Local real estate brokers have noticed an uptick in the region’s luxury market, including a boost in the number of homes sold for more than $2 million this year.
According to data provided by Steamboat Sotheby’s International Realty, 17 homes sold for more than $2 million in Steamboat Springs and surrounding areas in 2016, and another six homes listed in that price range are under contract.
Routt County saw 17 homes sell for more than $2 million in 2015.
SSIR broker and owner Pam Vanatta, who lists many homes in the upscale Sanctuary subdivision, said some of the upswing could be attributed to an exhaustion in the supply of homes in the $1 million to $2 million range.
“We’ve gone through a lot of the homes in the Sanctuary between $1 and $2 million,” Vanatta said. “It might be people just want to bump up now.”
Vanatta said that 2016 has been much busier for the luxury segment of the market than 2015.
“This has been one of the busiest Septembers we’ve seen in years,” she said. “It’s good to see the market rebound.”
Among the luxury properties selling was a 3,900-square-foot Edgemont condo listed and sold by Vanatta in June for $2,995,000, the equivalent of about $767 per square foot.
Other properties sold include a Lake Catamount home on 35-acres listed by SSIR brokers Darlinda Baldinger and ChLoe Lawrence that sold for $2.3 million to a buyer represented by Colorado Group Realty broker Chris Paoli, and a Natches Way home that was listed by SSIR broker Marc Small and sold to a buyer represented by SSIR broker Arlene Zopf for $3.3 million, also in August.
The most recent sale in the $2 million and up price range was a 6,300-square-foot Strawberry Park home on 15 acres listed by SSIR broker Charlie Dresen and sold to a buyer represented by The Vanatta Group on Sept. 16 for $3,485,000.
Dresen said the home was built using unique Arcadian architecture and boasted impressive views of Buffalo Pass.
“High end buyers are after something special, and whether that’s in the views, location or the architecture, that’s what more buyers are looking for these days,” Dresen said.
Dresen said there are about 20 properties in excess of $3 million currently on the market, but he wasn’t surprised to see this home, located on Double Buck Trail, sell.
“This one was not like the others,” he said.
Despite the increased interest in the luxury segment of the market, Vanatta pointed out that there are still many high-end homes available in subdivisions, including Dakota Ridge, Fairway Meadows and the Sanctuary, that are offered at below replacement value.
“There are some great properties out there for good prices,” she said.