Posts Tagged ‘steamboat springs real estate’
Monday, October 12th, 2009
The vast majority of U.S. real estate transactions begin as advertised listings, held by real estate brokerage firms. Sellers begin the process by selecting an agent to represent their side of the transaction and agree to a listing price. These listings are then readily promoted by the agent’s brokerage firm, in hopes of attracting interested buyers.
This, however, is not the only way you can buy real property. Alternative buying opportunities, including foreclosures and auction sales, provide additional paths to homeownership. While listed transactions still dominate the real estate market, informed buyers will want to consider all their options. One advantage of working with the Exclusive Buyer’s Broker’s at Buyer’s Resource is that we will exhaust the market to locate the type of property you are seeking.
If you decide to investigate alternative buying opportunities, make sure you take time to become fully educated on the process. Educating buyers is our primary function! Foreclosures and auction sales are unique, involving specialized knowledge and training. You may find attractive opportunities, but you must also be prepared to avoid potential pitfalls, and we would be happy to discuss all of the options with you.
Tags: foreclosures, steamboat springs real estate
Posted in Buying Tips, Real Estate Opportunities | No Comments »
Monday, October 5th, 2009
The 2009 Legal Scan, from the National Association of Realtors was just released. It is conducted every two years and is a survey in conjunction with a comprehensive research project of the current legal environment real estate professionals face. To no one’s surprise in our office, Agency Issues remained the top area of concern. 28% of survey respondents reported agency issues being a significant source of current disputes, with 35% anticipating that number growing over the next two years.
Top among the agency issues, breach of fiduciary duties remains a common source of licensee liability. This fact alone speaks highly of our chosen profession as exclusive buyer agents (EBA’s). The service we provide clients is clean, concise and clear as to who we owe a fiduciary duty to.
More than 50% of respondents indicated that breach of fiduciary duty was the basis for a significant number of current disputes, and more than 61% ranked the issue among their top three issues. It is also the top-ranked potential future issue, and two-thirds of respondents believe there is significant need for training.
In my opinion, an equal amount of training and education needs to be provided to the consumer, and once they understand the differences in the types of agency relationships available, the more consumers will seek an exclusive buyer’s agent, who has the ability to work and advocate for buyers on any property they have a desire to own.
Among the reasons respondents cited was the thought that there existed a disturbing relationship between the lack of understanding of fiduciary duties and the need to earn a commission. NO KIDDING!
However, although EBA’s give up half of the potential revenue source in this profession by not listing property, if we do a good job for a client, they will seek an EBA to make another purchase, as well as refer our specialized services to others whom they know are looking to make a real estate purchase.
Tags: agency disclosure, exclusive buyer agents, steamboat springs real estate
Posted in Exclusive Buyer Agency & Consumer Protection | 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 »
Monday, June 15th, 2009
By Doug
I am pleased to announce an amazing purchase that I assisted a client with that closed last Friday. Their purchase was for a new, 4,000 square foot, four bedroom, four plus bath townhome. The construction quality hard to beat in any market. Listed for $2,628,630, we were able to negotiate a purchase price for slightly under $2m. I am very happy for my clients, for it is a quality property in a highly sought after project in Steamboat.
This purchase was not an easy one to consummate. My clients visited Steamboat in January and we looked at numerous properties. After returning home, they decided to concentrate their efforts on Cimarron, which is another townhome project that had a number of resales listed. We made concurrent offers on several that were for sale. None, however, came down to a price we thought reflective of the current market.
We then set our sights on a couple of other projects, and looked hard at two developments that also met their interests. The one they decided to focus on this time had a variety of developer and resale properties for sale. We made offers first on the developer inventory. We got very creative in our offers, but the developer did not go as far as we had liked. We then focused on the properties for resale within the project. We got close, but not close enough. After taking a step back, we decided to reapproach the developer, and after over thrity offers and counter offers, a deal was struck!
