December stats for Steamboat Springs Real Estate / Routt County
Friday, January 20, 2012
Thank you to Stan Urban with Steamboat’s Land Title Company for the following real estate sales information. December was a good month for [tag]Steamboat Springs real estate[/tag] in [tag]Routt county[/tag] with $47M in gross volume from 136 transactions, making it the third strongest in volume of the year and coming in +72% higher than last December in number of transactions. Luxury properties and large commercial purchase contributed to the strong December numbers. All in all, it’s still a bit of a mixed bag. Our year-end Gross Dollar Volume of $450M, was slightly off 2010 (-12.01%) with transactions showing a slightly heavier decline of (-23.06%). There has been a high number of Fractional Sales we have had over the past 3 years. [tag]Bank sales[/tag] continue to be a factor with 18 this month. Loans were up – with a total of 170 recorded for December, making December the highest transaction loan month this year. Highest PPSF for December 2011: 12/30/2011: $2,825,000 [tag]Edgemont[/tag] [tag]ski-in/ski-out[/tag] [tag]Condo[/tag] Unit 2803 aka 2410 Ski Trail Lane, #2803 – 5 Bedroom 5 Bath YOC 2009 with 3,642 SF Living Area. PPSF is $775.67. This is a [tag]new construction[/tag] sale on [tag]Steamboat[/tag] Mountain. Highest Priced Sale for December 2011: 12/29/2011: $4,500,000 City South Subdivision Lot 1, Mid Valley Business Center #2 Lot 2, M&B: Sec 20-6-84 – 3 Commercial Parcels: All Vacant Commercially zoned, with a combined land size of 14.52 AC. This property is located at 1440 Pine Grove Road. PPAC is $309,917. This was a Bank Sale. Other sales over $1.4M: 12/28/2011 $2,050,000 [tag]Sanctuary[/tag] Subdivision #5 Lot 132 Re-plat aka 3050 Clearwater Trail - 4 Bedroom 4.5 Bath YOC 2006 with 5,808 SF Living Area on 1.48 AC Land. PPSF is $352.96. 12/14/2011: $1,425,000 [tag]Big Valley Ranch[/tag] at Steamboat Subdivision #2A Lot 25 aka 28880 Skyline Drive – 3 Bedroom 3.5 Bath YOC 1992 with 4,636 SF Living Area on 36.10 AC Land. PPSF is $307.38
Chief economist for the National Association of Realtors remarks echoed in Steamboat Springs, CO
Friday, October 7, 2011
[tag]Second home[/tag] buyers paying cash are helping the [tag]Steamboat Springs real estate[/tag] market buck the national trend of a very slow housing recovery. But reluctant lenders are stalling a full recovery in some niche Steamboat markets. Lawrence Yun, chief economist for the National Association of Realtors says
There are more willing buyers of foreclosed properties than there are foreclosed properties coming onto the market… [and this is] part of the national healing process.
So true here. In the immediate vicinity of [tag]downtown Steamboat Springs[/tag]. including the [tag]Mountain[/tag] area, [tag]Fish Creek[/tag] neighborhoods and West of Steamboat’s [tag]Heritage Park[/tag], [tag]Steamboat II[/tag] and [tag]Silver Spur[/tag], there are just 2 bank owned [tag]single family[/tag] homes listings today! Everyone starts their search looking for a [tag]bank owned[/tag] home (that’s perceived as the [tag]best deal[/tag], right?). There were 50 single family homes that sold in these areas since June 1st, 2011 reported by our local MLS. 15 of those are recent newly accepted contracts listed as Pending Sales. But, holding back a full recovery, Yun says, are banks.
Right now, banks are not taking any risk. People who qualified in the past don’t qualify today. Consider New Hampshire or the Seacoast area with 15 to 20 percent additional sales today if underwriting standards went back to normal. But this is holding back the housing market recovery.
In Steamboat Springs, my single family sales would be up by 1 or 2 if banks would loosen up a bit and my condo sales would easily be up by 5 to 10! These are not high risk for the banks because these buyers typically have 10% to 20% down and they have a job and good credit. But qualifying for a condo loan is a delicate and frustrating process, and I’m finding the buyer often can’t qualify even though under previous standards they would be considered “low risk”.
Part of the free market system is that you don’t have to take too high a risk, but still, you need to take risk
says Yun. But banks are able to borrow at near zero cost from the [tag]Federal Reserve[/tag], and earn a small risk-free return by buying treasuries. The banks just don’t want to take on any risk by loaning money to any entity but the U.S. government. Most of the Steamboat market are looked upon as Condotels and Fannie Mae and Freddie Mac won’t buy those loans; as is the case with banks, they don’t want to and don’t have to take any risk. Therefore, buyers are left to portfolio lending from local banks. The rates are higher by about a point or more, the terms are usually variable after 3 or 5 years and a higher down payment is required. We would see a huge boost in sales of [tag]Steamboat condominiums[/tag] if the banks would just loosen up a bit with all the government money they have been handed and lend to these lower risk buyers. Do you have cash and looking for a deal on a condo? Contact me as there are plenty! Do you need a loan for a condo? Then call a lender first to see if it’s even possible, then Contact me and I’ll help you find a condo that qualifies.
