FHA Fails to Extend FHA Loan Limits in High Cost Areas

Friday, September 30, 2011

Congress has failed to extend the FHA and GSE mortgage loan limits. On Oct. 1, those limits will decline in 669 counties in 42 states. The new limits will be equal to 115% of local area median home price (from 125%). The high cost cap will fall from $729,750 to $625,500. NAR will continue to work with Congress to attempt to restore the higher limits as quickly as possible.

In Routt County, which includes the Steamboat Springs Real Estate market, the loan limits will fall from $675,000 to $625,500.

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Routt County Real Estate Statistics for August

August was a much better month than last, even up very slightly over last year’s August! It was the second best month of the year with $46.5M in Gross Volume with 134 Transactions, 66 of these transactions were interval or fractional.

There were some mitigating factors, one very large sale of $10.1M, shown below, really helped the gross sales volume. Although timeshares were up significantly, there was also a rise in Fee Simple sales since last month.

Bank Sales continue to hold a presence, with 17 this month which is up by 3 over last month.

Here are the sales over $1.5M, with the highest priced sale listed first:

8/15/2011 $10,137,000 M&B: Sections 10,11,12,14,15,23-4-87 & Sections 16,21,22,23,24,25,26,27,34,35-5-87 aka 29994 Routt County Road #27. This sale is for two large Vacant Agricultural sites. The total Acreage for both sites is: 8,346.83 AC. PPAC is $1,214.47. The Purchaser was: Twentymile Coal, LLC. This sale is in the Hayden Market Area.

8/22/2011 $1,850,000 OSP Condo @ Apres Ski Way Unit R609 aka 2250 Apres Ski Way – 4 Brm 4 Bath YOC 2009 with 2,284 SF Living Area. PPSF is $809.98. This is a new construction sale in the Steamboat Mountain Area.

8/22/2011 $1,800,000 One Steamboat Place Condo @ Apres Ski Way Unit R514 aka 2250 Apres Ski Way – 4 Brm 4 Bath YOC 2009 with 2,553 SF Living Area. PPSF is $705.05. This is a new construction sale in the Steamboat Mountain Area.

8/12/2011 $1,605,000 Boulder Ridge Subd Lot 2 aka 245 Boulder Ridge Road – 4 Brm 3.5 Bath YOC 2010 with 3,551 SF Living Area on .50 AC Land. PPSF is $451.99. This is a new construction sale in the Fish Creek Falls Area.

Highest price/sq. ft. for August: One Steamboat Place Condo Unit R609 listed above for $809.98 PSF

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Another Olympian in downtown Steamboat Springs under contract

Thursday, September 15, 2011

See more details about Olympian

olympian_203.jpg Unit #203 at the Olympian has recently gone under contract as buyers continue to find this location and project an excellent real estate choice for downtown Steamboat Springs living. The project offers extremely low HOA dues (which include heat) and worry free living and is only 1 unit away from the halfway point in sales. This is a prime downtown location with restaurants, shopping, hiking, biking, fishing and more only steps from your front door. Contact me for more information.

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See more details about Olympian

One Steamboat Place enjoys record real estate closings

Monday, September 12, 2011

See more details about One Steamboat Place

In the last few weeks new pricing and financing have resulted in closed sales totaling $9 million. Another $8.9 million in sales are under contract and pending closing, and a large number more are in active negotiations!

Located slopeside at the gondola, One Steamboat Place’s convenient setting enables Owners to step out of their slippers and into their ski boots for a fun-filled day on the mountain. one_steamboat_place_ideus_art.jpg. Uniquely residential yet rich with five-star services and amenities, there is a sensational spa; wine cellar; a fitness and wellness center; valets for cars, bikes and skis; and fabulous mountain view dining at the Truffle Pig. Best of all, with ownership comes worldwide access to the incredible Timbers Resorts portfolio of properties.

Here is a snapshot of the offerings at One Steamboat Place:

  • Summit Club Memberships, $70,000
  • Three-Bedroom Interests, $220,000
  • Four-Bedroom Interests, $330,000
  • Whole Ownership, $1,395,000 to $3,495,000

Contact me for more information on these exciting opportunities to own Steamboat real estate

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See more details about One Steamboat Place

Mountain home sales down so says the Denver Post

Saturday, September 10, 2011

I was reading the The Denver Post article a couple weeks back and was surprised to see my Dad’s company sign front and center under the caption

Sales of Colorado mountain-resort homes in July lowest in years

Really? It sure didn’t feel that way to me! I had this plan to work less and play more this summer; mountain biking, fly fishing and camping with my wife and 4 year old son. But there’s been precious little time for that. steamboat-springs-colorado-camping.jpg However, as the proverb advises, when the sun is shining, it’s time to make hay. We did sneak a few fun days in because Steamboat was just to beautiful to pass up!. This was the busiest summer I’ve had for sales since mid 2007 and I’m very thankful to everyone that trusted me with their real estate transactions this year, 2008 and 2009 were tough years to be in the Steamboat Real Estate business. The pulse now? Busy! Stan from Land Title was mostly accurate in his statement that

Most of these homes are second homes, and banks just are not lending.

However, that depends on the buyer. Lending standards are much stricter but not lending needs some clarification because out of 16 sales for me this year so far (4 of those currently pending), half of them had a lender, 3 were 100% financing utilizing the USDA home loan programs, 2 were seller financed and the other 3 were conventional loans with 20% or more down. My recent sale was a 2 bed condo and the buyer got a loan from a local bank. You’ll hear that banks are not lending on condos, but you just have to know where to shop and be prepared to jump though some hoops. Do you have income and good credit? Give me a call or email me and I’ll help point you in the right direction to find some money to buy real estate. Reading between the lines in the article above

Prices of Colorado mountain-resort homes in July lowest in years

- the deals are selling cash or credit. Watch SteamboatResortProperty.com and other great values for Steamboat Springs real estate.

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