Steamboat Springs Q2 2024 Market Update
DEVELOPMENTS AND COMMUNITY NEWS:
As planned, the Mid Valley housing project includes 84 for-sale condominiums and 150 apartment units for rent. All of the units will be deed-restricted and will target people who are working in Routt County or retired from local employment.
23 acres purchased in front of the Steamboat Springs Airport, Redevelopment to come in the next 1-2 years, Commercial industrial and Live work, some multi-family possibilities
6 new live work units broke ground occupancy 2024 fall
New city hall and fire station nearing completion on 10th street
Base Lodge west of town apartments and retail center Open and rented 100% occupancy, Additional 24 units being constructed
Ski area Gondola to top of mtn top of mtn to be open this winter.
Gamble Condo Development at base area broke ground. $2000’ reservations recommended
Brown Ranch : Voter denied Brown Ranch The following facts are indisputable. The proposed Brown Ranch will add 2,264 units, and an estimated 6,100 people to Steamboat’s population, a 45% increase in population. A January 2024 traffic study commissioned by YVHA found that Brown Ranch will add 9,100 new vehicle trips per weekday on U.S. Highway 40 between Brown Ranch and the city in Phase 1, and over 17,000 new vehicle trips per weekday at buildout. Thirteen percent of the units at BR will be single-family detached, and some will be rental. The majority of Brown Ranch will be rental, with most rentals in multi-family buildings. The entire project is government-subsidized and deed-restricted, with all ownership units restricted by a 2% annual appreciation cap.
| 2023 Q2 | 2024 Q2 | %+- | |
| VELOCITY (Source – RE Colorado / Matrix) | |||
| Commercial Sales Volume | $14,700,000 | $16,718,000 | 12.00% |
| Commercial Transactions | 19 | 10 | 48.0% |
| VACANCY RATE | 8% | 7% | 15% |
| CAP RATE | 5-6 % | 6-6.75% | 8.0% |
SALES TAX INDICATORS (Source – City of Steamboat Springs) | |||
| All Sales Tax | $7,536,832 | $7,387,787 | -1.98% |
| Lodging Taxes | $815,413 | $820,195 | 0.59% |