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/

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?

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."

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!

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)

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.

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!

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.

Many people made their way to the ski hill to watch the events unfold in the thick of the excitement and alongside past olympians like Billy Kidd.  The cow bells were ringing and the fans were cheering as if we were ringside right there with our team. 

As our hometown heroes took the silver, they went down in history as the first American team to earn a medal in nordic combined at an Olympics.  The local mantra as of late has been that "It takes a community to raise an Olympian" and yesterday I felt that sentiment strongly.

Here's the full story from the Steamboat TODAY!

Your team's dedication, knowledge, and drive are what help to make Prudential Real Estate an acknowledged industry leader, and we look forward to recognizing your outstanding achievements at Sales Convention 2010 from March 7-9, 2010 at the Austin Convention Center in Austin, Texas.

Chairman's Circle - Gold:  The 2009 Chairman's Circle - Gold is awarded to Individual Sales Professionals or Sales Professional Teams that have achieved a minimum of $280,000 GCI or 70 Residential Units. As a Chairman's Circle - Gold award winner you are in the top 2% of Sales Professionals/Teams in the Prudential Real Estate network.

It really comes down to a huge "THANK YOU" to the wonderful clients we've had the pleasure of serving in the last year.  This award must truly be shared with all of you.

And it’s not just one group or organization responsible for making this happen.  It’s been an entire community effort over the duration of our storied history.  That’s why we take time out before the Winter Games in Vancouver to host a community-wide send off for all of the Olympians headed to Canada.

 The event takes place this Friday, February 5th.  The event includes:

• A video presentation of past and present Steamboat Olympians on a giant screen
• Fireworks, of course (we just love the explosives in this town!)
• Live musical entertainment
• Lighting of the town’s own 15-foot tall Winter Games Caldron (this will burn on the lawn of the downtown Courthouse throughout the entire Olympics)

So consider this your official invitation to join our community, including numerous past Olympians, as we celebrate our Olympic heritage that spans all skiing disciplines.  Come be a part of history as we send off Steamboat’s next generation of Winter Olympians!

And if you go, please stop by the new Prudential office located on the street level of The Olympian building (5^th & Yampa).  We’re hosting a party from 4:30-6:30pm to showcase the Olympic spirit of our new location.  Historical items have graciously been donated by the Tread of Pioneers Museum and the Colorado Ski & Snowboard Museum to add a charm and charisma you just won’t find anywhere else.  This party is by invitation only so if you are interested, please give Cam a call.  We’ll get you on the list!

A pamphlet was left in our offices this week outlining some interesting points about Steamboat 700.  Here are some quick bullets I pulled from that information:

• The crux of the Steamboat 700 plan is to centralize growth into “urban centers” to protect open space and prevent sprawl.  Building up to 2000 units in a central location has arguably less overall impact than the same number of units scattered throughout the valley.
• Steamboat 700 will be developed in phases.  If there isn’t an immediate demand for all 2000 proposed units, then some will simply not break ground.  The risk falls entirely on the shoulders of Steamboat 700.
• Steamboat 700 will be built as “Revenue Neutral” meaning that tax revenues from the new community will pay for city services.  Therefore, no new or increased taxes will be placed on Steamboat citizens or businesses.
• What are the traffic impacts?  Steamboat 700 claims to mitigate traffic congestion in town by providing jobs, services, shopping and schools on the west end of Steamboat.  They intend to subsidize enhanced transit service and create extensive biking and walking trails.  They have also committed $16 million for US40 widening improvements.
• New homes will be initially offered in such a price range as to create a balanced mix of housing types.  There are 14 proposed housing types ranging in price from $180,000 to $1.2 million, including condos as well as large lot homes.

For more information about Referendum A and Steamboat 700, the Good-4-Steamboat organization can be found at:

Facebook:  www.facebook.com/G4Steamboat

Twitter: www.twitter.com/good4steamboat

Email:  info@good4steamboat.com

Phone: 970-870-0244

The tax credit will be handed over to taxpayers who reside within the boundaries of the Steamboat Springs School District.  The method by which the credits will come is through a credit on the future mill levy.  Next year’s mill levy credit will equal 4.104 mills which equates to a reduction of $32.67 in property tax for every $100,000 in assessed value for residential Steamboat springs homes.  For non-residential property, the credit will equate to $119.02 savings for every $100,000 in assessed value.

