Buying a luxury home is like buying a luxury car, says John Shively, owner of Shively Construction. Like engine size and trim choices on a vehicle, the sky is the limit for amenities and finishes in a property.

In the early 2000s, construction was booming in the Yampa Valley, with a heavy emphasis on luxury homes. Sought after land in exclusive developments such as Catamount Ranch and Club, Marabou Ranch, Elkins Meadow and Storm Mountain Ranch, was snapped up. Almost 20 years later, many of these custom-built properties are on the market for the first time.

Building a home on such prime acreage is now an anomaly and the cost of construction in today’s market runs from $350-$700/sq ft. As a result, buying an existing property in the $2.5M+ range offers tremendous value for your money.

“Replacement costs are well over what some properties are listed for,” shares Jim Hoy of ASI Appraisal Services. In April, a 10,700 square foot home on a 40- acre lot in Emerald Meadows West, a subdivision five miles outside of Steamboat, sold for $3.75M which equates to $357/sq ft. 

In 2017, Alterra Mountain Company bought Steamboat Resort and announced it plans to spend over half a billion dollars in capital  improvements at its 12 resorts over the next five years. Steamboat has traditionally been seen as one of the most affordable mountain towns in Colorado with the strongest sense of community. Given the huge investment planned for Ski Town, U.S.A. ®, it is only a matter of time before the price of luxury homes in Steamboat begin to soar.