Posts Tagged ‘steamboat real estate’
Thursday, March 3rd, 2011
by Doug
Over the past several years, some things have changed in the ‘new economy’, while others have not. Access to financing for some of the different property types in our resort market has drastically changed. Foreclosures and short sales are making up more of our market, as well.
One thing that hasn’t changed, however, is the interest in property this time of the year. As soon as the calendar page is ready to be turned to March, buyers start appearing, and that is one thing that has not changed. This past week I had two different clients make offers on two different properties, and we had to compete with another offer. Who would have thought that that would exist in this market? However, they were on good properties that were well priced and offered good value, and they were not even bank owned properties! We lost one to a higher offer, and we’re still working on the other.
Over the past two weeks, the Steamboat Springs MLS posted 27 properties that went under contract. That is an average of nearly 2 a day…strong activity for the current economy. Could this be an indication that the market is turning? Well, in the first two months of 2010 the Steamboat Springs MLS posted 55 sales. This year it recorded 88. It does appear buyers are coming back in the Steamboat Springs real estate market.
If you are also looking to take advantage of the current buyer’s market, here are a couple of my personal favorites:
A three bedroom / two bath cabin right in the middle of towering pines and old-growth aspen with two outbuildings on 16 acres in Strawberry Park and Butcher Knife Creek flowing through the property. Listed before the bank took it back at $1,325,000, now bank-owned and listed at $659,000. It does need some work, but well worth the price! See all the details and pictures on our Property Search page with MLS# 130658.
Quality three bedroom / three bath, 2,203 square feet Cross Timbers Townhome fully furnished and ski area views! Listed $100,000 less than the closest priced competition. $699,000. See all the details and pictures on our Property Search page with MLS# 129782.
Ski in / Walk out one bedroom and bath Storm Meadows condo for only $296 per square foot. Great rental and views. $175,000. See all the details and pictures on our Property Search page with MLS# 130684.
Tags: steamboat real estate, steamboat springs mls, steamboat springs real estate Posted in Uncategorized | No Comments »
Wednesday, August 11th, 2010
By Susana Field
A prospective client of mine was doing his homework and closely studying the detailed property sheets of some ski in/ski out condos for sale in Steamboat Springs, CO, which I had sent him off of the Steamboat Springs Multiple Listing Service (MLS). One detail caught his eye and he shot me off this question:
MLS 126967 mentions a special assessment. Can you provide any details?
And just as quickly, I sent him my answer. Here’s the skinny:
How Special Assessments Work
A Special Assessment is a Home Owner’s Association (HOA)-approved one-time fee charged each property owner, to go towards paying for a special improvement project. Sometimes the fee is spread out over several payments, but nevertheless it is not an ongoing fee. In the case of MLS 126967,  it was to cover the cost of the exterior remodel of this particular Storm Meadows building. The MLS sheet stated that the condo owner already paid the assessment, so it won’t be a debt transfered to the future owner. This specific Special Assessment amount was $28,000.
As part of each annual HOA fee a certain amount is put into Capital Reserves for future improvements. But sometimes an HOA will vote to do an improvement even if they don’t have enough in the capital reserves fund. They will also vote to divide the shortfall due on the project amongst the owners as a one-time special assessment. Some HOAs have very healthy Capital Reserves and seldom have to do a Special Assessment. Other HOAs have voted to keep their annual HOA dues (of which the Capital Reserves portion are a part) as low as possible, and thus end up seeing more Special Assessments come their way as major improvements are needed. Some HOAs keep thier developments up nicely, while others vote both for low Capital Reserves and against Special Assessments, and their complex falls into disrepair.
How We Protect Buyers
One of the contingencies we always write into an offer is your right to cancel the contract (without loss of Earnest Money) if upon review of the Homeowner’s Association documents (bylaws, declarations, budgets and financials) and past two-year’s Annual Meeting Minutes, you find something that will not work for you. You should get a good feel for how well the condition of a property matches your personal expectations of how you’d like to see the property maintained just be strolling around the premises.
Many of the Homeowner’s Associations in Steamboat are run by professional management companies. Two big ones in Steamboat are Steamboat Resorts and Mountain Resorts. They have the staff to keep track of all financials, do repairs, maintenance, snow remeoval and landscaping. Anything they can’t do, the can interview and get bids from contractors and oversee the work. There is a particular management person assigned to each development they run. This person often goes by the title of Owner’s Representative. They typically run the Board of Directors Meetings and the Annual Homeowner’s meetings, if requested by the Board of Directors. And are the go-to person for all the home owners of that condominium development.
We encourage all of our prospective buyers to speak with the Owner’s Rep, and maybe also the President of the Board of Directors (another homeowner elected by the HOA), to get a feel for how compatible your wishes will be with the board, and to answer all your questions. All of this can be done either before or after you get under contract to buy.
But back to your main question about a Special Assessment on a specific unit. Typically the MLS sheet states whether there is a current Special Assessment and whose responsibility it will be to pay it. Then even if it states the new owner will need to pay it, it is something that can be negotiated with the offer.
