Cam Boyd Blog

If you're headed to Steamboat for skiing or riding, you better get here soon.  If you're lucky enough to be a local... you're lucky enough! 

The National Weather Service is calling for a 60% chance of snow tonight, 50% chance tomorrow and 80% chance of a dump on Friday night.  In a town that makes predicting weather tough, an 80% chance of precipitation is almost like a guarantee.

The bummer news for those traveling to Steamboat in the next few days is the outlook of a Hazardous Winter Weather Advisory.  The next few days are going to bring with them some nasty driving conditions.  Expect icy roads and patches of dumping snow and drive carefully.

Over the next few days, expect to see over a foot of new Champagne Power spewing from that great big bottle of Dom Perignon in the sky!  Wax up the skis and get ready for some fun.

Pending home sales eased against a deteriorating economic backdrop but remain in a stable range, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, slipped 0.7 percent to 88.9 from an upwardly revised reading of 89.5 in September. It is 1 percent below October 2007 when it was 89.8.

"Despite the turmoil in the economy, the overall level of pending home sales has been remarkably stable over the past year, holding in a generally narrow range," says Lawrence Yun, NAR chief economist. "We did see a spike in August when mortgage conditions temporarily improved, which underscores two things - there is a pent-up demand, and access to safe, affordable mortgages will bring more buyers into the market."

Conditions remain uneven around the country, but some areas that are showing healthy gains in pending home sales from a year ago include many Florida and California markets; Providence, R.I.; Lansing, Mich.; Oklahoma City; and Las Vegas.

By the Region

Here's what the PHSI showed across the country:

• South: jumped 7.8 percent to 95.9 in October but remains 2.9 percent below a year ago.
• Northeast: rose 0.6 percent to 68.1 but is 14.1 percent below October 2007.
• Midwest: declined 4.3 percent to 79.7 in October and is 6.8 percent below a year ago.
• West: fell 8.7 percent to 103.7 but is 17.4 percent higher than October 2007.

The Economic Forecast

New-home sales: for 2008 should total 486,000 this year, decline to 393,000 in 2009 and then grow to 446,000 in 2010. Housing starts, including multifamily units, are projected at 934,000 units in 2008 and 731,000 next year before rising to 772,000 in 2010.

Existing-home sales: looking at middle-ground assumptions, existing-home sales are forecast to total 4.96 million this year, and then increase to 5.19 million in 2009 and 5.55 million in 2010.

Home prices: "Price projections are challenging in an environment with so many variables and divergent local conditions," Yun says. "The home price correction to date has brought prices in line with fundamentals, but buyer pessimism could cause prices to overshoot downward, resulting in further economic deterioration." NAR's housing affordability index is likely to remain quite favorable, averaging 138 in 2009.

Unemployment rate: is estimated at 7.2 percent in the first quarter, rising to 8.3 percent by the end of 2009.

Inflation: as measured by the Consumer Price Index, is seen at 0.7 percent in 2009. Inflation-adjusted disposable personal income is expected to grow 1.5 percent in 2009.

GDP: Yun expects growth in the U.S. gross domestic product (GDP) to contract through the first half of 2009, then stabilize and expand in latter part of the year - lifted by a home sales recovery.

"Given the critical role of housing in an economic recovery, we're confident sufficient stimulus will be offered to bring more buyers to the market," he says.

Could a Drop in Interest Rates Help?

The 30-year fixed-rate mortgage will probably decline to 5.6 percent in the first quarter, rise slowly to 6 percent by the end of 2009, and average 6.2 percent in 2010.

NAR President Charles McMillan says he's hopeful about considerations by the U.S. Treasury to help the housing market.

"Efforts to bring down mortgage interest rates demonstrate a clear understanding of the role housing plays in stabilizing the economy," McMillan says. "We're very encouraged by all of the proposals getting serious consideration in Washington to help home buyers. More sales will stabilize home prices by bringing down inventory, and would lessen foreclosure pressure."

