Change is Good
Change is good, and usually, we fight it. But some change is good. Take for example winter, it will change, spring is definitely coming to Steamboat Springs. As the snow melts, we are seeing glimpses of green grass and hyacinth sprouting around the 3-foot berms of snow we still have lining our driveways. There is such a thing as change for the better. Fortunately for our economy, change in the housing market is on its way.
In our local paper, the Steamboat Today, the numbers for Routt County building permits were just released. The regional area has seen an increase of 33% for the first 3 months of 2013 compared to the same time period in 2012. The permit valuation was up from $14 million in 2012 to $21 million in 2013. Historically, the first quarter only reflects approximately 15% of the total permit valuation for the year so things are looking brighter. Three major projects highlight the building permits: The Holy Name Catholic Church, Four Points Lodge at the ski area, and an 8-unit apartment building in Old Town.
Speaking of change, there is an interesting event happening. The Barn Village at Steamboat has seen some hard times but now that is about to change. This development will be selling single family and duplex lots in the heart of the mountain area of Steamboat for drastically reduced prices. Great location, great price.
Some people have been waiting to build or do improvements over the past few years. To make large capital improvements on an existing property or to build something new carries some risk in our current economy. But many of the indicators that our economy is changing is spurring people to jump into the housing market. Building now is not as scary as it was just recently. Our inventory of houses for sale is the lowest it’s been in four years, unemployment is down, sales are very high, and then there is an increase in consumer confidence. People see a change.
Change is good.
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