First and second hand accounts lead me to believe the Steamboat Springs real estate market may be on the mend. Personally, the past few months I have been very busy, not only from an inquiry and showing perspective, but also from a contract perspective. Talking to other brokers in our market, they have also recognized an increase in activity…and this is at a period of the year that has historically been a slow time in the Steamboat Springs market.
Those who are buying Steamboat real estate now are buying at the most opportune time they have had in a number of years. It is obviously hard to tell if even better times are ahead, but those who are making their move now are reaping great benefits that will be admired and enjoyed for years to come.
If you are looking for a great buy today in our market, consider this beautiful, foreclosure / bank owned home in Dakota Ridge with over 6000 sq.ft. of finished living space in mint condition and recently upgraded bathrooms, paint and light fixtures. The kitchen offers a center island, new stainless appliances, granite counter tops, and a prep sink. The living room and dining room have beautiful hardwood floors and a full wall of windows to enjoy the views of the Steamboat Ski Area. The library/study is just off the living room with an attached bath, fireplace and beautiful cherry built-ins. Upstairs are two master suites (one with fireplace) and a large media/theater room with built-in cabinetry and access to the hot tub. Downstairs features Mother-in-Law quarters with Murphy bed, additional bedrooms and laundry room complete with new washer & dryer. The home has central air conditioning, an irrigation system and the most incredible views you’ll find! The bank has just reduced the list price on the beautiful home from $1.8m to $1.695m!
Please give us a call for additional information on this spectacular property.
room have beautiful hardwood floors and a full wall of windows to enjoy the views of the Steamboat Ski Area. The library/study is just off the living room with
an attached bath, fireplace and beautiful cherry built-ins. Upstairs are two master suites (one with fireplace) and a large media/theater room with built-in
cabinetry and access to the hot tub.
, carpet, paint and light fixtures. Kitchen offers a center island, new stainless appliances, granite counter tops, and a prep sink. The living room and dining
room have beautiful hardwood floors and a full wall of windows to enjoy the views of the Steamboat Ski Area. The library/study is just off the living room with
an attached bath, fireplace and beautiful cherry built-ins. Upstairs are two master suites (one with fireplace) and a large media/theater room with built-in
cabinetry and access to the hot tub. Downstairs features Mother-in-Law quarters with Murphy bed, additional bedrooms and laundry room complete with new
washer & dryer. The home has central air conditioning, an irrigation system and the most incredible views you’ll find!
, carpet, paint and light fixtures. Kitchen offers a center island, new stainless appliances, granite counter tops, and a prep sink. The living room and dining
washer & dryer. The home has central air conditioning, an irrigation system and the most incredible views you’ll find!
If you’ve ever dreamed of running a Bed and Breakfast in the heart of Ski Town USA, a Victorian gem has recently come on the market in Old Town Steamboat Springs.
Two blocks from the main street of Steamboat’s charming downtown, this home has a separate apartment for you to live in while your guests enjoy the home’s three private bedrooms upstairs and a separate below-ground level which sleeps six in various alcoves, with its own family room and bath. The home has gorgeous hardwood and tile floors, an open kitchen and formal dining room, a two-car garage and extra parking in the back.
Recently, the not-so-easy to come by licensing, which allows nightly rentals in the otherwise primary-home dominated neighborhood, was obtained by the current owners. This home would of course also work well as a single family home.
As Exclusive Buyer Brokers, you may know that we never list properties. We do though constantly keep our eyes peeled for properties that could be of particular interest and/or value to our clients. We then help you purchase them at the best price and on the best terms. This specific property is listed by High Mountain Sotheby’s, with an asking price of $999,900.
Please give us a call if you’d like to learn more about this or any other property available in the Steamboat Springs area.
So what’s been selling in Steamboat Springs over the first half of 2009?
According to our Multiple Listing Service stats: 53 residential units sold, of which 15 were single family homes, 15 were townhomes and 23 were condos.
