Yesterday I attended an auction on two beautiful Dakota Ridge homes that are owned by the same developer. Both have direct views of the Steamboat ski area.
The larger residence is a five bedroom, six bath, 8,800 square foot home with spectacular 360 degree views of ski slopes and Yampa Valley. It is brand new and never lived in. Built as the developer’s personal residence, everything was top quality, including cherry, oak and alder cabinets and trim, as well as granite, marble and onyx countertops and flooring. Appliances in the gourmet kitchen were Wolf, Bosch, Viking and Sub-Zero. Outdoor amenties included a kitchen and 10 person hot tub. Located only two miles from the ski area, it is situated on 21+- acres with hayfield and 350+- ft. frontage on the Yampa River—great for horses and trout fishing. This luxury home was listed for sale at $6,825,000.
The second home is situated on three acres and consisted of 6,500 square feet. It has 4 bedrooms, 4.5 baths with panoramic ski area and valley views. The eat-in kitchen has hardwood floors, granite, a 6-burner Viking range, additional oven, glass tile backsplash and beautiful cabinets. In addition to the normal inclusions, this home also comes equipped with a temperature controlled wine room, spacious family room with fireplace, 2 offices, a mud room with built-in cabinets and a 3-car garage. A large deck and flagstone patio with fantastic views complete the package. This property was listed for sale at $3,985,000.
The auction was attended by approximately 30 real estate agents (most as spectators) as well as approximately 15 on-site bidders and five phone bidders.
I was there to bid on the larger home on the behalf of a client of mine. Bidding started at $1,000,000, and quickly went to $2m, then after some back-and-forth negotiating with two phone bidders, ended at $3,250,000.
Bidding on the second home started shortly thereafter, again at $1,000,000, and ended at $2,100,000.
With a 10% bidder premium, the prices ended at $3,575,000 and $2,310,000, respectively. Being that the auction was not an absolute, it was then up to the seller to accept the bids or continue to market them on his own for a price that would be acceptable to him. It is my understanding that the owner did accept the $2,310,000 offer on the smaller home and turned down the other bid. However, he is prepared to accept $4,500,000 on the larger home for a limited time.
My client did not have either one of the winning bids.
At $354 per square foot, the winning bid on the smaller house was a good value for the quality craftsmanship, design and location. At $511 per square foot for the larger home, it does have some unique and personal design elements that may not be on target with a majority of today’s luxury buyer.
If you would like additional information about the auction, properties involved, or a search to locate a luxury home in the Steamboat Springs real estate market, please let us know!
Today President Obama is just on the other side of the snow-covered Continental Divide, getting ready to sign the Stimulus Bill in Denver. We on this side of the divide (as well as elsewhere in the world, I’m sure), are waiting to see what the Stimulus package will do for the economy, and specifically what it will do for the Steamboat Springs, Colorado Real Estate market. We know it is going to rebound at some point, but what will the graph look like when it does? Will the curve on the graph showing the price of properties and the volume of transactions sky rocket upwards in a V shape? Will it be slow to take off and be shaped more like a U? Or, worse case scenario, will it be a flat L?
Here at Buyer’s Recourse we have a number of clients that seem ready to buy once they feel we have hit bottom.I know that my husband and I will be ready to act again when/if stated-income loans come back on the market with reasonable rates. (Some stated-income loans are available now, but the rates and terms are unattractive.)
So what are we doing to prepare for a favorable turn of events? We’re making sure our credit score is stellar, for one. And we’re advising all of our clients to be doing the same. To help with this, Holly Rogers, a local Mortgage lender with Yampa Valley Bank, has given us the following eight tips, which we’d like to share with you here:
Eight Tips to Stellar Credit
These days, credit and credit scores are an important part of our lives. From loans for your car, home, college, or even quotes for insurance, good credit is the key to getting the best possible rates.Here are eight tips on keeping your credit stellar.
1.Check your credit at least annually.