The over-collection of property tax occurred as a result of statewide waiver elections that allowed individual school districts to retain and expend all revenue collected from any source.  This was in opposition to the limitations set forth by TABOR (Taxpayers Bill of Rights).  A recent decision handed down from the Colorado Supreme Court upheld the legality of the 2007 state Senate bill allowing school districts to collect revenues that exceed limitations set forth by TABOR.  But because Steamboat voted on a variance to this bill, which contained more limited language as to how our school district could retain revenues, we weren’t exempt from the TABOR limit.

At next Monday’s school board meeting, the Steamboat Springs District Finance Director is expected to recommend the board to certify the 2009 levy of 11.55 mills, down from last year’s rate of 21.922 mills.

Much anticipation has been looming for the grand opening of the newest addition to Steamboat Springs real estate offerings.  After 2 years of construction, the project is now prepared to close on its first 100 sales.  The official opening for overnight guests will happen January 9^th, but the general public will get a first glimpse of the plaza area tomorrow. 

Giving Gondola Square an entirely new look, gone are the stairs to a lower level parking lot and Kids Vacation Center.  This gives the mountain base a completely new entrance point with pavers and a heated walkway.  The other exciting enhancement to the base area is the Wildhorse Gondola that transports guests from the Wildhorse development to the plaza of One Steamboat Place.  This adds a completely new transportation method for people looking to access Gondola Square from Wildhorse Meadows.  The new Wildhorse Gondola is expected to be fully operational in February. 

One Steamboat Place has also announced some of its retail tenants who will be opening their doors this winter.  Amongst the exciting new businesses is Fleischer Sport, a new ski shop.  Owned and operated by Chad Fleischer, an Olympic downhiller, the store can be found at the commercial space just steps from the gondola unloading area.  Other retail neighbors in the new project include the new Steamboat Ski & Snowboard School ticket office, Surefoot ski boot & fitting shop and a new restaurant, Truffle Pig, opening in July.   

Especially in light of the price drops we've seen over the last year and sluggish property sales in most areas, home owners are viewing remodeling as a way to add value.  When looking at spending money on a property someone is ultimately trying to sell, the question often asked is "How much of this will I get back?"  It can be difficult to convince a seller to spend additional money on upgrades for a property they are simply trying get out of.  But both small and large remodeling jobs can go a long way towards attracting buyers in this competitive environment.

So are home improvement projects in Steamboat going to recoup the same percentage of investment as other parts of the country?  With the priorities of your typical Steamboat Springs resident or 2^nd home owner varying slightly from those of Midwest America or elsewhere, the answer is most likely no.  But improvements made to the common areas of the home (i.e. the kitchen or bathrooms) often hold a consistently high importance amongst potential buyers no matter what the ultimate use of the property might be.  Take a look at the 2008 National Averages as reported by Remodeling Magazine in conjunction with the National Association of Realtors:

So why does remodeling pay off in the end?  There are a few reasons to note.  First, home owners who remodel their home are essentially making buyers' lives easier and providing a service at the same time.  Many buyers don't want to hassle with the time, effort and money it will take to remodel or upgrade for themselves.  It's often easier to convince a prospective buyer to act when a home is in "move-in ready" condition or close.

The second reason remodeling is a good strategy is because it often helps avoid the negotiation strategy of pecking away at the asking price by harping on the imperfections of a home.  Quite simply, if you reduce the number of imperfections ahead of time you reduce the number of objections a potential buyer can raise as a tactic to lower the price.  This often leads to an ultimately higher closing price and more money in the seller's pocket.

Despite what a home owner's motivation might be for pursuing a remodeling project, the reality is that a person's home is still one of the best places to invest money.  Over time, the dollars spent on upgrading one's home often recoup double-digit percentage returns over the long run.  Not a bad option when we look at what the stock market has historically had to offer (with far more stress).

The credit of up to $8,000 is generally available to home buyers with qualifying income levels who have never owned a home or have not owned one in the past three years. 

The IRS encouraged all eligible homebuyers to take advantage of the first-time home buyer credit but at the same time cautioned taxpayers to avoid schemes that help ineligible people file false claims for the credit. Currently, the agency is investigating a number of cases of potential fraud and is using computer screening tools to identify questionable claims for the credit. 

Because the credit is only in effect for a limited time, those considering buying a home must act soon to qualify for the credit. Under the Recovery Act, an eligible home purchase must be completed before Dec. 1, 2009. This means that the last day to close on a home is Nov. 30. 

