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Issue: 4.8 August, 2009
This Month's Newsletter
Market Update
july 4th tentSummer Snow in Colorado!
That's right!  This morning two locations in Colorado reported snow:  The Arapahoe Basin Ski Area, at 14,250 feet above mean sea level, as well as Pikes Peak, (14,110' MSL).  However, I wouldn't get out your ski wax quite yet. 
Although snow in July is not uncommon, summer still has a way to go in Ski Town, USA.  Earlier this year spring was a bit wet and not as warm.  But with summer's eventual arrival, we have enjoyed flower filled mountain meadows, lakes and streams at full capacity and sun drenched afternoons to enjoy the best the Rocky Mountains have to offer.
It was great seeing many familiar faces at our tent during the 4th of July parade.  We had a blast handing out balloons, watermelon, lemonade and flags, as well as catching up with clients and friends.
One of Steamboat's special visitors this month was the Denver Bronco Cheerleaders.  They publish an annual swimsuit calendar, and since it's inception, their photo shoots have been at beach locations.  This year they wanted their backdrop to be more reflective of the teams vernacular.  So guess where they wanted to go?  Here's a link to the article (and some pictures) of their recent shoot in Steamboat.  Click here.
A not-so-famous family also visited Steamboat this past month during the "Tour de Colorado" bike ride and they selected Steamboat as their favorite mountain community!  To read mom's exciting tales on why Steamboat earned her praise, please click here.
I've been a bit remiss in getting my monthly newsletter out.  It has not been as much for playing hookey as it has been for how busy I have been assisting clients.  As the market has turned to a buyer's market, I am assisting more clients in taking advantage of the opportunities that are now available.
summer newsletterSecond Quarter Results Are In! 
With the second quarter of the year just ending, this summer's newsletter reports on what has occurred over the past three months.  There were some pretty high highs and very low lows.  Seems like the market is trying to find some common ground.  Sellers who are serious about attracting buyers, are lowering their prices to be more reflective of today's market conditions.
To find out what has happened over the past quarter, read this month's newsletter by clicking here.
Timing Your Purchase
When will the bottom of the Steamboat real estate market hit?  My good associate and fellow exclusive buyer broker in Sedona, AZ, Roy Grimm, reports their bottom hit in January, as activity has picked up 23% over last year, prices have stabilized, pending sales have reached 2005 levels and inventory is starting to decrease.
I will certainly be keeping a keen eye (or two) open to see when we begin to see a turnaround.  If you're one of my clients who has been waiting for that opportunity, please let me know.  I try to get these newsletters out every month, but if the last few months is any indication, I may be missing a month or two, and the best opportunity may already have passed.
Speaking of timing, we are coming into the perfect time of the year to purchase a ski-rental related property.  August, September and October are perfect months to purchase a ski home.  Purchasing a property this time of the year gives a new owner sufficient time to add any personal touches or upgrades to the property prior to ski season, as well as time to coordinate with the rental company what needs to be done to maximize income for the upcoming season, as well as booking the times the new owner intends on using the property.  Then, with the property prepared for rental guests by the end of November, the owner will be ready to reap the income for the entire winter season.
From a seller's perspective, these months are at the end of the selling season, and they may consider a lower offer than what they would have three months earlier.
Who knows where the Steamboat market will be a year from now, but this is a good time to consider that mountain condominium you've been thinking about.
If you are looking for a rental property, you need to see my Best Buy selections below.  These are the best rental property opportunities currently on the market.

Steamboat Best Buys! 

As an exclusive buyer's broker, I am committed to keeping my clients up-to-date on properties that represent the best opportunities in the market today.  The properties below represent, through my research, some of those properties.
Please remember I do not accept listings.  Therefore, these selections have been compiled from over 2,000 properties for sale (advertised or unadvertised) via REALTORS, owners and developers.  Properties are selected objectively and without bias, based on their existing merits and not factored in is the potential for further negotiation.  To better understand each property, I have identified any misgivings as well as features, as every property has certain nuances that I make clients aware of.  Best Buy properties have been selected due to price, location, scarcity, quality, rental income and investment potential.
If you would like additional information on any of these, or if you would like me to conduct a personal Best Buy search with the features and benefits of your ideal property, please contact me
sts erlandsonCompletely Renovated Corner Condo 
The owners of this one bedroom, one bath Ski Time Square condominium started this renovation from the studs out and have done a beautiful renovation job.  Being a corner unit, owners are able to enjoy ski slope, Flattop and Emerald Mountain views from one of the best locations in the building.  Priced at only $299,000, this 704 square foot condo is an excellent buy at less than $425 per square foot.
christie club poolRecently Reduced Christie Club Whole Ownership
Knowing Christie Club as I do, and having assisted two very happy clients over the past two years purchase into this property, this two bedroom and bath, slopeside condominium is a hidden treasure.  At over 1,600 square feet, and generating approximately $70k in gross rental income per year, it is less expensive to own than condominiums priced half as much.  I have uncovered this gem from my Property Analysis spreadsheet which compares over 350 units in the Steamboat rental market.  Just reduced from $995k to $895k.
storm meadows reneiri
Three Bedroom Storm Meadows 
If views, location and rental income are the three most important features you are seeking in a ski home, this top floor, three bedroom, two bath condo offers sunny views of the ski area, base area, valley floor and Flattop Mountains, as well as a ski in / out location...just some of the reasons why this property provides consistently high rental income to the owner.  Reduced from $550k to $450k.
Spacious Torian Two Bedroomjohns livingroom
In excellent condition and right in the heart of Ski Time Square, this 1,249 square feet, two bedroom and bath condominium is now priced at only $520 per square foot.  The last Torian condo sold in March of '09 for $564.  Torian owners enjoy a slopeside locale as well as onsite amenities that include an outdoor pool and hot tubs, covered parking, concierge, shuttle service, check-in, owners storage and more.

To better assist you in your pursuit of a Steamboat property, I am in the process of updating my web site with additional "bells and whistles".  This should occur prior to next month's email, so please check back frequently to see the exciting changes.
As always, if you or someone you know would like additional information about the Steamboat Springs real estate market, please let me know.  I am here to be of service!
 johns livingroom

Doug Labor, GRI, RRP, ABR, ABRM, CEBA, e-PRO
Buyer's Resource Real Estate of Steamboat
Broker / Owner