Long term mortgage interest rates are NOT based on the 10 year note

Sunday, August 21, 2011

Do you know what long term mortgage interest rates are based on? The only correct answer is Mortgage Backed Securities or Mortgage Bonds. They are NOT based on the 10-year Treasury Note, the stock market, or the prime rate. While the 10-year Treasury Note sometimes trends in the same direction as Mortgage Bonds, it is not unusual to see them move in completely opposite directions. Be sure that you are working with a lender who is tracking the correct index.

Interest rates are still at historic lows (50 year low)!! It may be time to look at your refinance.

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End of Summer Close-out Sale (Now studio’s & 1 bdrm’s almost sold-out)

Friday, August 19, 2011

Summer is fleeting, and so are the opportunities at First Tracks. After 35 successful sales in the past two years, only 12 residences remain. Now’s the perfect time to purchase at First Tracks with great financing options and some of the best residences still available.

Just Released: New Close-out pricing starting from:
MLS# 132314 Studio - $119 (only 3 remain)
MLS# 132312 1 Bedroom - $199K (ONE left!)
MLS# 132315 2 Bedroom - $299K

One Steamboat Place restructures debt

Tuesday, July 26, 2011

The Steamboat Pilot reports that the cloud of a foreclosure filing by a consortium of seven lending banks has been removed and that Timbers Resorts can begin closing some pending contracts and pursuing new sales at reduced prices. This bodes well for steamboat real estate property.

Timbers Resorts CEO David Burden said

We and our investor group have made significant multimillion-dollar capital contributions to continue our forward momentum, as well as arranged financing for prospective owners at One Steamboat Place. With this loan restructure completed, the banks are now fully behind One Steamboat Place. The terms of the modified loan, along with additional capital invested from our partners, have provided a very solid footing for the continued sellout of the remaining units in the project. The original motion for foreclosure that had been made by the banks was not the result of poor performance at One Steamboat Place.

One Steamboat Place broke ground in late summer 2007 and continued construction through a record snow winter. It posted $15.25 million in sales during its first round of closings in November 2009. The project includes 80 large condominiums with 38 whole-ownership vacation homes among them.

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Catamount memberships on sale

Wednesday, July 13, 2011

There are currently great membership deals at Catamount and current dues are about 50% of last years dues!

The membership deposit for a full Premier Membership (golf & lake privileges) is $42,500. Lake membership deposits are $15,000. Dues for both memberships will be prorated to the date you join.

Annual dues for the Premier membership are $8,260 and are $4,130 for Lake Membership. This is a significant savings over previous years pricing! About half.

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Foreclosure sale of One Steamboat Place delayed for 6th time

Thursday, June 16, 2011

The Steamboat Pilot reports that the scheduled foreclosure sale of the remaining unsold luxury condominium units at One Steamboat Place has been postponed for the sixth time, this time until June 29.

One Steamboat Place has continued to operate as a resort lodging property for both owners and guests, and was busy throughout the 2010-11 ski season. The managers of the property say it has a strong homeowners association.

David Burden of Timbers Resorts, which led the construction and continues to manage the property, said last year

I’m positive we’re working this out. My partners are willing to invest many (additional) millions, but only on certain terms. … We’re very confident we’ll get this loan restructured

Routt County Public Trustee Jeanne Whiddon said Wednesday that in theory, the series of postponed sale dates could stretch into next year. The deadline for the lenders to either withdraw their notice of election demand, which constitutes a foreclosure filing, or take the property through to a foreclosure sale is March 16, 2012.

Sales since November have reduced the outstanding balance on the construction loan to less than $100 million. The last developer’s sale at One Steamboat Place was recorded on April 8.

New sales incentive for Bear Lodge at Trappeur’s Crossing

Friday, June 10, 2011

To jump-start the summer, Bear Lodge at Trappeur’s Crossingis offering a new promotion!

In addition to the 25% off, they are offering 3 years paid homeowner association dues at closing to the next buyer.

Remember, Bear Lodge is the only new development that is 80% sold out! The developer is debt free, the model unit is open every day and the amenity package is unlike anywhere else in town. The remaining availability and pricing on the remaining 7 developer units can be found here

Contact me to view these properties.

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Update on sales progress for First Tracks at Wildhorse Meadows

As of Friday, May 27th, the 31st residence in First Tracks at Wildhorse Meadows has closed. In addition, another 2 bedroom is under contract and is slated to close July 7th. The remaining availability and pricing can be found here.

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Edgemont’s Current Financial Condition

Thursday, June 9, 2011

Edgemont has $7M in outstanding debt that will be paid in full by May 2011. It’s over 50% sold, with 18 condos remaining. 70% of the original contract holders (back in 2007) closed, which underscores the viability of the project. Edgemont is not holding any contracts back as “potential sales” which could skew the numbers; the ones that didn’t close are back on the market and ready for new buyers.

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