By Rachel
The inaugural USA Pro Cycling Challenge kicks off today with the prologue time trial in Colorado Springs. Steamboat Springs will host two of the seven stages of the professional road cycling race that is anticipated to bring over 1 million spectators to Colorado, making it the largest spectator event in Colorado history. With all three of the podium finishers from this year’s Tour de France confirmed to race, it should make for a very thrilling race to watch. The Pro Cycling Challenge will be the toughest professional road race ever held on American soil, reaching altitudes of over 12,000 ft. Below is a brief overview of the race.
1. Prologue Time Trial: This 5.18 mile individual time trial will begin in the Garden of the Gods Park in Colorado Springs. It will establish the order of placing for the riders going into Stage 1 of the race.
2. Stage 1: Salida to Crested Butte. This 102 mile course will cover Monarch Pass, the first climb of the race and will finish on the moderate climb to Mount Crested Butte.
3. Stage 2: Gunnison to Aspen: This is the “Queen Stage” of the race, covering 2 passes over 12,000 ft. in elevation. This stage will be TOUGH. Look for the overall contenders to make their move on this most difficult mouintain stage.
4. Stage 3: Vail Time Trial. Gaining 1,783 ft. in just 10 miles, this uphill time trial will definitely be exciting to watch.
5. Stage 4: Avon to Steamboat. After two difficult stages, riders will find no relief on the rolling terrain of this stage. Could be a good day for breakaway riders. You won’t want to miss the sprint finish in downtown Steamboat Springs!
6. Stage 5: Steamboat to Breckenridge. The highlight of this stage will be the double summits of Rabbit Ears Pass. Camping spots along the road are sure to be scarce as spectators prepare to get a good view of the climbing.
7. Stage 6: Golden to Denver. The champion of the first ever US Pro Cycling Challenge will be determined after this stage. Beginning with a large climb and descent into Denver, the stage will finish after 6 laps of a five mile circuit through downtown.
Who to watch for: There are many factors that will play into who to watch for in this race. Of course the top three from the Tour de France, Cadel Evans, Andy Schleck, and Frank Schleck have all proven their strength and should have a great chance at the overall win. Andy Schleck spent some time training in Steamboat before the race and will be sure to be motivated to finish out the season with a win after his 2nd place in the Tour. Americans Levi Leipheimer , Christian Vande Velde and Coloradan Tom Danielson will have the home turf advantage which is very important in this altitude. No matter who takes top honors in the race, the state of Colorado will be the real winner for having the opportunity to host this spectacular event.
The international exposure this race will bring to Colorado is immensely important for the state. Steamboat Springs has been given the honor of hosting not just one, but two stages of the 7 day event. The media coverage of our small town in Northwest Colorado is sure to boost interest to the area. For a community that relies so heavily on tourism, the attention this will bring to Steamboat is priceless.
Be sure to tune in to NBC or Versus to watch the race every day. If you’re lucky enough to be in Steamboat to watch the race live this Friday and Saturday, please drop by and see us at our office downtown. I’d love to talk cycling with you and share info on Steamboat Springs and the local real estate market.
By Doug
Recently I was asked by the Steamboat Springs Resort Chamber Association to give a presentation to a group of business people for a Chamber Breakfast as to the state of the real estate market and outlook to the future. Also asked to give their perspectives in their appropriate fields were a banker, lodging manager, ski area official and contractor. I thought I would share with you the notes I gave to the group.
2009 was a challenging year for the SBS real estate market. Only 467 sales occurred, which was the lowest total since my records date back to 1995. $267 million in dollar volume was the second lowest since 1995. The lowest was in 2001 (9/11). The 2,100 listings was the highest number of listings we have ever had.
But there is some good news.
The $571,000 average sales price for 2009 was the 3rd highest the MLS has recorded for a single year, and although the 1st quarter of ’09 only posted 62 sales, we’ve had three straight quarters of increasing sales.
