Thursday, September 13, 2012
Renovation on several condominiums near the slopes of Steamboat ski resort should result in higher prices for sellers as this market continues to turn. The West condos removed the exterior siding and trim on all residential buildings and installed new building wrap material to help reduce moisture and air infiltration. Completing the new look is new stained cedar siding and trim. The West also updated all stair towers, put in a new “addressable” fire safety system, new railings, and new patios. Add upgrades to the wiring, sewer and other common area maintenance areas and the place is like new. The Phoenix condominiums and the Kutuk condos followed suit with compete exterior remodels in the works or recently completed. Some of the advertised prices don’t include the special assessment and that assessment can be significant. The West Phoenix Kutuk Most Home Owner Association (HOA) docs are easily accessible online, if you have any questions about the status of an association, what assessments are planned, what’s done, and what to watch for, don’t hesitate to call me at 970-846-8284 Dean Laird Broker/Owner Colorado Group Realty
Edgemont put my family up for a weekend in one of the 3 bedroom condos this summer and they didn’t want to leave. Now I have a problem since the bar is raised so high, the guest bed in our house just isn’t going to cut it anymore for grandma. Steamboat weather was perfect and we had the place to ourselves. There isn’t another new luxury condo development that offers the views and solitude Edgemont condominiums offer - especially in the summer in Steamboat Springs.
April 6th, 2011, Edgemont’s construction loan was paid in full due to strong sales activity over the 2011 winter season with 11 Residences sold. The 2012 season, 3 more units sold with a 5 bedroom, 4-1/2 bath closing at $2,875,000 = $775/Sq.Ft. The Ridge collection featuring 5 bedroom units is sold out.
So how is the market in Steamboat? Edgemont isn’t the only luxury condo development selling, One Steamboat Place sold $46,000,000 in inventory since they restructured their debt a year ago August. In the 1st half of 2012 there were $57,546,517 in sales of condominiums and townhomes in the mountain area close to the Steamboat’s ski slopes.
Since Edgemont is the only option for new construction and luxury finishes in a 2 bedroom condo, the rentals are good.
2011-12 Ski Season for 2 bedroom slopeside condo.
Owner’s Use 3 Reservations 20 Nights $15,795.00 Gross
Rentals 13 Reservations 73 Nights $50,263.75 Gross
Nightly Rates 2012-13
Early/Late Season $ 620
Early Holiday $1250
Value $ 860
HOA cost on a 2 bedroom with slope side views such as unit 2603 rentals above are $14,529/year.
Only a 1 bedroom condo is left and priced at $550,000, Five - 2 bedroom condos from $895,000, five 3 bedroom condos from $1,195,000 and a 3 bedroom + den that looks over the Flattops and South Valley at $1,995,000 - This is reduced from the original pre-construction price of $2,709,000. Out of the remaining inventory, only 3 units are left facing the ski slopes. Personally, I prefer the South Valley views because in the winter, you have sun on your deck apres ski.
See the price list here or call Dean in Steamboat for more information 970-846-8284.
Based on the recent trend of sales, this could be the last season to grab the best pricing at Edgemont ski-in ski-out condominiums.
Bring the kids!
Ski Country Lodge, a new Steamboat Springs condominium development proposed near the slopes of Steamboat Ski Resort
Monday, September 10, 2012See more details about Real Estate
New construction near the slopes of Steamboat Ski Resort approaches a final development plan. Ski Country Lodge, a proposed 120 feet tall, eight story building is raising some opposition. The new building located at the intersection of Burgess Creek Road and Storm Meadows drive adjacent to Kutuk condos and down the hill from Bronze Tree Condos is designed to feature 74 condominiums offering 2 to 4 bedrooms.
The development plan proposes a total residential square footage of 138,362 and according to the Steamboat Pilot, cost estimates at $40,000,000 to demolish the existing building and rebuild. Add $11.5 million the developer paid for the land, cost to develop the project add up to about $374/SqFt.
Recent sales of newer luxury condos such as Edgemont have been selling for $600-$700 per square foot and One Steamboat Place from $673 to $948 per Square foot. It looks as though this project has potential for the developer as long as city council finds that the plan conforms with the community plan, mountain base area design standards and other criteria in the concepeptual development plan (CDC).
Tuesday, July 24, 2012See more details about Wildhorse
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June was an amazing month, the best in a long time! There were 109 transactions totaling $65.4 million in sales, with one big sale of $14 million. Even discounting the $14 million sale, the month was way up!
While transaction numbers are still off, there are some good signals for the average price and price per square feet. A notable situation is the lack of Interval Sales, there were only 3.
