Cam Boyd Blog

One of the biggest thrills I've experienced lately was standing in the heart of Steamboat's base area watching our local nordic combined athletes take the silver medal in Vancouver.  The Games have been broadcast daily on the "jumbo-tron" TV placed in the village center but yesterday was the premier event of the Winter Olympics for many of Steamboat's residents.

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!

Typically we don't spend time to toot our own horns, but we just received the official "congratulations" letter from Prudential Headquarters that the Boyd Team once again earned top awards for 2009.  This is an excert from the letter that landed on Cam's desk just last week:

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.

We didn’t get the distinguished title of “Ski Town U.S.A.” for nothing.  Steamboat has produced 69 winter Olympians and counting, more than any other town in North America.

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 local group in favor of passing Referendum A on the March 9^th ballot has formed a group called Good- 4-Steamboat.  The group is in favor of passing the referendum so that the proposed Steamboat 700 development can begin moving forward with plans to build.

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 Earth Advantage Institute, a non-profit that certifies sustainable homes, identified these green-building trends, based on its relationships with builders, architects, real estate practitioners, and lenders.

Smart grid and connected homes. The development of custom and Web-based display panels that show real-time home energy use, broken out by individual appliance will increasingly drive consumer behavior.

Energy labeling for homes and office buildings. Accurate energy rating systems for homes and office spaces will make it easier for home owners and buyers to compare and could galvanize owners to make needed energy improvements.

Building information modeling software. The increasing sophistication and lowered cost of CAD software with more accurate algorithms for energy modeling will encourage greater use.

Financial community buy-in to green building. Lenders and insurers will get behind green building because it’s good for their bottom lines.

"Rightsizing" of homes. A larger home no longer translates into greater equity.

Eco-districts. The creation of walkable, low-impact communities in the suburban setting is gaining steam.

Water conservation. The Environmental Protection Agency finalized the voluntary WaterSense specification for new homes in December of 2009, which reduces water use by about 20 percent compared to a conventional new home. Water will be the essential resource in the next decade.

Carbon Calculation. With buildings contributing roughly half the carbon emissions in the environment, the progressive elements in the building industry are looking at ways to document, measure, and reduce greenhouse gas creation in building materials and processes. This effort will be heightened once a federal cap-and-trade mechanism is launched in this country.

Net Zero Buildings. A net zero building is a building that generates more energy than it uses over the course of a year, as a result of relatively small size, extreme efficiencies and onsite renewable energy sources. We are close to being able to do this routinely.

Sustainable building education. This will create opportunities for professionals involved in the building industry, from real estate to finance and insurance.

Source: Earth Advantage Institute (01/08/2010)

Looks like Steamboat Springs residents will be receiving some relief on their taxes next year by way of a property tax credit from the school district.  The Steamboat Springs real estate market continues to be an interesting one, especially with this news.  As it turns out, the School Board over-collected property taxes in the 2007/08 and 2008/09 periods.  The over-collection came to a total amount of $4,197,458 and now it’s time to give it back.

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.

The Steamboat ski resort opens for skiing tomorrow, and with it comes the unveiling of One Steamboat Place.  One Steamboat Place is Steamboat's newest development located at the heart of the mountain base.

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.   

Remodeling Magazine puts out an annual report that displays how maintenance projects and other upgrades can provide paybacks on the sale of real estate, even in slower markets.  The findings show how sellers can often recoup as much as 86% of the cost of such projects like new siding, a new deck or new windows.

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).

RISMEDIA, October 8, 2009—With the First-Time Home Buyer Tax Credit deadline quickly approaching, the Internal Revenue Service recently reminded potential home buyers they must complete their first-time home purchases before Dec. 1, 2009 to qualify for the special first-time home buyer credit. The American Recovery and Reinvestment Act extended the tax credit, which has provided a tax benefit to more than 1.4 million taxpayers so far. 

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

U.S. home prices rose 0.3 percent in July compared to June, the Federal Housing Finance Agency said Tuesday.

The index is 4.2 percent below what it was in 2008 and 10.5 percent off its peak in April 2007.

The index excludes most expensive homes from its calculations, so prices appear to have declined less than they have by other measures.

The report "supports other evidence that the three-year long decline in prices has come to halt," Paul Dales, U.S. economist with Capital Economics, wrote in a note to clients.

Other economists were less positive. "We think house price indexes are likely to edge somewhat lower in the fall when foreclosures become a larger share of home sales," Barclays Capital economist Nicholas Tenev wrote in a note to his clients.

Source: The Associated Press, Alan Zibel (09/22/2009)