Friday, January 27, 2012
3.8% new tax on all Real Estate Transactions is not true
Effective January 1, 2013, a new 3.8 percent tax on some investments is slated to affect real estate transactions.
The is a complicated tax and while I’m not a tax accountant, here are the basics:
The 3.8 percent tax passed by Congress in 2010 won’t affect all real estate purchases.
The tax may be applied to income from interest, dividends, rents (less expenses) and capital gains (less capital losses) for individuals with an adjusted gross income (AGI) above $200,000 and couples filing a joint return with more than $250,000 AGI.
The new tax applies to the lesser of 1) investment income amount 2) excess of AGI over the $200,000 or $250,000 amount.
One Example:
Let’s say you are married and have $300,000 in adjusted gross income (AGI) and sold your principal residence for a $600,000 gain. $500,000 of the $600,000 is the standard deduction for a married couple.
The Math:
AGI Before Taxable Gain $300,000
Gain on Sale of Residence $600,000
Taxable Gain (Added to AGI) $100,000 ($600,000-$500,000, standard deduction for married couple)
New AGI $400,000 ($300,000+$100,000)
Excess of AGI over $250,000 $150,000 ($400,000-$250,000)
Lesser Amount (Taxable) $100,000 ($100,000 is less than the $150,000 so taxable gain is on the $100,000)
Tax Due $3,800 (.038 x $100,000)
Watch out for the chain emails stating this is a tax on all real estate transactions, because that info is false.
This new tax is supposed to raise $210 billion (over 10 years), representing more than half of the total new expenditures in the health care reform package. I support the National Association of Realtor which strongly objected to this tax, but the legislation passed on a largely party line vote.
For questions about how this affects your sale in Steamboat Springs, Colorado real estate purchase, contact me.
Dean Laird
Colorado Group Realty Broker/Owner
dean@mybrokers.com
970-846-8284
Friday, January 20, 2012
December stats for Steamboat Springs Real Estate / Routt County
Thank you to Stan Urban with Steamboat’s Land Title Company for the following real estate sales information.
December was a good month for Steamboat Springs real estate in Routt county 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.
Bank sales 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 Edgemont ski-in/ski-out Condo 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 new construction sale on Steamboat 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 Sanctuary 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 Big Valley Ranch 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
Technorati Tags: Steamboat Springs real estate, Routt county, Bank sales, Edgemont, ski-in/ski-out, Condo, new construction, Steamboat, Sanctuary, Big Valley Ranch
Thursday, December 22, 2011
Routt County /Steamboat Springs Real Estate Market Update for Novemeber 2011
November was a great month for the Steamboat Springs real estate market, up quite a bit over last year’s November. (90%) Gross volume in November came in at $51,948,300, and had a total of 125 Transactions. This big shot in the arm leaves your YTD, Gross volume slightly off last YTD, but under -10%. Transaction wise, November was strong with 125 transactions, although general transaction numbers are still down.
There was strong residential activity in November. 66 of the transactions were for Improved Residential properties (up from 47 last month). In an addition, all of the Residential trend-point totals are showing up green. The upper end residential market was very favorable in November, as you’ll see in the Price Point summary and by the highlighted sales below.
Bank sales are also up this month with a total of 15.
Sales over $1.5M:
11/29/2011 $2,475,000 Robbins Subdivision Lot 117 aka 0674 Steamboat Boulevard – 5 Bedroom 6 Bath YOC 2007 with 7,305 SF Living Area on .60 AC Land. PPSF is $338.81.
11/7/2011 $1,850,000 Eagle Glen #1 Replat Lot 1, Eagleridge Lot 1, Block 4 aka 1451 Eagle Glen Drive – 4 Bedroom 5 Bath YOC 2004 with 4,741 SF Living Area on .31 AC Land. PPSF is $390.21
Technorati Tags: Steamboat Springs real estate, residential, Bank sales, Robbins, Eagleridge
Thursday, November 10, 2011
October Routt County Statistics for Steamboat Springs Real Estate
October is a mixed bag for the Steamboat Springs real estate market: down slightly from last month in volume, and down even more in transactions - however, all of the difference is in Interval closings, which were significantly lower than last month.
The residential market had a consistent and strong showing with close to the same numbers as last month, and a predominance of residential trend points that were trending higher. Also, you’ll find several upper end residential closings which are noted below.
Bank sales were down tremendously, with only 6 in October as opposed to 18 in September..
Highest Priced Sale for October 2011:
10/27/2011 $3,375,000 Agate Creek Preserve Subdivision Lot 1 aka 35375 Humble Road – 5 Bedroom 5.5 Bath YOC 2004 with 8,137 SF Living Area. 7.57 AC Land Area. Price per square foot (PPSF) $414.77.
Highest PPSF for October 2011:
10/6/2011 $2,030,000 One Steambaot Place Condo @ Après Ski Way Condo Unit R-418 aka 2250 Après Ski Way – 4 Bedroom 4 Bath with 2,420 SF Living Area. PPSF is $838.84. This is a new construction sale that is located in the Steamboat Mountain Area.
Other sales over $1.5M:
10/12/2011 $2,155,000 Werner Ranch Subdivision #3 Lot 2 – aka 34225 State Highway 131 – 4 Bedroom 5 Bath YOC 2008 with 4,199 SF Living Area on 35.020 Acres of Land. PPSF is $513.22. This sale is located in the South Routt Area.
