Steamboat Real Estate Home Search and Blog

Steamboat real estate buyers are looking for deals, and bank-owned and foreclosed properties are at the top of everyone’s list.

There was an article in the Aspen News titled “Foreclosure Filings Up Dramatically” where the author wrote that foreclosures have tripled since last year. The real numbers, however, aren’t so dramatic.  Last year, there were 6 foreclosures in Aspen.  This year, there are 22.  Not exactly the end of the real estate world as we know it.

So how does the Steamboat real estate market measure up when it comes to foreclosures?

The numbers in the article include all of Pitkin County, and all price ranges.  Routt County is the same way–in any price range or area, you might get 1-5 bank-owned and foreclosed properties to choose from. Some are beat up, have no appliances, or have odd floorplans.  If there is a good one, it is generally under contract quickly.

I recently looked at all the foreclosure filings in Routt County.  Of the 100 listed, many are “pending continuance” or “withdrawn”, meaning the owners are (among other things) either trying to sell it short, do a loan mod or are now current on their payments.  Even the Pitkin article says that out of the 105 foreclosure filings, only 20 made it through to be bank-owned.

See all the Steamboat foreclosures for sale here.

My take on it is:  If a foreclosure in Steamboat comes up in your price range, be prepared to look at it and make an offer.  Make sure you do your homework to see if there is a similar market rate home that has a motivated seller, or one that is worth paying a bit more because it has a better condition or location.

I’m part of a team at Colorado Group Realty who works with bank owned properties.  You can check out SteamboatSprings-Foreclosures.com for a current list of Steamboat short sales and foreclosures.

Just my 2 cents………..

Yours?