Focus Team: Housing & Non-Residential Demand + Project Economics (Combined): Aligning Demand  with Project Economics

Date and Location: Monday, March 21, 2022 – Community Center West Room

Estimated Attendance: 29

Guiding Questions: N/A

Key Technical Information Shared: 

Dana Schoewe, technical consultant from RCLOCO, provided a review of the work to-date from both the  Demand and Project Economics/Stewardship group. See attached slides. Recording of the meeting is  available upon request.

Key points:

• The median two-bedroom Airbnb in Steamboat in 2021 generated income equivalent to renting  a unit for $2,400/month. Thus, there is a disincentive to provide rentals that serve households  below $95K (all households in the “entry level” and “affordable” categories).
• The median for-sale list price in Steamboat was $850K in December 2021. Thus, there is a  disincentive to provide ownership opportunities for households below $162K income (223%  Area Median Income, or most households in “move-up” category).
• It costs at least $1,030,000 to build a new SFH in Steamboat.

Sheila Henderson, Brown Ranch Community Outreach Manger, shared information gathered from  targeted outreach efforts to “hard to reach” populations. Key takeaway:

• It is not widely discussed in the community, but often there are multiple unrelated families who  live in a 1000 SF unit, one family per bedroom. This level of density leads to conflict and crisis.  Building a substantial number of affordable apartments in phase 1 will help ease this crisis.