Routt County Foreclosure Trends for June 2010
Steamboat Springs foreclosures seem to be the holy grail for Steamboat real estate buyers. The reality here in Routt County is that you’ll have to go to Hayden or Oak Creek to have a big selection of bank-owned properties. If you want to look at bank-owned properties in Steamboat, you’ll look at entry-level condos.
- Routt Co Foreclosure Graph, June 2010
Here is a map (click to enlarge) showing the foreclosure trends in Routt County. There are only eight Steamboat condos or townhomes on the mountain that are bank-owned.
All but one is an entry level condo/townhome with 1-2 bedrooms priced between $134,900-$325,500. (The other is the 4BR Cascades townhome.) And many of them are Fannie Mae owned.
The other Steamboat area bank owned properties are townhomes and single family homes priced up to $1,254,400.
See all the Steamboat bank-owned foreclosures for sale here.
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Posted: July 30th, 2010 under Foreclosures.
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Steamboat Real Estate June Highlights
These Steamboat real estate highlights are from Bruce Carta of Land Title in Steamboat Springs:
Highlights for the month of June:
- Sales volume for Steamboat real estate in June 2010 was $35,689,200 a 116% increase from the previous June 2009.
- Sales Volume continues to climb from the previous year, with $255,250,400 so far this year, compared to only $131,576,300 YTD for 2009. This represents a 194% increase.
- Steamboat real estate units sold were 167 for June 2010 compared to only 67 from June 2009. This represents a 249% increase.
- The units sold YTD have almost doubled compared to the same period YTD 2009.
- Timeshares/Fractionals continue to dominate the units sold with 117 out of the 167 sales reported for June 2010.
Notable sales over $2M:
- 6/15/2010 $4,300,000 35755 Blazemark Trail – 5 Brm 7 Bath YOC 2007 with 8,816 SF on 20.96 AC. This is a new construction sale for $487.75 PSF located in the South Routt County Area.
- 6/16/2010 $2,980,000 Elkins Meadows at Little Fish Creek – 2890 Bucks Path – 5 Brm 6 Bath YOC 2005 with 7,401 SF on 2.060 AC. PPSF = $402.65. Location is Fish Creek.
Other notable sales on the new project front:
- One Highmark sold this month, and one First Tracks.
Thank you Bruce Carta. To contact Bruce:
Land Title Guarantee Company
721 Oak Street
PO BOX 776309
Steamboat Springs, CO 80477
970.870.2822 Office
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Posted: July 26th, 2010 under Uncategorized.
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Bank Owned 4BR Cascades Townhome reduced to $414,900
This Bank Owned 4BR Cascades Townhome is now priced at $414,900 for 2134 sq ft of living space. Three levels of living–2 bedrooms on upper level, 2 bedrooms on lower level, and an open living area/larger deck on main level.
There is a two car attached garage, tons of storage, and all appliances including the washer and dryer. The Cascades are the lowest density townhome development in Steamboat, so they live and feel like a single family home without all the upkeep.
At $194/sq ft, this is THE lowest priced Steamboat townhome–for a really nice walk-to-ski development. This is not entry level living, it’s just priced that way!
1502 Cascades #2, Steamboat Springs, CO 80487
MLS No. 128752
Listing Description
BANK OWNED, INCREDIBLE VALUE! This 4BR/3BA Cascades Townhome is a short walk to the Steamboat Ski Area, and for $199/sq ft, you can’t find a townhome of this quality for less $$. With an open floorplan, large deck, all appliances, washer and dryer, 2 car garage, winter shuttle service, high-speed internet, and two outdoor hot tubs, these townhomes are perfect for year-round living or as a spacious second home. Located in the desirable Eagle Ridge area. Priced hundreds of thousands of dollars less than assessed value.
