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june newsletter 2010
Learn about what is happening in the Steamboat Springs real estate market by reading Doug's most recent newsletter:
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It's Been a Beautiful Rocky Mountain Summer

What a gorgeous summer we have enjoyed in Steamboat Springs.  It seems like we had a perfect mix of warm summer days, cool evenings and just enough rain to keep our mountains and meadows in pastel shades of green, purple, white and red.  Speaking of those colors, it brings me back to the 4th of July, which was the most extravagant fireworks show Steamboat has put on.  The parade was also a good show, and we had many friends and clients stop by our downtown office and tent for some refreshments.
Labor Day Weekend (my personal favorite time of the year) was stacked full of activities to enjoy in the mountains, including the Wild West Air Fest, Championship Bull Riding, Stock Dog Challenge, Steamboat Stage Bicycle Race and Oak Creek Labor Day Celebration.
Although the daytime temps this week are expected to be in the mid 70's, the weatherman is calling for nighttime temps to drop into the 30's.  I have heard that there has already been a dusting of snow in the southwestern Colorado mountains this year!
And if you are looking for a reason to wax your skis early this year, the National Weather Service just announced it's prediction for this winter in a recent Steamboat Pilot article:

"We're expecting a strong La Niņa, and the last strong La Niņa treated Steamboat pretty well," Ramey said.

That was the winter of 2007-08, when the Steamboat Ski Area recorded 489 inches of snow at mid-mountain.

La Niņa's influence on weather patterns in North America is driven by cooling of ocean temperatures at the surface in the east-central Pacific.

Ramey said La Niņa weather patterns tend to favor the Northern Rockies with winter precipitation. Steam­boat and the Park Range are just far enough north to catch the southern end of the La Niņa storm track, he said.

 So get those powder skis ready!
Speaking of Predictions...
edgemont exterior gondieIt looks like the Steamboat Springs real estate market is picking up in activity.  From what I have seen, it isn't necessarily because interest is picking up (my web site hits and inquiries have only waned slightly over the past two years), but because sellers are becoming more realistic on the current status of the market and if they are desperate enough, are dropping their price and buyers are now capitalizing on the opportunity.
A prime example of this was with a client of mine who bought a new townhome for $785,000, and the appraisal came in at $1,050,000!  He walked away from the closing table with $265,000 of equity in his pocket.  This is an unusual circumstance, for no matter how good a buy is, most appraisers will not value a property 35% above the contracted price, but I have had several appraisals this year that have come in higher than the purchase price.
Steamboat Best Buys
In my last email I picked five properties that appeared in this "Best Buy" section.  Since sending that email in July, 78 properties have gone under contract, and of the five, two have either gone under contract or have sold, so I don't think I'm doing a bad job in finding great buys for you to consider.  Below please find those five and an update as to their status as shown in the red, underlined title:
belton sharpSellers have over $3.8 million invested in this beautiful country estate near Lake Catamount.  Situated on over 15 acres, the main house is over 5,000 square feet with three plus bedrooms, three full and two half bathrooms.  Two additional bedrooms and a bath can be easily accommodated in the partially unfinished lower level.  For the horse lover, there's a spotless barn / vet clinic with studio and office.  By purchasing a Catamount Ranch & Club membership, the owner can receive ALL of the benefits that Catamount property owners can enjoy but at less than half the cost!  Listed at only $380 per square foot, with Catamount homes fetching $500 per square foot or more!  This property has been reduced by over $1 million to an excellent price of $1.999m. 
Now Reduced to $169,000!
Bank owned two bedroom / two bath Rockies condo only a few blocks from therockies 199 slopes!  Over 1,000 square feet second floor location with views of the ski area.  This property is in very good condition and offered partially furnished.  Rockies owners enjoy a year 'round outdoor pool, hot tub, concierge service and ski shuttle.  The last two bedroom Rockies condo sold at $319,000.  Was listed for $199,000.
 greystone hannaway foreclosureSold for $3,200,000!
Stonebridge Park masterpiece nestled in one of the oldest stands of pines in the Yampa Valley and within a chip shot of the Rollingstone Ranch Golf Course, this five bedroom, five plus bath residence consists of nearly 10,000 square feet and a guest quarters.  One of Steamboat's most unique properties, this home includes a butlers pantry, two full wet bars, custom wine closet, media room, enclosed indoor "porch" with fireplace, floor-to-ceiling dry stack fireplace in the great room and guest quarters with its own garage.  Originally priced at $6.34m, now bank owned and priced at $3.875m.
Reduced to $1,250,000
If you're looking for a family compound in the country and have the opportunity1031 Exchanges to subdivide and give a couple of 35 acre lots to the kids, look no further than this well priced, bank owned ranch just west of town.  There is an existing and beautiful six bedroom, four bath home with a hint of French Country style finishes, two kitchens, a sauna and great room with 24 foot ceilings, and the 108 acres can be split into three parcels.  Just reduced by $300,000 to $1.495m.
Under Contract
This very nice and spacious four bedroom, three bath, bank owned townhome is only a few blocks from the ski area and would make an excellent rental or second home.  Great floorplan on three levels, 2,134 square feet and a two car garage.  Bank owned and now listed for sale at $425,000.
New Best Buys to Consider
Large four bedroom, four bath Phoenix condominium only a few steps from the Gondola.  Fully furnished with many upgrades, hot tubs, pool, onsite check-in and a heated garage to keep your toys safe and sound.  Was $599,000, now only $425,000!
Beautiful five bedroom, three plus bath Stagecoach home with stainless steel appliances, granite countertops and breakfast bar island with gas range.  Living room has a wood burning fireplace, vaulted ceilings and wide plank floors.  Additional space includes a bonus room above garage, a loft / office area and family room in the walk-out basement.  Although a foreclosure (owned by Fannie Mae), this 3,485 square foot home, on nearly a half-acre lot, is in excellent condition and an excellent price of $437,900.
The developer of Bear Lodge at Trappeur's Crossing is offering one more condominium at an unbelievable 30% discount.  Three condos were already sold last week after this announcement, and he said he'll honor one more before prices go back up.  A variety of three, four and five bedroom deluxe condos are available with savings from $328,000 to over $478,000!  Please give me a call or email for more information.  Trappeur's Crossing is one of the largest resort developments in Steamboat and has a solid reputation as being a well built property with excellent management and rental income.
These are all great buys in the Steamboat Springs market right now.  Please let me know if you would like any additional information about any of these, or if you would like me to conduct a personal search for you.
Not only is the first Monday in September my favorite day of the year, but September is also my favorite month of the year.  There is not a more beautiful place to be than in the Rocky Mountains during the fall.  The gold and red aspen, crystal blue lakes and streams, azure skies and white capped mountain peaks make for a stunning landscape.  I just love heading to the office in the morning with the car heater on and leaving for home in the afternoon and turning on the air conditioner.  If you are looking for the best time to visit, peak colors for Northwest Colorado are typically the third week of September.
This time of the year is also a wonderful time to be looking at a Steamboat home!  After making a selection on one of the many great buys that are now on the market, it will typically take another 30 to 45 days for the due diligence and closing periods, which places you in your new digs just in time for Thanksgiving dinner and la Nina's highly anticipated return to town.
Doug Labor, GRI, RRP, ABR, ABRM, CEBA, e-PRO
Buyer's Resource Real Estate of Steamboat
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