Real Estate Information Archive

One of Steamboat's finest made the list for Top Ten Vacation homes in North America!

msnbc.com listed us at #6:

6. Over the Edge, Steamboat Springs, Colo.
For travelers looking for an elegant place to call home after a day out on the slopes, Over the Edge offers the perfect blend of fun and luxury. With fourteen foot high ceilings, a rooftop deck lookout, and three spacious living areas, travelers will have plenty of space to unwind. For nightly entertainment, the property also features a home theater with a 140-inch screen and an indoor recreation room equipped with a basketball court. Check out our listing for this home! http://www.visualtour.com/show.asp?t=2116357

Want to know who else made the list? Read the rest of this article at: 

http://www.msnbc.msn.com/id/38276921/ns/travel-luxury_travel/

Steamboat Takes On Vacation Home Rentals, Again

A City Council that just 3 years ago placed a temporary moratorium on vacation home rentals in Steamboat is now poised to actually relax home rental fees and loosen parking regulations for vacation rentals in Steamboat. The City Council says it has no interest in taking up the more contentious issue of whether to allow or disallow rentals. They say they understand the importance of home rentals for the local Steamboat economy. The Council would like to support the nearly 75 vacation rentals by reducing the permit fees from $50 for each bedroom to a flat $50 annual fee. Qualified property managers could also be allocated up to 6 outdoor parking permits. The issue of vacation home rentals continues to be contentious. Many locals opposing the rentals showed up at the Council meeting asking for the City to again consider banning rentals in Steamboat. City staff will draft an ordinance for the Council to consider in the coming weeks.

April housing statistics are very  strong, but will they last?

April housing statistics are very strong, but will they last?

Housing statistics for April 2010 improved in many areas. Many of those improvements are directly related to the April 30 deadline to take advantage of the government’s home buyer tax credit. Now that the deadline has passed, we are all anxious to see what is in store for the housing market. Some experts believe that the seasonal increase that usually happens during the summer came early; that the tax credit didn’t necessarily bring more buyers, but instead prompted buyers who would have bought this summer to buy sooner. David M. Blitzer, Chariman of the Index Committe at Standard & Poor’s, predicts, “Now that the tax incentive ended on April 30th, we don’t expect to see a boost in relative demand” (www.standardandpoors.com).

Keeping in mind that Real Estate is local and that these predictions will come true in some areas, not at all in others, and mildly in others, we all wonder if these numbers are the beginning or the end of a positive trend. Below are the highlights of what happened in Colorado Real Estate during March and April.

    •  Denver’s sold prices improved 4.1 percent from March 2009 to March 2010, according to the S&P/Case-Shiller Home Price Index.
    •  The average sold price for residential and condominium sales in the Denver Metro area increased 7.3 percent from April 2009 to April 2010. The average sold price increased slightly 0.7 percent from March 2010 to April 2010.
    •  The sales volume for residential and condominium sales in the Denver Metro area increased 23.5 percent from April 2009 to April 2010. It increased 16.3 percent from March 2010 to April 2010.
    •  The inventory of residential homes and condominiums for sale in the Denver Metro area at the end of April was 20,943 homes. This represents a 5.0 month-supply at the current sales pace.
    •  The number of residential homes and condominiums which were under contract increased 27.6 percent from April 2009 to April 2010.
    •  The average list price of residential homes and condominiums fell 12.5 percent from April 2009 to April 2010. In April 2009, the average list price was $477,255. In April 2010, it was $419,717.
    •  The percentage of listings sold increased 11.2 percent from March 2010 to April 2010.
    •  Average days on market during April 2010 was 80 days -- the lowest it’s been all year.

Source: Denver Metrolist. Based on Information from Metrolist, Inc. for the period 4-1-2009 through 4-30-2010. NOTE: This representation is based in whole or in part on data supplied by Metrolist, Inc. Metrolist, Inc does not guarantee nor is in any way responsible for its accuracy. Data maintained by Metrolist, Inc. may not reflect all real estate activity in the market. S&P/Case-Shiller Home Price Indices. More information can be found at: www.standardandpoors.com

New home sales jump up
National new home sales increased 14.8 percent in April to a seasonally-adjusted annual rate of 504,000 units, according to the U.S. Commerce Department. National Association of Home Builders (NAHB) Chief Economist David Crowe analyzes the jump in new home sales, “It stands to reason that this activity will level off over the next few months, as sales that would have occurred during that time were likely pulled forward to meet the April deadline. That said, today’s favorable home buying conditions, the recovering job market and reviving consumer confidence should help take the place of tax incentives to generate buyer demand.” (www.nahb.org). In the West, new home sales rose 21.7 percent during April 2010.

