The change from El Nino weather pattern to a regular seasonal pattern has been strange for Steamboat Springs. The temperatures are warm and dry. This has made for a very comfortable and sunny environment for us the enjoy Winter. We did get a bunch of snow over the last month, and in the last 10 days, I have seen myself walking my dogs with a light jacket and dreaming of the next fishing season.
As I said before, I took 5 months off of real estate to look at other industries and to give the market and me some time to get over being frustrated at the market. With a little retrospect and contrarian viewpoints, I can see that this market is going to be roughly the same for a while.
The promised Federal interest rate decreases may happen, and it’s likely to help borrowers, but overall, it’s not going to change things to make any recent real estate market trend duplicate. Meaning, it will only normalize trends and not spur that much new buying. Homeowners who have purchased or refinanced in the last few years are unlikely to want to pay current interest rates or be able to sell and use their equity to move up.
Overall, the Steamboat Springs market is unchanged. Properties near the resort consistently sell in a short time. Fractional purchases are continuing to be popular as a way to have a place in Steamboat and not have to deal with the dynamics of a bigger purchase. And workforce housing in Hayden moves steadily.
The market for long-term housing is strong and sellers are primarily people who need to move for one reason or another.
I found an interesting observation. Uber drivers for the last few years have been few and far between. Airline passengers are stuck at the airport with no rides. Getting rides in town was expensive. Drivers made a good living. For this Winter season, the number of drivers has tripled, or more. A new driver occurs weekly. At times, drivers wait at the airport for 2 hours or more to earn $36 to take someone to Steamboat Springs. In general, I don’t understand how they now make enough money to support themselves. If as a side hustle to supplement an existing job, that’s valuable.
As well, several private driving companies have sprung up. Probably 4 with 3 vehicles or more. To support the payment on a newer SUV or van by providing transportation to folks seems dubious when making payments from April to December with very little income. I’m mystified and curious about how these companies will do.