Metzler Team News and Blog

2021 AT A GLANCE

In 2021, real estate in Routt County continued chugging along on its run of epic proportions. The ongoing pandemic kept fueling buyer demand as more and more people looked to own real estate in the Yampa Valley. Half of the buyers were existing locals or those who were able to move here full-time due to location-neutral jobs. The other half purchased vacation homes, seeking a respite from life outside of Steamboat. Sellers often received multiple offers, many above asking price; on average, sellers received 99.6% of their listing price.

Curiously, despite rapidly appreciating property values, many would-be sellers seemed content to let the market appreciate; this resulted in all-time low listing inventory. Some potential sellers were optimistic that there would be ongoing appreciation while others were challenged to buy elsewhere amidst a nationwide surge in home values and dearth of inventory. In Routt County, we had 98 listings going into 2021 and we entered 2022 with a paltry 71 offerings.

2021 eclipsed the record-breaking statistics of 2020. Routt County closed out the year with over $1.4B in sales volume, an increase of 31% over 2020. The average price of residential properties in Steamboat Springs went up by 24% to $630K, following 2020’s very healthy price appreciation of 18%. Single-family homes in Steamboat city limits saw the biggest spike, increasing by an astounding 38%, with the average price now just over $2M. This price appreciation was fueled by the luxury market, with 62 transactions of homes above $2.5M, almost double that of 2020.
Neighboring towns also reaped the benefits of an escalating housing market. The average price of a single-family home in Oak Creek reached $735K and in Hayden the average price is now $449K. With soaring building costs, the sale of raw land was also hot, with 519 closings in 2021, an increase of 47% over 2020. With so much demand, it is easy to see why building permits remained strong in 2021, with 986 building permits issued county-wide.
With workers sporadically returning to the office in 2021, the commercial market is also making a recovery. There were only 45 commercial transactions county-wide in 2020, but a healthy increase to 65 transactions in 2021. Although only anecdotal, the commercial market seems to lag residential home sales by about 6-12 months. If that’s true, commercial transactions should be hot in the coming year.

If we learned anything in 2021, it’s that we cannot predict the future. With meager inventory, continued low interest rates (even if they go up), and the seemingly-permanent changes that the pandemic has brought, 2022 is looking to be yet another healthy year.

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2020 AT A GLANCE

With fear and uncertainty taking center stage in 2020, one thing is assured: the pandemic has shifted real estate markets across the globe on an unprecedented scale. Routt County was no exception, with a feeding frenzy from June through November that pushed sales volume to an eye-popping $1.2B. Not since 2007 has there been such a flurry of activity. Year-over-year sales volume growth from 2019 was 50%, shocking even the most experienced industry veterans.

Urban migration away from crowded cities and buyers looking for second-home mountain getaways led to a robust seller's market. COVID increased the desirability of properties with access to the outdoors, more space, quiet neighborhoods, home offices, and newer kitchens. Apparently, homes in the mountains fit the bill where social distancing comes easier. Other Colorado resort towns experienced similar historic surges as home values hit record highs across the state, while inventory dwindled to all-time lows. In Steamboat Springs, we enter 2021 with just a meager 43 single family homes and 55 condo/townhomes for sale, both down over 50% from the start of 2020.

Single family homes appreciated by 12% to an average price of $1.47M, while condos/townhomes swelled by 19% to $636K. Droves of wealthy homebuyers snapped up luxury homes at a record pace with 74 properties over $2M being sold, more than the previous two years combined.

The surging prices led neighboring towns to go through booms of their own. The average home price in Oak Creek crested $600k, up 33% from last year, while Hayden saw the average price increase by 10% to $333K. Some struggling buyers opted to purchase land with 353 vacant parcels being sold, double 2019. Builders should bde busy for a while as the city issued building permits for 208 new units (single family homes and apartment units combined).
Many wonder if the market is due for a correction similar to the post-2007 irrational real estate bubble. While a valid concern, the market is hot this time for very different reasons. Industry experts seem comfortable that no crash is near. People have shifted where and how they live as working from home has enabled them to move to their dream location. Low mortgage rates and stringent lending requirements mean buyers can purchase only what they can afford, unlike in 2007.