We thought the hard work was over, only to find out the new lending environment created some additional surprises. This created the need for a contract extension, which the developer was willing to grant. After jumping through a couple of high and narrow hoops, my clients were able to close and are now happy owners.
I share this with you to show you that oppurtinities do exist in today’s market, but it does take a certain amount of will and determination to find them. These clients had the desire to make something happen, and their tenacity provided that opportunity, which I applaud. After their first stay in their brand new townhome, I’m sure they will be very excited and pleased with what all of their hard work has provided.
As exclusive buyer brokers, we offer dedicated service to help you locate the best buy that meets your needs, then assist in helping you negotiate the lowest price and best terms! Ask any of our clients, and I am sure they will agree.
Tags: , steamboat springs real estate, steamboat townhomes
Posted in Buying Tips, Luxury Residences, Real Estate Opportunities, Steamboat Town Homes | No Comments »
Monday, June 8th, 2009
By Doug
After a mixed bag of weekend weather with a beautiful day on Saturday, followed by a rain / sun / rain / sun pattern on Sunday (but good weather to run the Steamboat Marathon), it is a little hard getting back into the work week today.
With all of this turmoil in the real estate industry, one segment that is probably the most turbulent is the mortgage market. If there is one piece of advice I can give a Steamboat Springs real estate buyer right now, it’s to get the leg work done as early as possible with your lender to make sure there are no surprises once you have found a property and are ready to make an offer. I have seen a couple of road blocks come up, and have heard about many more nighmares from lenders. Underwriters are getting very particular about who they approve, and getting pre approved from your lender will help make the offer and purchase process much smoother.
The Steamboat Springs real estate market appears to be picking up a little over the past month. I’ll be writing my monthly newsletter shortly to give you an update, so be looking in your email box soon for the latest update.
Tags: Financing, mortgages, steamboat springs mls, steamboat springs real estate
Posted in Financing | No Comments »
Friday, March 27th, 2009
The old adage “There’s no time like the present” might not first come to mind when looking at today’s Steamboat Springs housing market. But these homespun words of wisdom are quite appropriate when a closer look is given. I would like to point out these favorable factors that can contribute to making this, for many consumers, a most opportune time to buy a home:
• Inventory is up. When the market is hot, new listings can’t replenish the supply of homes fast enough, and that works in the sellers’ favor. In today’s market, the opposite is true, providing more choices for buyers.
• Sellers are motivated. Homes that in a hot market would have been snapped up in days are now lingering unsold for weeks, even months. Factor in bank-owned properties due to the recent and unfortunate spike in foreclosures and buyers find themselves in an advantageous negotiating position they haven’t enjoyed for years.
• Interest rates are down. Recent cuts in the prime rate by the Federal Reserve have sparked drops in interest rates, which nearing the end of March are below 5 percent for a 30-year fixed-rate mortgage. While banks have tightened lending requirements in the wake of increased loan defaults, homebuyers with few credit problems qualifying to purchase a home they can afford should still have little trouble securing favorable financing terms.
What’s more, a market climate like this especially favors buyers who don’t need to sell an existing property before their purchase, buyers like first-timers and those looking for a second home. This tilts the scale even more towards many buyers.
I would also like to add more specific reasons why I feel the next few months will be the best time to buy Steamboat Springs real estate:
• Sellers typically stick closer to their price right before ski season because they know they will be able to receive the lion’s share of rental income within the next several months, and they will also be able to use it during ski season.
• Along with that, after just receiving the rental income, spring is the time of the year they are most motivated to sell because they have just captured the ski season revenue and are now looking at several months of carrying costs with no income.
• With ski season coming to an end, so will showings until July, which is when most brokers will begin to see activity pick back up. With a cover letter that I would include with the offer(s), I would certainly point this out (along with some of the other items I’ve outlined here).
• In several condominium complexes there could be two or more similar units for sale and within the same price range. They will be fighting over the same buyer. Should one of those go under contract, then the remaining one would be the only other choice for the second buyer coming in. If that is the case, the buyer of the second would not have as much leverage as if there were two to choose. Furthermore, I would imagine the first property to go under contract would be the most desirable from a buyer’s perspective due to the fact that a deal was made.
