Steamboat Luxury Home “Deals”
There are plenty of Steamboat luxury homes, condos, and townhomes on the market in right now, but only a handful are too-good-to-pass-up deals.
Here are a few homes and townhomes located in Dakota Ridge, the Sanctuary, the Steamboat ski area and bordering the Rollingstone Ranch golf club worth a look.
You can also see all Steamboat luxury homes over $2,500,000 or all Steamboat luxury townhomes currently for sale by clicking the links.
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Posted: July 2nd, 2009 under Steamboat Luxury Real Estate.
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Trappeurs Crossing Offers Special Financing at Bear Lodge
Bear Lodge at Trappeurs Crossing in Steamboat is a beautiful development in the $1 million-ish price range. Now there is special financing to make purchasing at Bear Lodge even better.
The developers at Bear Lodge just announced 4% 30-year-fixed financing with 25% down, and they also have a financing program that starts at 2.5% for the first year.
Combine these super-low interest rates with prices in the $500-$600/sq ft range, and this could be a great opportunity if you are thinking of buying a Bear Lodge condo.
Since the Steamboat ski mountain closed in April, 2 Bear Lodge condos and 3 Emerald Lodge condos have sold for just under or at their asking prices. The developers have sold out Emerald Lodge (although there is a killer re-sale “deal” at $865,000 for a 3+den). Bear Lodge has a number of nice units including patio units which generate 50% more rental income than non-patio units.
Please call (970) 819-6372 or contact me if you would like more information on availability at Trappeurs Crossing or any of Steamboat’s other mountain properties.
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Posted: July 1st, 2009 under Steamboat Condos.
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What to Do If You Don’t Have A Credit Score
This post is written by Holly Rogers, a mortgage lender in Steamboat with over 20 years experience. You can email Holly or call her at (970) 875-1636.
It is a very exciting time to be a first time buyer in Steamboat Springs with the $8,000.00 tax credit, historically low interest rates and a large inventory of Steamboat real estate to choose from. Many people are asking me what they can do to buy their first Steamboat home.
I have had several borrowers of late that did not have a credit score. Not to worry, even if you do not have a credit score you have an opportunity to still get a 100% financing on your first home.
What we have to do is build alternative credit history and that can be from a variety of sources.
Some sources that do not report to the credit bureaus but can show you have a good history of paying on time are:
- your landlord,
- the cell phone company,
- any of the utilities i.e.: Yampa Valley Electric or Atmos Gas,
- the cable TV company,
- your car,
- health or life insurance company.
You can also go to the bank and get a secured credit card as your first card.
Be aware the credit history must go back a full twelve months and not have had any late payments. The best thing to do is get a letter from these “alternative” credit sources showing you have had the account at least 12 months and that you have paid as agreed. You then can take those letters to the mortgage company and they will be able to build a credit history for your mortgage file
The USDA 100% financing program only requires you furnish them three of these above items to establish your credit history.
If you do not yet have a full 12 months established you will need to wait until you do to finance a home in Routt County. It is also a good idea to start building credit relationships that will report to the credit agencies as soon as you can so you will be able to get a credit score.
If you have any questions about credit or credit scores or any other home financing questions please call me at (970) 875-1636.
Holly Rogers
Yampa Valley Bank
Mortgage Lender
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Posted: June 23rd, 2009 under Financing.
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Steamboat Real Estate Market Report: June 1-15, 2009
For the first two weeks in June, there were 17 Steamboat area properties that sold and 16 that went under contract. Steamboat real estate buyers are seeing some great deals and are paying (on average) only 87% of asking price.
As Holly Rogers from Yampa Valley Bank keeps saying, “Steamboat is on SALE!”
Would you like to learn what Steamboat properties are “on sale?” Please call (970) 819-6372 or contact us for a list of the best properties at the best prices.
Read on for the complete Steamboat Springs Summary Real Estate Report: Read more »
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Posted: June 19th, 2009 under Market Reports.
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Selling Your Steamboat Home? New Law Goes In Effect July 1, 2009
If you have your Steamboat area home listed for sale or are thinking of selling, you need to be aware of a new law that will go into effect on July 1, 2009.
Colorado law HB-1091, requires all existing single-family and multi-family housing units offered for sale, transfer or rent, including all new residential construction to have carbon monoxide detectors.
Carbon Monoxide Alarms must be:
- Installed in all homes with a fuel-fired heater or appliance, a fireplace, or an attached garage;
- Installed within 15 feet of the entrance to each room lawfully used for sleeping.
