Posts Tagged ‘steamboat springs 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 »
Friday, February 18th, 2011
Part I of a II part series on The Condo/Hotel financing challenge in Steamboat Springs Colorado:
Greetings Susana,
A quick question for you: One of the Homeowner’s Association board members for our Steamboat Springs Colorado condominium saw that our condos were listed as a Condo/Hotel, and we know that this makes it hard for someone to buy or sell a condominium in Steamboat Springs. Do you know what we can do to get that listing changed? Who do we have to contact or what?
Thanks. BG
Hi BG,
You had a quick question and I have a long answer… so bear with me.
First off, was there an actual place that the board member saw it “listed” as a hotel/condo? If there was, that would give me more information to go on.
There is no universal Condo/Hotel list
Otherwise, to my knowledge there is no actual Universal List that ALL lenders refer to. Individual lenders may have created their own lists.
Underwriters look at the HOA Query Letter
How the lenders arrive at that information is via the Homeowners Association Query Letter (it has some other technical name) that is sent out to the HOA manager to be filled out as part of the lender’s underwriting process. One of the questions is whether there is a front desk. Another is whether nightly rentals are allowed. Having a front desk may lead to the classification of Hotel/Condo by that lender. For other lenders, allowing nightly rentals in the complex may also lead to that classification. Some lenders have gone so far as to Google the complex’s name to see if they could book a nightly rental in the complex. If it comes up on Google as a nightly rental possibility they classify it as a Condo/Tel.
Selling condo mortgages on the secondary market is problematic
The problem with the condo/tels, as far as lenders are concerned is that the lenders (especially in the case of lenders via Mortgage Brokers) are unable to sell the mortgage on the secondary market. Fannie Mae is now the biggest buyer of mortgages on the secondary market and they believe (wrongly, we believe with regards to the ski resort market) that condo/tels are a greater risk.
Wells Fargo is Lending
Locally, Wells Fargo, for one, is lending on projects we normally would think of as condo/tels ( front desk, nightly rentals which are strongly marketed to Steamboat Springs’ visitors, shuttle service, etc.). They lent on a unit at The Lodge, a condominium complex across the street from the Gondola at the Mt. Werner ski area, for a client of mine recently and The Lodge is a full blown condo-tel. Wells Fargo actually has its own classification system, and set of requirements which I’ll get into in detail in Part II. My client had to put more money down than the conventional 20% – 30% I believe – and there were a few more requirements, but nothing major. And he still got a good rate.
The Google Factor
The lending market has been a constantly moving target since the start of the recession. A buyer now a days will have a harder time getting lending on just about any condo in town (mostly because most condo complexes in Steamboat have at least one unit that is available for nightly rental when Googled, and condos nationally still have the reputation of being located mostly in resort areas) versus a townhome. It is a sad fact, which the National Association of Realtors is currently fighting in Congress.
HOA dues delinquency rate means death to loans
The other thing that makes it difficult to get lending on a condo project is if there is greater than a 15% delinquency on HOA dues by the homeowners. Your condominium development, as far as I know, doesn’t have this problem. A few other condo projects, especially those with a lot of foreclosures and short sales, do have this problem. It’s another one of the questions that is asked in the HOA Query letter by the underwriters, and if the “Yes” box is checked, you can pretty much forget getting a loan on a condo in that complex.
Bottomline:
It is harder to get lending on condos in Steamboat than on townhomes or single family homes, period. But especially if there are any units being rented out on a nightly rental basis. It is harder still if you have an onsite front desk (which yours does not) and almost impossible if there is a greater than 15% delinquency in HOA dues (which I believe yours does not). A buyer may have to put more money down than the standard 20% , may have to meet a few other requirements, and may have to pay a slightly elevated interest rate on the mortgage to buy a condo in Steamboat, but that’s about it.
Sunray Meadows in Steamboat Springs changed their bylaws last year to prohibit nightly rentals, just to avoid this condo/tel lending problem. But it was later overturned by the Homeowners who were trying to sell their condos, with the argument that NOT being allowed to rent their condos on a nightly basis was discouraging buyers who wanted the nightly income! Go figure!
Continue on to Part II (on Susana Field’s SteamboatGal website): Wells Fargo Home Mortgage Plays White Knight in Steamboat Springs
Tags: condo buying tips, steamboat springs condominium, steamboat springs real estate, wells fargo home mortgage
Posted in Buying Tips, Financing | 1 Comment »
Wednesday, September 22nd, 2010
With a nip in the air and the hills surrounding Steamboat Springs full of color, it reminds me that this is absolutely the best time of the year to make an offer on a Steamboat property. No matter what type of real estate you are interested in (land, home, town home, condo or timeshare), as the leaves drop, so does purchase activity, and it won’t pick back up again until the leaves return. That means from a seller’s standpoint, either you carefully consider any offer that comes before you, or plan on seven more months of carrying costs and economic uncertainty before the market picks back up again.
In particular, land sales take the most significant drop during the winter due mainly to the lack of access. Land sales drop off more than any other product type during the winter. This time of the year creates a great opportunity for a buyer, and not to mention a beautiful time to be walking in the woods previewing property. It isn’t a bad time of the year to be an exclusive buyer broker showing clients property, either!
If you are a condo or town home buyer, not only is this a great time to negotiate a great deal, but you still have time to put those personal touches on your new digs before ski season. Furthermore, with ski season right around the corner, not only will your use and enjoyment be at its peak, if you plan on renting your condo, your lions share of rental income will be shortly forthcoming.