Source: National Association of Realtors

Once again, I'm extremely touched by the generosity the Prudential office and the entire staff showed in giving back to the community.  A little background...

It had become a tradition in years past that the Prudential agents draw names for "Secret Santa" gifts around the office.  $25 limits were set and gifts were exchanged at the Prudential Holiday Party. 

In the last few months, our inter-office "Green Bean Team" brainstormed the concept of giving outward to the community this year, and the result was the sponsorship of several families through the United Way.  Staff members were asked to contribute the same $25 that they would normally spend on gifts to co-workers and put it towards this project instead.  Overall, we achieved 100% participation! 

A small group of staffers, including Boyd Team members Amy Stonitsch and Stephanie Fairchild, set out shopping and purchased a LOAD of gifts.  These will be used in making a very special Christmas for those less fortunate.  Gifts were wrapped in our conference room and hand-delivered to those in need. 

Thanks to the thoughtfulness and volunteering on the part of Prudential agents and assistants, this year's Prudential Holiday Party will include a special new meaning.  It will be an opportunity for all of us to reflect on the positive impact we've created in our community, apart from simply selling real estate. 

THANK YOU PRUDENTIAL TEAM!!!  For once again demonstrating what truly matters in life.

If timeshares are your thing, you'll be happy to know that Drahota construction recently announced its completion of the Villages at Steamboat.  With $38 million  spent on expansion of the project, the total complex is now 200,000 square feet larger.   The Villages at Steamboat is conveniently located near the junction of Pine Grove Road and Mount Werner Road, across from the Meadows skier parking.

Drahota and the design team of Ankrom Moisan, based out of Portland, joined forces on this multi-family timeshare resort that includes 142 residential units.  Amenities include underground parking, an outdoor pool, 2 outdoor spas, 1 indoor spa, barbecue area and a sports court.  

The Villages at Steamboat Springs is part of the Trendwest Resort brand, a subsidiary of Wyndham Vacation Ownership, the world's largest vacation ownership company. Wyndham Vacation Ownership serves more than 750,000 owners of vacation and other real estate properties in more than 140 locations.

In this tough economy, people don't seem to be building so much as they are remodeling their existing homes.  As to be expected, it seems like the mantra as of late is "fix up what I've already got."   As far as new construction goes, Steamboat Springs saw only 1 building permit issued in October this year for the construction of a single-family home.  Permits for alterations and additions however were in double figures.

This time last year, available builders were in short supply.  Construction costs were on the rise as well.  Homeowners seem to be taking advantage of the slowed agenda for these builders, seeing as how 14 households undertook remodels this October.

Another tell-tale sign of slowed construction is that of inspections.  October's 467 inspections performed is down by more than 100 from the 592 inspections in October of last year.

Prudential Real Estate Ranked Highest for Seller Satisfaction in J.D. Power and Associates' 2008 Home Buyer/Seller Study^SM, Prudential (DBA) Announces

(Steamboat Springs, CO) - Prudential Real Estate Affiliates, Inc., a Prudential Financial, Inc. [NYSE: PRU] company, and Prudential (DBA) announced that Prudential Real Estate ranks "Highest Satisfaction for Home Sellers Among National Full Service Real Estate Firms" in J.D. Power and Associates' 2008 Home Buyer/Seller Study^SM.

The inaugural study measures customer satisfaction of home buyers and sellers with major national real estate companies. Overall satisfaction is determined by examining four factors for the home selling experience: agent (43%); marketing (38%); office (12%); and services (7%).

Among home sellers, Prudential Real Estate achieved a score of 793 on a 1,000-point scale - and Prudential Real Estate received particularly high ratings from customers in the marketing and office factors.

"We are very proud of this distinction, as it underscores the quality of our affiliates and their hard-working sales professionals, said Laurie Keenan, president of Prudential Real Estate Affiliates, Inc. "Our sales professionals are local experts, and sellers appreciate their ability to market and price homes right -- along with providing exceptional, attentive service."

