HOW'S THE MARKET?
As we bask in another epic Yampa Valley summer, the local real estate market continues to flow steadily. Last month, there were only 117 residential properties for sale in Routt County; this month, we’re up to 177. This is welcome news for buyers, who haven’t experienced inventory at this level since last summer. More inventory has proven to mean more transactions: there were 89 closings county-wide in June, which is nearly double the amount we had in January 2022 (which only had 48 closings).
While inventory levels still don’t meet the current demand, inventory has increased from 1.3 months in May to 2.1 months now. When supply and demand are balanced, there is around six months of inventory. With a more balanced market, the massive price appreciations we’ve seen the last two years will begin to normalize. The last couple of months have also led to more price reductions at all price levels and property types. Indeed, the average close price dropped from May’s all-time high of $1.425M to $1.28M in June.
The rapid increase in mortgage rates, along with persistent high inflation and fears of an impending recession, have all significantly dampened demand across the country. The Federal Reserve continues to indicate that their desire is to cool off an overheated housing market; however, that impact hasn’t been felt locally (yet) as the average days from list date to close date in Routt County dropped from last month. In May, average days from list to sale was 38 and in June, average days fell to 20.
We are nearly a month out from the Steamboat Springs City Council’s implementation of the short-term rental overlay zone; thankfully, over the last month things have become clearer. Information on the new short-term rental regulations can be accessed at www.steamboatsprings.net/str
Briefly, if you can demonstrate that you: (1) rented your property as a short-term rental in the 365-day period from June 15, 2021 through June 16, 2022; (2) can prove that you rented your property as a short-term rental during that period; (3) have paid your sales taxes; and (4) applied for a legal nonconforming use status through the City’s website, then you can continue to short-term rent your home, no matter the rental zone.
With the market and local laws moving as quickly as they are, one of our 80 experienced agents is here to provide guidance. Give us a call to find out how.
TRICKS OF THE TRADE MONEY SAVING TIPS FOR REMODELS
Whether you’ve lived in your home for ten weeks or ten years, it may feel like it's time for a refresh. With the cost of living currently soaring, we asked a handful of local contractors for ways to save on home upgrades:
BUDGET
Make a budget and stick with it. Beyond the cost of time and materials, homeowners often forget to plan for temporary housing costs if they need to move out during construction. Whether it’s several months or a couple of nights in a hotel, be sure to factor in this cost. Add an additional 10-15% to the budget as a contingency to cover potential overruns.
PERMITS
Research any planning restraints or required permission needed for major home improvements. It will save time and money in the long run rather than failing to meet building codes or violating restrictions.
DEMOLITION
If you have the time and tools, consider doing the demolition work yourself. Avoid wasting resources on debris removal by maximizing space in a dumpster or donating reusable materials.
REPURPOSE MATERIALS
Make a list of what you could reuse within the home, whether it’s cabinets that can be painted, or wood flooring hidden beneath an unsightly carpet. Speak to local contractors, or even interior designers, who may have excess materials they have no purpose for. It can be a bonus for them to avoid waste or dumping fees.
BE THE LABORER
Leave specialist tasks such as plumbing and electrical work to professionals but consider doing less skilled tasks yourself. Online classes cover topics including tiling, painting, paving and basic woodworking.
ADD VALUE
Additional storage, usable outdoor spac, and energy-efficient improvements rank highly among ways to add value to a home. Maximize opportunities to create more natural daylight and multi-use spaces. Externally, a new roof always adds value. Consider curb appeal beyond the home’s interior.
STANDARD VERSUS CUSTOM
Standard size doors and windows cost a lot less than custom options. Expensive, commercial sized appliances will not necessarily be appreciated by potential buyers if you choose to sell. Spend money on custom countertops, good quality cabinetry and fixtures instead.
LONG-TERM COSTS VERSUS SHORT-TERM GAINS
Maintenance (and the desire to reduce it) was a key recommendation from our local builders. A Trex® deck might cost more than wood but it will not need to be sanded and stained year after year. The same goes for siding and anything that needs to withstand the elements.
For the latest Real Estate tips and happenings, Visit
NEW GARAGES TO OPEN AT THE YAMPA REGIONAL AIRPORT
When Cayman Carter’s family purchased a home on the outskirts of downtown Steamboat Springs, they had one frustration: securing a ride from the Yampa Valley Regional Airport was not always easy. As a result, Carter is about to launch Auto Hangars which will offer a place to store cars at the airport on a permanent basis.
Next month, the first 54 garages will be available, with a total of 285 units in the plan. “We anticipate having all 54 leased by August/September and hope to begin construction of phase two this fall,” Carter said.