Tags: consumer protection, homeowner associations, Special assessments, steamboat condominiums, steamboat real estate Posted in Buying Tips, Exclusive Buyer Agency & Consumer Protection, Steamboat Condominiums, Steamboat Town Homes | No Comments »
Monday, June 28th, 2010
Last week one of Steamboat’s largest and most exclusive slopeside condominium projects, Edgemont, announced a whopping 30% price reduction for their next three sales. Although they have not had a sale since April, it only took five days for three buyers to seize the opportunity. Edgemont is now offering a 25% discount for the next three buyers.
First of all, this recent activity shows me there are sellers willing to discount their price to lighten their financial obligations, as well as buyers in the marketplace who are willing to take advantage of a good opportunity when it presents itself. And it appears there are going to be three more buyers who are also going to get a great deal on a luxury condominium at the base of the Steamboat Ski Area, as well! But the one thing that I can’t seem to understand is why it had to take the seller to discount the prices and advertise them to the public to make these buyers act?
As a real estate brokerage dedicated to seeking the best deal for our clients, it does not take an advertised offering to the masses for us to find a great deal for our clients. We typically suggest making an offer below list price anyway. In today’s market, if you are considering a property to purchase, if we aren’t competing with other offers, what’s to say that we create our own “special discount” and make an offer well below list price and see just how motivated a seller is. Furthermore, if a client of mine were interested in one of the Edgemont condos, I would have recommended making an offer less than the 30% advertised discount to make sure nothing was left on the table.
If you have been thinking about a Steamboat property, rather than waiting until the seller announces a discount to the general public, wouldn’t it make more sense to offer 30% below list now on a property you know is the one you want and not have to worry about competing with other buyers for the same property?
Give us a call to start your Steamboat Springs real estate search today!
Tags: consumer protection, exclusive buyer agency, steamboat real estate Posted in Uncategorized | 1 Comment »
Monday, June 21st, 2010
If you have been looking for a great buy on a brand new, slopeside residence, this may be your time! I just received an email from the sales team at the luxury Edgemont condominium complex overlooking the Steamboat ski area, and for the next three sales they are discounting their prices a whopping 30%! Edgemont is located next to Bear Claw Condominiums with commanding views of the Yampa Valley, Ski Slopes and Base Village. This promotion is good for any three of their one to five bedroom residences. If you would like more information about this extraordinary offer before they are gone, please call us today, at 877.970.8885.
Tags: steamboat real estate, Steamboat Springs Condominiums, steamboat springs real estate Posted in Uncategorized | No Comments »
Monday, August 10th, 2009
I recently completed my quarterly newsletter and found some pretty startling information about the direction the Steamboat Springs real estate market is taking. Entitled “Market Trying to Find Common Bround”, it shows that sellers are beginning to get the picture that they need to decrease their list prices, improve their property, or both to attract buyers. If you are in the market to purchase Steamboat Springs real estate at this time, it is a great time!
Please take a moment to click on the “Buyer’s Toolbox” scroll down tab above, and then onto the Newsletters link to read the entire report. Better yet, if you have not yet subscribed to our monthly newsletter, please email us and keep as up to date as possible on all of the happenings in the Steamboat market.
Furthermore, in the process of conducting some pretty intense research for a client, I have developed a software program that calculates the present-day value of real estate. This may seem to be an easy task, but the challenge as of late has been the ability to get an adequate amount of sample / data to draw from. My past career as an engineer has led me to this finding, and the client I have used this for is an engineer himself, and was very impressed with the program. If you have a property in mind that you would like me to do this for, please let me know.
Tags: luxury condominiums, Luxury Real Estate, steamboat condomnium, steamboat real estate, steamboat springs condominium, steamboat springs real estate Posted in Buying Tips | No Comments »
Wednesday, June 3rd, 2009
By Doug
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.
Tags: steamboat condominiums, steamboat homes, steamboat real estate, steamboat town homes Posted in Market Trends, Steamboat Condominiums, Steamboat Single Family Homes, Steamboat Springs Real Estate - General Information, Steamboat Town Homes | No Comments »
Thursday, May 21st, 2009
By Doug
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.
Tags: steamboat condominiums, steamboat homes, steamboat real estate, steamboat town homes Posted in Uncategorized | No Comments »
Tuesday, May 5th, 2009
I am pleased to announce the release of a new publication for our clients.
The Inside Edge is a ten page report discussing some of the more likely scenario’s of when the Steamboat Springs real estate market will hit the bottom – and provide the most opportune time for a buyer to act.
The tough thing with a bottom of a market cycle is that you never know you were in it until it has come and gone. This will help give you some direction in that regard.
To get your copy of this great resource, please give us a call.
Tags: buying steamboat real estate, real estate cycles, steamboat real estate Posted in Uncategorized | No Comments »
Monday, March 30th, 2009
With all the choices in today’s market, how do you go about finding the right home? It seems the more research you do, the more alternatives you discover.