With the lack of inventory, it seems improbable 2021 can reach the heights of 2020, but demand from the COVID migration isn't dwindling any time soon, giving confidence of a healthy year.

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Did you know that home prices have appreciated during the last 3 of the 5 recessions?

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The following article offers brief thoughts on the real estate market here in Steamboat. As always, there are many variables to analyze for different market segments. As well, there are very few cookie cutter locations, styles and quality. Each property is distinct, so I encourage you to call or email if you have questions and would like some advice. We advise our friends, family and clients daily.

Nick Metzler, Colorado Group Realty
970-846-8811 | metzlerteam@mybrokers.com


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Meet our new head hancho, Chief Metzler! Chief joined the Metzler Team this past month and is quickly learning the ropes. We all agree he will be running the show in no time.

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2019 AT A GLANCE

For most of 2019, real estate sales volume in Routt County lagged behind the rather large numbers posted in 2018. A supercharged last two months of 2019 changed that by pushing annual total sales volume in Routt County to $759M, up 8% from 2018.

Much of the late charge was propelled by the luxury market. In 2019, there were 150 sales over $1M in Routt County, up from 130 in 2018 and 100 in 2016. The average sale price of a single family home in Steamboat was $1.3M, up 17% from 2018. Two of Steamboat's largest sales ever, both over $10M, influenced this hefty rise. The sale price of the average condo/townhome in Steamboat accelerated at a more modest pace, up 3% to $493K. The average price per square foot for all properties was up 6% to $359.

The active year-end took a significant bite out of inventory giving sellers a decided advantage. At the end of 2019, there were only four months of inventory in Steamboat compared to over six months at the start of the year. With only 285 active listings at the end of December, buyers were quickly acting on inventory, especially single family homes priced under $1M.

For 2020, buyers are hopeful that more inventory comes online to ease the stress of such limited supply. There are many developments in various stages of the approval and construction process, though nothing looks likely to make a large impact.

A healthy job market, low mortgage rates, limited inventory and increasing numbers of visitors to Steamboat (who often become buyers) are all strong indicators that 2020 will be another solid year for real estate.

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At the onset of a new decade, the team at Colorado Group Realty is ready to lead the way in the Steamboat community with the approach that they know best, by giving back. CGR's Charitable Foundation released their annual report, which showed over $40,000 in donations to 31 local causes for 2019.

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For many years, Blair McNamara, along with his wife Michelle and their four children, enjoyed winters filled with backyard hockey games at their Steamboat Boulevard home. Over time, their home became affectionately known as "The Hockey House", as friends and family gathered for laughs and great memories made on the ice. Interested in building your own backyard rink? Contact us today for a copy of Blair's tips on rink construction and maintenance. Happy skating!

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Happy opening day; the earliest one in the history of Steamboat Resort! As we wax and sharpen our skis and boards, we also enter into the winter months where real estate activity is historically much slower compared to the summer months.

Through October, total sales volume in Routt County remained healthy at just over $600M. 998 year to date transactions is 9% less than this time last year; however, the average size of a transaction continues to surge, now at $605K. This is quite the increase, up $85K from the $520K at this time in 2017.



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5 Fundamentals To Do It Right!

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Bloomberg recently did a study to determine the best places in the United States to own a vacation home. Colorado had the most of any state with five of the top 15 spots. What cities were on the list? Why are these cities the best cities to own a vacation property? Should you invest in real estate in these five markets?

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As another glorious Steamboat fall begins its transition to a white (and hopefully powdery) winter, we also begin a shift to a seasonally slower real estate market. While October is typically quite active (October 2018 was the second busiest month last year), when the snow falls in November, sales activity usually starts to dwindle.

