Archive for December, 2010

Fortress Invests in Steamboat Development – Weekly Transactions

Sunday, December 26th, 2010

Here are the weekly (Dec. 16th – 23rd) real estate stats for Steamboat Springs and Routt County courtesy of the Steamboat Pilot. These are all the transaction that took place last week. One important transaction to note, Fortress Investment Group, the owner of Steamboat Ski Area parent Intrawest, purchased a 17-lot Graystone on the Green subdivision for $3 million dollars. The subdivision is located near the Sanctuary and the mountain area and looks out over the Rollingstone Ranch Golf Course.

Steamboat Springs Named one of “The West’s Best Ski Towns”

Friday, December 24th, 2010

Steamboat Springs Named one of “The West’s Best Ski Towns”

According to Sunset magazine, Steamboat Springs, Colorado ranks as one of the best ski town in the West. We may not be the prettiest, that went to Telluride. And we might not have the most charm, that went to Crested Butte. And Steamboat didn’t outrank Jackson Hole for the best apres-ski, but we did receive the “Most Old West charm” award. Which in my mind is pretty darn good. I’d rather be charming than have the best food, which went to Bend, Oregon.

Record Snow in Steamboat Springs

Tuesday, December 21st, 2010

160 inches so far and 15 inches over the last 48 hours. Snow conditions are great in Steamboat Springs. If your coming to Steamboat Springs for the holidays, you’re in for a treat. The coverage of snow for this time of year is amazing.

The S & P rose to near 2 year record number today. And some good numbers coming from Nike showing a 22% profit rise. Adobe had good profits causing their stock to inch up 6%.

The Census Bureau reported Tuesday that the population of the United States grew 9.7%, to 308.7 million people over the past decade — the slowest rate of growth since the Great Depression. But given our economy hasn’t been this sluggish since the Great Depression the slowing is not a huge surprise.

Most things were up today. But interest rates dropped a bit today. They climbed to 5% over the last week but dropped a tad bit today to 4.9%. It appears we’ll be around this mark for a while.

Edgemont Ski-in/Ski-out – The Perfect Steamboat Location

Sunday, December 19th, 2010

Edgemont, Steamboat Springs newest ski-in/ski-out residences are proving again that location is the predominant characteristic that dictates real estate sales and values. Completed in 2009, Edgemont, at the base of the Steamboat Springs ski area in Colorado, is now over 50% sold out and with very little debt, Edgemont is the most successful and attractive new slope-side property in Steamboat Springs. There are 39 residences and only 18 remain. From 1 bedroom units at $726,400 to 5 plus bedroom units at 3.3 million, there’s something special for everyone. And with the ski season upon us, the interest is high in the remaining units. Owners enjoy spectacular views of the entire Yampa Valley and spacious open floor plans ideal for entertaining. Edgemont offers a host of amenities that bring families together both inside and outside of the home. There’s a large outdoor saline pool and hot tub. There’s a large outdoor fire pit making après ski about as perfect as it could be.
And if you’re looking to rent your Edgemont residence, the projected income is very attractive. From $63,000 for a 2 bedroom unit, $101,195 for a 3 bedroom unit, $116,374 for a 4 bedroom unit and $133,830 for a 5 bedroom residence. And 2010/2011 rental bookings are proving to be better than projected.

Steamboat Springs, Colorado – Real Estate Market Report

Friday, December 17th, 2010

Steamboat Springs, Colorado – Real Estate Market Report

November was a slow month for real estate transactions in Steamboat Springs, Colorado. In comparison to the prior November it was down significantly. But looking over the numbers to date, there has been a vast improvement from last year. Most likely this November drop was just coincidence but there are a few signs that might shed some light on the drop in real estate sales. For starters, congress has been working on the tax bills / tax cut extensions and this has caused a bit of a stir. In looking deeper, the November numbers show that the vast majority of the transactions occurred at the price point between $200,000 and $1,000,000. Thus, the upper-end buyers might have been tentative awaiting the tax extension vote. We’ll see if this hypothesis ring true and numbers increase during December and January.

