Archive for January, 2011

What Is Absorption Rate And Why Is It Important?

Monday, January 31st, 2011

What is Absorption Rate and why is it important?

Real estate absorption rate is the rate at which properties are sold in a given area. For example, there are currently 175 single-family homes for sale in and around Steamboat Spring (Downtown, Fish Creek, Mountain, Strawberry Park, & West Steamboat).

During December, 2010, 13 homes sold in these Steamboat Springs areas.  If you take the current inventory of 175 homes and divide that by how many homes closed in December (175/13), you get 13.4 months. That means if the current inventory stayed the same – meaning not other homes were put on the market, and the rate of closed sales remained the same, it would take 13.4 months to deplete or sell the existing homes. Or an absorption rate of 13.4.

Case Shiller Down – Will we see a Double Dip Recession?

Tuesday, January 25th, 2011

Case Shiller Down – Will we see a Double Dip Recession

It’s not a pretty report. 17 out of 20 major real estate market showed a deceleration in housing prices. And 9 markets: Atlanta, Charlotte, Chicago, Detroit, Las Vegas, Miami, Portland, Seattle and Tampa hit their lowest since 2006/2007.

Click here to view the Case Shiller Jan 2011

These reports are from data collected up to November so I’m hoping the next report will show improvements from December and January. I know things have become a little better in Steamboat Springs. But the Steamboat Springs market is affected by what goes on outside our little bubble. We have a lot of second homes and that means the primary homes of those second home owners are feeling the changes. And we’ve seen this change in some distressed sale in most every area. We had a home in the Sanctuary sell last week for $341 per foot. And this was a new home near the mountain area. Others are affected too. There’s been some recent sales in the Fish Creek area that were second homes as well. And were seeing it near the Steamboat ski area too where some places like Eagleridge townhomes are seeing way to many distressed properties.
The good news is there properties are selling. Most of them anyways.

One of the best places to live in Steamboat Springs – Old Town

Monday, January 24th, 2011

One of the best places to live in Steamboat Springs – Old Town

Like many downtown areas, Old Town Steamboat Springs is the center of Steamboat’s character. Within walking distance to Lincoln Avenue and Yampa Street, living in Old Town makes it convenient to stroll down for morning coffee or browse at the public library, not to mention checking out one of 75 local restaurants and bars. My favorites might be Mambo for Italian around 5th and Lincoln and Ciao Gelato on Yampa Street & 7th. The Steaming Bean is my choice for coffee and treats. They are located on 7th and Lincoln.

As far as the homes go, Old Town Steamboat is an eclectic mix of great old and remodeled homes nestled under large deciduous trees that tower over many of the street. Most of the homes are on smaller lots thus it won’t take long before you’re having lemonade with your neighbor. But be aware when looking at real estate in Old Town, the age of some of the home you have to look out for material defects. Some of these homes have poor foundations, inadequate insulation, and systems needing updates.

Buying Foreclosures or Bank-owned Properties: Buyers Beware

Saturday, January 22nd, 2011

Buying Foreclosures or Bank-owned Properties: Buyers Beware

Steamboat Springs in not immune to foreclosures. In fact, they are a huge part of what’s setting values here in Routt county. Today, January 22, 2011, there are 53 bank owned properties today and 53 short-sales. As much as we’d like to think otherwise, foreclosures hurt values. News about how to purchase a foreclosure property or short sale is everywhere. Bank owned homes are sold directly from the lender after the foreclosure process is complete, and while you may save quite a bit of money by choosing to go for this type of home, there are many things to be aware of. The process of purchasing a home directly from a lender can be long and arduous, but could very well be worth it in the end.

Purchasing a bank owned home is not for the faint of heart, here are some tips for negotiating the REO process:

Real Estate and Telemark Ski Racing

Friday, January 14th, 2011

Charlie Dresen, Dad, Husband, Realtor, and Telemark Racer

47 year old  Competing at the Top: Real Estate and Telemark Ski Racing

 

Whatever I do, I’m driven to do it well. As I continue to excel and grow my real estate business in Steamboat Spring, Colorado, I still manage to find a way to train for telemark ski racing. Yes, I’m married and have an 8 year old boy as well. So the time I find to train is minimal. It’s a balancing act that’s extremely calculated. Quality over quantity.

As a member of the United States Telemark “A” Ski Team, I compete at the top level of the sport. I race both in North America and in Europe. This year I’ll compete in Norway at the World Cup finals and the World Championships in early March. And yes, the vast majority of my competition is half my age.

