Residents of Steamboat Springs, Colorado were in the 91 percentile nationally of adjusted gross income in 2011.  However, you don’t have to be rich to live in Steamboat Springs. We have 97 properties within Steamboat priced under $300,000. Steamboat Springs real estate values range broadly, and so too does the income of Routt county.

In an article in the Steamboat  Today  by data analyst, Scott Ford, individual income data is showing some interesting trends.  Data was released by various government entities based on our annual IRS tax returns and the latest census of 2011 and sheds light on the health of our local economy.

Bureau of Economic Analysis Routt County Data5

To simplify the report, residents of Steamboat Springs, Colorado were in the 91% nationally of adjusted gross income. While the outlying areas in Routt County were in the 60-70% range. Compared to just Colorado, Routt County ranked 7^th in per capita income. The last two census’ reported Routt County as 10^th. To me, this upward trend indicates overall we adjusted well to the economic downturn.

40% of the households had income between $501,001 and 100,000. 22% had income between $25,001 and $50,000. Those were the two largest percentiles with just 4% making more than $200,000. Keep in mind, the 2^nd home owners and part-year residents probably don’t report their taxes here.

We continue to be a fairly affluent region not only in Colorado but in the nation for a reason. I believe areas like Steamboat Springs, Boulder, and Aspen become the places they are because of the lifestyle and what the natural geography offer. People want to live and work in beautiful places with great recreational opportunities. That oversimplifies things a bit because there are many economic factors associated with growth but there definitely is one common denominator – lifestyle.

Steamboat Springs, Colorado continues to offer great recreational opportunities, has great neighborhoods, friendly people, an abundance of arts and culture, and is surrounded by beauty every day. Who wouldn’t want to work and play here?

Steamboat Springs

Enjoy the day,

Charlie

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Time to Celebrate

May 16^th the Colorado Division of Housing reported a 41 percent decrease in foreclosure filings in Colorado. There were 4,571 foreclosure filings the first quarter of 2013 across the state compared to 7,785 during the same time period last year. Actual foreclosures were down 30.5 percent from first quarter last year.

Wow.

Foreclosure filings differ from foreclosures. Foreclosure filings are the paperwork; actual sales happen over 100 days later. During this time, borrowers and lenders try to work towards an agreement to bypass foreclosure. This may involve options like short sale or re-financing.

We have a supply and demand economy so as the foreclosure supply dwindles, demand for homes increases, thus contributing to increased home prices.  In Routt County, the absorption rate for single family homes, Condos, and Townhomes in the Fish Creek area under $500,000 is just 3-4 months. This means, with the current supply of homes on the market, it will take just a few months for them to sell-assuming all things stay the same. Basically, in some areas of Steamboat’s market, supply is so low you have to act fast if you are a buyer so now is the time to buy. It’s been a long time since I’ve seen multiple offer situations but I am seeing them again today in Steamboat.

The foreclosure data just released is again just one more indicator of the direction our housing economy is headed. I’m optimistic and that’s just not the real estate agent in me talking; that is an opinion based on data!

Data, data, data. Staying informed on the housing market in your area can help you make wiser  decisions and help you achieve your housing goals. And I can help.

Regards,

Charlie

The post Foreclosures Down in Colorado appeared first on Steamboat Realty Blog.

There’s a new activity sweeping the country and Steamboat is being swept along with the tide! Check out Splatz Canvas and Wine.

Splatz Canvas and Wine is located at 1104 Lincoln Ave, 970-871-7904

If you haven’t heard of these painting studios being opened up across the county, you really should get with it. I didn’t say “you’ve been living under a rock” because that doesn’t seem very polite, but maybe you should get these studious on your radar. These are for men and women, children, artistic folks, totally unartistic folks, married couples, dating couples, friends, and YOU. They truly are for everyone. I think the picture below helps express how individual these studios can be!

You too can be creative!

Steamboat Springs’ very own Splatz Canvas and Wine studio is located downtown and post their schedule online. They also are available for private parties.

In just 2 or 3 short, very short, hours, the “resident artist” instructs you on how to create your painting. When you arrive, the easels are set with your canvas and a palette of paints. You are also supplied with numerous paint brushes, cleaning water, paper towels, and of course, a cocktail…..Kids, sorry, you have a different venue. After your first glass of wine, cocktails and snacks are available for purchase.