A Carbon Monoxide Alarm:
- Detects Carbon Monoxide and produces a distinct, audible alarm;
- Conforms to standards recognized by independent product-safety testing laboratories;
- Is battery powered, plugs into a home’s electrical outlet and has a battery backup, or is connected
- to an electrical system via an electrical panel;
- May be combined with a smoke detecting device if the combined device has signals that clearly
- differentiate between the two hazards.
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Posted: June 17th, 2009 under Uncategorized.
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How to Get Cash From Your Steamboat Vacation Home Without Selling
Steamboat Springs second homeowners used to fall into one of two categories: those that use their Steamboat vacation homes strictly for personal use, and those that see their vacation property as an income-producing investment.
The current economic downturn has blurred the line as more people look to generate extra cash from their second home. With buyers demanding discounts, Steamboat vacation home owners looking to sell have no choice but to accept a discounted price for their property or wait out the market.
Here are ways to generate cash from your vacation home if you don’t want to sell:
Rent
If you rent your Steamboat property less than 14 days a year, you don’t have to report the income. Rent your condo or home over Christmas week or President’s weekend for the most $$$.
If you rent more than 14 days a year, not only will you have an income stream, but you can take tax write-offs you wouldn’t otherwise be entitled to. Be sure to consult your tax advisor or CPA.
For hard-core landlords: Rent your Steamboat condo or townhome yourself through sites like VRBO.com and save the management fees.
Be Charitable and Save on Taxes
Donate a week or two of usage to your favorite charity and deduct the market value for the rent. If you don’t have a favorite in your hometown, you can use sites like VacationHomesForCharity.org.
For hard-core donors: Donate the entire Steamboat Springs property to charity, keep a life estate, and get tax benefits.
For hard-core Steamboat ranch owners with substantial acreage: Set up a conservation easement or sell your development rights. Your ranch land will never be developed and you’ll get tax benefits and/or cash.
Bring in a Partner:
Find a partner who likes coming to Steamboat as much as you do, and you can share usage–and costs. Partners don’t have to be 50/50. They can be 75/25 or even 90/10, whatever fits your situation. Consult your attorney to iron out the details.
Using your vacation home to generate extra cash might be the difference between keeping your place and having to sell it. If you do need to sell, please call (970) 819-6372 to discuss your options. We look forward to hearing from you.
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Posted: June 12th, 2009 under Investment Info, Photos.
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80 Acre Hunting Property with Live Water and 3 BR Log Home Video
This 80 acre parcel with live water, pine and aspen groves and a great 3 bedroom log home must be seen to be appreciated.
You’ll love the incredible views from the ridge and walking through the aspen and pine groves. Five springs and hundreds of feet of Trout Creek frontage bring abundant wildlife including elk, deer, bear, and beaver.
Bring horses, ATVs, or snow machines. Property borders BLM land for access to hundreds of additional acres of spectacular hunting and outdoor recreation.
Priced at $750,000 for a quick sale.
Click here for details or scroll down for video of the land.
Please call (970) 819-6372 for more information or to schedule a time to walk the property.
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Posted: June 11th, 2009 under Listings.
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Trailhead Lodge at Wildhorse Meadows–Is Anyone Closing?
Trailhead Lodge at Wildhorse Meadows is at the center of the Steamboat real estate rumor mill. Trailhead Lodge is about finished, and the people who put money down are set to close this month. The big question around town is: How many people are going to drop out?
And the unspoken, implied question is: Is Trailhead Lodge going to be a flop?
I don’t know the answer to that question, but I think Trailhead Lodge will do just fine. Here’s why:
The Trailhead Lodge sales event on July 25, 2007 had to be one of the best-timed launches in real estate history. The launch was held months after Intrawest purchased the Steamboat ski mountain when Steamboat real estate prices were literally appreciating up to 5% a month. Loans were available for those who had a pulse and the imagination to make up an income amount that would cover whatever they wanted to buy. People didn’t actually have to earn the money they “stated” in the loans, they just had to say they did.
That was the summer when only good times lay ahead. So when the Trailhead Lodge sales crew hit the streets of Steamboat, they were greeted by enthusiastic investors ready to put 20% down to ride the appreciation wave for two years. During that heady real estate time, people expected their units to be worth more than they paid when it was time to take title. They thought they could simultaneously close on their condo and sell it to another buyer the same day and pocket the huge profits.
