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Expanding Horizons: New Developments Bring Diverse Options to Steamboat Housing Market

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Steamboat Springs is growing. From the East side of town to the West, new developments are dotting the landscape. Like many other mountain towns, Steamboat is faced with a housing shortage. The dream of many locals to own their piece of paradise is being overshadowed by the reality of too few options in the marketplace. However, many new developments aim to reverse that trend, injecting new inventory into the market for many different needs and price points.

As West Steamboat Neighborhoods (WSN) Project Coordinator Michael Ann Marchand points out,There is no one size fits all solution to the housing challenges that exist in Steamboat.” Looking at the diverse projects slated for the next few years, it would appear other developers agree. From affordable housing projects to luxury condos and everything in between, recent developments aim to fill various voids in the local housing market.

Perhaps the need that is felt most acutely is for entry-level homes. “We feel that WSN, along with the other new developments, will provide more options for home buyers and free up inventory in the lower end of the market for entry level buyers,” adds Marchand. That’s good news for locals that want to see their dream of home ownership become a reality and continue to live in the place they work. It’s also good news for employers that often are faced with challenges for housing current employees as well as luring new employees to town.

On the other end of the spectrum, several new developments look to cater to the luxury market. “It’s been ten years since we’ve seen new high-end condos downtown,” notes Chris Paoli, Broker/Owner at Colorado Group Realty. He sees potential in the current market for new luxury properties in the downtown area. Unlike other mountain towns, Steamboat still has room to grow, and downtown is just one of the areas seeing growth.

Whether they feature affordable housing or luxury condos, one word that defines the new developments in town is variety. Many of the new neighborhoods plan a mixture of home styles and target consumer, from move-up buyers looking for more room to those looking to downsize.

From single-family homes to loft-style mixed-use developments, here’s a rundown of some of the current and future projects in Steamboat Springs.

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Mountain Area

Urban Street at the Mountain

Located across the street from Casey’s Pond Senior Living, the Urban Street neighborhood features mixed-layout units. The developers describe the community as urban-alpine style, combining progressive, big-city style with small-town charm. The neighborhood includes 12 row houses, four duplexes, eight triplexes and two condo buildings with 2-4-bedroom configurations. The development’s proximity to the Steamboat Ski Area, shopping and dining areas and the Core Trail make it an attractive option for home seekers.

One appeal of this project is ease of living. “We hear from buyers that they want quality living with few amenities and work,” says Cindy MacGray, Broker Associate at Steamboat Sotheby’s International Realty. With such easy access to the many recreation opportunities in Steamboat, this neighborhood will appeal to both full-time and part-time residents looking to spend as much time as possible enjoying the benefits of the Valley, rather than on home repairs. www.urbanstreetsteamboat.com

Alpenglow Village

Yampa Valley Housing Authority’s newest apartment complex is well on its way to providing needed affordable housing in Routt County. Construction on this project, located next to Walgreens at the intersection of Highway 40 and Pine Grove Road, started in July of 2019 with the goal of opening to residents in summer of 2020. Funded in part through assistance from the Colorado Housing Finance Authority and funds from the Housing Authority’s one-mill property tax passed by voters in November 2017, this new complex is aimed at residents who make low to moderate income. Forty-eight units are allotted for households earning 30% to 60% of Routt County’s area median income (AMI) while the other 24 units are aimed at those earning 61% to 120% of area median income. For a single-person household, the AMI is $60,300 while $86,100 is the AMI for a household of four.

Alpenglow follows the successful YVHA Reserves project, located on the West side of Steamboat, where the waiting list for prospective residents far outpaced the supply. That project highlighted the critical need this type of project fills. www.yvha.org

Fish Creek Area

Fox Grove

A new six-lot subdivision in a prime location off Fish Creek Falls Road and Huckleberry Ln. Views include Emerald Mountain, South Valley and the Steamboat Ski Area, depending on the lot and are for those looking for new custom home. Aspen and mature Gambel Oak dot the landscape so with some attention to preserving vegetation. This subdivision is in the county, yet boasts city water, sewer and natural gas. Lots start at $475,000 and go up to $645,000.