And if a single family home is more to your liking, you’ll not only want to be negotiating at the optimum time, you will also want to get all of that furniture moved in before the snow flies! I can speak from personal experience here, for we made our last move in December and the three days we were moving the thermometer didn’t get above 20 degrees Fahrenheit!
In my 27 years in this business I have seen many clients make great buys this time of the year.
Tags: real estate buying tips, steamboat ski resort, steamboat springs condos, steamboat springs real estate
Posted in Uncategorized | No Comments »
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, March 15th, 2010
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.Â
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.
Tags: real estate market, steamboat springs real estate
Posted in Steamboat Springs Real Estate - General Information | No Comments »
Monday, January 25th, 2010
The 2009 Steamboat Springs real estate market spelled opportunity for buyers and dismay for sellers. One can also spell the word ‘buy’ several different ways when referring to 2009…as in “Good Bye” for those being happy to see it pass, and “Good Buy” for those who looked for, and found the time to be right to buy Steamboat real estate in 2009. There were many factors that provided opportunities for the latter to occur, including record low interest rates, tax incentives, ample inventory, desperate sellers accepting lower than appraised value prices, as well as foreclosure and short sale opportunities.
As an exclusive buyer’s broker, I say 2009 was a “Good Buy”, and as such, my newsletter analyzing the 2009 market has been named “Good Buy, 2009″. There are some very interesting things that the newsletter points out. It can be seen from the “Buyer’s Toolbox” menu located on this web page in the above scroll down menu, then by clicking the “Monthly Newsletters” link.
Findings show buying opportunities may extend into 2010, but the market seems to be slowly coming out of its first quarter 2009 low. It is hard to tell just how much longer all of the benefits buyers have now will last!
Tags: 2009 market analysis, real estate news, steamboat springs real estate
Posted in Best Buys, Buying Tips, Real Estate Opportunities | No Comments »
Monday, December 28th, 2009
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!
Tags: dakota ridge, steamboat springs foreclosures, steamboat springs real estate
Posted in Buying Tips, Market Trends, Real Estate Opportunities, Steamboat Single Family Homes, Uncategorized | No Comments »
Monday, December 7th, 2009
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.
Tags: real estate buying tips, steamboat springs real estate, timing a Steamboat real estate purchase
Posted in Buying Tips, Real Estate Opportunities, Steamboat Springs Real Estate - General Information | No Comments »
Monday, November 23rd, 2009
This morning we woke up to four inches of new snow with the weatherman calling for an additional two before the day is done. This may be the last natural snow before the ski area’s grand opening on Thanksgiving Day. But what has been tradition is that the day before Thanksgiving the ski area will be open for “Scholarship Day”, where anyone can ski but buy a lift ticket, with all proceeds going to local youth scholarships.
If you’re looking for an inexpensive Steamboat Springs condominium on the slopes, consider this one bedroom and one bath Storm Meadows condo. Consisting of 591 square feet, it comes furnished and is listed for sale at only $254,900. In a highly sought after location, the property will provide steady rental income for the new owner.
Almost directly across from Storm Meadows and on the other end of the price spectrum is a five bedroom, four and a half bath Edgemont condominium that is scheduled to be completed this ski season. At 3,900 square feet, this slopeside condo is listed at $4,956,000. This owner will enjoy spectacular views of the entire Yampa Valley and a spacious open floorplan ideal for entertaining. Edgemont owners will have a host of indoor and outdoor amenities that will bring families together both inside and outside of the home. Two finish schemes available to choose from, and two optional, professionally designed furniture packages available for purchase.
Give us a call today for more information on either of these two slopeside condominiums, or to find you something in-between.
Tags: steamboat ski resort, steamboat skiing, steamboat springs real estate
Posted in Steamboat Condominiums, The Steamboat Lifestyle | No Comments »
Monday, November 2nd, 2009
That is the title of my new quarterly newsletter, Steamboat Real Estate Analyst. There were some very revealing happenings in the market that have happened over the past nine months. To find out all of the interesting facts, please click “Buyer’s Toolbox” above, then the “Monthly Newsletters” link to get the inside scoop and read the newsletter. Or, click here.
Are you looking for a great foreclosure? Check this one out:
Affordable home in the prestigious Dakota Ridge development with over 6000 sq.ft. of finished living space in mint condition and recently upgraded bathrooms, carpet, paint and light fixtures. Kitchen offers a center island, new stainless appliances, granite counter tops, and a prep sink. The living room and diningroom 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 withan attached bath, fireplace and beautiful cherry built-ins. Upstairs are two master suites (one with fireplace) and a large media/theater room with built-incabinetry and access to the hot tub. Downstairs features Mother-in-Law quarters with Murphy bed, additional bedrooms and laundry room complete with newwasher & dryer. The home has central air conditioning, an irrigation system and the most incredible views you’ll find!
Give us a call to find out more about this beautiful, bank-owned property now listed at only $293 per square foot, or $1.8m.
Tags: steamboat real estate news, steamboat springs foreclosures, steamboat springs real estate
Posted in Best Buys, Market Trends, Quarterly & Annual Reports | No Comments »
Order our FREE Buyer's Guide Now!
Click Here
Written specifically for Steamboat buyers to save TIME AND MONEY!
|
 |
|
Buyer's Resource of Steamboat
56 Ninth Street Steamboat Springs, CO 80487
Phone: (970) 870-8885
Toll Free: (877) 970-8885
|
|
|