10/31/2011 $1,500,000 One Steamboat Place Condo @ Après Ski Way Condo Unit R-103 aka 2250 Après Ski Way – 4 Bedroom 4 Bath YOC 2009 with 2,384 SF Living Area. PPSF is $629.19. This is a new construction sale that is located in the Steamboat Mountain Area.
Contact me for more information.
Technorati Tags: Steamboat Springs real estate, Bank sales, Agate Creek, Werner Ranch, One Steamboat Place, Steamboat Mountain
Friday, October 14, 2011
Condo buying season in Steamboat Springs is here! Ski-in convenience with walk-to-ski value; rent your real estate to defray costs
I often am asked which condos rent the best in the Steamboat Springs real estate market. This is usually answered simply and overwhelmingly with ski-in ski-out. However, rental income for a ski-in condo will vary depending on the condition of the residence. A newer or recently renovated condo within walking distance to Steamboat skiing will cost much less and see higher rental revenues than a fixer-upper ski-in condo.
I’ve had a couple of owners of slope-side condos recently state they barely covered their home owner association (HOA) and resort management fees last two seasons. This is due in part to the slow economy and increased inventory from a building boom in 2007, but is also due to the price point and the condo rating. Price conscious travelers in many instances are opting for a Trappeurs condo, such as Emerald or Bear Lodge, because they can get higher quality and another bedroom for the same price. Bear Lodge is about 2 blocks East of Gondola Square. At times, a 3 bedroom will rival the rental price of a 2 bed ski-in. Patio units with private hot tubs are popular as well. The quality finishes and convenient amenities like pools, hot tubs and fitness rooms add value. Many travelers will choose to walk a block to skiing for a 4 star or A-rated experience.
A trend we are seeing near the slopes is older buildings taking on a new look. The West and The Phoenix, both within walking distance to the slopes, have beautiful new exteriors. The assessments were steep, but the payoff of the HOA special assessment (if not paid by seller already) can always be negotiated in a contract to purchase.
For example, my West condo studio unit listing could use a kitchen upgrade to boost rental demand; regardless, this condo netted an income in the past 3 years after the HOA fees, management fees and taxes. Depending on your personal use, its typical to see rental incomes offset those carrying costs before your debt service.
Prices are around 20 to 40% off our high sales in 2007. Several condominium developments within walking distance to Steamboat’s Gondola Square and ski slopes are worth investigating before the winter sales season because they may be new, newly renovated or show consistent rental revenue from good management and marketing. Under $500,000 look to are The West, Phoenix and The Lodge at Steamboat. Over $500,000 but under $1,000,000, and for more bedrooms, look to Emerald or Bear Lodge at Trappeurs.
If you don’t mind a short walk to the slopes and rental income is important to you, look past the slopes and you will certainly find more bang for your buck without sacrificing convenience. Contact me for more information today.
Technorati Tags: Steamboat Springs real estate, ski-in ski-out, ski-in, condo, slope-side, Trappeurs, Emerald, Bear Lodge, Gondola Square, West, Phoenix, The Lodge at Steamboat
Monday, September 12, 2011
One Steamboat Place enjoys record real estate closings
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. 
. 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
Technorati Tags: new pricing, closed sales, slopeside, gondola, One Steamboat Place, spa, wine cellar, Truffle Pig, Timbers Resorts, Steamboat real estate
Friday, November 19, 2010
Steamboat’s biggest news! Powder and One Steamboat Place Foreclosure
Ok… the good news first - Champagne Powder® snow is on order along with the usual turkey and trimmings! Steamboat will be serving up a full plate of fun with 5 lifts, approximately 926 acres and 66 trails, including much of its legendary tree-skiing terrain in Shadows and Closet. For just $30, Steamboat will dish out a lift ticket on opening day, Wednesday November 24th, and donate all proceeds to benefit the local youths in the Steamboat Springs Winter Sports Club.
We haven’t seen early season conditions like these since 1996/97 winter. A series of storms have dumped nearly 4-1/2 feet of snow this month and 6 feet of snow since October 23rd at Thunderhead, the resort’s mid-mountain location at 9,080 feet. Steamboat is currently reporting a remarkable 52-inch base at the summit, the largest ever seen for an opening day. And snow will continue to accumulate starting Sunday and lasting till the opening on Wednesday.
Meteorologists are calling for a La Niña weather cycle this winter and Steamboat often does very well during the stronger events. So far so good! Mike at SnowAlarm and I decided to hike to Hurricane this past week to send you a taste of what’s on tap for this winter - powder skiing!
Oh - did I mention that One Steamboat Place is in foreclosure? Lets keep with the good buzz and I’ll write about this debacle later. Or you can check out the news.
http://www.steamboatpilot.com/news/2010/nov/17/one-steamboat-place-foreclosure/
Steamboat Condos is your reliable source for a chance at our lifestyle.
Stop by my ski in office and I’ll show you around the mountain. And talk about the great deals on real estate in Steamboat Springs, Colorado.
Dean Laird
Broker/Owner Colorado Group Realty
Direct 877-678-0884
Tuesday, August 31, 2010
Underpass work for Fish Creek Falls Road at 3rd Street begins in Steamboat
Construction season in Steamboat is still humming! Along with the promenade at the base of Steamboat Ski Area, the Spring Creek Trail soon will run uninterrupted from Amethyst Drive to the Old Town Hot Springs after a pedestrian underpass is completed underneath Fish Creek Falls Road. City workers were busy Monday beginning preparation work for the project that they expect to complete by the end of next month. See the full story here.
Technorati Tags: Steamboat, promenade, Steamboat Ski Area, Spring Creek, Old Town Hot Springs, Fish Creek Falls