Property Features
- Property Type: Condo/Townhouse
- Listing Status: ACTIVE
- Listing Price: $425,000
- County/Area: Routt County
- Zip Code: 80487
- Year Built: 1996
- Subdivision/Neighborhood: Cascades @ Eagleridge Townhomes
- Sq.Ft.: 2134
- Stories: Three
- Bedrooms: 4
- Baths (full): 3
- Basement: Yes, Full Basement, Comp. Finished
- Garage: Garage Attached, 2-Car
- Fireplace: One, In Living Room
- View: Valley
- Area: 3-Mountain Area
- Sub-Type: Townhouse
- School: Soda Creek
- Sq Ft Source: Assessor
- Finished Square Footage: 2134
- List Price Per Fin Sq Ft: 199.16
- R Eo Bank Owned Y/N: Yes
- Exterior: Stucco
- Exterior Amenities: Paved Driveway, Paved Street
- Porch/Patio: Porch Covered, Open Deck
- Interior Amenities: Wood Floors, Tile Floors, Carpet, Vaulted Ceiling (s), Smoke Detector, Garage Door Open, Cable/Wireless Internet
- Appliances: Dishwasher, Garbage Disposal, Refrigerator, Electric Range/Oven, Microwave, Washer, Dryer
- Heating: Natural Gas, Forced Air
- Windows: EE – Double Pane
- Window Treatment: All
- Water Supply: Municipal Water
- Sewer: Municipal Sewer
- Gas: Natural Gas
- Laundry: Lower Level
- Lot Description: View, Walk-to-Ski, On Bus Route
- Hoa Includes: Water, Sewer, Cable TV, Trash Service, Lawn Maintenance, Insurance, Building Maintenance, Road Maintenance, Snow Plowing, Capital Reserves, Common Amenities
- Hoa Amenities: Outdoor Hot Tub, Season Shuttle, HOA Shuttle
- Roof: Shingle
- Foundation: Poured Concrete
- Construction Type: Frame, Other
- Furnishings: Unfurnished
- Pets: Owner Only
- Roads/Access: Private, Paved
Courtesy of Eliese Pivarnik, Colorado Group Downtown
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Posted: July 14th, 2010 under Listings.
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Fannie Mae Bank-Owned Deals in Steamboat
If you are thinking about buying a second home and want a really good price, you might want to consider Fannie Mae owned properties.
Fannie Mae is the “quasi” government agency that happens to be the biggest provider of mortgage money in the US, and they are stuck holding a lot of real estate inventory—some of which is in the Steamboat area.
In order to get rid of some of the real estate inventory on their books, they are offering special financing plans for just about anyone—owner occupants, second home owners, and investors.
I’ve been in many of these properties, and they’re a little rough. I have yet to walk through one that is move-in ready. But if you want to finance cheap and put in a bit of sweat equity, these could be a good investment.
Fannie Mae is offering 3% down for buyers who will use the home as their primary residence, 10% down for second home buyers, and 15% down for investors. You’ll need at least a 660 credit score.
There is no appraisal requirement, no mortgage insurance, no declining market restriction, and owner occupants can roll the fix up costs into the mortgage—all of which are huge.
Here is a list of the current Fannie Mae inventory in Routt County:
| ADDRESS | Develop | Owner | Tot Sq Ft | DOM | LP | $/Tot Sq Ft |
| 1375 Sparta Plaza | Walton Village Condo | Fannie Mae | 565 | 6 | $134,900 | $238.76 |
| 23042 Schussmark Trail | Stagecoach Townhomes | Fannie Mae | 1416 | 50 | $144,900 | $102.33 |
| 1260 Barclay Street | Craig, CO | Fannie Mae | 2366 | 23 | $179,900 | $76.04 |
| 71 CR 20 | Craig, CO | Fannie Mae | 3456 | 6 | $190,000 | $54.98 |
| 218 E Highland | Oak Creek | Fannie Mae | 2384 | 6 | $237,900 | $99.79 |
| 367 Vista Verde Dr. | Vista Verde, Hayden CO | Fannie Mae | 1803 | 30 | $239,900 | $133.06 |
| 147 Oak Ridge Circle | Sierra View Subdivision,
Oak Creek |
Fannie Mae | 1725 | 6 | $255,900 | $148.35 |
| 1945 Cornice | Rockies Condo | Fannie Mae | 1016 | 6 | $265,900 | $261.71 |
| 27386 Brandon Cir. | Heritage Park | Fannie Mae | 1302 | 29 | $299,900 | $230.34 |
| 2583 Apres Ski Way, Building 4 | Herbage Thm Condo | Fannie Mae | 1433 | 84 | $314,500 | $219.47 |
| 473 Mountain Vista Cir | Mountain Vista Townhome | Fannie Mae | 1384 | 6 | $325,500 | $235.19 |
| 23460 Willow Island Trail | Meadow Green @ Stagecoach | Fannie Mae | 1708 | 98 | $344,900 | $201.93 |
| Total Listings | Avg | Avg | Avg | |||
| 12 | 29 | $244,508 | $166 |
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Posted: July 8th, 2010 under Foreclosures.
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Steamboat Real Estate Trends–What’s Selling
The following is a list of current pending contracts for single family homes in Steamboat Springs. These single family homes are in escrow and will most likely close in the next 30-60 days. (Some will not close and go back on the market for one reason or another.) What’s interesting is the “Owner”. Note all the bank owned properties. Also, at least three of the privately owned homes are short sales.
These properties–even the bank owned ones– will most likely close within 90% or more of the list price.
Like many brokers here in Steamboat, I’ve been writing a lot of low offers. Banks are not giving their properties away. They are rejecting offers as often as private sellers are. If you are looking to buy Steamboat real estate, keep in mind that you probably won’t get your dream home for 20% or 25% or 30% off. A more realistic number would be 5% or 10%.