Call the lender you are working with and they can pull and review your credit together in a meeting or you can pull a free report at www.annualcreditreport.com. You will have to pay to see your credit scores. When you check your credit, look for the following: inquiries to your credit that you do not recognize; any recently opened accounts that you do not recognize; and any late payment or collection errors. Please feel free to call me if you have any questions.
2.Make all of your payments on time.
Please pay any mortgage, credit card, and installment loan on time or at least within 30 days of the due date. Late payments affect your credit for years.
3.Keep your credit card balances below half of your limit.
This shows restraint and will help your score.
4.Watch out for credit cards that do not report the credit limit.
If the credit card company does not report your limit, than the scoring systems use your high balance as your limit and this can negatively impact your credit score. You can find out if your card reports your limit by checking your credit report.
5.Keep your oldest credit cards active.
Average age of credit is very important to the score so if you frequently change credit cards this reduces your average age. It is best to have three to five credit cards that you have had open for a long period of time.
6.Buy and use a shred machine.
Shred any documents showing your name, address and any important information. This includes credit card statements, mortgage statements, and credit card applications. I can promise that once you start using a shredder, you will find lots of things to shred!
7.Block solicitors from pulling your credit information for marketing purposes.
Do you ever wonder where all of the credit card offers in the mail come from? The solicitor pulls a quick score and address on you and sends out the offer. If someone else gets that piece of mail and applies for you, it could spell disaster. You can block the marketing pulls by calling 1-888-5-OPT-OUT.
8.Have a good mix of credit.
This means that it is good to have an installment loan, a mortgage and between three and five credit cards. This shows that you are responsible with credit and can pay all different types of credit on time.
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If you have questions about your credit or other mortgage concerns please give a local lender a call. (If you’d like to consult with Holly Rogers, she personally can be reached at 970-875-1636.)
Meanwhile I too will be getting my ducks in a row, as well as scouring the MLS for a great deal. Getting your credit “stellar” is your business. Finding you great deals is ours. Just give us a call at 970-870-8885 and we’ll keep our eyes peeled for deals for you too.–Susana Field
By Kristin-It’s another wonderfully long President’s Day weekend here in Steamboat, with beautiful, sunny skies and the ski area reporting powder/packed powder conditions with a 69” base.The conditions are fantastic, so try to get out and enjoy the sunshine.Owners and prospective buyers of vacant land in Stagecoach received bad news yesterday when the Steamboat Pilot reported that the flat-rate tap fee was increased from $8,000 to $30,000, effective January 1, 2009.Stagecoach is served by the Morrison Creek Metropolitan Water and Sanitation District, which deemed the increase necessary due to its aging water plant.20 percent of the fees will go into the capital fund, which is reserved for replacing or renovating the plant. This rate is now the largest tap fee in all of Routt County.The only other tap fees which come even close are within the city of Steamboat, where the tap fees are based on a point system, but only the largest homes and duplexes will exceed $20,000.Happy Valentine’s Day!Make a difference in someone’s life – let them know how much they mean to you!
Valentine’s Day fireworks lit up snow-filled skies over the Steamboat Ski Area last night as hundreds flocked to the base area to celebrate a romantic evening with their sweetheart, which is becoming a Steamboat tradition.If you are looking for a sweetheart of a real estate deal, the developers of The Porches have temporarily reduced prices on a couple of their townhomes for the next two sales, which present a very good value.The Porches is located in a picturesque 20-acre community at the base of the Steamboat Ski Area. The Ponderosa Model, located at 1998 Indian Summer Drive, features 5,019 square feet, five bedrooms, five full baths and two half-baths, a gourmet kitchen with granite counters, multiple gas-lit stone fireplaces, AC, two-car garage, and a porch which makes a great gathering place for family. The quality of materials and craftsmanship throughout these homes is exquisite!Originally listed at $3,187,000, the new price is $2,600,000.This quality for $500 per square foot is a very good buy.On site amenities include the Barn, a spacious, centrally located commons building available for owner’s use, and offers social areas, fitness facility, heated swimming pool, hot tub and on-site concierge services.A slopeside ski valet provides the convenience of slopeside living but without the cost.If this property is too large for your needs, there are smaller townhomes available.We’re told the developer is only going to offer these reduced prices for the next two sales, so please call us today and we would be happy to provide you with additional information.
