update

 

Lack of inventory continues in Steamboat Springs. 60% of all closings were CASH.

Short-Term Rentals is an issue. Steamboat City Council continues discussion.

The City of Steamboat Springs is considering dormitory type housing to be built in Industrial Zoning. In addition:

  • 65 Live/Work units and Industrial lots proposed at entrance of Steamboat Springs Airport
  • Overland Park – 100+ homesites; small and large lots; recently sold with all approvals in place
  • Steamboat Ski Area begins Phase II of $200M redevelopment: New Gondola to new Ski School area between Bashor & Thunderhead lifts is coming along very well.
2021 Q3 2022 Q3 %+-
VELOCITY (Source –RE Colorado)
Commercial Sales Volume $6M $2M -66%
Commercial Transactions 8 3 -60%
VACANCY RATE 7% 5% -2%
CAP RATE 6.5% 6% -10%
SALES TAX INDICATORS (Source – Steamboat Springs)
All Sales Tax $3M $3.1M +3%
Lodging Taxes n/a n/a

 

Click here to download the full market report for Steamboat Springs Q3 2022

 

About The Author

Ron Wendler, Colorado Group Realty

With over 20 years of real estate experience in the Steamboat Springs area, Ron Wendler has an extensive background in commercial real estate. He owns Colorado Group Realty, an independent brokerage firm that specializes in cash flow real estate, commercial and residential specifications development. He also has experience in residential/luxury home sales, ranches and recreation properties.