If you would like to discuss a particular property, please call 970-819-6372
| 131 N 4th Street | West Add Hayden | Chaney | $165,000 | |||
| 53 Old Walden Rd. | Walden, CO | Orange/Anderson | $183,000 | |||
| 414 Clover Circle | Golden Meadows Hayden | Najera | $212,000 | |||
| 31625 RCR 35 | Nordic Village Subd | Private | $215,000 | |||
| 125 Main Street | Meeker, CO | Freddie Mac | $219,900 | |||
| 2363 Oxford | West End Village | Fannie Mae | $286,900 | |||
| 102 Oak Ridge Circle | Sierra View Subdivision | HPFI, LLC | $295,000 | |||
| 50065 Moon Hill Dr | Moonhill Meadow | FNMA | $299,000 | |||
| 20725 Hideaway Lane | WoodlandRetSubd | ING Bank | $359,900 | |||
| 58005 Jupiter Place | Steamboat Lakes | Dillingham | $360,000 | |||
| 27821 Silver Spur Street | Silverview Estates | Alpine Bank | $385,000 | |||
| 243 Pine St | Orig Town Steamboat Springs | Barr | $425,000 | |||
| 31570 Buckingham Ln. | Timbers Village | Moore | $459,000 | |||
| 1766 Brome Drive | Whistler Meadow | Brim | $500,000 | |||
| 255 Caribou Lane | Caribou Run Subdivision | Bank of America | $513,750 | |||
| 55055 RCR 62 | Metes & Bounds | Geis | $599,000 | |||
| 312 9th Street | 1St Add To Ss | Jensen Trusts | $1,150,000 | |||
| 1076 Steamboat Blvd. | Sanctuary The Subd | Johnson Trustees | $1,350,000 | |||
| Total Listings | Avg | |||||
| 18 | $443,191 | $179 |
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Posted: July 5th, 2010 under Market Reports.
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Steamboat Real Estate Prices WILL Go Up–These Quotes Will Make You a Believer
If you think Steamboat real estate prices have peaked never to go up again, you need to read the following quotes the real estate “experts” predicted over the last 65 years. If you have a buy-and-hold philosophy, history teaches that prices will appreciate.
- The prices of houses seem to have reached a plateau, and there is reasonable expectancy that prices will decline. (Time, December 1, 1947)
- Houses cost too much for the mass market. Today’s average price is around $8,000—out of reach for two-thirds of all buyers. (Science Digest, April 1948)
- If you have bought your house since the War…you have made your deal at the top of the market. ..The days when you couldn’t lose on a house purchase are no longer with us. (House Beautiful, November 1948)
- The goal of owning a home seems to be getting beyond the reach of more and more Americans. The typical new house today costs about $28,000. (Business Week, September 4, 1969)
- The median price of a home today is approaching $50,000…Housing experts predict that in the future price rises won’t be that great. (Nation’s Business, June 1977)
- The era of easy profits in real estate may be drawing to a close. (Money, January 1981)
- In California…for example, it is not unusual to find families of average means buying $100,000 houses…I’m confident prices have passed their peak. (J. E. English and G. E. Cardiff, The Coming Real Estate Crash, Warner Books, 1980)
- The golden age of risk-free run ups in home prices is gone. (Money, March 1985)
- If you ‘re looking to buy, be careful. Rising home values are not a sure thing anymore. (Miami Herald, October 25, 1985)
- Most economists agree…[a home] will become little more than a roof and a tax deduction, certainly not the lucrative investment it was through much of the 1980’s. (Money, April 1986)
- We’re starting to go back to the time when yu bought a home not for its potential moneymaking abilities, but rather as a nesting spot. (LA Times, January 31, 1993)
- Financial planners agree that houses will continue to be a poor investment. (Kiplinger’s Personal Finance Magazine, November 1993)
- A home is where the bad investment is. (San Francisco Examiner, November 17, 1996)
- Your house is a roof over your head. It is not an investment. (Karen Ramsey, Everything You Know About Money Is Wrong, Reagan Books, 1999)
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Posted: June 27th, 2010 under Uncategorized.
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New Mountain Area Restaurant Opens at One Steamboat Place
One Steamboat Place Lobby
Steamboat Springs just added a new placed to go for dinner at the mountain. The Truffle Pig restaurant at One Steamboat Place opened for business at the base of the Steamboat ski area. They will be serving lunch and dinner with what they describe as “farm-to-table cuisine” including organic fruits and vegetables, free-range meat and game, and seafood.
Next door to the Truffle Pig restaurant, One Steamboat Place has a market where you can pick up coffee, gourmet “Grab & Go” dinners, and other light fare.
One Steamboat Place is the newest addition to the base area. It includes fractional and whole ownership luxury residences.
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Posted: June 25th, 2010 under New Developments, Ski Stuff.