One of the other factors that really contributed to the sales volume in June was the sell-off of the Trailhead Lodge units. There were 16 units with a gross volume of $7,057,800. Average price per square foot was $368.97.
There were a total of 30 Bank Sales (16 Trailhead Lodge) and 14 in other areas of the county.
The highest priced sale was for a ranch property in the Yampa/Toponas area for $14 million. Although there are 4 residential units on this large acreage property, the value is probably more oriented towards the land size.See more details about Wildhorse
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Wednesday, April 4, 2012See more details about Wildhorse
Steamboat auction of Trailhead condos - fire sale pricing. A 3 bedroom residence originally advertised at $1,600,000 was just advertised at $425,000.
Sounds too good to be true? It might very well be!
$425,000 is the minimum bid price, but it’s not the reserve price ( “unpublished” price determined by the seller)
Make sure you read the fine print. This is a good example of why you should be represented by a Real Estate Agent when deciding if this opportunity is for you.
As stated in Trailhead Auction Brochure by Kennedy Wilson:
The list price is the opening bid for Auction Day: Sunday, May 6th.
All residences including unit 4104, 3 bed, 3 bath, 1544 sq ft unit advertised at $425,000 “have an “unpublished” reserve price, which means that the seller has established an “unpublished” minimum selling price. The Starting Bid is not the reserve price. The highest bid is subject to acceptance by the seller.
All offers are subject to Seller’s acceptance and will not be reviewed prior to auction date:5/6/2012
The builder reserves the right to modify features, plans, specifications, and materials without notice
The square footage shown is approximate and is not based upon the dimensions shown in the condominium plan and does not reflect the usable square footage of the interior ares of a unit.
It is the responsibility of all prospective buyers to inspect the residences prior to the auction and satisfy themselves as to their physical condition
Purchasers will become members of the Trailhead Lodge Homeowners association and Wildhorse Meadows Master Association.
Auction preview is open daily from 11AM to 6PM Auction Day Sunday May 6th, 2012 1PM at Denver Marriott City Center. Bidders are advised to arrive no later than noon. Auction Seminar Sunday April 29 at 1PM
The HOA (Home owners association) costs include an outdoor heated pool, several hot tubs, athletic facilities and a gondola. How will these costs and other land transfers effect the monthly HOA cost and what is the history?
Call Dean Laird to register for the auction 970-846-8284 or contact me.See more details about Wildhorse
Sunday, February 19, 2012See more details about Wildhorse
Buyers looking for high-end, luxury condominiums in Steamboat Springs are in a great position to find some deals. A recent surge of price reductions and developer incentives has increased interest in some of the best properties on the market. Demand is still lagging supply, however there have been 16 sales over $800,000 for condos and townhomes in the downtown and mountain areas since November 2011, and our busiest selling season is just beginning.
The relative abundance of luxury real estate has sellers competing for buyers to keep this recent condo buying trend in motion. For example, the developers of the ski-in/ski-out luxury condos at Edgemont are offering to pay three years of HOA dues on the next sale of any of the 13 remaining condos. They are also offering two years of paid HOA dues estimated at $22,000 annually for the next phase of to-be-built four and five bedroom townhomes. And while the townhomes are being built, they will provide use of Edgemont Ridge condos for up to two weeks in both the winter and summer seasons!
Two other properties, Cimmaron Townhomes across the street from the Steamboat Ski Area, and Norwegian Log, an older ski-in/ski-out are also offering a price reduction.
Bear Lodge at Trappeur’s Crossing is offering 25% off the next sale of their remaining new 3 or 4 bedroom luxury condominiums located one block from the base of the Steamboat Ski Resort. The offer also includes paid HOA dues for 3 years.
Recently discounted pricing makes these high-end condos an attractive deal for anyone looking for resort properties. Listing prices are less than $500 per square foot.
Newly constructed Trailhead Lodge at Wildhorse Meadows slashed prices of its fully-furnished condos up to 50% off the original listings with prices now in the mid-$400 per square foot range.
Deals don’t stop at the ski area. In downtown Steamboat Springs condos in the newly constructed Howelsen Place and Alpenglow Lofts have incentives also. Up to 25% off at Howelsen Place and 35% at Alpenglow on the next two sales at each property.
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Friday, January 27, 2012See more details about Real Estate
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.
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.
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.
Colorado Group Realty Broker/Owner
Saturday, January 21, 2012
Planning to vacation in Steamboat soon? Our local management companies such as Steamboat Resorts and Resort Quest 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 rental income 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 condo and home rentals.
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:
The New York Times reports on how to surf for a vacation rental.
If you have questions about rental investment real estate in the Steamboat Springs real estate market, condos and homes for sale or would like a list of the local vacation rental services, I’m here to help.