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Steamboat Real Estate Analyst & Newsletters
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Only 74 Days Until
Ski Season!
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Greetings!
Are your skis waxed? Yes, it is hard to believe we'll be skiing in Steamboat in less than 11 weeks. However, there is still plenty of time to have some summertime fun before the leaves have finished falling. I've lived in the mountains since 1980 and September is my favorite month of the year. Crisp, clear mornings and warm afternoons to enjoy hiking, biking, fishing, a golf game or just relax and take in the scenery. Then you get that special day when the aspens are at full color (week 3 or 4) and the mountain tops get hit with snow. Later in the month we'll be leaving the house in the morning with the heater on and returning for home with the air conditioning on. 
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Have You Seen Our New Video?
Check out our new office video. With the help of some of our unsuspecting but very talented clients we were able to put together a wonderful clip showcasing our office and services. Click here to watch the 60 second final production.
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Market Snapshot
A few weeks ago Lawrence Yun, Chief Economist for the National Association of REALTORS, and one of the 100 top economists in the country, was in Steamboat Springs to talk about the market from a national and local perspective. He called the second / vacation home market "collateral damage" from the overall national (and international) crash. He blamed Washington for overreacting to the mortgage industry and stated the problems with loan approvals in the past and present are not from a buyer's inability to come up with a down payment (which has increased since the crash), but their ability to meet mortgage payments. I could not agree more!
Improving factors he highlighted included: - High affordability due to low prices and record low interest rates.
- Stock market recovery was very fast.
- Rising rents and larger pool of qualified renters from moving out of properties they may have owned.
- Smart money is chasing good real estate.
- Consumer confidence from buyers looking at real estate at an appreciating asset.
- US population is increasing at 3 million per year yet real estate inventory is not meeting that demand.
He went on to say that home ownership is the lowest it has been in 15 years (65.4%). If loan underwriting standards do not improve for buyers, investors are the ones who will make out the best as they are the ones who will own, and renters will remain renters. He cites the year 2000 as the most "normal" reference year, and if underwriting standards were back to that time, sales would increase 15 - 20%. Yun feels there will be a slow, steady improvement in the overall real estate markets. This is what I have seen in our local market. Year-to-date 2012 we have seen 516 transactions at an median purchase price of $300,000. YTD 2011 we had 463 transactions (+11%) with a median price of $280,000 (+7%). I would add that in some recent negotiations I have seen more sellers holding their ground and have also run into some multiple offer competition.
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Steamboat Ski Home Best Buys
Although ski season is right around the corner, there is still time to close on a ski home before the lifts are fired up. Timing a purchase for this time of the year not only gives you immediate ski season use, but if you plan on placing your home in a rental program, you'll be getting a good share of the annual income in a very short amount of time. This month's Best Buys are dedicated to ski specific properties:
Foreclosure Opportunities
Opportunities to buy a foreclosure are dwindling. A year ago there were 38 residential foreclosures listed. Last month there were 29 and today there are 26. If you would like a list of all of the foreclosures currently on the market, email me today for my Foreclosure Hot Sheet.
Slopeside and Affordable!
An email sent to me yesterday from the listing agent stated " Bring us a reasonable offer and we will make it work". This is a completely furnished Storm Meadows 2 br / 2 ba condominium with easy ski in / out access. Beautiful common amenities include year round pool and hot tub, exercise facility and locker room, plus seasonal tennis. Recent renovation includes new windows, doors, decks and railing. Listed at $255,900, but who knows what the seller will take?
Beautiful and spacious La Casa condo priced at only $164 per square foot, this 3 br, 4 ba condo, has over 2,100 sf and is in excellent condition. This home is perfect for a large family with a multi level floorplan, ample storage and is being sold fully furnished. Vaulted ceilings, walking distance to shopping and dining, warm southwestern facing deck and private carport are just a few of the features that helped this property make my Best Buy list. $360,000
Under the Gondola
2 br + loft, 2 ba condominium next to the gondola and slopes, Ski Inn Condominiums is one of the best performers in my Cash Flow Analysis. Nicely furnished top floor condo that has been consistently grossing the owner over $20k in income for the past 4 years. Beds for six and over 2,000 acres of the best skiing in the Rockies right out your door. Also one of the best slopeside properties on a $/sf basis at $305. Listed at $295,000.
Steamboat Grand Quartershare
 The last Steamboat Grand 1 br / 2 ba quartershare sold for $66,500. This 756 sf condo that offers the owner one week per month use and worldwide exchange privileges is listed at $52,900. On site amenities galore, including pool, hot tubs, owners lounge, restaurants, bar, gym, steam room, slopeside owners club, underground parking, valet, concierge, bell and room service, rental income, and more!
 Foreclosure - Agate Creek Masterpiece OK, this is not necessarily a ski-related home but I just had to add this wonderful opportunity in Agate Creek Ranch (next to Dakota Ridge and less than ten minutes to town). Originally listed at $5,695,000, the bank has just reduced the price to an amazing $1,950,000! In speaking with the listing agent he said the bank is super motivated and they want it sold before winter. 4 br / 4.5 ba, 8.1 acres overlooking the Yampa River, Steamboat Ski Area, Rabbit Ears Pass and Park Mountains. Many luxury features are included in the 7,598 sq ft and listed at $257 / sf.
A Valuable Tool for Your Property Search
If you have been thinking about a rental property and want to know how affordable it can be, or perhaps compare a couple of properties side-by-side to find the one that makes the most sense from a financial standpoint, ask me about my "Cash Flow Comparison" spreadsheet. I developed this program over ten years ago to assist clients in determining the type of incomes and expenses to expect for rental condos, townhomes or single family residences. In the years and hundreds of properties I've included in this analysis, I have found in some instances that a more expensive property is less expensive to own than a cheaper one. Let me know the property(ies) that you are interested in and I'll do the research, complete the spreadsheet and email it to you with all of the information. Currently, there are over 1,900 listings in the MLS. These properties are just a few 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. |
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I was talking to a property manager the other day asking how reservations were going. She said they were ahead of last year because "people figured Steamboat will not have two bad snow years in a row". I certainly hope they are correct!
Please feel free to give me a call (877.970.8885) or email to discuss any thoughts you may have on fulfilling your dreams of owning a Steamboat Springs property. The time may never be better!
Sincerely,
Doug Labor, GRI, RRP, ABR, ABRM, CEBA, e-PRO
Buyer's Resource Real Estate of Steamboat  Exclusively Representing Buyers
Offering 30 years of experience to help you locate the best property that meets your needs. I will assist in negotiating the lowest price and best terms, while looking out for your best interests...at no cost to you!
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