Middle of Town

Fox Springs Condos

Situated between town and the mountain, the Fox Springs Condos project on Hilltop is one of the most attractively priced developments in Steamboat. The designs are low maintenance, and the developers tout low HOAs to attract buyers interested in simplified living. Close to the City bus route and Core Trail, this project will also be attractive to commuters and those looking to easily access Steamboat’s many amenities. Most of the 50 units will be 2-bedroom, 2-bathroom, 2-car tandem garage units at entry-level pricing ranging from $415,000-$445,000. Developed by long-time local company Kreissig Homes, the project is scheduled for completion in early 2020. www.liveinsteamboat.com/foxsprings/

Downtown Area

RiverView

Situated along the banks of the Yampa River, this nearly 5-acre mixed-use community development looks to fill a variety of needs in the downtown area. Plans include commercial and residential properties as well as potential for a boutique hotel on the site. This parcel between Lincoln Avenue and the Yampa River from Third to Fifth streets offers unique opportunities to be a part of the newly improved Yampa Street district, a lively pedestrian-friendly area with shops and dining. Major infrastructure improvements have been completed, and zoning approvals and utilities are in place, creating a setting that is ready to build in the next 12-24 months.

The parcel is divided up into several different zones, with some parcels zoned for residential while others are mixed use. The variety of end-use is part of what makes this project so unique, notes Paoli. “The flexible, unique zoning creates one big parcel that’s almost like its own neighborhood.”  Residential units will be a mixture of high, medium and low density with semi-underground parking and boast unparalleled views of Emerald Mountain and the Yampa River. Paoli also noted the whole site can be purchased as one lot or it could be parceled out into smaller zones. www.riverviewsteamboat.com

Downtown/West Area

Sunlight

Perched upon a hillside just west of downtown, the new Sunlight Neighborhood is aptly named: views abound, and the community is perfectly positioned to enjoy the brilliant Colorado sun. Located up the hill across from the Community Center, this 92-lot subdivision is being sold in three phases with a mixture of single family and duplex lots. The neighborhood is already partially completed creating “a wonderful community neighborhood with families, singles, retired, and renters,” notes MacGray, who has many listings in the development. “The Builder (JSM Builders) is passionate about building quality homes while keeping the price in a more attainable range even though rising building costs continue to be a challenge.” www.sunlightsteamboat.com

Steamboat Lofts at Riverside

A new twist on the live/work trend, this development is well on its way toward proving realistic ownership opportunities west of downtown. The development contains a mix of office and living spaces with available garage space, rooftop patios and boasts curbside access to the free transit system. Plans for the ground level include office space with condos on the upper floor. The units will be priced between $275,000 and $415,000 and are just over 1,100 square feet. As the name suggests, the residential units feature a loft design with open floor plans and a contemporary feel. www.SteamboatLofts.com

The Traverse at Wildhorse Meadows

Situated at Wildhorse Meadows just beneath the base of Steamboat Ski Resort with panoramic views of the south valley. The Traverse is a collection of twelve residences made up of three and four bedroom floor plans that features mountain modern interiors designed to flow seamlessly between the gathering spaces for cooking, dining and indoor/outdoor lounging. Owners and guests of The Traverse also enjoy access to a diverse array of features at Trailhead Lodge. https://www.thetraversesteamboat.com          

West Steamboat Neighborhoods

Located just a few miles from downtown, this newly annexed development is designed to provide much-needed locals’ housing. Brynn Grey, the developers, have been working with the City and stakeholders over several years to create a viable plan for future growth as the population of Steamboat Springs grows. In 2019, the annexation successfully passed in a public vote, affirming the public’s desire to see attainable housing for locals. “City Council and the community were extremely thoughtful in our annexation process, to ensure that this was a development that would serve Steamboat for years to come, and the result reflects that, hence why the annexation process took 3 years, over 30 City Council meetings, and countless other community forums,” said Melissa Sherburne, Managing Partner, WSN.

The 150-acre parcel, which sits adjacent to Highway 40, includes plans for 400 homes, a future school, daycare and a potential grocery store. One-third of the homes will have a locals’ deed restriction and the developers have donated land for YVHA to build 50 units of apartment-style low income housing. The plans include townhomes, duplexes, and single-family homes aimed at “working families, young professionals, and local retirees thus serving a wide range of incomes and demographics,” says Marchand. www.weststeamboatneighborhoods.com/

These are just some of the new developments seeking to loosen up the tight local housing market. While at first glance the amount of new housing popping up around Steamboat might seems daunting, even excessive to locals hesitant about growth, realtors like Paoli are quick to point out that inventory is still low. Demand outpaces supply in all price ranges, and while several new developments will help with the housing shortage, it will be some time before supply and demand even out. Introducing new housing into the market aimed at move-up consumers helps open new possibilities for newer, entry-level buyers.

Suiting a variety needs and styles, developers and realtors believe these new projects will be the answer many Steamboat locals have been searching for to make their dreams of home ownership in the Yampa Valley a reality.

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