It’s important to visualize your needs and plan ahead. Â Know what you want in a home, what’s important to you, and what you can live without. Many of us start out with a champagne taste and a beer pocketbook, so it’s important to be realistic.
Where and what you buy will affect you for as long as you live in the house. If you are having a tough time getting your priorities in order, talk to us to help you prioritize.
For first-time home buyers this is a new experience, so it’s especially important to do your homework. Â But if you currently own a home, you know exactly what’s lacking. You may need another bedroom or bathroom, or a good school nearby.
First, decide where you want to live. Routt County covers a lot of territory, but it’s not to say you can’t live in one corner of the County and work in the other. It’s more common than one may think. Initially, people think the roads are always bad in the winter, but realistically, there are only a handful of days when the roads are treacherous. And when they are, you just have to learn to take your time. Regardless to what location you decide, you should practice the commute before you make a commitment. Weather not only also plays an important role in commuting decisions, but also for the lifestyle. Northern Routt county and the areas surrounding Steamboat Lake receive the most snow, followed by Steamboat Springs and then South Routt. However, the further west you go, the more you reduce elevation, precipitation and increase temperature: providing less snow to shovel during the winter and more of a variety of vegetables to grow in your garden during the summer.Â
People with children have other major considerations: school and apre’s school.  If you have active kids who like to be involved with after school activities, a location closer to their school should be a definite consideration.
 As mentioned earlier, lifestyle is an important consideration. People who frequently dine out, socialize and like to attend all of the great events Steamboat Springs offers are probably better off in town. In other words, make sure you’re in close proximity to the things that matter most.
It used to be that homes came in a limited variety, but today, you have many choices. In addition to the traditional single-family home, you can buy a townhouse or condominium.Â
In Routt County, you can find almost any combination anywhere. But whatever you decide to purchase, make sure the rules and regulations, as well as the by-laws, match your lifestyle. This type of housing is great for people who want to own their own space without being responsible for mowing the lawn or repairing the roof; a management company most likely will handle that, giving you more freedom to enjoy the Steamboat lifestyle.
On the other hand, you’ll pay fees for these services. In addition to checking the documents and financial soundness of the homeowner’s association, you must determine if the monthly fees are worth the services and additional amenities such as a swimming pool or exercise room.
Affordability can be a factor not only in the type of housing, but whether it’s a new or an existing home. Â Old houses often have fine woodwork or interesting nooks and crannies not normally found in new homes. Â They generally sit on smaller landscaped lots with mature trees and grown bushes.
New homes may cost more, but you can make many more decisions on amenities, colors, carpeting and fixtures. Make sure you’re dealing with a reputable builder, and have an attorney review all documents.
Selecting a real estate professional is the important first step when beginning your search.  As exclusive buyer brokers, the professionals at Buyer’s Resource sit by the side of our clients throughout the entire process. Our business model is that of counselors, not salespeople, for all that we do is help our clients determine the type of property they want to own, exhaust the market to locate that type of property, provide the due diligence to make sure it is the type of property they want to own, and help them negotiate the lowest price and best terms on the property of their desires. Give us a call today to begin your Steamboat Springs real estate purchase in the right direction!
Tags: steamboat property search, steamboat real estate, steamboat springs mls Posted in Buying Tips, Exclusive Buyer Agency & Consumer Protection | No Comments »
Wednesday, March 25th, 2009
It is difficult to believe that all of the mortgages that started this economic mess were, in actuality, such a small portion of the overall real estate market. The Wall Street Journal, Moody’s Economy.com, Reatly Trac, the National Association of REALTORS and Forbes site some interesting facts…
There are 76 million households in the US that own their home and 24 million of these are free and clear of any mortgage (31%).
There are 52 million homes with mortgages and 97.2% of these are not in foreclosure, 93.8% of these homes are current on their payments!
More than 1,000 banks closed in 1930. Only 14 US banks were taken over in 2008.
Interest rates are at historic lows. Lower rates mean greater buying power!
The new $8,000 tax credit is now available for first time homebuyers (defined as someone who has not owned a home in the past three years), making homeownership even more attractive.
Specific to Steamboat Springs real estate, there has never been a better selection of properties to choose from.
On a percentage basis, sellers of Steamboat Springs real estate are taking less on a percentage basis off of their list price than ever before!
The downtown and ski base area revitalization will improve the “Steamboat Lifestyle” even more.
Have we reached the bottom of the market? Some indications are that we have. The trouble is, we won’t know exactly when it hits until after the fact.
It is never too late to begin your search. Give us a no-obligation call today to discuss the many opportunities that exist when purchasing a Steamboat condo, home, town home, ranch or land parcel.
Tags: Financing, mortgages, steamboat real estate Posted in Steamboat Springs Real Estate - General Information | No Comments »
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Buyer's Resource of Steamboat
56 Ninth Street Steamboat Springs, CO 80487
Phone: (970) 870-8885
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