Sales volume in Routt County between April-September 2019 averaged $51M/month, a stark difference from the average volume of $30M/month from November 2018-March 2019. While a winter slowdown is common in most cities across the country, it's exacerbated in most ski towns. Nonetheless, 2019 is shaping up to be quite robust for real estate activity.


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Listing your home can be stressful, and the inevitable uncertainty inherent in the
process can sometimes feel overwhelming. To find certainty in the process, many
home sellers turn to their home surveillance systems to gather intel from
prospective homebuyers during tours.

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August sales volume in Routt County was $62M, down from $76M in August of 2018 but up from $56M in July of 2019 (which was also buoyed by a $10M home sale, the year's largest transaction). Total volume for the year is down 5% from 2018 but is on track to be the county's second or third most active year ever. Median home prices continue to rise, up 3.4% in 2019, as inventory in certain segments remains somewhat restricted, putting upward pressure on home values. Routt County single family homes are the fourth most expensive of any county in Colorado with a median price of $675K. Compared to the median prices in Pitkin County ($3.25M) and Summit County ($1M), living in Steamboat seems like a bargain.

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With the arrival of vibrant sunny days, the influx of Steamboat's visitors has begun. Town is buzzing with activity as is the real estate market. May closed sales volume in Routt County was $59M, 2019's largest month thus far and up 10% from the previous two Mays'.

Our visitors are undoubtedly hearing locals debate the upcoming vote regarding the annexation; if passed, nearly 200 acres will
become West Steamboat Neighborhoods. 450 units are planned to be built over 16-20 years by developer Brynn Grey, taking some much needed pressure off of our already constrained
inventory. Ballots must be received by the city by June 25th.

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The more things change, the more they stay the same. April real estate activity in Steamboat was quite similar to the last two years. Total sales volume for the month
was $48M, up slightly from $46M last April. e busy month eased worries of a market slowdown that was stoked by a moderately slow rst quarter of 2019 when we averaged only $27M per month. Total volume this year is now only down 3% compared to last year's rapid start.

May and June are typically the busiest months for new listings and buyers hope that 2019 is no di erent. In the last few years, total active listings have increased more than 20% during these prime selling months. With 365 currently active residential listings, buyers are optimistic that inventory will spike even further heading into the summer. In Denver, inventory relief is well on its way, as active listings there are up 35% year over year. However, active listings in Colorado are down 4% year over year.

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As the West Steamboat Annexation question prepares to go before voters in a June 25 special election, many in the Steamboat Springs community are seeking more information on the subject.


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News headlines have recently claimed that the national real estate market is slowing down; these claims, without a doubt, have created a glimmer of hope amongst home buyers seeking increased inventory and lower prices. While the market may in fact be showing signs of deceleration, in reality that means that it's just not growing at the torrid pace of the last few years.

In the last three months, activity in the Steamboat market, $81M, is not on pace with the immense total sales volumes of the last two years. By comparison, in 2018, three months volume was at $88M and in 2017, it was at $96M.

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Steamboat's single family median home sale prices have rebounded from the recession of past years. How much is your home worth in today's market? Contact the Metzler Team to find out.

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In the past 18 months, there have been 6 residential home sales over $3 million in or within 5 miles of Steamboat Springs.

Nick Metzler and his team were honored to broker 4 of these 6 transactions in a continued effort to serve as Steamboat's trusted name in real estate.

Please contact us today to learn more about our strategies to sold, across ALL price ranges and types of properties.

Phone: 970-846-8811
Email: metzlerteam@mybrokers.com

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With potentially over 10 new developments on the horizon for Steamboat's future, many are wondering questions such as, "Where are these new neighborhoods?" and "Which are fully approved vs in conceptual stages?".

Check out our latest report to view locations and status updates on each.

Call or email the Metzler Team to learn more!

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STEAMBOAT SPRINGS - After years of pondering and planning, Steamboat Resort on Friday announced it will be replacing the gondola.

