HOW'S THE MARKET?
March signals the carefree days of winter because we all know spring is just around the corner. We’ve made it through the doldrums, the sun is shining longer each day, and we start to see a few great spring skiing days. March is also the time to start thinking about preparing your home for a spring launch if you are going to sell this year, and it’s a great time to start the process with a lender if you are thinking about financing a purchase.
As of February 17, 2025, Routt County has 204 active residential listings, up from 186 in January. Pending properties jumped to 52 in January, from 29 in December 2024 and 41 a year ago in January 2024. Closed listings in January 2025 (27) continued a downward trend from October, with 44 in December, 54 in November, and 71 in October.
According to Freddie Mac, the national average for a 30-year fixed-rate mortgage was 6.87% as of February 13, 2025, a 0.17% decrease from the previous month. Rates remain just below 7%, with no major shifts expected soon.
We hope you enjoy this edition of the Steamboat Insider! In this issue, we explore the fascinating world of mythology and the unique stories that shape it. We also take a look at upcoming real estate developments and offer a glimpse into Steamboat’s rich history. To round things out, we’re shedding light on the growing threat of scams in the real estate industry—keeping you informed and protected.
Enjoy the arrival of March and the approach of spring! If you have any questions about the Steamboat market or would like a Real Estate Review of your current property, please get in touch with your broker.
RAISING A GLASS TO SUCCESS
For many, the ideal life means working a job they enjoy in a place they love. For Scott Yeates, owner of Mythology Distillery, the dream is a reality. The idea for the business came about during a backcountry ski trip with buddies to Alaska in 2016. Over a year later Mythology was started in Denver and production began.
The business took off, Scott relocated to Steamboat Springs and found himself doing a lot of travel. A property search for a potential location for Mythology ensued until the ideal spot was found at 2875 Elk River Road in November 2021.
The building had previously housed Butcherknife Brewing Company and offered great potential for Mythology. Yeates and his team set about renovating the space to include the production facility, a rack house, a tasting room, and an outdoor whiskey garden.
In January 2025, they added a pop-up venue, opened in Torian Plum Plaza in an adjacent spot just off the slopes at Steamboat Resort. In March, pre-batch cocktails and beer from Storm Peak Brewing will be on the menu, along with charcuterie and fun après ski eats to be served around the outdoor fireplaces.
“The local support has been phenomenal,” Yeates says.
The company concentrates on crafting unique whiskey blends, as well as distilling layered gins, vodka, and other specialty spirits in small batches. Yeates says they try to source ingredients as close to home as possible. Their Foragers Gin even includes botanicals harvested from the Denver Botanic Gardens.
Everything is now produced and distributed straight from Steamboat, with bottles sporting signature fun illustrations of creatures and faces that have become a Mythology trademark.
Since its inception, their products have garnered a national following with an ever-growing list of awards to their name. Among them, a Double Gold from the San Francisco World Spirits Competition for its Needle Pig Gin, (a favorite tipple of Yeates), and a Gold for its Thunder Hoof Rye Whiskey. Mythology has also been named the best distillery in Colorado by ColoradoBiz magazine.
For a company that was created over a shared adventure, their rise to success in an outdoor paradise, is good reason to raise a glass.
AFFORDABLE HOUSING FOR ROUTT COUNTY COMING DOWN THE PIPELINE
The Routt County housing market is poised to offer a variety of new options, with construction beginning on one project in Hayden, Colorado.
The Prairie Run at Hayden
The Prairie Run development in Hayden, Colorado, marks a significant step in addressing the region’s workforce housing needs. Infrastructure work began in 2024 on the 135-unit, $70 million project, which will provide a mix of deed-restricted housing options, with completion set for late 2026.
The development is being led by Gorman & Co, who has a 35-year history of building affordable housing projects, who also completed the Sunlight Crossing residential community in Steamboat Springs. Gorman even donated a 2.3-acre parcel for a park, including the newly completed Northwest Colorado Skate Dream. The open space and park are not only designed to enhance the neighborhood’s appeal but add to the towns expanding range of amenities.
Prairie Run will feature a variety of housing types, including two-story apartments, townhomes, and live-work units. The design draws inspiration from successful workforce housing projects like Wintergreen in Keystone, Vista Verde in Breckenridge, and Smith Ranch in Silverthorne.
Hayden’s housing study identified a need for 450 additional workforce housing units over the next five years. The town secured $10.8 million in funding for the project’s infrastructure, including grants from Routt County and the Colorado Department of Local Affairs.
Background photo: Rendering of planned townhomes at the Prairie Run neighborhood Courtesy of Gorman & Co.
STEAMBOAT BUCKS
What do James Crawford, Buddy Werner, Hazie Werner, Eleanor Bliss, Carl Howelsen and Chief Yahmonite have in common? They are all iconic to Steamboat Springs and their faces have just been depicted on a new series of paintings titled “Steamboat Bucks” by artist Gregory Block.
