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Learn about what is happening in the Steamboat Springs real estate market by reading Doug's most recent newsletter:
It's Winter Carnival Time!
One of my favorite times of the entire year in Steamboat Springs is Winter Carnival week. Typically the first or second week of February, it is the major fund raiser for the Steamboat Springs Winter Sports Club. SSWSC has produced many of our local Olympians, as well as some of our best, young citizens!
A plethora of fun activities are held throughout the week, but the most popular events include:
Wednesday, Feb 2
Opening Ceremonies - 5:30, Howelsen Hill
Thursday, Feb 3
Cross Country Obstacle Race - 4:30, Howelsen Hill
Ski Jumping - 6:00, Howelsen Hill
Friday, Feb 4
Soda Pop Slalom - 10:00, Mt Werner
Nordic Jumping Jamboree - 4:30, Howelsen Hill
Tubing Party - 4:00, Howelsen Hill
Saturday, Feb 5
Buyer's Resource Open House, 9:00 - Noon, Downtown Office
Knights of Columbus Pancake Breakfast - 8:00, Holy Name Catholic Church
100 Meter Nordic Sprint - 8:00, Lincoln Ave
Street Events - 9:00 - Noon, Lincoln Ave
Muzzle Loading Biathlon - Noon, Howelsen Hill
Pro Alpine Ski Flying Qualifying - 1:00, Howelsen Hill
Night Extravaganza (Fireworks, Lighted Man, Torchlight Parade) - 6:30, Howelsen Hill...Watch the action from our Buyer's Resource Office, 56 9th Street!
Sunday, Feb 6
Buyer's Resource Open House, 9:00 - 2:00, Downtown Office
Street Events - 9:00 - 11:00, Downtown
Diamond Hitch Parade - 11:30, Downtown
Pro Alpine Ski Flying Finals - 1:00, Howelsen Hill
Parent-Child Downhill - 1:00 - 2:00, Howelsen Hill
To help celebrate this great community weekend I would like to invite you to an Open House at our new office, located at 56 Ninth Street. We'll have hot chocolate and cider, along with some snacks during all of the Street Events on Saturday and Sunday, as well as for Saturday evening's Fireworks show. Our office should be a great place to catch all of the action, so please stop by to take the chill off and see our new office!
This weekend may also be the last time you may be seeing my wife, Mary, and I in the office together. I'm sure you are aware that this weekend is also Super Bowl Weekend, but you may not be aware that Mary is originally from a town 100 miles west of Green Bay and I grew up in a town 40 miles north of Pittsburgh. We have a house (and office) divided. I'm not quite sure who our three kids will be cheering for, but if they're smart...
What's The Difference Between -40F and -15F in Steamboat?
School Gets Cancelled...
It was 40 below zero this morning in Steamboat Springs...25 degrees cooler than when we woke yesterday morning. Cold is cold, so the only difference I really noticed from yesterday to today was that our daugher was able to sleep in because the brakes on the busses are suspect at that temp and school was cancelled. Our older two kids, who are in college and grad school, are jealous, for they were never so lucky as to have a school day cancelled in Steamboat due to inclement weather. But last year our son did have one day cancelled at Mesa State in Grand Junction, where they received a whopping six inches of snow!
What A Buy!
Just this week I had a client come to town and we looked at no fewer than 12 condominiums and townhomes for him to own as an investment. Some we looked at three times. After studying his options, we decided to place concurrent offers on seven different condos. We thought this exercise would help us identify which owners were the most motivated to divest their properties. One seller refused our offer and did not counter, most countered our offer, and one, which just happened to be his most favorite of the bunch, accepted our initial offer! Not only was this a surprise to both of us, but considering the price he was able to get it for, the historical income the property generates will actually cover the HOA dues, taxes and mortgage payment!
In studying the Steamboat rental market for the past 12 years and analyzing over 300 condominiums, this is the first time I have seen a property purchased at a price that cash flows with only a 30% down payment!
This is also a great lesson for buyers in knowing that the best deals may not be with bank owned inventory, and they should broaden their efforts beyond just REO properties. Although some of the properties we made offers on were foreclosures, this one was not and by far the best investment for him.
Steamboat Best Buys
Below, please find my personal picks on some of the best buys currently on the market. If you have any questions, or would like additional information on any of these, please let me know by email or telephone (970.870.8885). Also, if nothing is of interest but you would like to know of the best buys that match your specific needs, I'd be pleased to conduct a personal search for you. To send me an email, click here.
What More Could an Owner Want In a Townhome?
Just reduced $20,000, this affordable townhome has everything an owner could be looking for: Open, entertainment style floorplan with 4 large bedrooms, 3.5 baths, living level master, downstairs den/rec room, two car garage and plenty of storage on nearly 2,600 square feet. If red is not your color, it can easily be changed! Only a few blocks from the ski area and now priced at $575,000.
Luxurious Priest Creek Home Just Reduced by $455,000!
This beautiful 5,400 square foot home is now priced under $2m, and is situated in the highly desirable Priest Creek Ranch Land Preservation Subdivision just a mile east of town. Four bedrooms, four baths, immaculate kitchen, high tech solar system, professional landscaping, expansive views and a cute guest apartment in a private 4 acre setting. Owners have access to over 300 acres of common area to enjoy non-motorized recreation.
Unbelievably Priced Home At Steamboat Lake!
The seller just reduced the price of this charming two-plus bedroom, one bath cabin near Steamboat Lake by $54,000, to $185,000. The home is in very good condition and offers an open floorplan. The lot has a seasonal creek, plenty of wildlife and it borders National Forest!
Rare Ski In / Ski Out Single Family Home
It is very rare to be able to ski to and from a single family home in Steamboat. The original developers did not really have the vision when the resort was planned to incorporate real estate needs into their dream. That's why when one is offered for sale it doesn't last very long...especially at an affordable price! This Best Buy is a six-plus bedroom, five-plus bath home in excellent condition and is located in the secluded subdivision known as Rendevous Trails. Boasting over 5,300 square feet, 2 kitchens and living rooms, the property is flexible in use as a primary or second home, corporate retreat, investment or rental property. It is offered at a very reasonable $308 per square foot price of $1.65m.
Seeking a Solid Steamboat Investment?
Well cared for 15 unit apartment complex next to Soda Creek Elementary School. Very low vacancies, two and three bedroom units and priced at a Cap Rate of 6.31%! Priced at $1.8m with NOI of $113,666.
These properties are just a sample of some of the great buys in the Steamboat Springs market right now. Please let me know if you would like any additional information, or if you would like me to conduct a personal search for you.
I hope to see you at our new office this weekend!
Doug Labor, GRI, RRP, ABR, ABRM, CEBA, e-PRO
Buyer's Resource Real Estate of Steamboat
Exclusively Representing Buyers
Offering 27 years of experience to help you locate the best property to meet your needs, then assist in negotiating the lowest price and best terms. Looking out for your best interests, all of the time, on all properties and at no cost to you!