The team at Prudential (DBA) works hard to not only meet, but exceed the expectations of its clients - sellers and buyers, explained (Name), broker/owner, Prudential (DBA). "In the current challenging market, our clients want all the expertise and market knowledge we can offer - and by leveraging Prudential's brand strength, its wide array of product and service offerings and its strong Internet marketing programs, we can provide sellers with the increased exposure they need."

The J.D. Power and Associates study finds that despite the popularity of home buying and selling resources on the Internet, the real estate sales professional remains key to customer satisfaction with real estate companies. A large proportion of both home buyers and sellers rely on the Internet to facilitate the buying or selling process, with 68 percent of buyers saying that they used Internet tools to help them in the purchase process and 61 percent of sellers reporting that they used a website listing to market their home. In addition, among sellers, online methods are the most important aspect of marketing.

However, the sales professional carries the greatest importance among the factors that comprise overall satisfaction among both home buyers and sellers.

According to J.D. Power and Associates, although the Internet provides home buyers and sellers with the ability to perform some essential tasks - such as listing a home for sale or researching a neighborhood in which to purchase a home - it still does not replace the importance of a good sales professional. Particularly in an uncertain real estate market, professional advice from sales professionals can be especially valuable to buyers and sellers. The knowledge and expertise provided by experienced sales professionals is an important benefit of using a full-service real estate company.

The study also finds that the average time a respondent's home remained on the market was slightly more than six months, although home sellers represented by the top-ranking real estate companies report that their homes were on the market for slightly less time - approximately five and a half months, on average.

Satisfaction averages 794 among those customers whose homes sold within five months or less, but declines considerably to an average of 730 among customers whose homes took seven months or longer to sell, the study showed. A real estate company that provides sales professionals who are skilled at determining the appropriate market value and listing price for homes, and who can effectively market properties, can help minimize the time that clients' homes remain on the market - which can save the seller money, inconvenience and anxiety.

Nearly one-half of respondents in the study (46%) reported using recommendations from family or friends to find their real estate sales professional. Approximately 28 percent used the Internet, 23 percent used a sales professional they had used previously and 11 percent used a printed real estate guide.

The study also reports that home buyers were shown an average of 13 homes before they made a purchase. Home sellers reported that, on average, their home was shown 11 times, and about five open houses were conducted before a sale occurred.

The 2008 Home Buyer/Seller Study includes 3,670 evaluations from 3,205 respondents who bought or sold a home between April 2007 and June 2008.

Headquartered in Westlake Village, Calif., J.D. Power and Associates is a global marketing information services company operating in key business sectors including market research, forecasting, performance improvement, training and customer satisfaction. The company's quality and satisfaction measurements are based on responses from millions of consumers annually. For more information on cell phone ratings, car reviews and ratings, car insurance, health insurance and more, visit JDPower.com. J.D. Power and Associates is a business unit of The McGraw-Hill Companies.

Prudential Real Estate and Relocation Services, Inc. is Prudential's integrated real estate brokerage franchise and relocation services business. Prudential Real Estate franchises are independently owned and operated. Companies are selected based upon outstanding performance records, high levels of customer service and shared business values with those of Prudential. Prudential Real Estate provides franchises with business strategies using Operation Reviews as well as numerous benefits, including access to Prudential Real Estate's Online Seller Advantage^SM program designed to provide real-time information to sellers with the touch of a keystroke. Prudential Real Estate is one of the largest real estate brokerage franchise networks in North America, with nearly 2,100 franchise offices and approximately 64,000 sales professionals in the franchise Network as of June 30, 2008.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $638 billion of assets under management as of June 30, 2008, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The company's well-known Rockâ symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit http://www.news.prudential.com/.