Listings have dropped from 2,100 to around 1,900 over the past few months.
We’re about half way through q1 of 2010 and already have 37 sales closed and 70 pending, so we should show a better q1 than last year. Brokers are seeing an increase in traffic and showings.
I find it interesting and beneficial to not only like to look at what’s happening in the Yampa Valley, but also see how we’re doing compared to other resort markets.
Comparing the 10 resort areas who are members of the Western Mountain Resort Alliance, which consist of Park City, McCall, Jackson Hole, Sun Valley, Telluride, Vail, Summit County, Winter Park, Whistler and Steamboat, we’re not alone in our decrease in activity.
I compared 2006 numbers to 2009 in regards to transactions, dollar volume and to add a human element in the study, broker attrition.
Of the 10 resort areas, the greatest decrease in sales occurred in Summit County, which declined by 290%, from 3,845 sales to 985. Steamboat was 3rd with a 233% drop, and Whistler had the least amount of decline of only 33%.
Jackson Hole saw the greatest dollar volume decline of 235%; Steamboat was in the middle of the pack with a 155% decline, and Whistler was the least amount of drop at 58%.
Looking at Broker Casualties, the McCall Idaho market (home to the ski area formerly known as Tamarack) had the greatest number of brokers leaving the market at 55%, or from 310 to 200. Steamboat actually increased 1% from 373 to 376 (we were up to 425 at one time, however), to the resort with the least amount of casualties, which was….Whistler at a 4% increase.
Looking into the future, if you’re a seller you’re going to have a lot of competition to sell your property. It’s going to need to be competitively priced for a buyer to want to look at it.
If you’re a buyer, you’ve got a lot more selection than ever before. Although interest rates are still very favorable, you may find yourself needing to put more down than before, and there are very few options with condo and timeshare financing.
To make a deal happen in today’s market, there has to be a seller willing to take much less than what he could have in 2007. Buyers are looking at a price that may be 10 to 20% below even today’s market to feel comfortable about making a commitment.
As more sellers are adjusting their expectations, I’d look for a slow but steady recovery through this year, and provided more rather than less financing options become available, a 10 to 20% increase in activity over last year could happen in 2010.
The Baby Boomer population is what fueled our market over the past ten years, and they didn’t go away, just decided to sit on the sidelines for a while, but for those who are in the game, there are some great opportunities right now.
I often get asked by clients, “When is the best time of the year to make an offer on a property.” I have approached this question from a number of different angles, and I feel the best answer to that question is, “When you find the right property.”
This answer has been derived from countless occasions I have seen clients experience in disappointment when a property they truly wanted to own went to another buyer because my clients were waiting for ‘the opportune moment.’ However, the time when you locate the right property could be beneficial because of the cyclical nature of the Steamboat Springs market.
I am a firm believer in buying when the market is low. And with statistics dating as far back as 1995, the quarter of the year that is the slowest in Steamboat Springs is typically the first quarter (January , February and March). This may come as a surprise to many, for those three months are right in the heart of ski season. However, the nature of our market is that those entertaining the ownership idea begin to think about a property when visiting Steamboat during a ski vacation, but only ratify the decision by coming back for a summer visit…and once someone visits Steamboat Springs during the summer, it is an easy decision to make the Yampa Valley a more permanent part of their lives.
With this in mind, it is logical that the second (April, May & June) and third (July, August & September) quarters are the busiest.
Sellers receiving offers on their property this time of the year may take a closer look at a lower offer than, say in the summer, for they know this is a slow time and they will be faced with several more months of carrying costs before they may get another offer. Accepting a lower offer now may end up saving them money in the end. In addition, who knows what the market will be like, come summer.
If you’re a buyer, not only will the seller take a closer look at your lower offer, but if the property is used as a rental, you’ll still be able to receive the lion’s share of rental income from ski season, not to mention the ability to use it during that time.
And specific to today’s economic factors, interest rates are at historic lows right now!