The selection event for Trailhead Lodge sold 61 of 86 available units for $56 million in real estate sales. The developers were thrilled.
It’s worth noting that Trailhead Lodge was the second hugely successful launch at Wildhorse Meadows. In late 2006, all 41 single family homesites at The Range at Wildhorse were sold for a combined $21.6 million.
There are eight land parcels in Wildhorse Meadows. The Range, Trailhead Lodge, and First Tracks (the affordable housing component required with all new Steamboat Springs developments) are three of them. The other five will include 150 loft-style condos and townhomes, and a hotel. (The Steamboat Today reported that these parcels have since been refinanced with long-term financing.)
Here’s why the project works, even if people drop out:
The original developer bought 44 acres at the Wildhorse parcel from American Ski Corp for $7.5 million in early 2004. In addition to land costs, there were permits, infrastructure, development, marketing, new gondola costs, etc.
Even if 20 reservation holders drop out, Trailhead is still almost 50% sold. Plus, they get to keep the 20% down payments from the buyers who don’t close.
There are projects in downtown Steamboat that wish they had almost 50% of their units sold.
The bottom line is that some people–I don’t know how many– are not going to be able to close at Trailhead. Financing is harder to get, especially for condotels like Trailhead Lodge. To get a loan for a condotel, buyers have to put down 25-30% and pay a higher interest rate.
The long-term prospects of Wildhorse Meadows appear bright:
- The Range has a spec home in the $3 million range under construction.
- Trailhead Lodge has started closing units, including a 1200 sq. ft., two bedroom condo for over $782/sq ft.
- City Council is working with Wildhorse/First Tracks to make the affordable housing units nobody could qualify for salable.
- Trailhead Lodge looks great, and will be one of the few brand-new projects once things turn around.
- Wildhorse will have a gondola connecting it to the base area, even if it isn’t the gondola we expected.
Just as people only believed positive news in 2007, there are a lot of people now thinking only negative thoughts. Those will be the same ones thinking, “I could have purchased a place at Trailhead for $xxx back in 2009.”
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Posted: June 9th, 2009 under New Developments.
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Steamboat Real Estate Market Report for May, 2009
Steamboat real estate activity continues to increase, with April 2009 registering the highest sales volume for the year. There were 31 properties in Routt County that went under contract in May, from a $69,000 fractional ownership at the Steamboat Grand to a $2,950,000 single family home in the South Valley. The real estate that is getting offers is priced very well, and is just too good of a deal for buyers to pass up.
There were also 39 properties around Steamboat Springs that sold in May. The average price was $557,836 and ranged from a few Hayden airport garages for $23,000 to a 35 acre land parcel on Buffalo Pass that was listed for $2,249,000 and sold for $1,620,000.
The average list-to-sold ratio was 89% from original price to final selling price. Cash deals are seeing more discounting than those that are financed.
Would you like to learn more about what properties are priced to sell? Please contact us for a short list of properties.
Here are the details of May’s real estate transactions in Steamboat Springs:
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Posted: June 3rd, 2009 under Market Reports.
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Mortgage Rates in Steamboat on the Rise
This post is guest authored by Ed Allbright, a certified mortgage planner and owner of Columbine Mortgage here in Steamboat Springs:
WHAT happened to RATES this week? Buyers need to get off the fence!
Glad you asked. In a short sentence too much debt chasing too few investors with real cash. Rates on 30 year fixed jumped .5% from 4.625% to 5.125% within 4 days.
A trillion here a trillion there and soon the bond market is wondering where to put all this debt. The answer is we are running out of places to put it. I thought this might take place in Oct or Nov (as we got closer to the end of the Fed buying mortgage back securities) but as you can see the amount of debt is staggering. Although the Fed is buying higher priced mortgage back securities trying to keep a lid on rates they cannot but enough to do that. Remember that once they buy the mortgage back securities they have to sell Treasury notes to generate money. So if you are an investor you can choose where to place your cash Fed mortgage back securities or Treasury notes…either way the rate is going up because there is too much supply and not enough demand (Real Cash).
So here is the bottom line…if you have a buyer sitting on the fence, they need to move NOW. It will take 45 days to 60 days to get a loan in place. Rates will continue to move up and up.
Ed Allbright
Certified Mortgage Planner, CMPS, CMA
COLUMBINE MORTGAGE
1205 Hilltop Pkwy, Ste 108, Steamboat Springs, CO
Office: 970-871-9802
Cell: 970-846-3740
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Posted: June 1st, 2009 under Financing.
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