Splatz Studio work in progress!

Don’t freak out. The instructor will tell you which brush to pick up, which color to use, and how to apply the paint. But of course, if you have a little creativity in you, you can expand. After a couple of hours, you are guaranteed to have a piece of artwork. More importantly, you will have laughed, and laughed, and laughed. You’ll also probably make a few new friends.

Check Splatz out!

Go have a glass of wine and have some fun. Send me a photo of you and your work of art and I just may post it. But mostly, just go have fun.

I believe it’s important to support our local businesses especially fun ones like Splatz.

There are so many great things to do in Steamboat Springs!

Charlie

The post Splatz Canvas and Wine, Steamboat Springs, CO appeared first on Steamboat Realty Blog.

May day Aspen Tree

Spring is in the air! With the changing of the seasons come some little life-detours for residents of Steamboat Springs. Here are a few of the unexpected detours:

One such change is navigating our bike paths! Walton Creek and the Yampa River run along the “Core Trail” which is our local bike and walking path that runs the length of Steamboat Springs. In the spring, the snow melts and our rivers get higher, and higher, and higher which cause some flooding on our trails. So, in the spring, you need to be prepared for a few detours:

A May day on the bike path

Bears come out of hibernation and are hungry in the spring. We no longer can set out our trash cans the night before for pickup. And we no longer bolt into the back yard, we look twice, or maybe three times first. You learn to adapt to wildlife here in Steamboat. You walk around a Moose, a loooong way around. You politely give elk their space and in the spring, you just let the bears decide where you are going next. Just another little detour in Steamboat:

My backyard in May 2013

Cub meets cub! My son Finn and cub, May 2013

Then there is Cone season. We have the typical 4 seasons in Steamboat then we have Mud season and an additional overlapping season: Cone season. In snow country, road construction is limited by weather so it happens with a bang. Downtown road construction can bog down our traffic but we tend to get used to it since it is such a predictable season. The city is good at informing us of construction and closures on their website

We maneuver around and embrace our spring detours because eventually they all lead to good things: water, wildlife, and infrastructure.

Hopefully I keep you informed of life here in Steamboat Springs – if you ever have any questions, please give me a call.

Charlie

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CNN Money Housing Report

CNN Money did a 3 part series on “smart strategies for buyers, sellers and owners” in today’s new market. 6 years after the housing collapse, they have some suggestions on how to adapt to this new housing market. Part 1 was on Selling, Part 2 was on Buying, and now we’ll talk about owners who are not buying or selling.

CNN Money recommends:

-“Seize the opportunity to refinance.” Take advantage of your increased home value and refinance. Mortgage rates are still phenomenal so shop around because there are a variety of choices out there.

-It is easier now to get home equity loans and lines of credit. Well, not easier, you have to fill out a ton of paperwork but the lenders are lending again. Maybe now is the time to purchase something or take a trip.

-Upgrade your home. According to the National Association of Home Builders, bathrooms seem to be the top renovation. Outdoor living area are great options too. Or a new kitchen might be nice.  Maybe now is the time to make your home more livable?

-Take advantage of the energy-efficiency tax credits. Upgrade your hot-water heater, windows, weather stripping, toilets, furnace, or a host of other things.

In case you don’t feel like going and reading the other 2 parts, let me recap for you:

The age old advice for buying and selling is coming back into play. Be educated, be fast, be smart. Make your place shine if you’re selling, make your best offer if you’re buying. Things are starting to get back to to a normal, appreciating real estate market.

There are still no crystal balls but staying informed about the market trends will help you.

Charlie

The post Today’s New Housing Market, Part 3 of 3: Owners appeared first on Steamboat Realty Blog.

routt county tax assessment

Last week, Routt Country sent out the new real estate values to all home owners in Steamboat Springs, Colorado. Many of you are reading about the Steamboat Springs real estate recovery yet looking at your recent assessed value for your home and reading that it’s worth about 10, 20, even 30% off what you had thought your home might be worth. You are not alone.  These assessed values are calculated off of a June 30, 2012 date. Or something around that date.

The assessed value you read today are not accurate. These amounts are a guesstimate based on the sales price of homes in the past. It’s very likely your home is worth more . . . a lot more!

