Steamboat Real Estate

See if you can name this resort town:

Locals and visitors continue to debate population growth and development
It’s a city of about 10,000 people
Growth can only go one direction due to public lands and mountains.
Homes are low-density and big.
People commute up to an hour to work here.
A developer is proposing a large number of fair-market affordable […]

Ed Albright at Columbine Mortgage passes along this information about financing Condotels in Steamboat Springs (read here what a Condotel is):

Loans up to $417,000 at 90% LTV 5/1 ARM Interest Only at 6.0% with 1% Origination Fee
Full Documentation only. Payment of $500 / month […]

Second home sales made up 33% of all real estate sales in 2007, says the National Association of Realtors.
Here’s why people buy Steamboat Springs, Colorado vacation homes:

84% of buyers of Steamboat real estate want to use it for vacations and family retreats.
30% of buyers of Steamboat real estate want a primary residence in the […]

Steamboat Springs has seen an unprecedented development boom in the last year. Before the credit crunch started, there were at least 25 developments in the planning stages that would have added hundreds of new housing units to Steamboat Springs.
Since credit became harder to get in August, 2007, developments continue to be finished. Downtown has Howelson […]

Here’s what happened in the Steamboat real estate market in March:
52 properties sold:

11 land parcels
5 fractional units at the Steamboat Grand, the West, or the Christie Club ($27,000 at the West to a $230,000 Christie Club)
5 homes or townhomes in Stagecoach, Oak Creek, or Yampa
23 single family homes, condos, and townhomes in Steamboat […]

Last year when prices were rising 5% a month, we had more buyers lined up than there were properties available. People thought nothing of upping their offers by 5-15% or more over the asking price just to get a property.
People were clamoring to get overpriced listings. Now that prices have stabilized or (in some […]