By Ulrich-Happy Friday the thirteenth everyone. President’s weekend and Valentine’s Day make for a busy few days. Chris Diamond, President of the Steamboat Ski and Resort Corp. reports that we will have some busy weeks in March as well with the exception of the last week in the month. The beginning of April picks up again and hopefully will stay strong until the closing day which is the twelfth.The Direct Flight program will also come to its winter end on Sunday April 5th. Most people don’t realize that we, as a community, have to guarantee money to the Airlines to have them fly in to Yampa Valley Regional Airport. This program is expertly managed by Janet Fischer of the Steamboat Ski Corp. The money comes from several varied sources and it has only been a couple of years since we were able to pass a lodging tax specifically earmarked for this program. The Ski Area adds funds as does the business community. The amount can be as much as 2.5 million dollars if the seats aren’t full. The dynamics and intricacies of this program are fascinating. One quick example was several years ago American Airline’s direct daily flight out of Dallas was going to be adjusted to an earlier departure from Dallas by about 20 minutes. One would think that 20 minutes wouldn’t mean much in the greater scheme of things but, due to the “hub & spoke” system used by all major airports, this translated to losing out on the possibility of connecting with over 120 flights. Potentially devastating to potential passenger loads and guarantee money.We were the first Resort to begin such a program and the continued success is a testament to the cooperative spirit found within the Yampa Valley.Happy Valentine’s Day! Don’t forget about the torchlight parade followed by fireworks at the ski area on Saturday evening.
The first part of this message is for the men only. If you are a female please avert your eyes for the next few sentences.Alright, no peeking! O.K. Guys, this is your only warning. DON’T FORGET VALENTINE’S DAY! No excuses, you have two full days warning, don’t mess up. Ladies may now rejoin the conversation.Over the past several weeks I have had an opportunity to view homes in many areas of Routt County. I sometimes forget how many nooks and crannies there are in the Yampa Valley and all have some sort of incredible view. It might not be the Ski area or Hahn’s Peak, Sleeping Giant or the Flat Top Wilderness Area but all have something amazing to look at. Steamboat Springs, which is the County seat, is centrally located within the County. You can pretty much be assured that from anywhere within the County to Steamboat will take less than 40 minutes.Real Estate in Routt County is not just a business but a personal sightseeing adventure.One of the more underappreciated aspects of Steamboat Springs and Routt County are the way the roads are maintained in the winter. I tell people that this is the only part of Mother Nature that we really have to deal with. No Hurricanes or Tornados not severe flooding and no major earthquakes.All we have are those little white flakes falling gently to the ground.Of course that white stuff can accumulate quickly but we are so well equipped that even 30 plus inches in a two day period is just second nature to us. Between the State, County and City plus all the individual contractors you will find it easy to navigate anywhere you wish to go.
If purchasing real estate is all about location, location, location, there are few locations as nice as downtown Steamboat Springs, Colorado. Also known as Old Town, downtown Steamboat stretches from the Old Town Hot Springs located right before 3rd Street, and ends on 13th Street at the Bud Werner Library and Elk Springs Park. In the other direction, east to west, Steamboat’s downtown core area extends from Howelsen Hill with its own ski hill, rodeo grounds and ball fields, past the Yampa River and the commercial area of Yampa Street, Lincoln Avenue and Oak Street, eastward past residential neighborhoods and several schools: Colorado Mountain College (CMC) Alpine Campus, Steamboat Springs High School and Soda Creek Elementary.
The predominantly single family downtown homes are located, for the most part, on relatively small lots (.07 to .35 acre, with a very few up to 5 acres), and are an eclectic mix of architectural styles. You’ll find elegant Victorian-style homes, with wrought-iron fences, and log cabins, amongst an assortment of older miner’s cabins, some of which have been beautifully enlarged and remodeled, while others are still as they were when first built in the 1920s. Relatively new to Steamboat (since 2005), several high-end downtown lofts are perched above trendy retail spaces in the heart of downtown, most of which offer wonderful views and outdoor balconies.