Let’s take a look at the single family homes first:
The least expensive home which sold in the first half of the year was in the neighborhood called Steamboat II, located west of town. A lot of the houses there were built in the 1970s and are of modest size, so it’s no surprise that is where the least expensive purchase occurred. It was a 1771 square foot, three-bedroom home with two bathrooms and a two-car garage. The asking price was $489,000 and it sold for $450,000.
The most expensive single-family home sale was for an 8536 square foot, 5 bedroom, and five bathroom home with a two car garage, located in the gorgeous valley of Strawberry Park right outside of town.
And town homes?
The least expensive town home which sold was an older town home above town in a small development called Suncrest. It was a 1267 square foot, three bedroom, two bathroom and one-car garage home, and sold for $295,000 after an asking price of $329,000.
The most expensive town home sold for full price at $1,995,000, had four bedrooms, three bathrooms and a two-car garage, and was located in the beautiful, new Stonewood development near the ski area.
Now condos:
Of the 23 which sold, the one with the smallest price tag sold for $180,000 ($205,000 asking price). It was in Walton Village, in what’s considered The Mountain area, to the east of the ski area. At 565 square feet it has one bedroom and one bathroom.
The most expensive condo sold for $1,118,250 (asking price of $1,245,000) and at 1836 square feet, it has three bedrooms, three bathrooms and a one-car garage. This one is located at the new Trappeur’s at Bear Lodge very close to the ski area base.
And contrary to what you might be thinking, these were not all cash sales! Most of these were bought with financing so yes, people are getting loans out there – those lucky devils!
Have you checked out our May newsletter yet? The focus for this month was looking at the residential market in Steamboat Springs, and how it has fared over the past five years. I must say that I was very surprised in the findings. Keeping in mind the research was done on what has sold and not what is listed, the number of sales has dropped considerably, but the price at which homes, town homes and condominiums in Steamboat Springs have been purchased for has actually maintained itself quite well in these tough economic times. To see the report and all of the great information, please check out the “Monthly Newsletters” section of the “Buyer’s Toolbox” link above.
Regarding the residential market in Steamboat Springs, if you are looking for a great lot to build a single family home, consider this “Best Buy”:
Great lot ready to build with a wonderful location in Wildhorse Meadows. Walking distance amenities include the gondola, tennis center, athletic fields, Strings in the Mountains Center, and more! The lot borders open space and offers Ski Area, Emerald and Flat Top Mtn. views. In the future, Wildhorse owners will enjoy use of The Ranch House, Wildhorse Athletic Club Steamboat Country Store and trail system. All utilities are to the lot line. In a neighborhood that already has a spec home setting the standard at $3.295m, this price, of $495,000, is a great value (lot values typically represent 25% to 35% of total value).
If this property sounds like something you are interested in, give us a call / email today. We’d be happy to provide you with pictures, maps, etc and answer any questions you may have.
Yesterday I shared with you, here on our homepage, the Steamboat Springs real estate sales’ numbers from January 1st 2009 to March 21, 2009 (post can be found in our Blog). To compare it to this same period in 2008 and 2007, the Total Sales, Sales Pending and New Listings numbers look like this:
20092008 2007 Total Sales:38 133 207 Sales Pending:29 6 3 New Listings:332 51 7
Is there any question that this is a buyer’s market? The numbers are all inverted, meaning there is a lot of available inventory to pick from, and for the most part you can take your time looking, analyzing and selecting the property which best suit your needs. The best terms can also be had now because of the historically, incredibly low mortgage rates, in addition to many sellers being willing to be flexible and creative with terms such as move-in dates, covering repair of inspection items, etc. And now, regarding getting the property at the best price? What if we look at what a home sold for, compared to what the asking, or list, price was? _________________________________________________________________________________
2009HIGHLOWAVERAGEMEDIANTOTAL $LISTING#
LIST $: $4,200,000, $42,500, $670,390, $399,250, $25,474,820 38 SOLD $: $4,100,000, $40,000, $624,318, $370,000, $23,724,120 DOM: 718 24 240 204 Sold/List $: 98% 94% 93% 93% 93%