Timing may never be better than over the next few months to make your move. Please give us a call and we would be happy to discuss the opportunities that are now available.
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!
Last night, I attended the Steamboat Springs Parks and Recreation Work Session meeting, because they were discussing their conceptual plans for Rita Valentine Park.I personally have a vested interest in the outcome of the proposed development, because my property backs up to the M & H Property.However, I’m concerned that most of the general public is not aware that this planning process is taking place at this time.
For those of you unfamiliar with Rita Valentine Park (RVP), the property was gifted to the city of Steamboat in 1985, it consists of 45 acres and abuts the M & H Property, which has 30 acres.This undeveloped 75 acre parcel of land is currently being used by the public and considered by many to be valuable open space.The current trails allow hikers, bikers, dog walkers, snow shoers and skiers access to a beautiful, untouched area in the heart of Steamboat Springs.It is also invaluable to wildlife migrating around the Steamboat area.
The city hired a team of consultants to analyze our park and recreation system with the current needs and desires of the public, as well as predict the future needs of the community as our population increases. Based on information collected in various ways, including a public survey and a public work shop, the consultants devised a conceptual plan that would take place over the course of the next 10+ years.Now, the Parks and Recreation committee is trying to take that conceptual plan and modify it with the public input they are receiving.
At this time, they are planning on recommending that the M & H property be designated as permanent open space. 24 of the acres within RVP will be developed “naturally”, leaving 16 acres for more aggressive development.Although this conceptual plan has not been finalized, this plan evolves from potential passive recreation areas to active recreation, with the possibility of a skate park, climbing wall, and even an indoor facility, such as a swimming pool.
Because most of the public isn’t even aware that this committee is in the process of making these plans, the committee hasn’t received a lot of input from others who use it, but don’t live in the neighborhood.And since most of the participants in the workshop and meetings are homeowners in the area, the committee isn’t putting a lot of weight on their opinions, because this is a public park for the entire community.If you are interested in the conceptual design, please go to this link:
The proposed development of Rita Valentine Park is a very controversial and even emotional issue for many people in the community.Those who knew Rita Valentine claim that her intent was for that parcel to remain open space in perpetuity.It’s a shame that it wasn’t deeded that way, because then we wouldn’t even be talking about this issue.However, it was, and now is the time for the community to come together to voice their opinions, before it’s too late.
Many of us here in Steamboat are wondering what happened to our summer?With a strange weather pattern affecting western Colorado over the last few weeks, with cooler weather and intermittent rain showers, it feels more like fall than summer.However, the truth is, we’ve only received .72 inches of rain this month, according to an article today in the Steamboat Pilot, which is half of the average amount we typically receive in June, our driest month of the year.The upside is that we’ve been able to conserve water by not having to water our lawns!
If you are interested in conservation and energy efficiency, the Housing Economic Recovery Act of 2008 amended the Energy Policy Act of 1992 by increasing the maximum dollar amount that can be added to an FHA insured mortgage for energy efficient improvements, which are known as Energy Efficient Mortgages (EEMs).The base FHA maximum mortgage amount limit is calculated on the value of the home, however, the mortgage loan amount for an EEM can be increased by the cost of effective energy improvements, which is great news for those of you who would like to make your home a little “greener”. According to HUD’s website, the maximum amount of the portion of the EEM for energy improvements is the lesser of 5% of:
* the value of the property, or
* 115% of the median area price of a single family dwelling, or
* 150% of the conforming Freddie Mac limit.
For more information on the EEM, please contact a local lender, or you can call FHA’s Resource Center at 1-800-CALL-FHA (1-800-225-5342).
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.
Although as Exclusive Buyer Brokers we never list properties, we do occasionally find ourselves talking with potential sellers of real estate in Steamboat. Clients who have bought homes from us eventually find themselves in need of selling those very same homes. They come to us asking for a referral to an agent that we believe will serve them well in selling their home.
