Score
0Steamboat Springs, CO
703 Lincoln Ave #B206
1.1M
1 beds
1 baths
888 sqft
1 bd • 1 ba • 888 sf
This analysis was generated on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
List Price
$1,150,000
Price/Sq.Ft
$1,295
Year Built
2008
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
This property boasts an unbeatable location in the heart of downtown Steamboat Springs, at 7th & Lincoln. The walkability score is likely 90+, with restaurants, shops, and events effortlessly accessible. The unit is part of Howelsen Place, a luxury condominium complex built in 2008, offering high-end finishes and amenities. At 888 sq ft, the price per square foot is $1,295, which is actually competitive for its prime downtown location. The property includes a deeded parking space in a heated garage, a rarity in downtown locations. Residents enjoy access to a private ski locker at the base of the Gondola, enhancing its appeal for both personal use and short-term rentals. The unit's private deck overlooks the parade route on Lincoln Avenue, offering prime views for local events like the 4th of July celebration and Winter Carnival. Climate risk is minimal, with a flood risk score of 1/10 and wind risk of 1/10, significantly better than many properties in mountain towns. The Community Plaza provides additional outdoor living space, a valuable amenity for entertaining. The property's location in the "green zone" makes it excellent for short-term rentals, potentially yielding high returns for investors.
The Bad
At $1,150,000 for a one-bedroom unit, the price point is high, even for Steamboat Springs. This limits the potential buyer pool significantly. The square footage (888 sq ft) is relatively small for the price, which may deter some buyers looking for more space. The property has been on the market for 1,191 days, which is extremely long and could indicate overpricing or other issues deterring buyers. While the building was constructed in 2008, making it relatively new, some systems and appliances may be approaching the 15-year mark, potentially requiring updates or replacements soon. The estimated insurance cost of $4,140/year is quite high, likely due to the property's value and location. The fire risk score of 5/10 (major) could contribute to these high insurance costs and may be a concern for some buyers. The air quality risk is moderate (4/10) with 5 bad air days per year, which could be an issue for those with respiratory sensitivities.
The Ugly
The property's value has been volatile, with a significant price drop from $750,000 to $735,000 in 2021, and now listed at $1,150,000 – a 56.5% increase in just two years. This extreme price fluctuation raises questions about market stability and accurate valuation. The long time on market (1,191 days) is a red flag, suggesting potential issues with the property or its pricing strategy. There's no mention of HOA fees, which for a luxury downtown condo with amenities like a heated garage and community plaza, could be substantial – possibly in the range of $500-$1000 per month or more. These fees, combined with the high purchase price and insurance costs, could make the total monthly ownership costs prohibitively expensive. The one-bedroom layout limits the potential buyer pool and could make resale challenging. While excellent for short-term rentals, if local regulations around short-term rentals change (as they have in many resort towns), it could significantly impact the property's income potential and value.
Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
This property is best suited for high-net-worth individuals or investors looking for a luxury pied-à-terre in a prime mountain town location. It's ideal for those who prioritize walkability, downtown amenities, and don't require a lot of space. The unit would work well for:
1. Affluent singles or couples without children who want a second home in a vibrant mountain town.
2. Investors focused on the short-term rental market, capitalizing on Steamboat's popularity as a year-round destination.
3. Ski enthusiasts who value the private ski locker and proximity to the free bus to Steamboat Ski Area.
4. Empty nesters or retirees looking to downsize while maintaining a luxury lifestyle.
5. Buyers who frequently entertain and appreciate the additional community spaces for hosting guests.
The ideal buyer would have a household income of $300,000+ annually, considering the high purchase price and potential HOA fees. They should also have a high risk tolerance given the property's price volatility and long time on market.
Not For
This property is not suitable for:
1. Families or individuals needing more than one bedroom or expecting to grow their family.
2. First-time homebuyers or those with limited budgets, given the high price point and potential for significant HOA fees.
3. Investors looking for steady, predictable appreciation, given the property's volatile price history.
4. Those seeking a quiet, residential neighborhood experience, as the downtown location can be busy and noisy.
5. Buyers uncomfortable with the potential risks and regulations associated with short-term rentals.
6. Individuals sensitive to air quality issues, given the moderate air quality risk.
7. Those looking for a primary residence with more space or multiple bedrooms.
8. Budget-conscious buyers who prioritize square footage over location and amenities.
Demographics
Area Median Income
$0
Property History
Price History
Property Taxes
$2,147
2023 Tax Assessment
8.1%from previous year
Assessed Value$52,940
Tax Rate4.06%
Sunlight Analysis
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Sunlight Analysis
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Schools
Nearby school quality by education level
Elementary
8.0/10
ExcellentMiddle
7.0/10
GoodHigh
7.0/10
GoodFinancials
Monthly Costs
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$1,150,000
Price/sqft
$1,295
Layout
1 bd•1 ba
Days on market
155 daysat time of analysis
Stats in the Area
Based on 1 comparable properties nearby
Average Price
$985,000
16.8%
Your price is 16.8% above average
Median Price
$985,000
16.8%
Based on 1 recent sales
Price per Sq.Ft
$1,213
6.8%
Your price is 6.8% above average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 700 Yampa Street #A202, Steamboat Springs, CO 80487 | $985,000 | 812 | 1 | 1 | $1,2136.3% | 8/23/2024 |
700 Yampa Street #A202, Steamboat Springs, CO 80487
Price: $985,000
Sq.Ft: 812
Beds/Baths: 1/1
$/Sq.Ft:
$1,2136.3%
Sale Date: 8/23/2024
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