You can walk from any of Steamboat’s downtown homes or lofts to say, The Shack for breakfast, and then on to The Epilogue Book Company for a book recommendation from Erica, or to the Meat and Seafood Company for deli goods, Lobster Pies and take-home gourmet dinners. You can perform your yoga asanas while overlooking the Yampa River at the Bear River Center, or participate in the Kayak festivals held right through town during the spring runoff in June.
For dining, there’s the cave-like Double Z with its famous Z Burgers and Pork Ribs, or The Rio, where the margaritas are so smooth there’s a sign saying they’ll limit you to three – and they mean it! There’s the Friday Art Walks, the Chief Plaza Movie Theater, the bike path along the Yampa River, the hiking, biking, ski trails at Howelsen Hill, and the free bus service to the Mt. Werner Ski Area. Living and playing in Old Town, you can literally park your car and seldom have to start it up. (Which comes in handy over the winter, since so few downtown homes have garages!)
There are 35 Single Family homes currently on the market within the core of downtown Steamboat Springs. They range in price from $499,500 for a 3BR 2BA, 1430 square foot home on .12 acre built in 1924 to $1,995,000 for a 6 BR, 5 BA, 6590 square foot home on .35 acre built in 1965.
Convenience and community. Urban amenities and outdoor recreation, all within a block of each other. Downtown, Old Town, Steamboat Springs, Colorado.
We’d love to help you make this your home. For a customized search and/or unbiased assistance with property evaluation, please give us a call, shoot us an e-mail or stop on by (we’re located downtown too,at 118 8th Street, between Lincoln and Oak Street.). Location. Location. Location.
Last night the skies above downtown Steamboat Springs were filled with an awesome fireworks display in conjunction with the 96th annual Winter Carnival. The Lighted Man inspired the crowd with his traditional nighttime ski down the face of Howelsen Hill as his powder-keg of a backpack, full of rockets and sparklers, exploded into the evening sky.
The National Association of Exclusive Buyer Agents, of which all of our Steamboat Springs Buyer’s Resource real estate brokers are members, noted in their Winter 2009 newsletter that the National Association of REALTORS conducted a study of when buyers were notified of the relationship that would exist between the real estate salesperson and the buyer. Only 30% of homebuyers received a disclosure statement at the first meeting, 28% when the contract was written, 22% didn’t receive one at all and 20% were uncertain if they even received one! This disclosure is supposed to be made during the first meeting.
Why salespeople did not make a disclosure during the initial meeting is difficult to understand, but simply more the reason to work with an exclusive buyer’s broker (EBA). EBA’s have nothing to hide! We represent buyers no matter what the property, no matter what the market, no matter who the client. Our business model is simple. We believe in protecting the real estate buyer all the time, a concept that has been lost, forgotten and abused for too long. We hope that when you are ready to buy Steamboat Springs real estate, that you will give us an opportunity to assist.
Incidentally, we strive to have the most educated real estate buyers in the market. Toward this end, we conduct extensive research and compile a great amount of data to provide to our clients. Some of our findings from the 2008 market are now posted on this site in the “Market Trends” section under the “Buyer’s Toolbox” link found above. Please feel free to visit that page and see what is happening.
Ever wonder what the most popular Steamboat Springs condominium size in our market is to buy? What’s the most likely price of a 5 to 10 acre piece of Steamboat Springs land parcel? Does that single family home have much upside in the Steamboat Springs real estate market? Well, the median price of a home within Steamboat Springs last year was $1,100,000. But how much did homes appreciate from last year? You’ll see answers to these and others by either visiting the Market Trends page or contacting us for more specific information.
Please keep in mind, however, this public site is only a fraction of what we can personally share. If you have a particular property type you are looking for, let us know, and I’m sure we can shed more light on what is happening within that micro market.