• Our office web site had a record number of hits in February and March, and showings are beginning to pick up for us. In fact, this was the busiest Jan / Feb / March I have had (I think I made it to four drop-in hockey sessions all winter.). I’m hoping this continues and we would have a pretty active summer.
But regardless of the situation, for every buyer, the key is to work with a real estate professional that knows the Steamboat Springs real estate market and specializes in representing buyers.
Give us a call / email today!
Tags: bottom of the market, buying steamboat springs real estate, steamboat springs real estate
Posted in Buying Tips, Exclusive Buyer Agency & Consumer Protection | No Comments »
Friday, March 20th, 2009
If you are looking for a great lot price and a great location, a new listing just came up today at The Range.
Located within Wildhorse Meadows, this property is ready to build at a very attractive price (actually below what the owner paid for it in March of 2007!). It is also located within easy walking distance to the new gondola, which is scheduled to be built this summer.
This lot offers panoramic views up to the Steamboat Springs Ski Area, Emerald Mountain and the South Valley including the Flat Top Mountains. It also borders open space and is steps to the tennis center, athletic fields, the Strings in the Mountains Event Center and more. Owners will also be able to enjoy all of the proposed amenities that Wildhorse Meadows will have to offer, including The Ranch House, Wildhorse Athletic Club, Steamboat Country Store, a walking and biking trail system, neighborhood parks and the higly anticipated Wildhorse Gondola.
Originally purchased for $540,000, it is now offered at $495,000. There is already a spec home being built in this neighborhood for $3,295,000!
This property will not last long. If you would like additional information, please give us a call today!
Tags: steamboat land, steamboat lot, steamboat springs real estate
Posted in Luxury Real Estate, Steamboat Land | No Comments »
Thursday, March 19th, 2009
When buying Steamboat Springs real estate, almost every property is subject to a rules and regulations involving a homeowners association (HOA). It is important for an owner to know what is involved with the association.
HOA’s dictate how the property can be used and enjoyed via a set of HOA documents. These need to be carefully reviewed, as they could be in direct conflict with the very reason a buyer may want to use the property. Furthermore, if the association has annual meetings, request and review the HOA meeting minutes from the last two years, as well as the HOA budget. This gives the buyer a good idea of the pulse of the association, points of contention, and what potential capital improvements (additional costs) there could be in the near future.
When assisting clients in a purchase, as your exclusive buyer’s broker, we always keep an ear on the tracks to know the latest news on all of the HOA’s in Steamboat Springs, as well as reviewing these documents with our client and provide an opinion as to the health and vitality of the association.
Tags: homeowner associations, real estate buying tips, steamboat springs real estate
Posted in Buying Tips, Exclusive Buyer Agency & Consumer Protection | No Comments »
Monday, March 9th, 2009
With ski season winding down, sellers are going to be facing that time of the year when cash flow is going to become an issue. The most profitable months for a ski rental property in Steamboat Springs are December, January, February and March, where approximately 80% of the rental income for the entire year is received. Occupancy rates won’t begin to pick up again until the 4th of July, and carry through until Labor Day weekend in September. However, still at that time occupancy rates are not as high and rates are half as much as the ski season.
If you are looking to purchase a rental property, early spring is the best time of the year to negotiate a deal than any other in the Steamboat Springs real estate market! Sellers have just received the lions share of the income for the year, and have been able to use their property to ski for the season, and with rental incomes down approximately 20% this year, there may not be a better time to make a move.
If you would like to see the best properties that are available in your price range, please give us a call today!
Tags: steamboat condomnium, steamboat real estate, steamboat springs condominium, steamboat springs real estate
Posted in Steamboat Condominiums | No Comments »
Wednesday, March 4th, 2009
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.
Tags: luxury homes, mortgage interest deduction, ski homes, steamboat springs real estate
Posted in Luxury Residences, Steamboat Single Family Homes | No Comments »
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