Archive for April, 2012

Steamboat Springs Real Estate Market Report

Monday, April 30th, 2012

Steamboat Springs Real Estate Market Report for March 2012

The March numbers came out for the real estate market report this week. Keep in mind these are Steamboat Springs real estate transactions that closed in March, 2012. This means these properties went under contract roughly 30-60 days prior, or in January and February. I monitor the pending sales each months and back in January there were only 77 pending properties. Today there are 143. What this means is that we are just starting to see all these pending sale begin to close. In other words, the future looks a lot brighter than these March numbers. Here’s the trends for pending sales the last 5 months:

Dec. = 71

Jan. = 77

Feb. = 102

March = 132

April = 143

Steamboat Springs Absorption Rate Shows Rebound

Wednesday, April 25th, 2012

Steamboat Springs Absorption Rate Shows Rebound.

The absorption rate for Steamboat Springs Real Estate is showing the rebound is happening. The absorption rate is a strong indicator of the health of the real estate market. I high absorption rate says people are buying real estate. It’s usually shown by the amount of months of inventory.

A healthy real estate market is 5-7 months worth of inventory that’s on the market. 16 months ago we were at 18 months worth of the real estate inventory. Today, for single family homes we are at 8 months worth of real estate inventory in Steamboat.

So the real estate economy in Steamboat Springs, Colorado is well into a strong rebound which is encouraging news for real estate in Steamboat Springs and the areas of Fish Creek, Old Town, and the Mountain area.

Video on the Absorption rate in Steamboat Springs, Colorado for April 2012.

Case Shiller show Home Values up – down – up – down

Tuesday, April 24th, 2012

Case Shiller show Home Values up – down – up – down

Real Estate is local. Whatever is happening in the Steamboat Springs real estate market has nothing to do with what is happening in Boulder, or Houston, or Chicago. But there are similarities with the Steamboat Springs real estate and other small resort towns like Bend, Oregon.

Absorption rate in Steamboat real estate has gone form 18 months of inventory a year and a half ago to roughly 7 months of inventory. Bend Oregon has seen similar real estate trends and they are seeing such a reduction in inventory that multiple offers and prices are on the rise.

Recent Case Shiller numbers we not as friendly to real estate values. Sorry, English teachers, I know Case –Shiller has nothing to do with real estate value. But it wasn’t not all negative.

Prices were up compared to a year ago in just five cities: Denver, Detroit, Miami, Minneapolis and Phoenix.

World’s 25 Best Ski Towns: Yep – Steamboat

Friday, April 13th, 2012

World’s 25 Best Ski Towns: Yep, Steamboat’s on the List.

National Geographic put the feelers out for the “25 World’s best ski towns.”  Now I assume they are not talking about  the 25 best ski areas. That might something completely different. Ski Towns are something, as Aaron Teasdale put’s it: Just what makes a classic ski town? It starts, naturally, with skiing and snowboarding so good they attract people like youth-bestowing fountains. Then add an inviting mountain burg steeped in ski heritage, amenities, and culture. These are the 25 best. For insider tips, we asked local luminaries where to stay, play, and party, whether you’re on a budget or indulging.

Steamboat Springs voted World's Best 25 Ski Town

Steamboat Springs voted World’s Best 25 Ski Town

Steamboat Springs Foreclosure not as Bad as National

Thursday, April 12th, 2012

Steamboat Springs More Favorable than National Foreclosure Numbers

RealtyTrac Inc. reported today that the number of homes receiving first time foreclosure notices nationally rose 7% in March from February numbers. This marks the third consecutive month this year that foreclosure notices have increased  nationally. It was a known fact that shadow inventory exists, and now it’s becoming evident just how many unpaid mortgages were hung up in the banking system awaiting a court settlement that came through in February. With the $25B settlement reached, it’s clear that banks have resumed their quest to address unpaid mortgages.

We have a brighter picture in Steamboat Springs, although truth be told, it’s only brighter on paper, because for those Steamboat Springs home owners being foreclosed on, there’s nothing good about this news.