Take a look at this video I made a few months back about home values and how to price a home in today’s Steamboat real estate market. If you want a more accurate valuation, please send me an email or give me a call. I’d be happy to supply a more accurate assessment.

Given this information, should you do anything? No. This just means your taxes are lower. You can protest the amount and have them adjusted. And if you feel they are too high, protesting this value might be best. I can help you with that too. But if your assessed value is low, that doesn’t mean your home is worth that number. Your homes value today is whatever the “market value” is today. And I’d guess it’s on the rise and more than the Routt county assessed value.

Regards,

Charlie

The post Routt County Real Estate Tax Assessment- Don’t Freak Out appeared first on Steamboat Realty Blog.

CNN Money Housing Report

CNN Money just did a 3 part series on “smart strategies for buyers, sellers and owners” in today’s new market. Part 1 was on Selling and now I’ll talk about Buying. I still haven’t found that crystal ball have you?

Low mortgage rates, low inventory, more consumer confidence, all this is creating a huge change in Steamboat Springs real estate. According to the CNN Money article, Mark Fleming, CorelLogic’s chief economist is still a little nervous about our housing boom: “Two thousand thirteen and 2014 are going to be transition years” I’m assuming he means that during these years we will be transitioning away from being terrified to cautiously optimistic? Excited? I don’t know but things are looking up and I still haven’t found a crystal ball to read the future.

If you are a buyer in these new times, here are some suggestions from CNN Money:

- Hop to it. “Don’t waste time with a low-ball offer.” Times are changing. Here in Steamboat Springs, there’s so little to buy in some categories, you better know the market and be comfortable putting your best foot forward.  Every market is different; find an educated realtor who knows what’s going on so you KNOW what price you should be offering.

Steamboat Springs Real Estate is Booming Video

• - Be flexible about closing. Maybe the seller wants a really quick closing of a delayed close date? It’s an easy way to make your offer look better if you are flexible.

• - Get pre-approved and talk to a mortgage person now. Shop around and spend the time. The loan industry has changed and they are trying to adapt to the changing market conditions, just like we are, so shopping and negotiating can be worth your time.

We’ll see what the future brings. I’m off to find that dang crystal ball and see about Part 3.

Regards,

Charlie

The post Today’s New Housing Market, Part 2 of 3: Buying appeared first on Steamboat Realty Blog.

Highest dollar volume in over 5 years for March, 2013.

Total sales for March: $55,795,100 (up 46%)

Year-to-date sale: $120,966,700 (up 17.23%)

See the entire Steamboat Springs Real Estate Market Stats.

Routt County:

Marabou Ranch sells remaining lots for over $11+ million dollars. The Marabou Ranch Subdivision , one of Colorado’s premiere fishing developments, sold last month to an investment group with ties to William Stolz and the Stolz Group out of Georgia.

Sales for March:

Dollar volume was up 46.5% the month of March compared to last year! However, that is a little misleading because the actual number of transactions was 28% less than the same time last year. We just had  two, high-end, five million dollar sales which threw our numbers off a little. Three sales over 3 million dollars grabbed 46% of the dollar volume of sales.

As usual, excluding timeshares, the mountain area had the highest number of sales, almost 20% of the total, but only 12% of the total dollar volume. Lower priced condos and townhomes are still hot. Year-to-date, the mountain area leads the pack with over 28% of the sales with the median sales price being $320,000.

The following graph gives you the year to date number of transactions and dollar volume by area:

Routt County March YTD Stats – click image to enlarge

 Highest priced single-family home sale in March:

$5.9 million on CR #64.

 Highest price per square foot  in March:

$616.20 in the Priest Creek area.

 The top 3 lenders for Routt County:

Wells Fargo, Chase, and Cornerstone

Buyer Profile Year to Date:

50%  Out-of-state
39%  Local
11% Front range
1% International

Nationally

Case-Shiller, which tracks the health of our housing market, reported April 30th,  that the February home prices continued to show a “solid increase” across the nation. Phoenix has seen a year-over-year return of +23% ! The 20-city Composite index posted an annual Home Price increase of 9.3% which is the largest seen in almost seven years.

View Case Shiller Report

Usually the housing market is a little slow in the winter; however, December, January, and February prices actually went up.

