Thursday, December 22, 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
Thursday, November 17, 2011
HomeSteps, a Freddie Mac real estate sales unit, kicked off a sales promotion this week to unload some of its inventory of foreclosed homes in several cities which includes the Steamboat Springs real estate 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.)
Thursday, November 10, 2011
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.
Pieces Fall Together in the Steamboat Springs Real Estate Market; Seller Financing Option using a Wrap.
Sunday, October 9, 2011
Colorado Group Realty brokers worked together to complete a “remarkable” and “extraordinary” deal involving multiple properties, owners and buyers at the end of September in the Steamboat real estate market. With one deal dependent on the other, four homes involving five homeowners were bought and sold in a three-day period at the end of September! It’s especially noteworthy given today’s real estate market and lending climate.
From Steamboat Today
From price negotiations, home inspections, appraisals and financing, everything had to happen smoothly for the deals to close.
However, offers relying on a contingencies being met don’t always work out as smoothly as in the above transactions. As an example, an owner has an offer contingent on the buyer selling and closing their home in order to purchase, but it doesn’t work out as planned and the buyer doesn’t see an offer by the contingency deadline - is there another option?
If the home buyer has some equity in their home and an acceptable down payment to cover the seller’s closing costs, the seller could consider owner-financing the real estate purchase without paying off their existing mortgage using what is called a wrap-around mortgage, or “wrap” for short. When the home buyer eventually sells, they pay the seller, effectively allowing a much longer time for the buyer to sell their home.
The seller takes enough down to cover closing costs and cover any risk of the buyer walking while the buyer makes payments to the seller who in-turn pays the existing mortgage. Of course, terms all have to make sense to both parties.
Also, there are legal matters to consider, summarized in this article.
if the seller owes on an FHA-insured (post March 1, 1988) or a VA-insured (post December 15, 1989) note and deed of trust, wrapping either of those types of loans is considered improper - possibly even fraudulent - by HUD, and is not recommended.
Since I’m not a real estate lawyer, please see the above article for more ideas about this type of transaction.
I’ll help you find the home and Oliver can help us with the details of the “wrap”.
Call me or contact me for a list of homes where the seller is willing to finance or trade.
Colorado Group Realty, Broker/Owner
Friday, October 7, 2011
Second home buyers paying cash are helping the Steamboat Springs real estate 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 downtown Steamboat Springs. including the Mountain area, Fish Creek neighborhoods and West of Steamboat’s Heritage Park, Steamboat II and Silver Spur, there are just 2 bank owned single family homes listings today!
Everyone starts their search looking for a bank owned home (that’s perceived as the best deal, 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 Federal Reserve, 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 Steamboat condominiums 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.
Technorati Tags: Second home, Steamboat Springs real estate, downtown Steamboat Springs, Mountain, Fish Creek, Heritage Park, Steamboat II, Silver Spur, single family, bank owned, best deal, Federal Reserve, Steamboat condominiums
Saturday, September 10, 2011
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. 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.
Going… 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 Steamboat Springs are now selling quickly. There may be more inventory on the horizon, but as of today, the last home listed as a REO (Bank Owned) 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 Steamboat foreclosures are some incredible deals on the newly constructed Long View Townhomes in the $300k to $400k price range. Approximately 25% of the bank owned 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!.
Saturday, December 11, 2010
In 2007, Walton Village condos, Shadow Run, Rockies were double the price they are today. These 3 condominium developments now top the list with the most REO (bank owned) properties on the market today.
Its no surprise that the low inventory, easy financing and desire to get a foot in the door lead to prices doubling in a just a couple years. What is a surprise is that this all happened after the rest of the country was in decline. We were quick to rise, slow to fall and appearing to be quick to recover. Or are we lining up to be fooled again? The sales don’t indicate so, but what about all those yet to hit the market?
Our inventory of REO condominiums are for the most part, the budget or lesser priced 1 and 2 bed units in older developments. Currently there are just 13 listings and most are under $200,000 with an exception of a ski-in ski-out Dulany condo listed for $429,950 and a Eagleridge townhouse for $657,500.
There are 4 pending sales and 1 closed condo in the past 30 days or so as of the date of this post. 2 sales were older 1 and 2 bedroom condos with list prices similar to those on the market today. The other 2 are the luxury 2 plus and 3 bedroom Highmark condos.
The turnover of inventory of foreclosed real estate in Steamboat is keeping pace with new inventory with the exception of these budget 1 and 2 bedroom Steamboat condos. There were just 3 new bank owned condo listings since November 1st and all 3 are under $200,000. The 2plus, 3 and 4 bedroom residences are outselling new foreclosed listings, so watch that list.
Depending on what you are shopping for, we appear to be on a road to recovery. However, I find myself stuck on how to wrap up this thought and all that comes to mind is the lyric of that great Who song “We won’t be fooled again” - Or will we? - Steamboat shadow inventory post coming soon, check back for more info.
Colorado Group Realty