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Steamboat Real Estate Signs: Where the $%^&* are They?
Steamboat real estate sign
If a Steamboat condo buyer is thinking they are going to take a drive and look for condos or townhomes for sale, they will be out of gas before they find one. Why? The Steamboat sign ordinance has cracked down on signs in front of properties.
I’m not sure exactly why signs aren’t allowed, but some of the reasons I’ve heard are: They are “unsightly”. People will think there is an excess of properties for sale. (Um, there is an excess of properties for sale. Could it be due to the lack of signs?) The hodge-podge of different brokerage signs looks messy. I could go on and on.
One of the most effective ways to get a Steamboat property sold is to have a real estate sign out front announcing it is for sale. In fact, 28% of all sales can be attributed to lawn signs.
I have a listing for a bank-owned Cascades Townhome which is listed almost $200,000 less than a similar unit in the same building. It is obviously a deal. (So buy it, somebody!) I mistakenly put a sign on the deck so people driving by would see it and know it was for sale. (Weekends bring lots of people to Steamboat, and more than a few of them are driving around thinking about buying Steamboat real estate.)
Within a day, the Colorado Group Realty office manager got a call from the lady who owns the townhome priced almost $200,000 higher. She was demanding I take down the sign that said Bank Owned or she would do it herself.
Well, she must have done it herself, because it wasn’t there a few hours later.
The irony is that having the bank-owned townhome in the Steamboat MLS hurts her ability to sell her place. Once the bank-owned townhome is sold, the neighborhood can go back to selling at market rate.
Colorado Group Realty Sign
All I can figure is that she doesn’t want to live in a neighborhood where those types of properties (read: foreclosures) are located. It’s a sign of the times—for various reasons, sellers are unable to keep up with the mortgage payments and are allowing properties to go back to the bank. It happens.
So how do you find a Steamboat property for sale if there are no signs? You can get on the internet and search, or you can call a Realtor. (970.819.6372. Ask for Eliese.) A Realtor is one of the few people who can tell you exactly what is for sale and what other similar properties are for sale.
The sign code isn’t going to go away, and the neighborhood watchdogs aren’t either. So if you want to purchase a Steamboat condo or townhome (single family homes aren’t affected), please contact us.
Oh, and let me know if you see a stray Colorado Group yard sign.
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Posted: June 23rd, 2010 under Uncategorized.
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Financing Steamboat Real Estate: FHA vs. conventional mortgages
Getting financing to purchase Steamboat real estate is challenging, especially if you are looking to put as little money down as possible. FHA-insured mortgages may seem attractive at first because they only require a 3.5% down payment, but are they a better value?
Usually not.
The general rule is if you have the extra down payment and can qualify for conventional financing, you should do it.
FHA-insured loans may allow Steamboat property buyers to put down less, but there are a lot of hidden costs. There is a 2.25% upfront insurance premium (which can be rolled into the loan) and an annual premium of .055% of the loan balance paid monthly.
On conventional loans, borrowers only pay PMI if they put less than 20% down.
So why would anyone get an FHA loan if they have 20% to put down?
First, FHA loans can be easier to qualify for if your credit rating is lower than 680 and you have less money to put towards a down payment. In Steamboat Springs, borrowers can get an FHA conforming jumbo or FHA Jumbo loan up to $625,500. Conventional loans with the lowest interest rates, are for loan balances less than $417,000.
The best way to see what loan works best for you is to talk to a local Steamboat Springs lender who can answer your questions. Please contact us for a list of good Steamboat mortgage brokers.
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Posted: June 22nd, 2010 under Financing.
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Top 10 Reasons To Buy in Steamboat
(These came from a Vail guy who now owns a lot of property here in Steamboat Springs.)
- Steamboat is a World-Class Resort. Year after year, Steamboat is in the Top 10 Resorts.
- Steamboat Springs is a comfortable 6,700′ in elevation–not the headache inducing 9000′+ of other resorts.
- Steamboat real estate is one of the best values in Colorado. For the price of a closet in Aspen, you can get a whole house here in Steamboat.
- More Olympians came out of Steamboat than any other resort. The 2010 Nordic Combined Olympians are from Steamboat.
- Steamboat has all the activities of other resorts plus over 100 years of western heritage. What other resort still has a weekly rodeo?
- Steamboat is easy to get to with direct flights from ten different cities.
- Steamboat Springs has excellent medical facilities and doctors (just in case…)
- Steamboat is a real town with a year-round community. Visit Copper or Snowmass in late April and see the difference.
- Steamboat has the best snow anywhere–and that includes Vail. (This one is a direct quote from the Vail guy.)
- It’s not just about the outdoors. Steamboat has museums, art galleries, lecture series, and concerts to exercise your mind.
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Posted: June 14th, 2010 under Why we Live Here.
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