Routt County Real Estate Statistics for August
Friday, September 30, 2011
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. [tag]Bank Sales[/tag] 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 [tag]Hayden[/tag] 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 [tag]Steamboat[/tag] 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 [tag]Steamboat Mountain[/tag] 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 [tag]Fish Creek Falls Area[/tag]. Highest price/sq. ft. for August: [tag]One Steamboat Place[/tag] Condo Unit R609 listed above for $809.98 PSF
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 [tag]Colorado mountain-resort homes[/tag] 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; [tag]mountain biking[/tag], [tag]fly fishing[/tag] and [tag]camping[/tag] with my wife and 4 year old son. But there’s been precious little time for that. 
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 [tag]Steamboat[/tag] 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 [tag]Steamboat Real Estate[/tag] 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. [tag]Lending standards[/tag] 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 [tag]condo[/tag] 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.
Ten Tax Tips for Individuals Selling Their Home
Sunday, August 21, 2011
See more details about HighmarkThe Internal Revenue Service has some important information to share with individuals who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Here are ten tips from the IRS to keep in mind when selling your home.
- In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.
- If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).
- You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.
- If you can exclude all of the gain, you do not need to report the sale on your tax return.
- If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.
- You cannot deduct a loss from the sale of your main home.
- Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude.
- If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.
- If you received the first-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year’s tax return.
- When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change.
See more details about HighmarkEdgemont’s Current Financial Condition
Thursday, June 9, 2011
See more details about Edgemont[tag]Edgemont[/tag] has $7M in outstanding debt that will be paid in full by May 2011. It’s over 50% sold, with 18 condos remaining. 70% of the original contract holders (back in 2007) closed, which underscores the viability of the project. Edgemont is not holding any contracts back as “potential sales” which could skew the numbers; the ones that didn’t close are back on the market and ready for new buyers.
See more details about EdgemontGoing… going… GONE! The last bank owned home in the immediate vicinity of Steamboat Springs is under contract.
Wednesday, May 11, 2011
Homes with 3 or more bedrooms in the Downtown, Fish Creek and Mountain area of [tag]Steamboat Springs[/tag] are now selling quickly. There may be more inventory on the horizon, but as of today, the last home listed as a [tag]REO[/tag] ([tag]Bank Owned[/tag]) on the Steamboat Springs MLS is under contract. Since January 1st, 2011, 44 homes have either sold or are pending sales that are scheduled to close soon. What’s left for [tag]Steamboat foreclosures[/tag] are some incredible deals on the newly constructed [tag]Long View Townhomes[/tag] in the $300k to $400k price range. Approximately 25% of the [tag]bank owned[/tag] sales are for homes over $1,000,000, so it not just the lower priced properties of Steamboat Springs market that are in demand. Historically low interest rates coupled with higher demand and less inventory means it’s time to get off the fence!.
Silver Linings in the Steamboat Real Estate Market
Saturday, September 18, 2010
Looking for a silver lining before deciding to move forward with your home purchase? Last week, the [tag]real estate[/tag] market news reporters across the country were once again hyping on that black cloud over our head, and taking a very broad brush to paint their picture of our struggle to recover from the housing crisis. Home Buying Hangover Prices set to plummet And the National Association of Realtor’s (NAR) announced that homes sales across our country dropped 27% in July compared to the same measures from July 2009. Bad news makes news, as expected. So where is that silver lining? As John Soule said (or did he? See this interesting discussion of the quote here) in 1851 “Go West, young man”. Real estate markets vary widely across the country, and the buyer cannot simply read the headlines to determine the healh of the local markets out West. The median price in the West was $224,800, an increase from $221,800 the month before and up 3.3 percent from the same time in 2009 according to NAR. If you have been watching prices drop for a few years now, an increase in home prices out West should raise one eyebrow. Combine that with [tag]interest rates[/tag] at the lowest they have been since about 1971, and both eyebrows should be raised! Additionaly, pending [tag]home sales[/tag] also indicate momentum moving forward: Also from NAR
Following a sharp drop in the months immediately after expiration of the home buyer tax credit, pending home sales have modestly risen
Low interest rates, higher prices, sales picking up? Hmmm… Indeed, there does seem to be some good news hidden amongst all the dark clouds breathlessly reported each day by the media. If you are a buyer and reading this now, you may want to consider emulating our early settlers over a century ago and start a new life in beautiful [tag]Steamboat Springs[/tag]! Prices are down 30-40% for the most part in Steamboat Springs, interest rates are at record lows and inventories in select developments are decreasing. If you have been here, fell in love, and would really like to start a new life in Steamboat Springs, get your Steamboat [tag]market report[/tag] today. Dean Laird, Broker/Owner Colorado Group Realty 877-678-0884