Market Report for Steamboat

Market Report for Steamboat

Summary for the month of November:

Home Prices Flat in U.S. / Steamboat Springs Flat

Tuesday, December 14th, 2010

According to CNN money report, U.S. home prices fell 2% in the third quarter after having gained steadily since early 2009. The Case-Shiller Home Price index, the barometer for U.S. home prices, has seen a steady, albeit slow increase in real estate prices over the last few month. But that changed as of late.

“The S&P Case-Shiller Home Price Index has recorded gains in four of the previous five quarters, including a 4.7% jump between April and June 2010. That leaves national home prices down 1.5% year over year and off 2% compared to the second quarter, according to the Index, which was released Tuesday.

David Blitzer, chairman of the Index Committee at Standard & Poor’s, attributed some of the decline to the end of the government program that paid tax incentives to homebuyers but he pointed to other problems weighing on the housing market.

Almost 3 years Since the Great Recession Began

Tuesday, December 14th, 2010

Almost 3 years Since the Great Recession Began

I look back to 2009 when the Steamboat Springs real estate market was drying up. Talking to other agents there was talks about things getting better around late 2010. Well, seems many were wrong. But one thing that is showing signs of improvement is consumer spending.

“It has also been, as the Commerce Department reminded us this morning, three years since retail sales went in the tank. As of last month, they’re back. The Commerce Department said today November retail sales are basically where they were in the fall of 2007. Stores are loving that news as are economists. Consumer spending — as we’ve told you many, many times — is a huge engine for the American economy. ”

Buying Real Estate in Steamboat Springs? 5 Deal Breakers to Avoid

Sunday, December 12th, 2010

Buying Real Estate in Steamboat Springs? 5 Deal Breakers to Avoid

Buying real estate in Steamboat Springs, Colorado? Purchasing real estate can be a complex endeavor for even the most well prepared buyers. You’ve followed the market, identified some properties, saved for a down payment, and now you are ready to make an offer on that Steamboat Springs dream home. Don’t let these 5 “Deal Breakers” come between you and your new home.

1. Buy home before furnishings. It is tempting to buy the furniture for your new home or a new car for the garage before the sale closes. Take care if you are making these purchases on credit. Large purchases on credit can have a major impact on your credit profile which effects your mortgage application. It’s a better plan to wait until after closing or pay cash for these transactions or you may be putting that furniture in a different living room than you originally picked them out for.

Who is Buying Real Estate in this Market?

Wednesday, December 8th, 2010

Who is Buying Real Estate in this Market

Buying Real Estate in Steamboat

Buying Real Estate in Steamboat

Who is buying Real Estate today? Steamboat Springs real estate transactions are not that much different from what is bought and sold in the rest of the country. A recent study was conducted last September by the Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions. Distressed properties as a share of total home purchase transactions hit 47.5% in September, the latest survey found that number to be 45%. So like Routt County stats, distressed properties continue to increase. From Steamboat Springs, Fish Creek, the Mountain area, Stagecoach, North Routt, and all in between, every week there are more properties coming on our MLS that are distressed. But the good news is that it seems that many of these Steamboat properties are selling and not just as primary residences. Seems investors are even getting back in to buying real estate. But we’re not going to be getting back to 2007 anytime soon.

Western Mountain Resort Alliance Real Estate Stats

Monday, December 6th, 2010

Western Mountain Resort Alliance Real Estate Stats

I think that everyone here in Steamboat Springs, real estate agents, merchants and lodging companies are thrilled that the beginning of winter is upon us and the ski season is off to a wonderful start. Last winter we saw a late start to decent skiing and stagnant real estate market. And so far 2010 has proven to see dramatic increases in both snow and real estate sales.

The 3rd quarter statistics from the Western Mountain Resort Alliance keeps track of real estate figures in many western ski town like: Whistler, Blackcombe, Big Sky, Park City, Deer Valley, Sun Valley, Jackson Hole, McCall, Aspen, Snowmass, Steamboat and several other Colorado resorts.

This is an Excel spreadsheet with some interesting stats regarding active inventory, sold inventory, average sales prices, median sales price, etc.

Click here to launch the Western Mountain Resort Alliance