Steamboat Homes

An article in the Steamboat Pilot this past weekend discussed the increase in bank owned properties and short sales here in Steamboat Springs, Colorado. The number of foreclosure filings, as of this point in the year, has reached 178, compared to the 195 in all of 2009, this is a significant increase but few actually result in a foreclosure sale to a third party.  Most are sold beforehand or the banks will bid the full loan which is often higher than value of the property creating another bank owned property.

Forces are acting on both sides of the coin here in that while foreclosure numbers have increased, the volume of home sales in Routt County is up about 174% YTD over 2009 so more inventory is being sold before problems arise and buyers are there once the price gets to the right range.  This is the natural process where the market can reform and bring together buyers and sellers at realistic prices to work through things and restore balance.  Some of these bank owned properties are a great opportunity to find homes that are at or below fair market value but you have to do your homework as some work out to be a high percentage but are not a good value given the location, floor plan or quality of the home.  Some of the biggest discounts are found on product that was only desirable when nothing else was available so in a market where buyers have many choices they are very hard to sell.

If you are looking for bank owned properties it is important to consult with someone familiar with the local economy, recent comps that are truly seen as equals, what active buyers are looking for, the unique characteristics we have in a resort town and condition of the homes.
Bank owned properties can be a very good deal but you really need to know because there can be a very good reason they didn’t sell before going to the bank and only an active broker who puts in the hours can see that.

It is often true that current sellers can often be a lot more motivated than the banks are, I have found much more  more flexibility working with owners of the property that have a good basis and are motivated to end their negative cash flow. Some of the very best values are in higher end homes where significant discounts to recent comps can be found on truly exceptional homes.

If you would like to do real time searches for bank owned properties and short sales check out Steamboat Springs Bank Owned Real Estate. Our website is the only place in Steamboat to search for Bank Owned homes or available for short sale via our custom IDX MLS feed. If you have any specific questions or would like to see what I mean by knowing the factors that make a good buy or not feel free to give me a call at 970.879.0879 or send an email at JonW@TheSteamboatGroup.com

Eagle Ridge Lodge, located only 400m away from the base of the ski area is Eagleridge Lodge offers 35 condominiums, “designed to capture the intimate appeal of a cozy, Colorado ski lodge.” Walking in you are greeted by the friendly and knowledgeable staff that can help you with all your questions and are great at making your stay in Steamboat as fun and easy as possible. The condos range from studios to 3 bed/ 3 bath units giving you and your family the comforts of home while staying in a luxury development. And with the option of purchasing your residence fully furnished, there are eight different floor plan combination with the idea of finding the perfect design to match your tastes For more information on EagleRidge Lodge or EagleRidge Townhomes or Eagle Ridge Steamboat, feel free to give us a call at 970.879.0879, send an email to JonW@TheSteamboatGroup.com or check out the Steamboat Springs MLS Listings here

Exterior of one of the first tracks buildings

Exterior of one of the first tracks buildings

Fireplace next to the pools

Hot tub with cascading waterfalls and view of the mountain

Wildhorse Pool

Wildhorse Game Room

First Tracks Steamboat was originally built as affordable housing in the Wildhorse Meadows Complex, just below the Steamboat Springs Ski Area. However in August of 2009, the formerly deed-restricted First Tracks were changed to market rates. Condos in First Tracks give you the opportunity to live with beautiful views of the Ski Mountain and have easy access to the fantastic Wildhorse Meadows Amenities. Access to the newly built Wildhorse Gondola lets you wake up at 8 and be only 2 short gondola rides away from standing at the top of Thunderhead. And at the end of your day come back and relax in the hot tubs, by the fireplace or hang out in the Wildhorse Meadows game room.

The condos themselves range from studios at 545 sq ft to 2 bedroom condos around 1165 sq ft. These beautifully furnished units include decks, many with views up toward Mt. Werner. Included with each unit is a locked storage unit in the basement of the building, perfect for owners kyacks and mountains bikes.

Prices currently range from $179,000 for the least expensive studio unit up to $470,000 for the two-bedroom units with the best views. For more information about condos in First Tracks or if you are interested in setting up a tour to see these beautiful condos for yourself, feel free to send us an email at JonW@TheSteamboatGroup.com or give us a call at 970.879.0879.

It’s remarkable that so many people share a first impression of Steamboat Springs. The feeling is one of recognition. You sense, not that you’ve been here before, but that you’ll want to come again and always—home to the old mountain town and the Yampa Valley. Investment and innovation are taking place with an expanded Yampa Valley Regional Airport, ski area improvements, base renewal and many redevelopment projects in historic downtown. There’s a future awaiting you here.

You take a closer look. You discover authenticity in the town, grandeur in its setting. Life fills four seasons here at the base of one of North America’s great ski mountains, with everything from skiing to fly fishing, and all four seasons bring weather that inspires you to make the most of your recreational opportunities. You can enjoy living in Steamboat in anything from a condo to Storm Mountain Ranch, with only 14 homes on 1100-acre development, the land is yours to explore. Featuring miles of single-track trails, Storm Mountain Ranch is designed to get you back in touch with nature while living in your own luxury home. With gorgeous homes often featuring multiple ponds, cascading waterfalls and stunning views.