I recently finished teaching a Homebuying class at our local community college and had a student who was attending the class because he had a home to sell and wanted to learn more about the process. Why had he come to my class instead of talking things over with his own real estate listing agent? Well it turns out he was using a discount broker whose sole service was to list his property on the local Multiple Listing Service. So, he didn’t have an advisor, or someone to help him through the whole process.
Before the class had ended he’d contacted me to ask my advice as to whether he should hire a full service listing agent to help him sell his property.My advice was an unequivocal yes, given this economy.
This gentleman has a home for sale in downtown Steamboat Springs, currently listed for less than 1 Million. There are presently 41 single family homes for sale in downtown Steamboat Springs for less than 1Million. And in the past 12 months there have only been 11 sales of single family homes in downtown Steamboat in that price range. At that rate, were no more similar homes to come on the market, it would take four years to sell of the homes. This man’s home has been on the market 222 days already without a single offer coming his way.
I recommended a few different agents for him to interview – ones that were, in my opinion, experts at selling the type of property he had. They would help him price the property to where it would sell, and would market it aggressively to other realtors as well as to the general buying public.
And I reminded him: He doesn’t pay a cent to the realtor until and unless the home sells, which after all is his ultimate goal.
Spring is finally here in beautiful Steamboat Springs, Colorado! Numerous flowering crabapples have bloomed in glorious shades of white and pink over the last several days, and colorful flowers are popping out everywhere. Memorial Day Weekend marks the first of numerous events scheduled for this spring/summer season, including the Historic Places Bike Tour, the Urbane Rail Jam and the 29th Annual Yampa River Festival.
If you have been waiting for that special opportunity to purchase a second home here in Steamboat Springs, Bear Lodge at Trappeur’s Crossing is offering a great financing deal to their next 5 buyers. Secured through Countrywide/Bank of America, the introductory rate will be 2.5% for the first year, 3.5% for the second year, 4.5% for the 3rd year, and 5.5% for the remaining years of a 7 year ARM. Current prices range from $299,000 for a 1 bed/1 bath up to $1,595,000 for a 5 bed/5 bath unit. The property offers numerous amenities, including indoor/outdoor pools, hot tubs, sauna, winter on-call van shuttle service, ski valet, tennis courts, fitness center, and heated underground parking.
Please call or e-mail us for more information about this great opportunity in Steamboat – and have a great and SAFE Memorial Day Weekend. If you’re in Steamboat this weekend, stop by our office – we will be open Sat., Sun., and Mon., from 10 a.m. until 2 p.m.
The month of March is typically when a lot of out of town skiers descend upon Steamboat Springs during their spring breaks to take advantage of our Champagne Powder.Now that the ski mountain is closed, and we are officially in our “mud season”, it is time for the locals of Steamboat to take their spring break.The few visitors that are in town right now are wondering where the heck everyone has gone- and why are so many restaurants closed?But never fear, all will be back to normal before you know it.For those of you lucky enough to get away this week – have a fantastic time!
There is great news for those of you looking to purchase real estate with a USDA loan!Today marks the increase of their income limits – (for households between 1-4 people, it is now $92,000 and for households of 4-8, it is now $121,450).This is an increase of $31,000 for a household of 1-4.
Here are some quick facts on USDA loans, as provided by Kathryn Pederson of Yampa Valley Bank:
100% financing
No mortgage insurance
30 year fixed rate loan with no pre-payment penalty
Great rates!
2% fee paid directly to the USDA can be financed (102% financing)
Most condos are acceptable
30-60 day closings are typical
Do not have to be a first time homebuyer
Please let us know if you have any questions about buying real estate in Steamboat Springs .And for those of you who have been taking Susana’s “Be a Savvy Buyer” class, (or for those of you who would like to join the last two classes), don’t forget we are skipping this week for spring break and will be resuming class next Monday, the 27that 6:00 p.m.Please call Kristin at 970-819-8726 for details.