________________________________________________________________________________________ 2008 LIST $: $5,850,000, $10,000, $646,041, $385,000, $85,923,500 133 SOLD $: $5,400,000, $8,000, $616,983, $374,900, $82,058,833 DOM: 1756 0 265 127 Sold/List $: 92% 80% 96% 97% 96%_________________________________________________________________________________________ 2007 LIST $: $5,000,000, $25,500, $579,572, $365,000, $119,971,423 207 SOLD $: $4,375,000, $21,000, $558,575, $357,500, $115,625,142 DOM: 1004 0 179 102 Sold/List $: 88% 82% 96% 98% 96%
____________________________________________________________________
If I ignore the fluctuations of the highest and lowest priced properties, I can see that the average home, which sold for 96% of the asking price in both 2007 and 2008, dropped only 3%, to 93%, this year. The median dropped 4 to 5%, and the total again only 3%. And when you look at the actual average and median prices, you see that they have increased each year!So yes, total transaction numbers have dropped tremendously (207 transactions down to 38), as well as total sales in dollars ($116K down to $24K), but average prices have gone up ($559K to $624K), as well as median price (358K to 370K). Bottom line: Lots of properties to choose from, great mortgage rates if you can qualify, or maybe you have cash, and although prices have been rising it does show that Steamboat real estate prices have been, so far, recession proof. Or, others could argue that the prices are unrealistically high, given the economic pulse, and that is why so few have sold. Will they stay that way, or start dropping? You’ll have to stay tuned! Our take: We’re expecting to see some price drops, at least until the market turns around, at which point prices will be heading back up.P.S. If you noticed and are wondering why the most expensive properties had so many days on the market (DOM), they were all new-construction spec homes, which were listed maybe even before they broke ground, and didn’t go under contract until they were closer to their completion date.
This morning, as I was hurrying to get ready to come into the office, I glanced out my bathroom window, and for a moment, time stopped.There, lying in the snow in front of a clump of trees, was a gorgeous, majestic bull elk, seemingly oblivious to a couple of magpies that were pestering him.As one assertively settled on his head, directly behind his enormous antlers, I had only one thought – this would be such a great shot, I wish I had a zoom lens!But I had to settle for looking at him through my binoculars, which was still quite spectacular.
If you would like the opportunity to live in this beautiful place we call Steamboat Springs, and you are a first-time home buyer, the new economic stimulus bill makes 2009 a great time to buy real estate.Are you considering buying a new condo, townhome or single family home?Please see below for a list of important provisions from this package, as stated on the Colorado Association of Realtors website – www.coloradorealtors.com :
Time frame to buy? – By December 1, 2009 First-time home buyer? – A buyer who has not owned a home for three years. Married first-time buyer? – Both buyers have not owned a home for three years. Claim tax credit? – Claim the tax credit on your federal income tax return. Other form or forms? – No other form except your federal income tax return. Credit limits? – Single $75,000, Married $150,000. Building a custom home? – You qualify, but you have to occupy the home by Dec. 1, 2009. Buying a new home? – You qualify, but the settlement day has to be by Dec. 1, 2009. Tax credit pay back? – You are not required to repay except for certain conditions. Access the tax credit now? – Change your withholding numbers. Mortgage Revenue Bonds? – Allow tax credit home buyers to participate. Loan credit? - State housing finance agencies to help buyers at closing by advancing the credit amount as a loan.
Please call or e-mail any of us here at Buyer’s Resource for a free buyer’s guide to help you with your very important purchase!
And don’t forget to set your clock forward an hour tonight- it’s hard to believe, but it’s that time again!
P.S. – If you know of a good deal on a Canon EOS Zoom lens, please contact Kristin!
The Obama administration, which floated the idea in releasing its proposed budget last Thursday, says capping the itemized deduction rate for wealthy families and individuals at 28 percent would raise $318 billion over 10 years, expanding health insurance coverage while lowering health care costs.
But real estate industry groups say the change would hurt home sales and prices at a time when homebuyers need incentives, not disincentives, to buy.As reported by Inman News…Any changes to the mortgage interest deduction would devalue homes, hurting middle-class families and potentially triggering “yet another crisis in home values, even as we struggle to recover from the first,” the National Association of Realtors said in a letter to President Obama.
