3.8% new tax on all Real Estate Transactions is not true
Friday, January 27, 2012
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
Steamboat vacation rentals and alternative for condo owners paying upwards of 40% fees
Saturday, January 21, 2012
Planning to vacation in [tag]Steamboat[/tag] soon? Our local management companies such as [tag]Steamboat Resorts[/tag] and [tag]Resort Quest[/tag] are top notch for service, but you may find as good or better deal using one of the internet companies. Looking at the rental income statements for my Sellers using a local management company, its pretty typical to see only 50% of the nightly [tag]rental income[/tag] ending up in the pockets of the owner. If the that owner lists with one of the following companies, then most of that rental income ends up in their pocket, allowing the flexibility to offer cheaper Steamboat [tag]condo[/tag] and [tag]home[/tag] [tag]rentals[/tag]. For most property owners trying to rent on their own, scheduling key service, cleaning, and maintenance is more of a burden then they want to deal with. For those who have a system they can offer some good deals on vacation rentals in Steamboat. Here are a few examples: http://www.airbnb.com/ http://VRBO.com http://HomeAway.com The New York Times reports on how to surf for a vacation rental. If you have questions about rental investment real estate in the [tag]Steamboat Springs real estate[/tag] market, condos and homes for sale or would like a list of the local vacation rental services, I’m here to help. Dean Laird Broker/Owner Colorado Group Realty deanlaird@gmail.com http://skicondos4sale.com http://steamboatfinehomes.com
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
Highmark and Trappeurs Crossing Condos close out 2011 with 15 sales in the Steamboat Springs Real Esate Market
Friday, January 6, 2012
See more details about EdgemontSee more details about One Steamboat PlaceDeals at [tag]Highmark[/tag] [tag]Steamboat Springs[/tag] and [tag]Trappeur’s Crossing[/tag] Condominiums in the [tag]Steamboat Springs real estate[/tag] market were snatched up at nearly half the price/sq.ft. of other [tag]ski-in/ski-out[/tag] real estate developments such as [tag]One Steamboat Place[/tag] and [tag]Edgemont[/tag]. Quality finishes and walk to the ski slope access made these deals even more attractive with Highmark selling from $355 to $455/sq.ft. in 2011; the price range was dependent on location and views, and 5 of the 6 sales at Highmark were distressed. Trappeur’s Crossing condos price ranges, including [tag]Timberline[/tag], [tag]Champagne[/tag], [tag]Aspen[/tag], [tag]Emerald[/tag] and [tag]Bear Lodge[/tag], were from $320/sq.ft. for Timberline to the newer construction and higher quality finishes of Bear Lodge at $500/sq.ft. for a 5 bedroom. None of the Trappeur’s Crossings sales were [tag]distressed[/tag]. In contrast, One Steamboat place sales ranged from $629/sq.ft. to $926/sq.ft. for their premier property. These sale prices are 30-40% off their original release prices in 2007! Edgemont recently closed their 5 bedroom bunk house with the magnificant views for $780/sq.ft.; the top sale was $826/sq.ft. Many more exceptional deals can be had at other ski-in/ski-out and close-to-the-slopes properties in Steamboat Springs. A few to watch include [tag]Trailhead at Wildhorse[/tag] at about 50% off original list price, [tag]Eagleridge[/tag] selling well below 2007 pricing and we’re beginning to see some better deals at [tag]Chateau Chamonix[/tag].
See more details about EdgemontSee more details about One Steamboat PlaceRoutt County /Steamboat Springs Real Estate Market Update for Novemeber 2011
Thursday, December 22, 2011
November was a great month for the [tag]Steamboat Springs real estate[/tag] 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 [tag]residential[/tag] 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.
[tag]Bank sales[/tag] are also up this month with a total of 15.
Sales over $1.5M:
11/29/2011 $2,475,000 [tag]Robbins[/tag] 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, [tag]Eagleridge[/tag] 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
Trailhead Lodge releases winter 2011-2012 price list with huge reductions in the Steamboat Springs real estate market
Saturday, November 19, 2011
See more details about WildhorseSee more details about Trailhead at Wildhorse
[tag]Trailhead Lodge[/tag] releases winter 2011-2012 price list with huge reductions in the [tag]Steamboat Springs real estate[/tag] market. Some of these units have discounts greater than 50%! The snow is flying here at the [tag]Steamboat Ski Area[/tag] and opening is a few days away, so now is the time to snap up the current bargains. Contact me for more information.
See more details about WildhorseSee more details about Trailhead at WildhorseFreddie Mac Launches Winter REO Sale which includes the Steamboat Springs real estate market
Thursday, November 17, 2011
HomeSteps, a [tag]Freddie Mac[/tag] real estate sales unit, kicked off a sales promotion this week to unload some of its inventory of [tag]foreclosed[/tag] homes in several cities which includes the [tag]Steamboat Springs real estate[/tag] market
Its Winter Sales Promotion for owner-occupant buyers includes:
- Paying up to 3 percent of the final sales price toward the buyer’s closing costs for initial offers received between Nov. 15 and Jan. 31, 2012. Escrow must be closed on or before March 15, 2012, to qualify.
- Two-year Home Protect limited home warranty, which covers such things as the heating, air conditioning, electrical, plumbing, and other major systems and appliances. Home Protect also will offer a discount of up to 30 percent on the purchase of appliances. (For eligibility requirements, visit www.HomeSteps.com/smartbuy.)
For more information on the HomeSteps Winter Sales Promotion, visit www.HomeSteps.com or contact me.
October Routt County Statistics for Steamboat Springs Real Estate
Thursday, November 10, 2011
October is a mixed bag for the [tag]Steamboat Springs real estate[/tag] 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.
[tag]Bank sales[/tag] 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 [tag]Agate Creek[/tag] 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 [tag]Werner Ranch[/tag] 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 [tag]One Steamboat Place[/tag] 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 [tag]Steamboat Mountain[/tag] Area.
Contact me for more information.
