Is the lower budget Steamboat condo foreclosure inventory on the rise?

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.

Dean Laird
Broker/Owner
Colorado Group Realty
970-846-8284

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 real estate 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 interest rates at the lowest they have been since about 1971, and both eyebrows should be raised!

Additionaly, pending home sales 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 Steamboat Springs!

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 market report today.

Dean Laird, Broker/Owner
Colorado Group Realty
877-678-0884

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Lack of quick service is good indicator Steamboat’s economy is just fine

Wednesday, September 8, 2010

A fresh reminder this isn’t the big city! And there is plenty of work in Steamboat.

The moving van arrives on Friday and I need 3-4 strong people to help shuffle furniture and fixtures up 3 flight flights of stairs in a luxury condo. Cleaning by tomorrow, paint touch ups by today, locate a couple of new fixtures for the living area and bath, check out the boiler, adjust the garage door and a few other items are all on order before my Buyers arrive for closing on their real estate purchase this Friday.

Earlier this summer I heard often from my contractor and service industry friends that business was slow, so I didn’t worry about booking home maintenance services early. Come to find out, that there apparently is no shortage of jobs in Steamboat. The moving company was booked until 2 weeks out, 3 cleaning ladies called to say they were all booked, the painter out a week, carpet cleaner and plumber/mechanical contractor for the boiler radiant heat system can’t fit me in and suggested another company, and I’m still trying to find someone to adjust the garage door. All day was spent trying to find services in Steamboat. My predicament reminds me the busy days of 2007; to get something done quick, I have to throw on the tool belt and get to work.

Its good to see that Steamboat is buzzing along again for the service industry. Contractors who are good at what they do are staying plenty busy. When real estate is selling again, demand for reliable services is high. I’m fortunate to have a reliable source of friends who can squeeze me in between jobs in a pinch.

Steamboat’s strengthening economy should be a sign of what’s around the corner in the real estate market.

Dean Laird
Broker/Owner Colorado Group Realty
877-678-0884

Steamboat Springs Foreclosed Home Inventory Declines

Saturday, September 4, 2010

Single family homes in the immediate Steamboat Springs area, (with-in 15 minutes drive) has declined to under 5 homes. Sales for foreclosure condos, townhomes and residential homes has maintained a steady pace resulting in less choices for distressed property.

Of 30 or so REO (Real Estate Owned = post foreclosure) homes, most are in Stagecoach, Oak Creek or Hayden areas.

To watch the list, see Steamboat Springs Foreclosed Real Estate. or Contact Dean Laird, Broker/Owner Colorado Group Realty 877-678-0884.

Steamboat Springs sold real estate statistics for June 1st to August 31st 2010

Thursday, September 2, 2010

Following are some some statistics for Steamboat Springs real estate sold this summer compiled by Colorado Group Realty

Total Sales

  • 60% of the properites sold closed at at price which was between 90% to 100% of asking price
  • 32% of the properties sold closed at a price which was between 75% to 89% of asking price
  • Only 8% of the properties sold (8 in total) closed at a price which was less than 75% of asking price

Sales by Property Type

  • Condos and Townhomes sold for 90% of asksing price
  • Single Family homes sold for 84% of asking price
  • Land and Lots sold for 76% of asking price

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Perceived value in Steamboat Springs CO

Monday, August 16, 2010

Low prices and real estate advertised as “bank owned” is drawing increasing attention to Steamboat Springs.

Steamboat Today’s article talks about our foreclosure market. Correcting the paper, Eliese is an owner with Colorado Group Realty, and one of our experts in the Steamboat foreclosure and short sale process.

The desire of those wanting second homes in Steamboat Springs at a significant discount outpaces the interest of real estate investors. We have foreclosures, short sales and distressed sellers, but properties are not exchanging hands at prices where investors looking for rental income can cash-flow a home or condo purchase.

Unlike many other areas in the country, Steamboat Springs perceived value is driving our summer sales. Steamboat is on sale right now, and a strong desire for our lifestyle should force a quick turnaround when other markets begin to recover.

There have several high-dollar foreclosed properties sold in the past few weeks. For the complete report and facts on Steamboat Springs foreclosures and bank owned real estate,call Dean Laird at 877-678-0884.

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Past 7 days of Steamboat property sales indicates good news for Sellers.

Thursday, August 12, 2010

There were 26 signs of good news for sellers in Steamboat in the past 7 days! Steamboat homes, condos, townhomes and residential land sales comprise the list.

6 Condos - 3 sales ( Trappeur’s Crossing , Timber Run , Ski Time Square ), 3 Pending sales (Storm Meadows , Rockies , Quail Run ).

8 Homes - From Steamboat Lake to Hayden to Oak Creek . Most sales were the bargains under $400,000.

4 Town Homes - All 3 and 4 bedrooms, from $400,000 to $1,000,000

4 Residential Land - 2 pendings and 2 sold - from $40,000 in Hayden to $796,000.

1 Commercial mixed use and 1 fractional ownership sale at The Phoenix .

To receive your weekly sales report by email - Write Dean Laird or Call 877-678-0884

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More good news for Steamboat home and condo buyers (maybe)

Wednesday, August 11, 2010

With mortgage rates at historic lows and current high inventory, it’s a Steamboat buyer’s market, at least for now.

Reports Bloomber News:

Officials directed the New York Fed’s trading desk to reinvest what economists estimate will be $15 billion to $20 billion a month in maturing agency and mortgage-backed securities back into U.S. Treasuries. The purchases will help keep Treasury yields and mortgage costs low and prevent the level of monetary stimulus from shrinking further.

So when is the turn in Steamboat? This is great news, but we still need Fannie Mae to loosen up their belt for condo lending. If a buyer has 20% down payment for a Steamboat condo, the condo is 40%-50% under the prices of 2007 and the inventory for development land remains low in comparison to many other resort areas, then the low risk should be attractive to a lender. Unfortunately, the rule-makers don’t analyze our niche market and thus we are waiting for the days of relaxed condo lending rules. When this happens and the buyer qualifies for a loan that is marketable, we should see a surge of sales. Until then, bring more cash.

The FED stopped investing in Mortgage backed securities (MBS) back in April and sales declined. The FED are now investing again, so I anticipate new confidence and sales to pick up. This may not be the turn or the bottom, but if you combine this good news with relaxed lending rules, then that may just be the sign of a turn.

Meanwhile, it’s a Steamboat Springs Buyer’s market - and cash is king.

Call me about Steamboat Springs foreclosure real estate and current market conditions.

877-678-0884 direct or 970-846-8284 Cell.

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