The garages come in two sizes and each one is equipped with a car battery tender and an electrical outlet. Clients have the option of an 11” wide, 22” deep, and 10” tall for $5,400 per year or a larger space at 11” wide, 25.5” deep, and 12” tall for $6,000 per year.
The company will have two parking spaces in front of the terminal which will serve as the drop off spot for a client’s car. Customers will text their anticipated arrival time in Hayden before take off and their car will be delivered, essentially to the door.
A clubhouse equipped with a seating area, TV, internet, and refreshments will serve as a lounge for clients after they check in for a departing flight.
“Homeowners are going to love the convenience of having a safe place to keep their car long term at the airport,” Carter said. “We are taking it a step further to ensure they have the best possible experience when leaving or arriving at the airport in Hayden.”
For more information please visit their website at
CHEERS TO STEAMBOAT'S BREW SCENE
Ask many outdoor enthusiasts what they crave after an epic
hike or bike and they’ll tell you that a cold beer ranks high
on the list. Luckily for them, Steamboat Springs has several homegrown breweries, and a distillery, to quench the thirst.
The oldest brew house in town is Mahogany Ridge Brewery and Grill on 5th Street with eight beers on tap. Alpenglow, a full-bodied Alpine ale consistently ranks as a local favorite. Sit inside, or out, and feast on an incredible array of flavors to compliment the brews whipped up by chef Chris Vargoshe.
Mountain Tap Brewery on Yampa Street opened its busy doors in 2016. The Passionate Pedal, an unfiltered wheat beer, is dubbed the perfect brew after a day of adventure. Snack on small plates or wood-fired pizza and sit indoors, al fresco on the patio, or in one of two converted gondola cars which hail from Vermont.
Storm Peak Brewing Company has a lot to shout about these days. The popular brewers just opened a second location. The original brewhouse and tap room on the west side of town expanded with an upper-level covered deck and serves at least 20 beers on tap. Their latest venue, The Bus Stop, is located at the base of the mountain, making it an ideal spot for post summer hikes or après ski when winter comes around.
Steamboat Whiskey Company, the latest addition to Steamboat’s lineup of homegrown drink makers, distills a bit of everything. Owned and operated by former Navy Seal, Nathan Newhall, and his wife Jessica, Steamboat Whiskey Co. expanded in 2019 to offer a full-size bar and patio seating. Their latest creation is a collaboration with Storm Peak Brewing Co. which is the only whiskey in Routt County to be made from a beer starter.
Thirsty beer enthusiasts are watching as the construction at the soon-to-be-opened Yampa Valley Brewing Company’s third tap room is in full swing. The company boasts an already impressive brew house and tap room in Hayden, along with a second tap room in Craig. When it opens later this year, the Steamboat location at Lincoln and 12th will serve up its signature beers like Sandhill Crane Red and Yampa Valley Blonde.
STEAMBOAT SPRINGS PROVES TO BE THE PERFECT BASE FOR OUTDOOR RECREATION COMPANIES
The great outdoors serves as a playground for fun, but in Steamboat Springs it doubles as inspiration for a sizeable cluster of entrepreneurs. “I can’t think of any other small town that has as high a concentration of outdoor companies as Steamboat,” said John Bristol, Director of Economic Development for the Steamboat Springs Chamber.
Household names in the recreation industry, including Big Agnes, the outdoor gear manufacturer, and Honey Stinger, the energy food company, were founded in Steamboat and continue to operate out of multiple offices and a retail store in town.
Smartwool launched in Steamboat in 1994 and stayed there until it was bought by VF Corporation and the headquarters moved to Denver in 2020. The company may have left town, but many employees opted to keep roots in Routt County and venture out on their own. Travis Campbell, a past President of Smartwool, bought luggage brand Eagle Creek in January 2022 and moved the headquarters to Steamboat. “I joke that at some level I have basically bought myself a job so we can stay here,” Campbell says laughing.
Campbell’s former colleague at Smartwool, Robin Hall, launched her own apparel brand, Town Hall, in 2021 along with two business partners. “A lot of people are doing great things in this corner of the state and we are lucky to have a wealth of resources here in Steamboat,” she said. Hall was one of the first startups to benefit from a new grass-roots initiative started by the Economic Development Council for outdoor gear companies to network and engage.
Fellow outdoor companies Hala Gear, Moots Cycles, Hog Island Boat Works, Grass Sticks, Emerald Mountain Outfitters, Nine Seven Zero, Spiffy Dog, Creek Company, Point6 and Talon Grips are all based in Steamboat, with clients located across the nation and beyond.
Daily flights to Denver from Yampa Valley Regional Airport, good broadband, a committed workforce and a plentiful array of trails, lakes, and the Yampa River to test out their gear proves the ideal recipe for success for these local businesses.