The credit cannot be claimed until after the purchase is completed. For purchases made this year before Dec. 1, taxpayers have the option of claiming the credit on their 2008 returns or waiting until next year and claiming it on their 2009 returns. 

For those considering a home purchase this fall, here are some other details about the first-time home buyer credit: 

-The credit is 10% of the purchase price of the home, with a maximum available credit of $8,000 for either a single taxpayer or a married couple filing jointly. The limit is $4,000 for a married person filing a separate return. In most cases, the full credit will be available for homes costing $80,000 or more.

-The credit reduces the taxpayer’s tax bill or increases his or her refund, dollar for dollar. Unlike most tax credits, the first-time home buyer credit is fully refundable. This means that the credit will be paid to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

-Only the purchase of a main home located in the United States qualifies. Vacation homes and rental properties are not eligible.

-A home constructed by the taxpayer only qualifies for the credit if the taxpayer occupies it before Dec. 1, 2009.

-The credit is reduced or eliminated for higher-income taxpayers. The credit is phased out based on the taxpayer’s modified adjusted gross income (MAGI). MAGI is adjusted gross income plus various amounts excluded from income—for example, certain foreign income. For a married couple filing a joint return, the phase-out range is $150,000 to $170,000. For other taxpayers, the range is $75,000 to $95,000. This means the full credit is available for married couples filing a joint return whose MAGI is $150,000 or less and for other taxpayers whose MAGI is $75,000 or less.

-The credit must be repaid if, within three years of purchase, the home ceases to be the taxpayer’s main home. For example, a taxpayer who claims the credit based on a qualifying purchase on Sept. 1, 2009, must repay the full credit if he or she sells the home or converts it to business or rental use at any time before Sept. 1, 2012. 

Taxpayers cannot take advantage of the credit even if they buy a main home before Dec. 1 if: 

-The taxpayer’s income is too large. This means joint filers with MAGI of $170,000 and above and other taxpayers with MAGI of $95,000 and above.

-The taxpayer buys a home from a close relative. This includes a home purchased from the taxpayer’s spouse, parent, grandparent, child or grandchild.

-The taxpayer owned another main home at any time during the three years prior to the date of purchase. For a married couple filing a joint return, this requirement applies to both spouses. For example, if the taxpayer bought a home on Sept. 1, 2009, the taxpayer cannot take the credit for that home if he or she owned, or had an ownership interest in, another main home at any time from Sept. 2, 2006, through Sept. 1, 2009.

-The taxpayer is a nonresident alien. 

Read more from RIS Media

Although I'm an advocate of effectively pricing your property as the initial important element to attract the eye of buyers, I argue that it's not the only thing to consider.  In a buyer's market, getting creative with offers is a secondary step often overlooked by agents and sellers alike.

For instance, instead of simply dropping the price of your property to compete for prospective buyers, why not offer to contribute money towards closing costs?  This money can be used to cover any interest rate buy-down points a lender might charge and holds a lot of buyer appeal when it comes to positively impacting their monthly mortgage payment.  Overall, as a seller it will cost you less in the long run (than simply dropping the price by an arbitrary number) and the perceived value to buyers remains high.

A great example of this is illustrated with a property with a $300,000 sales price.  A $10,000 price reduction has the same qualifying effect as buying the interest rate down ½ percent which will cost the seller $2,400 in discount points. This saves the seller $7,600! Win/ Win!

The annual Rubber Ducky Race hits the Yampa River once again tomorrow.  This annual event benefits the Yampa Valley Medical Center Auxiliary and has been in existence since 1988.

Just one man's opinion, but you've never seen anything until you've seen roughly 2,000 yellow duckies riding the rapids of the Yampa.  For just $10 per duck, you too could have a chance at some amazing prizes.

First place would snag you a 2009/10 season ski pass from the Steamboat Ski Resort which has a value of about $1,000.  Not too shabby if you happen to choose a fast swimming duck.  

The race will take place from the 5^th Street Bridge (where the duckies get dumped) to the finish line at 13^th street.  This year's funds will benefit the hospitals new Cardiac Care Services, which includes new diagnostic equipment.  If you're a current Steamboat local or just have Steamboat in your heart, you should swing by and check it out.  If you're in town tomorrow, it's a spectacle not to miss.