Case-Shiller Home Prices-click to enlarge

Inventory is still low, the housing market is improving nationwide, interest rates are low, and spring is in the air!

Charlie

The post Steamboat Springs Market Report May 2013 appeared first on Steamboat Realty Blog.

Okay, if you are planning on living in Steamboat Springs you need to know what mud season is all about.  I believe in educating myself and my clients. When I do this, I end up with happy clients and since I’m all about a long-term relationships, it’s a win-win for everyone.

No comment…..

mud (muhd)

1. a fine-grained soft wet deposit that occurs on the ground after rain…

2. Informal slander or defamation

Mud season (muhd seez’n)

1. The season that is not winter, spring, summer or fall. Usually found in the high Rockies.

2. Peaceful, quiet season in-between the traditional four season.

Mud season in Steamboat Springs is the season when the snow is either coming or going. It’s when the weather isn’t quite spring or fall or winter or summer. It’s somewhere in-between. Many people don’t like this season, I personally, really enjoy it.

These are some of the things you cannot do very well during mud season. the weather is unpredictable in Colorado so you never know what you’ll be able to do outside but in general, these things are more difficult:

• alpine skiing
• cross-country skiing
• snowmobiling
• biking
• hiking
• golfing

But I would like to focus on the things you can do and why some of us like mud season so much:

Urban hiking

Because we live in a valley, you have the option of getting a good workout just by hiking our roads. In addition, you get to see some phenomenal houses. Here’s a great map link for you.

Unique Home in Steamboat – click to enlarge

Wining and Dinning

Some of the restaurants take advantage of the slow tourist season and close but the ones that are open have screaming deals. This is a great time to explore our local cuisine. Check out the ads in the local paper, The Steamboat Today for the current deals.

Shopping

This is the time to go shopping, especially if you don’t like to. Most stores are getting ready for the next season so it’s a good time to stock up on necessities. In addition, they are just trying to survive so; again, there are some screaming deals.

Stopping

Just stopping and catching up. There’s a mass exodus from town. The day the ski area closes spring break starts or, in the fall, everyone is getting in their last minute vacations before school starts. So, it’s just quiet. All you have left are the locals and it’s blissfully calm.

So, now you know. If you would like more information about Steamboat, I’m always happy to share my knowledge and of course, opinions.

Charlie

The post Mud Season in Steamboat Springs, CO appeared first on Steamboat Realty Blog.

CNN Money Housing Report

CNN Money just did a 3 part series on “smart strategies for buyers, sellers and owners” in today’s new real estate market. After 6 years of a housing collapse, we are seeing a significant improvement. Maybe we are at the bottom? Maybe we saw the bottom pass several months ago?  If we had a crystal ball, you wouldn’t be reading this and I wouldn’t be writing it.

Currently in the Steamboat Springs real estate market, the inventory of homes under $1.5 million is really low. The absorption rate in the Fish Creek Area of Steamboat Springs is just over 2 months – if all things stay the same, that means in two months, all the houses we have to sell in that category should be sold!  Because prices of real estate are based on supply and demand, if inventories remain this low, prices will rise . . . and fast.

So, how should you react to our changing market?

The CNN Money has some good suggestions:

If you want to sell your home in Steamboat Springs:

• - If you want to sell  your home, make a plan. You need to catch buyers attention – this can often make your home sell for more.  Price your house right. Don’t let it sit on the market. Homes typically sell for less the long they are on the market. Depending on the market you are in, multiple offers are even possible. We haven’t seen this in years.

Video on How to Price Your Real Estate

• Make your home shine. First impression means a lot. -So make the repairs needed, de-clutter and clean, clean, clean.

• -Hire a pro to take photos and video. Over 90% of buyers are looking online first so you need to get their attention with professional photos and video to show your home at its absolute best. Don’t leave it to chance – you have to quickly grab that person shopping online and you have a nanosecond to do it.

•  -Have your agent ready to assist the appraiser. With the rapid increase in prices, appraisers may look at old data which just doesn’t necessarily apply today.

Stay tuned for Part 2 coming soon.

Regards,

Charlie

The post Today’s New Housing Market, Part 1 of 3: Selling appeared first on Steamboat Realty Blog.