HOW'S THE MARKET?
Happy New Year! Despite persistently low inventory, Routt County closed out the year strong with 122 land/residential transactions (of which 91 were in Steamboat) in December. Routt County closed out the year with over $1.48B in sales volume, up 31% from 2020. The year has started at a similar place to where last year’s ended, with only 57 residential offerings throughout the county (not including fractionals). The average price appreciation for homes in Steamboat Springs in 2021 was 27.3%, while county-wide, homes appreciated at an average of 23.7%. What a year to be an owner of real estate!
If the end of the year is a time for reflection, the beginning of the year is a time for prediction. According to a consumer survey from Redfin, nearly half of home buyers surveyed nationwide would feel pressure to buy if interest rates exceed 3.5%. As of this writing, rates at some of our local banks have hit 3.375% for a 30-year fixed mortgage. The National Association of Realtors® predicts that rates will average about 3.7% by the end of 2022. It is worth noting that even at 3.7%, that will still be some of the most historically low interest rates our country has ever seen.
For our clients who are considering selling, many leading residential economists are predicting national home price appreciations of another 3-6% in 2022. That number could very well be higher in our resort community where demand promises to remain high and inventory will stay near all-time lows. Nonetheless, sellers should be mindful of the old adage “strike while the iron is hot.” If interest rates continue to rise, that will limit buying power.
And in the world of commercial real estate, the National Association of Realtors® is predicting a healthy year. Even though we’re still slogging through the pandemic, the office market is expected to pick up as the Omicron COVID variant works through the country and more workers return to the office. Retail brick-and-mortar activity is also expected to be strong; 2021 saw a record number of new businesses formed that will need frontage for their burgeoning operations.
As with every year, we promise that CGR will continue to deliver unprecedented service to our clients in 2022. Our growth significantly outpaced the market, once again giving credence to why you voted us #1 Best of the Boat real estate firm.
COLORADO GROUP REALTY CHARITABLE FOUNDATION HITS $500,000 IN LOCAL DONATIONS
When the Colorado Group Realty Charitable Foundation meets this month for the first time in 2022, they are already aware that the bar is set high for the next decade. Since its inception, the Foundation has donated nearly $500K to local nonprofits, most during the last decade. In 2021, the company donated over $83K in Routt County, its largest year yet.
Colorado Group Realty places a huge emphasis on community. Every agent is required to volunteer and serve on the board of a local nonprofit organization. Each agent also must donate a portion of their commission from every closing to the Foundation. “The last couple of years were very healthy for real estate,” commented CEO Steve Goldman. “We’re proud our agents continue to choose to give back so meaningfully to those in need.”
The Foundation’s goal is always to surpass its previous record and they exceeded the $77,000 given in 2020. Among the 2021 recipients was Routt County 4H during the livestock auction at the Routt County Fair in August. The Foundation purchased a pig for $4,500 and donated the meat to LiftUp, helping feed families and individuals in need. The annual coat drive for LiftUp generated 650 coats, compared to 550 the previous year. “The community came together in what was our biggest turn out yet,” said one of the event’s organizers, Michelle Parilla.
Children’s charities were a major focus for the year with donations supporting early childhood care, literacy, education programs, after school clubs and summer camps. “Contributions from Colorado Group Realty helped us keep costs low, offer scholarships to 20% of the local working families registered in the Young at Art programs, and nurture skills of the next generation of creatives,” said Kim Keith, Executive Director at Steamboat Creates.
Two donor match campaigns through the year proved to be very successful. During the summer months the Foundation partnered with Realtor® Reall Regan on her community fitness program Rise Steamboat. Through the program, $20,000 was distributed to ten local non-profits, with a focus on mental health. In the fall, another $20,000 was donated to Routt County United Way with a focus on support to local children.
On Colorado Gives Day in December, the Foundation donated $100 to each of the 73 listed non-profits in Routt County. “It takes a special group of people to come together and truly make a positive impact in a community. I’m proud that we are doing just that,” remarked Goldman.
HOWELSEN HILL, THE ULTIMATE WINTER PLAYGROUND
Did you know that Steamboat Springs is home to the oldest continuously running ski area in North America? The iconic Howelsen Hill takes center stage downtown and has been the training ground for 96 winter Olympians with many more hopeful to compete next month in Beijing. Not only is Howelsen home to the Steamboat Springs Winter Sports Club (SSWSC), but it is a much-loved playground for locals. During the second half of last year, it was a hive of activity, while it underwent the biggest investment in recent years.
In 2020, Smartwool, which was founded in Steamboat and is now owned by VF Corporation, donated $1.5M to fund a new chairlift. It was Smartwool’s parting gift to the community when it relocated to Denver.
Last summer, the original Moose Barrows lift was taken down and chairs were auctioned off, raising over $85K. The new Barrows fixed-grip triple chairlift is faster and loads closer to the lodge.
Additionally, a currently unnamed trail, has been cut from the steep Upper Face to the Mountain View area. It gives people an opportunity to reach intermediate terrain easily, if they want to opt out of the face’s vertical drop. The trail is in a trial phase and if it proves popular, it will become a permanent addition.
Last year’s hugely popular sledding area by the Brent Romick Arena is back. Along with the free outdoor public ice rinks, which are located on the volleyball courts.
Those in need of a snack or a happy hour beverage can choose from a wider selection at the Outrun Snack Bar, managed by new concessionaire, Courtney Parks. Parks plans to introduce traditional recreation games at the base for those needing a break from the mountain, or visitors who don’t ski or snowboard.
Anyone who wants to be at Howelsen but prefers to stay out of the cold can rent a warming hut. The little A-frame structures proved a major hit last year, and they are here to stay.
10 MOST SURPRISING QUESTIONS ASKED BY VISITORS
When you live in a Colorado ski town, you probably take the simplest things about your surroundings for granted. For some who come to visit, not everything is as obvious as you’d think. Colorado Group Realty asked a handful of Routt County natives and long-term locals for the most surprising questions they’ve been asked. Here are ten of the best:
1- Is there a left and a right ski?
2- What is a bluebird day?
3- How can you stand living with snow all year long?
4- Did steamboats really come through here?
5- Are the hot springs actually hot?
6- How does the snow not fall on the roads?
7- Pointing to an image of marijuana, is this the state flower?
8- When did Steamboat host the Olympics?
9- Can I return my rental ski boots to any shop in town?
10- Why is it called champagne powder?