Steamboat Ski and Resort Corp. President and COO Rob Perlman made the surprise announcement during an event in Gondola Square, where he gave praise to a great early season and the work that staff has done to prepare the mountain.

"We'll work all summer to replace the gondola," Perlman said.

The ski area did major upgrades in 2017 to the 30-year-old gondola, which had 80,000 hours of running time. The project included replacing the haul rope, grips, hangers and terminal equipment. A new control system also was installed.

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The Colorado Group Realty Charitable Foundation is our way of giving back to the community. Our mission is to give financial support and walk side by side with local charities to make our community a better place. With each real estate transaction a CGR agent completes, they generously donate to the Foundation. We support local non profits that are near and dear to our clients' and agents' hearts.
Do you have a local charity you care about? Ask me how our Foundation can get involved!
WE DO MORE. WE CARE.

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New Restaurants, Retail Shops and Trail Signs Highlight Changes Ahead for Steamboat's 2018/19 Winter Season


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Do "good deals with great value" still remain out there?

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As Steamboat's real estate market continues to strengthen in 2018, many are left to wonder, "Have property values rebounded to the levels of our last peak in 2007?"

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As Steamboat's real estate market continues to strengthen in 2018, many are left to wonder, "Have property values rebounded to the levels of our last peak in 2007?"


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After over 8 years of listing attempts with other Steamboat Springs brokers, Metzler Team rebrands, lists, and sells Emerald Meadows Estate in 14 weeks for $3.799M.

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Unlock 26 iconic destinations in North America with the Ikon Pass - including unlimited access to Steamboat - and there’s only one week left to save big for the whole family.

SAVE UP TO $250 ON A CHILD PASS THRU 4/9
With purchase of an Adult Ikon Pass.

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STEAMBOAT SPRINGS - Strings Music Festival on Monday announced its summer concert lineup for 2018, with 32 concerts planned on evenings in June, July and August.

Among the highlights of the summer lineup are performances from singer-songwriter Melissa Etheridge on July 27, folk singer Amos Lee on July 29 and a evening with Brett Rowan & Friends and country singer Joe Nichols on July 8. Rowan, a Nashville session guitarist and record producer who lives in Steamboat Springs, and Nichols performed together at the 2014 Navigator Awards celebration in 2014.

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Expect to see new home construction significantly increase in pace. For the first time in 10 years, there will be new homes for sale that are under $1m, as the existing inventory has completely dried up. Call us for details for information on new homes coming to the market this year. Existing homes under $1.5m should see gains this year while there are homes on the market or coming to the market, above $2m, well below replacement value. Buyers in this price range still have opportunities (this market range is also likely to dry up this year if sales outpace new home construction).



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Colorado's mountains aren't the only places showing more white on top. Residents of the resort towns below are graying at some of the fastest rates in the country.

Steamboat Springs, Edwards and Breckenridge ranked first, third and fourth, respectively, for the biggest gains in their senior populations this decade, while Glenwood Springs came in 13th, according to an analysis published in Newgeography.

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Steamboat's 3 Highest Priced Single Family Homes - Sold in 2017 (within city limits)

Steamboats Highest Price/SF Homes - Sold in 2017

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Sales volume for Nick and his team is keeping a healthy pace of one million dollars of sold real estate per week. Nick added, "I'm very grateful for the opportunity to advise and assist so many of my friends and loyal clients. It's a blessing for me, my family, and my team! We will reinvest in better tools and back into the community we all love!"

Be on the lookout next month for 2017 year end sales data and Nick's predictions for real estate in 2018!

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Five bull moose showed up in Nick's front yard this Christmas and were dancing as though they heard the Good News of this day. Santa's Rocky Mountain reindeer!

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Sunlight released 48 lots for sale this summer, and there are only 7 of these lots remaining for sale. Twenty four of the lots were purchased by a Steamboat/Texas partnership that is intending to building single family homes this year, hopefully 8 per year. This entry-level market has not seen a new home for sale in over a decade, and we are excited to see that a change is on the way to fill the void. Call the Metzler Team for update at 970.846.8811.