* In Steamboat Springs/Routt County, 65 foreclosures were filed in the first quarter of 2012

* This first quarter foreclosure number puts Steamboat Springs on pace for 46 fewer total foreclosures than last year

The Rusted Porch in Steamboat Springs – Great Happy Hour!

Thursday, April 12th, 2012

The Rusted Porch in Steamboat Springs – Great Happy Hour!

Boasting Steamboat Springs’ longest happy hour (four hours, but who’s counting?) the Rusted Porch is attracting both Steamboat Springs locals and visitors alike. The prices are great and the food is even better. While not brand new in Steamboat Springs, The Rusted Porch opened late in 2011, this Steamboat Springs restaurant is definitely gaining a loyal following. Could it be the variety of  happy hour sliders that are scrumptious and start at $1.29? Or perhaps it’s the great beer and mixed drinks…no check that, it’s the fantastic bartender, Tenille, who makes the mixed drinks. While she’s way too young to remember the Captain and Tenille (c’mon, if you’re over 45 you too probably remember Muskrat Love), she welcomes the Captain and Tenille jokes that are inevitable.

Ambition / Dedication / Love / Video

Thursday, April 12th, 2012

There’s something very special about this video. Something about the ambition of kids and the drive to create what they love. And the thoughtfulness to support Caine and his dreams is a lesson to all.

Thanks Nirvan Mullick for taking the time to tell this story.

Caine’s Arcade from Nirvan Mullick on Vimeo.

Nirvan Mullick

Heads Up in Home Buying: Homes are Heating Up

Wednesday, April 11th, 2012

Heads Up in Home Buying: Homes are Heating Up

The cost to heating a home can be very costly. Especially in Steamboat Springs, Colorado where the temperatures can drop to negative figures for days on end during the winter. So if you’re looking to buy real estate in Steamboat, pay special attention to how the home is heated. This issue is often overlooked, but given the glut of natural gas these days, it’s matters even more.  If the home your looking to buy is heated with natural gas, your heating cost will be a lot lower then if it’s heated with oil, propane or electric.

Natural gas supplies

Natural gas supplies

Cost per month of heating a home:

•  Propane  = $226 per month

•  Natural gas = $79 per month

If you were buying a home today, the cost of heating that home is critical to what you can afford. Taking in the difference from heating with oil and heating a home with natural gas, the difference is huge.

Steamboat Springs High School Tier 2 Sports Teams in Jeopardy

Tuesday, April 10th, 2012

Steamboat Springs High School Tier 2 Sports Teams in Jeopardy

Steamboat Springs is located in a beautiful valley far enough away from metropolitan areas that it’s safe to say no one moves here with any delusions of being able to make a quick trip to the mall, or Costco or Target for that matter. Every once in a while living in your corner of paradise can be a negative, and that seems to be the case with the Steamboat Springs High School athletic budget. As budget money everywhere is cut and/or re-allocated, the reality has hit Steamboat Springs High School that the cost of shuttling athletes across the state to compete might be too much to field many of the teams next year.

Steamboat Today Photo by John F. Russell

Steamboat Today Photo by John F. Russell

Good News in Steamboat Springs – Building Permits Up

Monday, April 9th, 2012

Good News in Steamboat Springs – Building Permits Up

It’s been a while here in Steamboat Springs since we’ve had good news on the building permit front, but the first quarter of 2012 finally brought some good news to the Steamboat Springs’ real estate market and undoubtedly to the local construction, architect and interior design industries as well.

Photo from SteamboatHomeFinder.com

Photo from SteamboatHomeFinder.com

So just how good is the news? $4.8 million good with the addition of two Steamboat Springs’ building permits in March for single family homes with a combined valuation of $2.42M. Keep in mind that permit values are always less than the final cost of a home.

For comparison, since I know some people are wondering how a ski resort town like Steamboat Springs could “only have” new building permits of $4.8M on  record as we head into the spring building season:

* 2011 first quarter had 1 Steamboat Springs’  building permit with a valuation of $1.13M within city limits.