Whether you’re enjoying the expert–lead adventures of Marabou’s Master Guides, pushing yourself in your own sport, or enjoying time spent with those close to you, there is never a lack of excitement at Marabou. Cheering during parades, taking in the views as you hike, and participating in many other activities will keep you fulfilled and active all year long. Find out what exciting Marabou Homes and Land you will find yourself living in with a really simple one touch button search.

Marabou is also opening their trails to the public starting June 2nd – June 8th 9am-7pm Only! Don’t miss this great opportunity to enjoy the beautiful surroundings of Marabou this weekend on your bike. If you don’t have a bike Steamboat has many wonderful rental shops – a great recommendation is Steamboat Ski & Bike Kare or call them at 970-879-9144. You must check in at Outfitter’s Cabin to sign a waiver.

Surrounded by nearly 1,717 acres of picturesque ranch land and open space, just 62 homesteads will grace the Marabou landscape. Carefully chosen in prime locations, each homestead is its own private refuge, nestled among vegetation and valleys to maximize privacy and seclusion.

Every homestead, blessed with its own distinct design opportunity, cherishes and welcomes the outdoors as a part of home itself. The Marabou Design Guidelines have been created to establish the principles for designing homes at Marabou. The objective is to maintain, preserve and enhance the natural and ranch landscape of Steamboat Springs, Colorado.

Visit the Marabou Homes or the Marabou Land with a really easy search.

Finding yourself in a western town with friendly small town charm is Steamboat Springs, Colorado! Nestled on the western slope of the Continental Divide, Steamboat Springs sits in the lush, open expanse of the Yampa Valley. Regarded as Colorado’s most authentic Western town and Ski Town USA, Steamboat is a unique combination of ski mystique and cowboy culture. A place where not a lot has changed in the last hundred years. It’s just that now, mixed in with the Stetson hats and cowboy boots, is a world–class ski resort.

With over 70 restaurants and 250 specialty shops and boutiques, Steamboat has it all. Whether your children aspire to be Olympic athletes or it’s the quiet respite from city life that brings you here, you will never be disappointed that you became a part of the friendliest community in the West.

A recent NY Times article has reported on the recovery of Jumbo Loans in the US. They have reported that ‘mortgage industry executives say conditions are improving for those borrowing more than $729,750, the threshold for jumbo mortgage…Not only is it starting to get easier to qualify for these loans, they say, but rates are also coming down.’ This will hopefully ease the process for buyer in working toward their dream homes and is a sign that lenders have increased their confidence in the luxury real estate market.

The change toward jumbo rate mortgages now allows the most highly qualified borrowers to secure a 4.5 percent adjustable-rate mortgage. ‘This is about half of a percentage point lower than the prevailing rate late last year.’ In addition the average rate for a 30-year fixed jumbo loan is 5.125 percent. The amount of equity that needs to be maintained in your home has decreased from 30%, the amount needed at the end of 2009 to only 20% today. This means that you are allowed maintain a lower amount of equity in your home than previous years. This is another indicator that faith in luxury real estate market is recovering.

This is likely to increase activity and reduce inventory over the next year so it may be a good time to start looking more seriously around Steamboat. If you are interested in learning more about different real estate ventures in Steamboat, contact me at jon@mybrokers.com or 970.819.6930

We took yesterday as a ski day. And despite the snow being a bit sparse thus far, and it being almost two weeks since our last storm, the skiing was fantastic. Skeptical going into the day, we were pleasantly surprised to spend most of our day skiing runs with 6-12 inches of fresh powder, floating down almost every run. Taking the snowmobiles into the backcountry, we were able to cruise around a bit to find the runs and lines we wanted. Seeing only one other group of people, the isolation on the mountain, coupled with the bluebird afternoon, created a surreal skiing experience. Steamboat skiing is great, just have to look a bit between snowfalls. If you have any questions about skiing in Steamboat feel free to contact me at jon@mybrokers.com.

Buff Pass Steamboat

Buff Pass Steamboat

Buff Pass Steamboat

Hope everyone had a fantastic holiday! In Steamboat Real Estate news, Edgemont closings have moved up from the beginning of February to having the first unit completed within the week. In addition “by Christmas Eve, Edge­mont had closed its sixth sale of the week, bringing the dollar total to more than $12.98 million.” The Steamboat Pilot mentions that while these closings were reserved by buyers in 2008, these sales mark a significant step because people are now stepping up and closing on their previous contracts. This is an encouraging step, things are moving ahead of pace!

For more information on the closings at Edgemont, see the Steamboat Pilot article:
Edgemont closes 1st high-end condo for $2.1 million

In a recent article describing the updates in ski towns around the US, the New York Times mentions Wildhorse Meadows. While most ski towns are attempting to cut prices on many things to bring in the crowds, some places are noted for their significant improvements on the mountain. Wildhorse specifically, is noted for bringing a new gondola and helping change the feeling of the base area. For more information check the article out below.

What’s New, on and Off the Slopes

View of the Valley on Opening Day

View of the Valley

Lift Line Opening Day

Today marks the official beginning of the winter. It was a great day. While a bit overcast early in the morning the clouds quickly cleared and the skies were blue all afternoon. It was great to be back on Mt. Werner again to stretch out the legs. With the holiday arriving tomorrow, I’m hoping to get out a few times over the weekend with the family and rumor has it that the gondola opens tomorrow. Ive put together a few pictures of the ski area on opening day. Enjoy and be sure to check back for more over the weekend