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In 2017, the Yampa Valley real estate market saw significant increased sales volume and home valuations. With the year now behind us, what's on tap for 2018?

There has been a significant drop off in inventory from 925 active listings at this time last year to only 400 current listings. With such a limited supply, it's logical to predict that individual values will continue to rise while total sales numbers may decrease.

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Colorado Group Realty recently presented individual brokers and teams with awards that show leadership and strength within the firm and the market as a whole.

The Metzler Team was awarded both 2017 Top Producing Team, and Metzler was award the 2017 Most Charitable broker award, donating thousands of dollars in 2017 towards the Colorado Group Realty Charitable Foundation.

"I attribute the high level of success year after year to the strength and reliability of the entire Metzler team," Nick Metzler, broker/owner said. "This team is built with high-quality team members that know real estate and our community and don't waste the time of our clients."

The Metzler Team is thankful to serve so many fellow clients and friends in their Steamboat Springs real estate needs.

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A Steamboat Springs family's adventurous move to Chile will be showcased on an upcoming episode of HGTV's "House Hunters International."

"Hitting the Slopes in Chile," features Andy and Sarah Kerrigan's decision to pull their kids out of school, quit their jobs as nurses and move to Chile to learn Spanish and experience a different culture as a family. The episode will air at 11:30 p.m. Wednesday, Jan. 3 and 2:30 a.m. Thursday, Jan. 4.

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The Tax Cuts and Jobs Act - What it Means for Homeowners and Real Estate Professionals?

The National Association of REALTORS (NAR) worked throughout the tax reform process to preserve the existing tax benefits of homeownership and real estate investment, as well to ensure as many real estate professionals as possible would benefit from proposed tax cuts. Many of the changes reflected in the final bill were the result of the engagement of NAR and its members, not only in the last three months, but over several years.



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Verizon Wireless customers will find it easier to text and invite their buddies to the breweries and restaurants in west Steamboat Springs thanks to a new cell phone tower that is being planned near Elk River Road.

A before-and-after coverage map provided by Verizon shows the businesses at Curve Plaza and Copper Ridge Circle should see significant improvements in terms of their cell phone coverage and LTE data connections.

We made a slider map below to show exactly how the LTE coverage is expected to change with the installation of the new tower. The tower's location is marked on the map by a dot next to the Steamboat Springs Airport. Areas shaded in green receive the best cellular data connections.

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New Listings were down 17.7 percent for single family homes and 34.1 percent for townhouse-condo properties. Pending Sales increased 25.9 percent for single family homes and 23.7 percent for townhouse-condo properties.

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New Listings were down 46.8 percent for single family homes and 24.2 percent for townhouse-condo properties. Pending Sales increased 20.0 percent for single family homes and 37.8 percent for townhouse-condo properties.

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In 2016, Colorado Group Realty had it's second highest volume year since 2007. We were involved in almost 30% of all Steamboat Springs real estate transactions.

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Steamboat Springs - Soda Mountain Construction owner Chris Rhodes took a chance when he set out to build a 4,000-square-foot spec home on Ridge Road in 2012.

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New Listings were up 59.1 percent for single family homes but decreased 4.8 percent for townhouse-condo properties. Pending Sales decreased 4.0 percent for single family homes and 20.5 percent for townhouse-condo properties.

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New Listings were up 20.8 percent for single family homes but decreased 26.1 percent for townhouse-condo properties. Pending Sales remained flat for single family homes but increased 37.1 percent for townhouse-condo properties.

The Median Sales Price was up 13.8 percent to $657,000 for single family homes and 1.1 percent to $331,750 for townhouse-condo properties. Days on Market decreased 18.6 percent for single family homes and 5.6 percent for condo properties.