Last night the skies above downtown Steamboat Springs were filled with an awesome fireworks display in conjunction with the 96th annual Winter Carnival. The Lighted Man inspired the crowd with his traditional nighttime ski down the face of Howelsen Hill as his powder-keg of a backpack, full of rockets and sparklers, exploded into the evening sky.
The National Association of Exclusive Buyer Agents, of which all of our Steamboat Springs Buyer’s Resource real estate brokers are members, noted in their Winter 2009 newsletter that the National Association of REALTORS conducted a study of when buyers were notified of the relationship that would exist between the real estate salesperson and the buyer. Only 30% of homebuyers received a disclosure statement at the first meeting, 28% when the contract was written, 22% didn’t receive one at all and 20% were uncertain if they even received one! This disclosure is supposed to be made during the first meeting.
Why salespeople did not make a disclosure during the initial meeting is difficult to understand, but simply more the reason to work with an exclusive buyer’s broker (EBA). EBA’s have nothing to hide! We represent buyers no matter what the property, no matter what the market, no matter who the client. Our business model is simple. We believe in protecting the real estate buyer all the time, a concept that has been lost, forgotten and abused for too long. We hope that when you are ready to buy Steamboat Springs real estate, that you will give us an opportunity to assist.
Incidentally, we strive to have the most educated real estate buyers in the market. Toward this end, we conduct extensive research and compile a great amount of data to provide to our clients. Some of our findings from the 2008 market are now posted on this site in the “Market Trends” section under the “Buyer’s Toolbox” link found above. Please feel free to visit that page and see what is happening.
Ever wonder what the most popular Steamboat Springs condominium size in our market is to buy? What’s the most likely price of a 5 to 10 acre piece of Steamboat Springs land parcel? Does that single family home have much upside in the Steamboat Springs real estate market? Well, the median price of a home within Steamboat Springs last year was $1,100,000. But how much did homes appreciate from last year? You’ll see answers to these and others by either visiting the Market Trends page or contacting us for more specific information.
Please keep in mind, however, this public site is only a fraction of what we can personally share. If you have a particular property type you are looking for, let us know, and I’m sure we can shed more light on what is happening within that micro market.
This week in Steamboat Spring is the 96th annual Winter Carnival. On Saturday and Sunday hundreds of people line Lincoln Avenue to witness the Street Events. The Street Events are a wildly popular and entertaining show featuring children on skis (or a snowboard) being pulled behind horses down a snow-covered Lincoln Avenue. Horse Events include: Street Slalom, Ski Joring, the Ring & Spear, the Ring & Box, and the famous Donkey Jump. Horse Events are for children ages 6 to 14 years old, while Non-Horse Events are for children ranging in age from infants to 14 years old.
All kids interested in participating in this year’s street events need to register in advance for the horse events. Registration for the Winter Carnival street events will open at 7:30a.m. on Friday, January 30th at the Steamboat Springs Visitor’s Center. Registration closes on Friday, February 6th. You need to register in person for the horse events and we cannot accept registrations over the phone. Get there early as availability fills quickly! Please see the list below for descriptions of the different events.
As evidence of how fun and enjoyable these festivities are, you will see more locals to this event than any other in Steamboat.
We’re compiling the results of the 2008 Steamboat Springs real estate market and beginning to analyze what all happened (or didn’t) over the past year. In almost every category there was a drop in activity, dollar volume and median price. However, there were some increases. These occurred in the median price of single family homes within the Steamboat Springs town limits, as well as Oak Creek and the South Valley. Median prices rose in Steamboat from $850,000 in 2007 to $1,100,000 in 2008, and for Oak Creek prices increased from $220,000 to $225,000 and the South Valley, where some of the most expensive real estate in the area resides, the median price jumped from $1,150,000 to $3,918,940. This substantial jump could be in part because there were fewer transactions in the South Valley in 2008, from 35 to 9.
If you are interested in receiving our year-end report, please call us for a copy today!
