December stats for Steamboat Springs Real Estate / Routt County

Friday, January 20, 2012

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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

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Highmark and Trappeurs Crossing Condos close out 2011 with 15 sales in the Steamboat Springs Real Esate Market

Friday, January 6, 2012

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Deals at Highmark Steamboat Springs and Trappeur’s Crossing Condominiums in the Steamboat Springs real estate market were snatched up at nearly half the price/sq.ft. of other ski-in/ski-out real estate developments such as One Steamboat Place and Edgemont. 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 Timberline, Champagne, Aspen, Emerald and Bear Lodge, 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 distressed.

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 Trailhead at Wildhorse at about 50% off original list price, Eagleridge selling well below 2007 pricing and we’re beginning to see some better deals at Chateau Chamonix.

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Routt County /Steamboat Springs Real Estate Market Update for Novemeber 2011

Thursday, December 22, 2011

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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

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Trailhead Lodge releases winter 2011-2012 price list with huge reductions in the Steamboat Springs real estate market

Saturday, November 19, 2011

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trailhead_lodge_winter_2011-2012_price_list.jpg

Trailhead Lodge releases winter 2011-2012 price list with huge reductions in the Steamboat Springs real estate market. Some of these units have discounts greater than 50%! The snow is flying here at the Steamboat Ski Area and opening is a few days away, so now is the time to snap up the current bargains.

Contact me for more information.

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Freddie Mac Launches Winter REO Sale which includes the Steamboat Springs real estate market

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.)

For more information on the HomeSteps Winter Sales Promotion, visit www.HomeSteps.com or contact me.

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October Routt County Statistics for Steamboat Springs Real Estate

Thursday, November 10, 2011

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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.

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Keep it Simple -Remove Obstacles - lending and the Steamboat Real Estate Market

Wednesday, October 26, 2011

Why can’t it be this simple?
Q: Do you have a job?
A: Yes
Q: Do you pay your bills?
A Yes
My ideal world:
Banker: OK borrower, your self-employment status concerns us, but we have looked at your credit score of over 750 and have determined that by giving you this new mortgage at around 4% and the fact that you are currently paying between 6 and 9 % on 4 mortgages, that you are a safe risk. We think that if your payments are less than you are currently paying now, you will continue to make those new payments because they will be less. Therefore, we will refinance your 4 loans into one or 2 loans at a much lower rate.
Me: Thank you!
My real world:
Me: So why can’t I refinance then Mr. Banker?
Banker: Well, it’s not that simple, see you are self-employed and we have looked at your tax returns for the past two years and have determined that you just don’t make enough money to guarantee us that you will continue to pay your bills.
Me: But I do pay my bills! You see that by looking at my credit score right? See, no missed payments. And I make pretty good money, just lots of deductible expenses because my costs of doing business are much higher now and I had some unavoidable medical bills, and my kid costs a lot.
Banker: Well you have too many bills like those medical payments, child care, car payment for your business, high utility bills because you live where its cold in the winter etc. Your debt to income level is just too high, we can’t refinance you.
Me: Yeah, lots of bills, that’s why I’m here asking for help. My thought is, if you refinance me at say 4%, that will reduce my monthly mortgage payments from $2000/month to about $1400/month. Doesn’t that make sense that I’m low risk? I pay less with my new loans than I pay now and then I have $600/month to pay toward my other bills? And the best part is, if I want to sell my house I have some equity built up and go buy another house that costs less now than it did 6 years ago. What da ya think?
Banker: NO DEAL
I just have to ask why can’t it just be that simple? If you currently pay your bills and you want to pay less each month with a new lower mortgage payment, you get a new loan. Many believe we need to fix the economy and the housing market will fix itself. I believe we fix the housing crisis and the economy will fix itself.
The government can continue to dribble out mediocre solutions , but what I keep missing in all these articles I read
http://www.nytimes.com/2011/10/25/us/politics/administration-proposes-changes-to-mortgage-refinancing-program.html?pagewanted=2&nl=todaysheadlines&emc=tha23
is, what if we are not under water on our mortgage, have a job, and pay our bills? We want to borrow some of this cheap money too.
The solution seems so simple - remove the obstacles as the Times article says. Loosen up on the debt ratios (because everything costs more these days) and bet on our past performance. I think you’ll see a lot of people in my situation who can and do pay their mortgage and bills, but can’t do so under the current tightened lending rules because our debt/income ratio is too high, or we are self employed and our tax returns just don’t fit the mold due to our deductible business expenses.
Until we meet in the middle somewhere between what lending standards used be and what they are now, I see a slow national recovery.
I’m thankful that our Steamboat Springs real estate market is local and for the most part not affected by this national crisis, but that being said, there are many here in my situation who could move forward with a change in the lending practices.
Dean Laird

VA loans make a comeback in the Steamboat Springs real estate market

Thursday, October 20, 2011

Some mortgage lenders and brokers in the Steamboat Springs real estate market are seeing a resurgence of VA loans

Here are a few helpful tips:

VA provides up to 100% financing on the purchase of a primary residence
There is no monthly mortgage insurance!
There is an upfront funding fee that varies from 1.25% to 3% depending on service, down payment and prior use of the VA product. This fee can be financed into the loan.
A 41% debt ratio is required
A certificate of eligibility or form DD214 is helpful for the borrower to bring in when they come in to get pre-qualified.

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