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New Listings were down 27.6 percent for single family homes and 41.8 percent for townhouse-condo properties. Pending Sales increased 35.7 percent for single family homes but decreased 32.7 percent for townhouse-condo properties. The Median Sales Price was up 17.6 percent to $600,000 for single family homes but decreased 1.8 percent to $292,500 for townhouse-condo properties. Days on Market decreased 31.1 percent for single family homes and 21.8 percent for condo properties.

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New Listings were up 18.2 percent for single family homes and 29.5 percent for townhouse-condo properties. Pending Sales decreased 6.9 percent for single family homes and 23.9 percent for townhouse-condo properties. The Median Sales Price was up 49.9 percent to $662,500 for single family homes and 21.1 percent to $334,950 for townhouse-condo properties. Days on Market increased 27.7 percent for single family homes and 22.1 percent for condo properties.

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New Listings were down 33.3 percent for single family homes and 26.7 percent for townhouse-condo properties. Pending Sales decreased 10.0 percent for single family homes and 5.3 percent for townhouse-condo properties.

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New Listings were down 9.1 percent for single family homes but remained flat for townhouse-condo properties. Pending Sales increased 46.2 percent for single family homes and 56.5 percent for townhouse-condo properties.

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Metzler Named Steamboat Springs Board of Realtors 2015 Top Producing Sales Agent

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Metzler Team Awarded 2015 Top Producing Team with Colorado Group Realty

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52 Places to Go in 2015
Untrammeled oases beckon, once-avoided destinations become must-sees and familiar cities offer new reasons to visit.Steamboat Springs rings in at #19!

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New York Times, February 2015

Steamboat Springs used to be a snow globe filled with champagne powder snow, cowboys and gold miners. That's changing through a community renaissance sparked by chefs, restaurateurs, entrepreneurs and farmers who make the Yampa Valley their home.

The town is creating parks and has plans to repurpose buildings along the main drag by the Yampa River, hoping to make it a destination. The new Steamboat is an urban, walkable oasis where skiing is just a bus ride away. You can mountain bike out your front door and park that bike in front of restaurants catering to sophisticated palates.

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In the last ten months, the real estate market in the City of Steamboat Springs has shown great improvement. As compared to the first 10 months of 2013, total transactions have increased 13%, while total sales volume has increased by over $59 million or 27%. The market has seen increases in both numbers of transaction and average prices in all areas of the market including residential lots, condos/townhomes and single family homes.

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Steamboat's big claim to fame is the dry light snow that creates "champagne powder," but something else is in the air: music. What other town this size has symphony and chamber orchestras, an opera and a world-class summer festival that brings first chairs from all over the country to perform in a smashing new concert hall at the base of a mountain?

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During 2014 the Steamboat Springs market rebounded strongly. Total sales for 2014 were just over $1 billion, an increase of over
30% from 2013. Inventory at the end of 2014 of $1.212 billion was slightly greater than inventory at the end of 2013 but still below
historical averages.

2014 saw significant increases in the sales of both single family homes and condos/townhomes, driving down inventory levels in both
of those market categories. Multiple offers and bidding wars have returned to some market segments.

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A new website, SteamboatBikeTown.com designed and funded by the Steamboat Springs Bike Town USA Initiative, is an online bike guide filled with interactive trail maps, event calendars and image galleries and is the most comprehensive website dedicated to cycling in Steamboat.

Built by riders and for the riders, the online bike guide is organized into geographic riding zones within Routt County and is further segmented by riding type. Whether you're a family looking for a leisurely cruise, a full-face helmet downhiller, or a roadie looking to tackle a century - the bike guide has it all. Click the image below to access the website.

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The good news for housing is that price gains next year are expected to be only about half as strong as in 2013, when sellers stayed on the sidelines. Yes, that's good news. "For a sustainable recovery you want to see more balance between buyers and sellers," says David Stiff, chief economist at CoreLogic Case-Shiller, which is forecasting a 6.8% rise in the median home value for 2014.

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