By Ulrich,
Once in awhile in the Yampa Valley we skip spring and go directly from winter to summer. It seems that 2011 is just such a year. A record snowpack will soon be facing off with 70 degree temperatures. This hasn’t deterred the locals from taking advantage of what activities are available. The bike trails have been busy and many folk continue to hike up the mountain for a few last turns. The golf courses are now open and, if not working on the yard, a nice hike might be in order.

The high water has seen the kayak community out in force. In fact folks from all over came to celebrate our annual Yampa River Festival. The river is roaring, and not even close to its peak, which led to great entertainment watching these experienced paddlers work their way in and out of holes and paddling upstream to enter the slalom course. This Memorial weekend event is the kick start to summer. Next Sunday will be the umpteenth annual marathon, half marathon and 10k fun run. This event fills up faster and faster every year with repeat runners who once came by themselves and now are bringing their families along to enjoy a weekend in the mountains.

This is just the beginning of a very active and fun filled summer ahead. There is just so much to do and enjoy in “Steamboat in the Summertime�. It is also why so many yearn to live in our special community. The quality of life and opportunities to recreate and enjoy a healthy lifestyle are also reasons why properties hold their value better than many other areas of the country. As anticipated entering our prime selling season, new listings are showing up like the summer flowers and it is an excellent time to look for your dream property. Your Steamboat Real Estate search can be used as a great excuse to get back to Steamboat. Let us know when you might be in the area or just drop in to our great new Real Estate Resource Center on 56th street to browse around and say Howdy.

By Ulrich
With just over a month to go in the ski season we have just hit the 350 inches of snowfall mark. This will pretty much assure us of another 400 inch season which would mean that three out of the past four years have hit the 400 inch level. The skiing is incredible and we have had some beautifully sunny days.

March means spring skiing as well as the time of year when we tend to see increased inventories, particularly in the condominium market, as sellers are hoping to sell to maximize their rental income prior to the relatively quiet stretch between April and mid June. Our market has seen marked improvement over the same period last year and buyer’s are taking advantage of the great values. We are seeing an average of two properties per day going under contract. January and February saw a 50% plus increase in number of closings over the same period in 2010.

Yet there is no need to hit the panic button as there is still a lot of inventory to be absorbed. We anticipate a similar year in short sales and foreclosures but anticipate that market is also improving. Also remember that foreclosure properties also affect asking prices of properties that are not distressed.

March will also bring longer days as daylight savings kicks in and we will be celebrating St. Patrick’s Day with a torchlight parade and fireworks on the mountain. With this much snow there will be plenty of good skiing in April as well and with virtually no one else on the mountain. The moisture content in the snowpack is also above average so we should see a great kayaking, river rafting and, eventually, tubing season.

We hope that you will take advantage of all that Steamboat has to offer and please stop in and see our great new Real Estate Gallery.

By Ulrich,

Isn’t it interesting how some towns seem to take on the personality of their founding fathers? Steamboat Springs is just such a place. Within 5 years of the Crawford family settling here they were joined by other hardy families who settled the Yampa Valley and set the tone of its character for decades to come.

The Ranching way of life brings certain traits that are unique to its lifestyle. Resilience, Independence, Toughness, Simplicity, Innovation; Ranchers must adapt to a variety of challenges such as weather, equipment, crop conditions, diseases, and market conditions. It is easy to place a parallel on farming and the ski industry; after all aren’t ski areas simply snow ranchers?

Just as the Ranchers had to face a myriad of challenges so did Steamboat as a community. Many of these challenges were championed by innovation and our independent spirit. Being so isolated we had to figure out how to facilitate an easier way to attract our tourists, hence the Yampa Valley Regional Airport. We were the community that invented the airline subsidy program as well as kids ski free.

The Steamboat Economy has reinvented itself on several occasions from agriculture to coal mining to health (the hot springs were a huge draw from the handicapped to the rich and famous from 1909, when passenger trains arrive, to 1939 when the famous cabin hotel burned down), various incantations of tourism and even construction.

Even during our most successful economic days we have remained grounded and enjoy living this simple uncomplicated life. Talk to some locals and see how many leave their homes unlocked and the keys in their cars. As you stroll up and down Lincoln Avenue notice the lack of suits and ties. There used to be a saying that only out of town salesmen and out of town attorneys wore suits and ties and we had no use for either. How many other places in the world can a CEO of a major corporation and a cab driver enjoy each other’s company as without pretences?  

Of course the most important traits that are so attractive and inviting are those of collaboration and welcoming. The early settlers knew all too well that the only way to survive was to help your neighbor, because sure as shootin you would someday need their help. The new families were welcomed and celebrated and assisted to insure their success. These traits are still present and what separates Routt County from so many other places.

It is incumbent upon us who have wondered into this special place and embraced its heritage to foster and maintain this personality for future generations to benefit from.

Q.  Hi Susana- we are looking for a condo in Steamboat. Do you have information on the average nightly/weekly/monthly rental rate for a unit as described above? If not, can you direct me to a good source for this information? This will help us evaluate the opportunity. Thanks.

A. Great question. Unfortunately, there is no single place to go to, to get that information, except on a condo by condo basis.  Here’s why:

• Every development has its own rates, and this largely depends on the condo’s location (how close it is to the base of the ski area, for example, or downtown) and amenities (whether it has a pool, shuttle service to the ski mountain or downtown, hot tubs, tennis courts, etc.).
• Then even within a development there will be different rates depending on the season and even the night. The highest rates are typically the week between Christmas and New Years, during the ski season in general with peaks during President’s holiday and school spring breaks, etc. The shoulder seasons of spring, after the ski area closes, and the fall, before the ski area opens, command lower rates.
• It is fairly easy to get a general idea of what the annual rental figures will be, by asking for rental history figures from the past, for any of the condos on the market. I can help you get these figures. They often are in the form of an Income and Expense sheet given to the owners by the management company.
• Another thing that affects the bottom line is how much the owners have used the condo (and thus had it unavailable for rental), as well as when the owners used it (personally using it during the highest-income holiday week, for example, will have a greater impact on your annual income than using it during the off season). Which is not to say that you shouldn’t use it during that week – after all, one of the pleasures of having your own vacation condo is being able to use it when you want to – but just that sometimes the owner’s use is, and other times isn’t, included in the income and expense reports which we have access to.

Nevertheless, I can certainly help you analyze the figures and the properties. 

A couple of other things to keep in mind are:

• Regardless of the rate or the condominium development, one thing you can count on is that in Steamboat, to be conservative, it is typical to figure that 50% of the rate will stay with the management company and the other 50% will go to you.
• Your Home Owner’s Association (HOA) fees are independant of your management fees, and these can vary greatly between condominium projects.
• If you are interested in getting financing to help with your purchase, it’s important to know that financing for condominiums in developments that allow nightly rentals (even if you’re renting your individual unit or not), is quite limited. In addition to meeting the usual requirements demanded by lenders these days (good credit score and income), you should anticipate needing to bring 25-35% of the purchase price with you to the closing table, and borrowing the rest.

Hope this helps!