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Steamboat Real Estate Definitions Guide

These definitions are from the Steamboat Springs Multiple Listing Service.  They are an excellent guide to understanding listing updates you receive by email.  Visit our full Real Estate Glossary for more terms related to the buying and selling of Steamboat Springs real estate.

Steamboat Springs Property Types

1.       Residential - Improved property for residential living purposes.

a.       Single Family – A dwelling designed for, or used as a dwelling unit exclusively by one family as an independent housekeeping unit.

i.      Single Unit / Home – A single family residence containing one kitchen.

ii.      Single Family with Caretaker Attached – A single family residence with an ancillary unit and separate kitchen that is attached to the principle unit and is located on the same lot where the principle dwelling unit is located.

iii.      Single Family with Caretaker Detached – A single family residence with an ancillary unit and separate kitchen that is not attached to the principle unit and is located on the same lot where the principal dwelling unit is located.

b.      Townhouse – A dwelling unit, generally having two or more floors and attached to other similar units with common walls and surrounded by common open space.   Each living unit is typically attached to the ground and can be legally separated.

i.      Duplex - A single building containing only two  separate single-family residential dwelling units, that can be legally separated.  The two units can be either side-by side or in an over-under configuration, where the two units are connected by a common wall or ceiling/floor.  The term “half-duplex” should be used to describe one unit in the duplex building being sold separately.

ii.      Triplex – A single building containing three separate single-family residential dwelling units, which can be legally separated.  The units can be either side-by side or in an over-under configuration, where the units are connected by common walls or ceilings / floors.

iii.      Fourplex – A single building containing four separate single-family residential dwelling units, which can be legally separated.  The units can be either side-by side or in an over-under configuration, where the units are connected by common walls or ceilings / floors.

iv.      Multiple Homes – A single building containing more than four separate single-family residential dwelling units, which can be legally separated.  The units can be either side-by side or in an over-under configuration, where the units are connected by common walls or ceilings / floors.

c.       Condominium – A real estate project in which each unit owner has title to a unit in a building, an undivided interest in the common areas of the project and sometimes the exclusive use of certain limited common areas.  The legal ownership of the property is typically conveyed and described as airspace within the walls of the condominium unit.

d.      Multi-Plex – Properties that provide separate housing units for more than one family, although they secure only a single mortgage.  Subsets in this category could include duplex, triplex and fourplex types, but only if/when the building is being sold as a whole.

e.      Timeshare / Fractional – A form of property ownership under which a property is held by multiple owners, each with the right of possession for a specified time interval.  Can be deeded or right-to-use, and the property type may be a single family home, townhouse or condominium.

f.        Residential Mixed Use – Primary use of property is for residential purposes with the existence of commercial or industrial operation as a secondary use.

g.       Farm / Ranch – A rural residential property where income is derived from the use of the property.  This could include growing crops, raising or training of livestock or other animals, or as a commercial tourist operation.  Uses may include an on-site cattle, equestrian, dude / guest ranch, outfitting or fishing operation.  A property to have a Farm / Ranch classification may be demonstrated by a tax return showing agricultural income.

Steamboat Springs Residential Construction Type

1.       Frame – A conventionally framed structure built on-site.

2.       Manufactured – A one piece, prefabricated structure built off-site, then re-assembled.

3.       Modular – A prefabricated structure assembled in modular sections built off-site, then re-assembled on site.

4.       Mobile Home – A portable structure that was originally constructed to have no foundation (but may have currently), and most likely had axles and wheels to make it transportable.  Typically a manufacturer’s statement of origin can be found in the inside door of the cabinet under the kitchen sink, in the furnace room, at the front or back of the house, or possibly some other locale.

2.       Land – An unimproved real estate property.  The property may have improvements; however the improvements would not have living quarters, or if so, the living quarters would have very little value relative to the entire property.

a.       Residential / Acreage – A vacant land parcel zoned for residential living.

b.      Development Land (PUD) – A project or subdivision that includes common property that is owned and maintained by a homeowners’ association for the benefit and use of the individual PUD unit owners; A property zoned or with a high potential to be rezoned for higher density than current zoning permits.

c.       Commercial/Industrial – A vacant land parcel zoned for commercial or industrial use.

3.       Commercial / Industrial – The use of property for the purpose of buying and selling commodities and supplying of services (commercial) or the uses engaged in the manufacturing, processing, fabrication , assembly, servicing, preparation, treatment, packaging, research, storage and distribution of products (industrial).

a.       Business Only – A commercial or industrial business operation where no real estate is included in the offering.

b.      Business with Real Estate – A commercial or industrial business operation that includes land and building improvements.

c.       Commercial – The use of property for the purpose of buying and selling commodities and supplying of services.

d.      Commercial  Mixed Use – Primary use of property is for commercial purposes with the existence of a commercial operation or residential occupancy as ancillary use.

e.      Industrial – The manufacturing, processing, fabrication, assembly, servicing, preparation, treatment, packaging, research, storage and distribution of products.

f.        Industrial Mixed Use – Primary use of property is for industrial purposes with the existence of a commercial operation or residential occupancy as ancillary use.

g.       Lodging – A building or group of buildings containing individual sleeping and/or living units designed or used for temporary occupation.

Steamboat Springs Property Condition Definitions

a.       New – The property has never been occupied and is proposed, under construction or recently completed.

b.      Excellent – Property does not require any upgrades or improvements for maximum use and enjoyment.  If the property has been rated by a rental management company, it would receive the highest rating.

c.       Very Good – Property requires minimum repairs for maximum use and enjoyment.  If the property has been rated by a rental management company, it would receive the second highest rating.

d.      Good – The property is in adequate condition for use, however it is in need of repairs due to normal wear and tear.  A management company would most likely rate this as a third-tier property.

e.      Fair – The property needs some repair for use, has substantial wear and tear and may not be suitable as a rental property.

f.        Poor - Functionally obsolete in many aspects, is in great disrepair and would require a substantial investment to make the property fit for human habitation.

Steamboat Springs Listings Status Categories

1.       Active – The property is under a current listing contract.

a.       Active – The property is under a current listing contract and available to the free market.

b.      Kick-Out – A condition that must be met with a contract that between the seller and a buyer, where the seller has the buyer’s permission to continue to market the property and solicit other offers until the buyer’s condition has been removed.  For example, a buyer may need to sell another property before he/she can close on the subject property, and the buyer’s contract may be ‘kicked out’ if the seller receives an acceptable offer from a third party and be unable to remove the sale contingency within a specified amount of time.

2.       Sold – Ownership of the property has been transferred and escrow closed.

3.       Pending – The property is under contract.

4.       Expired – The listing contract has terminated due to a time or performance expiration.

5.       Withdrawn – The listing has been withdrawn from the MLS other than the listing contract expiring.

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