Below please find the letter:
Dear Mr. President:
On behalf of the 1.2 million members of the National Association of REALTORS®, I am writing to convey our concerns with your proposal seeking to modify the Mortgage Interest Deduction (MID) as part of your fiscal 2010 federal budget. The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest professional trade association. Our members are residential and/or commercial REALTORS® who are brokers, sales agents, property managers, appraisers, counselors and others with the common goal of providing full service to individuals, families and businesses that buy, sell, hold, operate or rent real estate.
The National Association of REALTORS® recognizes that our country is facing an intractable set of long-term budget and tax issues and that bold ideas and policy initiatives are necessary to jumpstart our economy and lay the foundation for growth for years to come. The National Association of REALTORS® stands ready to work with you and the new Congress to effect policy decisions that will go far in determining the fiscal and economic course the country will take going into the next decade. As you have correctly stated, the time is now to return America to greatness.
You have also rightly emphasized that housing is the backbone of our nation’s economy and have put forth a bold plan that stresses housing stability and neighborhood preservation. It is within this context that we harbor grave concerns regarding the impact of your budget proposal on the mortgage interest deduction (MID). Very simply, any changes to the mortgage interest deduction would de-value homes, hurting America’s families especially the middle-class – those who have achieved homeownership through mortgage financing. It could trigger yet another crisis in home values, even as we struggle to recover from the first.
Our current tax system does not “cause” homeownership. The tax system facilitates homeownership, and it has been instrumental in helping our nation achieve a remarkably high rate of homeownership. Our research has continuously demonstrated that limiting or eliminating the tax benefits of homeownership will have an adverse impact on housing markets and the value of housing nationwide.
Our initial analysis of your budget proposal forecasts home price declines and added damage to the broader economy because of reduced consumer spending, additional increases in foreclosures and additional increases in joblessness. The National Association of REALTORS® has embarked on detailed research analysis to ascertain the full impact of the budget proposal. However, our conclusion will not change. The National Association of REALTORS® believe the MID is the single most important tax provision for our nation and our families. Diminishing or eliminating the MID would hurt all families, the housing market and our national economy. And, at a time when our housing and real estate markets are suffering, we believe it would be irresponsible for the real estate industry and federal policymakers to consider, much less support, any proposal seeking to alter the MID.
The National Association of REALTORS® appreciates this opportunity to share our views and we look forward to working with you and Congress during the 2010 budgetary process.
Sincerely,
Charles McMillan, CIPS, GRI
2009 President, National Association of REALTORS
This proposed legislation will negatively impact all of us, no matter if you own real estate in Steamboat Springs, CO, Chicago, IL or Grove City, PA (my home town).If you agree with this thinking and how limiting home ownership tax benefits will have an adverse impact on our economy, please let your voice be heard!
Are you looking for a spectacular residence in Steamboat?Just listed is a Rich Carr designed 8,475 square foot main home with 2,052 square feet guest house situated on 70 acres with infinity pool, two hot tubs, five ponds and cascading waterfalls.This Storm Mountain Ranch home also has commanding Walton Creek Canyon views and is being offered at $17m.Please let us know if you would like to receive more information on the additional features of this spectacular residence.
First time homebuyers and those who have not owned a home in the past three years are going to benefit by as much as $8,000 with a tax credit from President Obama’s Stimulus Package. This amount is based upon a percentage of the purchase price of the home. Theoretically, that credit will reduce the price one will pay for a property by the amount of the credit. Not bad!
If you’re a first time homebuyer or looking for an inexpensive single family home in Steamboat, the list price on a foreclosure that I have been keeping my eye on was just reduced today by $25,000 to $474,900.
This is a three bedroom, two bath, 2,040 square foot home near the Steamboat ski area. It has a nice yard, views of the surrounding mountains and two car attached garage. It’s within walking distance to the city bus and is located in a very nice neighborhood. With the median price of a single family home in Steamboat at $1,100,000, a little sweat equity in this property could go a long way!
If you would like additional information about this Steamboat home, please give us a call today.
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!
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.