The series, which is on display at the Jace Romick Gallery on Lincoln Avenue, includes six individual paintings with local icons replacing a president’s face on US currency. "We all know that Steamboat is changing, things are expensive, and there seem to be fewer and fewer familiar faces in the grocery store and on the slopes,” Block says. “So, I wanted to make sure not to forget our true currency: the people who have made the Yampa Valley the heaven on earth that we love and cherish."
Block grew up in Oak Creek and his artwork is steeped in the ethos of the west. His exceptional talent as a realist has garnered a wide following and his subject matter often reflects the nuances of the Rocky Mountain West.
Who are the people in the pictures?
Chief Yahmonite
A respected Ute leader, Yahmonite was known for his positive relationships with settlers. For centuries, the Ute people used the Yampa Valley as a summer hunting ground and revered its mineral springs for their healing properties. His name lives on in several locations around McCoy and Steamboat Springs.
James Crawford
In 1875, Crawford officially staked his claim, founding Steamboat Springs. He first visited the area a year prior during a hunting trip and later returned with his family to settle. Today, the historic Crawford House remains in downtown Steamboat at the Crawford Triangle.
Carl Howelsen
A Norwegian ski jumper, Howelsen arrived in 1912 and introduced ski jumping and cross-country skiing to the valley. He established the first Winter Carnival in 1914 and founded the Steamboat Springs Winter Sports Club in 1915. The ski area, originally called Elk Pasture, was later named Howelsen Hill in his honor.
The Werner Family
A beloved ranching family, the Werners had a deep passion for skiing. Hazie, known for her warmth, is honored at Hazie’s restaurant atop the gondola. She and Ed (“Pop”) raised three Olympians: Skeeter, Loris, and Buddy. Buddy, a national ski icon, won the 1959 Hahnenkamm downhill before his tragic death in 1964. Steamboat Ski Resort now sits on Mount Werner.
Eleanor Bliss
Born in 1900 in New York, she came to Steamboat Springs as a graduate of Smith College to attend the Perry Mansfield Performing Arts Camp. Bliss was part of the original Steamboat Springs Council for the Arts and Humanities, now Steamboat Creates, and led the transformation of the historic train depot into an arts hub, now named in her honor.
Background photo: Hazie Werner
UNDERSTANDING REAL ESTATE FRAUD: SIGNS AND PREVENTION
Real estate fraud is a growing threat, impacting consumers, real estate professionals, mortgage lenders, and law enforcement. External factors, including high interest rates, limited housing supply, and the increasing sophistication of cybercriminals, are causing a rise in crime rates. As damages caused by cyber fraud are projected to reach $10.5 trillion annually by 2025—a 300% increase from 2015—it’s crucial to stay vigilant against real estate scams.
Types of Real Estate Fraud
According to the U.S. Department of Housing and Urban Development (HUD), common types of real estate fraud include:
Title Fraud – scammers forge real estate transfer documents to claim ownership illegally.
Mortgage Fraud – scammers forge and record fraudulent deeds to secure loans against the property.
Home Improvement Scams – loans are obtained using fictitious borrower identities or stolen personal information.
Equity Fraud - the scammer forges an owner’s signature on a deed, stealing property equity through unauthorized loans.
Flipping Fraud – a property is purchased and resold at an inflated price using fraudulent appraisals.
Equity Skimming – a property is sold to a fake buyer at an inflated value to siphon off equity.
Warning Signs of Real Estate Fraud
- You receive unsolicited calls to sell your property.
- Seller pushes for a fast sale at below-market price.
- Seller avoids in-person meetings and communicates only via text or email.
- Property is often vacant land, a rental, or a vacation home.
- There are unexpected property tax or mortgage documents, sudden changes in wiring instructions, and forged or missing ownership records.
Ways to Prevent Fraud
- Always verify the identities of buyers, sellers, and agents before proceeding with a transaction.
- Avoid sharing sensitive information via email, as scammers often intercept communication to commit wire fraud.
- Confirm all wiring instructions directly with your title company.
- Monitor property records for suspicious activity and obtain title insurance to protect against forgery and fraudulent claims.
New Technology Platforms Can Help Protect Against Fraud
In an effort to combat fraud in real estate transactions, technology platforms such as ClosingLock have been designed in an effort to combat scams and bring peace of mind. Title companies, attorneys, real estate agents, buyers and sellers can all benefit.
Secure Technology Platform – Prevents property fraud by securely exchanging sensitive information and verifying identities.
Wire Fraud Prevention – Securely transmits wire instructions, preventing interception and redirection by criminals.
High-Level Security – Encrypts sensitive data to protect against cyber threats. www.closinglock.com
Our clients’ safety is a top priority. We are always here to answer questions or address any concerns regarding real estate practices, including potential fraud. Your trust and safety are our highest priorities.
Credits:
Created with an image by Jacob - "Aerial View of the Colorado Ski Town of Steamboat Springs during Winter"