Howelsen Hill – One Of Colorado’s Oldest Ski Areas

Friday, January 14th, 2011

Howelsen Hill – One Colorado’s Oldest Ski Areas

Picture taken in the Fish Creek Area by Charlie Dresen 1/14/2011

Dates of Operation: 1914 – Present
Area Statistics:
* Elevations: Summit 7,136 ft; Base 6,696; Vertical Drop 440 ft
* Terrain: 12 slopes, 37.5 degrees grade
* Ski Jumps, snowmaking, night skiing, alpine slide
Lifts: 1 Double chair, 1 Pomalift, 2 Magic Carpet conveyor lifts
* Season: December 15 – April 1
* Rates: 2011: $15.00 adult, $5 child

History:
By Bill Fetcher

Amazing Snow in Steamboat Springs. What a Winter

Friday, January 14th, 2011

Amazing Snow in Steamboat Springs. What a Winter

It’s kind of like a big city like Denver getting psyched for the Super Bowl that the Denver Broncos might be playing in. Or the Yankees getting the city of New York pumped for a World Series. On a much smaller scale, but just as resonating to the town of Steamboat Springs, Colorado, when big snow is coming, everyone pays attention. It becomes the “talk of the town”, the buzz of the barbershops, the conversations at coffee. And over the next few days, Steamboat Springs, aka, Ski Town U.S.A. is supposed to get a lot of fresh snow. The Champagne Powder that Steamboat has been known for – it’s all coming. Supposedly.

Here’s the story in the Steamboat Pilot.

Real Estate Changes Heading into 2011 – I Love What I Do

Sunday, January 9th, 2011

Real Estate Changes Heading into 2011 – I Love What I Do

Real Estate changes heading into 2011, just like the 90′s where we saw technology exploding and really changing the course of our daily lives: amazon, Ebay, e-commerce, information, etc. Today in real estate that change is here. Think about these 4 quotes:

“Today, 92% of all real estate business is originating online…” – NAR, 2010

“Sellers want video. Buyers want to look at video. Yet less than 1% of all Realtors use video.” – Michael McClure, Professional One Franchising

“With real estate agents, it’s always been “all about them”. I don’t think that approach works anymore. You have to be a resource. It’s NOT about the person; it’s about creating a resource that is valuable.” – Chris Smith, Tech Savvy Agent

In regards to social media – “If you suck at liking people, then you are going to suck at Social Media. If you like engaging with people, you’re going to do pretty good job with Social Media.” – Scott Stratten, unmarketing.com

Aspen, Vail, Breckenridge Real Estate Recovering

Monday, January 3rd, 2011

Aspen, Vail, Breckenridge Real Estate Recovering

There’s no doubt, Colorado resort real estate has been riding a roller coaster. Long ups and long downs and now it appears as though areas like Aspen, Vail and others, and maybe even Steamboat Springs real estate is approaching bottom and some are even latched onto the chain for a long slow climb. Typically, Steamboat Springs real estate lags behind some of the more progressive market and I don’t doubt that this is the case today either. We are still seeing several foreclosures and short-sales in all price categories. And until these get through the systems, our prices will stay flat. But over the holidays I’d say that the barometer for real estate is increasing. Here is an article from the Aspen Times:

“ASPEN — The mountain resort real estate markets in Aspen, Vail and Breckenridge bounced back in 2010 after bottoming out in 2009, but they aren’t close yet to returning to their glory years.

Happy New Year Steamboat Springs Colorado / Moose Video

Saturday, January 1st, 2011

Happy New Year Steamboat Springs Colorado / Moose Video.

Bringing in the new years with some cold temperatures and a moose in the yard. There’s been 2 males and 2 females around the neighborhood for about 3 weeks now. They love the old apple tree down the street, but that’s cleaned up now. This morning it was just one male roaming the neighborhood of our Fish Creek Falls home. One thing about living in Steamboat Springs, Colorado, the wildlife is great. It’s like living in a zoo sometimes. Moose, bear, deer, elk, porcupines, and many more – all stroll through the yard at times.

—For more on this topic or questions regarding real estate in Steamboat Springs, feel free to call Charlie at 970-846-6435 or write me an email at: charlie@steamboatsmyhome.com. I will answer your post or email promptly with candid and informed answers. Click here to view all properties in Steamboat Springs in “real time” — This is one of the few real estate sites showing all foreclosed and all short sale listings in real time and updated every few minutes.