Case Shiller Down – Will we see a Double Dip Recession?

January 25th, 2011

Case Shiller Down – Will we see a Double Dip Recession

It’s not a pretty report. 17 out of 20 major real estate market showed a deceleration in housing prices. And 9 markets: Atlanta, Charlotte, Chicago, Detroit, Las Vegas, Miami, Portland, Seattle and Tampa hit their lowest since 2006/2007.

Click here to view the Case Shiller Jan 2011

These reports are from data collected up to November so I’m hoping the next report will show improvements from December and January. I know things have become a little better in Steamboat Springs. But the Steamboat Springs market is affected by what goes on outside our little bubble. We have a lot of second homes and that means the primary homes of those second home owners are feeling the changes. And we’ve seen this change in some distressed sale in most every area. We had a home in the Sanctuary sell last week for $341 per foot. And this was a new home near the mountain area. Others are affected too. There’s been some recent sales in the Fish Creek area that were second homes as well. And were seeing it near the Steamboat ski area too where some places like Eagleridge townhomes are seeing way to many distressed properties.
The good news is there properties are selling. Most of them anyways.

I just keep going back to why I live here. I live in a mountain town. The air is crisp and clean and we have so much to do here. There’s skiing, fishing, hiking, biking, pools, parks, libraries, and decent coffee. And with homes prices down, why would you not move here . . .

—For more on this topic or questions regarding real estate in Steamboat Springs, feel free to call Charlie at 970-846-6435 or write me an email at: charlie@steamboatsmyhome.com. I will answer your post or email promptly with candid and informed answers. Click here to view all properties in Steamboat Springs in “real time” — This is one of the few real estate sites showing all foreclosed and all short sale listings in real time and updated every few minutes.

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