The chart below shows the national trend in new homes sales since June 2008, which illustrates the recent increase in new home sales.


Source: U.S. Census Bureau. More information can be found at: www.census.gov


Homes still sell in less than 30 days
Is it really possible for a home to sell in less than thirty days in this market?

Even though it may seem hard to believe, it is possible. Sellers and buyers must remember that the home that is priced right and shows well, from the very first day it is listed, is the one that sells right away. There is a small window of opportunity at the beginning of a listing, in which the home has the best chance of selling for the most amount of money. It is critical to have your home priced right during that time in order to make the most money possible on your home. This is true in every market.

The chart below illustrates the days on market for residential homes and condominiums that sold in the Metro Denver area between January 1, 2010 and April 30, 2010.
 
In our current market, thirty-eight percent of homes sold in thirty days or less.



Source: Denver Metrolist. Based on Information from Metrolist, Inc. for the period 1-1-2010 through 4-30-2010. NOTE: This representation is based in whole or in part on data supplied by Metrolist, Inc. Metrolist, Inc does not guarantee nor is in any way responsible for its accuracy. Data maintained by Metrolist, Inc. may not reflect all real estate activity in the market.


By the numbers 

14.8% - The increase in new home sales throughout the nation between March 2010 and April 2010. Sales increased 47.8 percent from April 2009 to April 2010. - www.Census.gov

$250,605 - The average sold price of residential homes and condominiums in the Metro Denver area for April 2010, which is 7.3 percent above the April 2009 average when it was $233,482. - www.MyMLS. com 

23.5% - The increase in the number of Metro Denver area residential homes and condominiums sold from April 2009 to April 2010. During April 2010, there were 4,188 sold. - www.MyMLS. com

7.6% - The increase in existing-home sales, including single-family, townhomes, condominiums, and co-ops in the nation between March 2010 and April 2010. The 5.77 million-unit level in April 2010 was 22.8 percent above the 4.70 million-unit level in April 2009. - www.Realtor.org


11.5% - The increase in the nation’s total housing inventory from March 2010 to April 2010. At the end of April 2010, there were 4.04 million existing homes available for sale. This represents an 8.4-month supply at the current sales pace. - www.Realtor.org

$173,100 - The national median existing-home price for all housing types in April 2010. The median price is up 4.0 percent from April 2009. - www.Realtor.org

$173,400 - The national median existing single-family home price in April 2010; 4.5 percent higher than it was in April 2009. - www.Realtor.org

7.4% - The increase in single-family home sales in the nation from March 2010 to April 2010. Sales rose to a seasonally-adjusted annual rate of 5.05 million - that’s 20.5 percent more than the 4.19 million-unit rate in April 2009. - www.Realtor.org

$171,000 - The national median existing condo price in April 2010, which was 0.6 percent lower than it was in April 2009. - www.Realtor.org

9.1% - The jump in existing condominium and co-op sales for the nation from March 2010 to April 2010. Sales in April 2010 were at a seasonally-adjusted annual rate of 720,000 units;  42.3 percent higher than the 506,000-unit sales pace in April 2009. - www.Realtor.org

5.2% - The increase in existing-home sales in the West from April 2009 to April 2010. Sales in April 2010 were at a seasonally-adjusted annual rate of 1.21 million; 6.2 percent lower than they were in March 2010. - www.Realtor.org

$212,400 - The median existing-home sales price in the West during April 2010, which was 3.8 percent higher than it was in April 2009. - www.Realtor.org

Vital signs




Sources: Denver Metrolist,  Freddie Mac, Colorado Department of Labor and Employment Based on Information from Metrolist, Inc. for the period 1-1-2009 through 4-30-2010. NOTE: This representation is based in whole or in part on data supplied by Metrolist, Inc. Metrolist, Inc. does not guarantee nor is in any way responsible for its accuracy. Data maintained by Metrolist, Inc. may not reflect all real estate activity in the market."

In a recent article from CNBC.com, vacation home sales rose 7.9% based on statistics from the National Association of Realtors 2010 "Investment and Vacation Home Buyers Survey."  After several years of declines in this market segment we're finally seeing some up-swing.

This is positive news for markets like Steamboat Springs real estate.  We're seeing a similar increase in showings over the past few months and we are just starting to enter the busy summer selling season.

Read the full article here!

We know how important good photography of a property listing is when it comes to attracting buyers. In fact, 98% of homebuyers who searched for a home on the Internet found photos to be among the most useful features of REALTOR® websites, according to a recent National Association of Realtors report.

Digital photography and virtual tours allow us the ability to serve clients like never before. Our digital photos are used across multiple websites and print media and allow us to present a very realistic description (albeit a visual one) of the property.  Digital images can also be stitched to create panormic images that combine to make a virtual tour of the home, which buyers find helping when reviewing options online.

Here are some statistics that demonstrate how Realtors® are using digital cameras:

96% of all REALTORS® use a digital camera
56% of REALTORS® Web sites feature virtual tours
92% of homebuyers find virtual tours to be very or somewhat useful

Frequency of use of digital cameras:
Daily  . . . . . . . . . . . . . .  27%
A few times per week . . .  29%
A few times per month . . . 32%
A few times per year . . . . 8%
Rarely or never . . . . . . . . 4%

Source: 2008 NAR Member Profile, (National Association of REALTORS®, 2008)

Tom Ross writes for the Stemboat Pilot and Steamboat Homefinder:

It is still early in the 2010 construction season, but indications from the Routt County Regional Building Department could portend silence where once nail guns and circular saws punctuated the air over Steamboat Springs.

Through February, building department statistics show that building permits issued in Routt County through the second month of the year had a combined valuation of more than $4 million.

“From 2000 to 2010, permits issued in January and February accounted for 6.l55 percent of the total (annual) valuation,” Building Department Official Carl Dunham said. “If it turns out that we did 6.155 percent in January and February this year, it would project to $61 million for the year, and that would be off $15 million from the year before,” when Routt County building permits had a valuation of $76 million in 2009.

It should be noted that valuation for building permit purposes is not the same as the retail value of a building or remodeling job.
Dunham said that through the first two months of the year, his office has conducted 22 plan reviews that could turn into building projects. The average number for January and February combined is 35 plan reviews.

The largest job on the horizon is the third phase of terminal improvements at Yampa Valley Regional Airport in Hayden, Dunham said. Hopefully, he said, some local construction workers will find employment with the out-of-town contractor preparing to reconstruction Lincoln Avenue/U.S. Highway 40 in downtown Steamboat.

When January/February numbers for building permits in the city of Steamboat Springs are broken out, the figures are less encouraging.
Through the end of February, the valuation of permits issued was $1.7 million, and that didn’t include any permits for a single-family home. Half of the total could be attributed to four permits for alterations or additions to buildings other than homes with an aggregate permit valuation of $775,000.

Another $702,000 was attributable to two home remodels permitted in January. There was also a permit issued for a retaining wall with a valuation of just more than $100,000 in January. And that’s been it.
The Steamboat totals for the first two months of 2010 stand in stark contrast to 2008, when the number stood at $12.5 million. It was $6.8 million for the first two months of 2009.

However, Dunham said the 2008 number was influenced by permits for the above-ground construction of the condominium tower at One Steamboat Place, which had spent much of 2007 building a massive foundation.

Dean Vogelaar, president of the Steamboat branch of Mountain Valley Bank, agreed with Dunham.

“Based on how things have gone, it’s something we would have considered to be predictable,” Vogelaar said. “People in finance and construction are not terribly surprised. In 2008, there were projects on the books with commitments for financing already in place. In 2009, there were still projects that were already in place.”
Routt County outside of Steamboat Springs saw permits issued for three single-family homes with a combined valuation of $1.9 million in January and February.

Those figures do not reflect activity in the town of Hayden, which has its own building department.

For those that want to flip through the pages of the latest issue of Homes & Land Magazine from the convenience of your computer, here is the digital version. 

Give it a test drive and see what you think!  Just like flipping the pages of your favorite magazine but without the paper cuts.  ENJOY!

Here's a quick look at the Steamboat Springs real estate sales data we're currently seeing.  Notice that the MLS (Steamboat real estate) sales numbers are better year over year in each of the last 4 months indicating that buyers are returning to the market.

The best real estate deals are to be had when the inventory is highest (which it is now) and the competition amongst buyers is low.  These factors support the fact that this is a good time to buy.