Back in 1914, you could make it here by train. Today, you make it here by lunch! The Steamboat Ski & Resort Corporation's winter nonstop flight program will offer record nonstop air capacity from nine major airports on six key U.S. carriers - American, Continental, Delta, Frontier, Northwest and United Airlines, direct into Steamboat/Hayden Airport for the 2008/2009 season.

New for this winter, Frontier will start serving Ski Town, U.S.A.^® with three daily nonstop flights on its new Q400 aircraft from Denver. In addition, United Express has upgraded its nonstop Denver service to all jets, including the Canadair regional jet CRJ-700, which has 78% more capacity than the Dash-8.

This, coupled with the expansion and improvements at the Steamboat/Hayden Airport, makes Steamboat the most conveniently accessed resort in the Colorado Rocky Mountain offering nonstop from nine major airports including Atlanta, Chicago, Dallas/Ft. Worth, Denver, Houston, Minneapolis/St. Paul, Newark, New York-LaGuardia and Salt Lake City as well as one-stop connecting service from more than 200 other domestic and international cities.

It all depends on where you are right now in real estate, and whether you recognize the signs of the cycle bottoming out in some of the once-most distressed local markets.

Though the latest monthly sales numbers for existing homes were down slightly nationwide -- 3.1 percent on a seasonally-adjusted basis -- sales in some of the hardest-hit local markets are really taking off, according to the latest data from the National Association of Realtors.

Florida, once the east coast epicenter of boom and bust, is roaring back with big sales gains.

Overall sales of single family homes in Florida jumped by 15 percent for the latest month -- up 5 percent for condos -- compared with year-earlier levels.

In Palm Beach County, sales were up by 37 percent. In Ft. Myers by 44 percent, Miami 23 percent, and 35 percent in Charlotte County.

Some scattered, smaller markets saw sales explode by as much as 70 percent, according to a report in the Sarasota Herald Tribune.

In some of California's most challenging markets, sales are also way up -- and apparently heading higher. In Orange County -- south of Los Angeles and close to ground-zero of the housing bust on the west coast -- sales rose by 66.6 percent last month compared with the year before. And they were up by 62 percent year over year the month before.

This is the fourth straight month of significant sales increases for Orange County -- a sure sign that something important is underway there.

And let's be frank about what's really going on.

It's the same dynamic as in Florida: Prices have dropped sharply, bank foreclosures and short sales are dominating activity --- and now houses are far more affordable than they were three and four year before.

In Orange County median prices were down by 27 percent year over year last month. In Florida, prices are also depressed -- 24 percent lower than the year before. In Miami, the median is off by 30 percent.

Meanwhile the essential ingredient to turning low prices into rising sales -- affordable mortgage money -- continues to be a bright spot. Interest rates for 30 year fixed loans are hovering just above 6 percent, and are in the upper five percent range for 15 year loans.

As we've said before here at Realty Times, the stock market may be doing wild and crazy things on any given day.

But month after month, there are tangible indications that the housing cycle is beginning to come around.

You just have to be open to seeing them.

Welcome to the new face of SteamboatRealtor.com!

In response to the overwhelming feedback we've gotten over the years as to what our clients want most from the website, we've answered.  We hope you'll find this new tool useful and share this with anyone you know that's interested in Steamboat Springs Real Estate.  With the new site comes some cool new features:

• Easy access to search ALL of the area's listings!
• Sort by price, location, bedrooms, bathrooms and a TON of other criteria
• You can now share listings with your friends and family!
• Sign up for a free evaluation of your home's current value
• Register to receive daily email with new listings that match your needs
• Updated BLOG!  Get the timely low-down on local market information
• Sign up to receive our monthly newsletter filled with current market trends
• and LOTS MORE!!!

Take some time to explore and share your thoughts.  We'd love to know what more we can do to better serve you in your search for Steamboat Springs area real estate. 

Happy Surfing!

Looking over the year-to-date sales numbers for Routt County, ending 10/31/08, the following is what we know.

Total dollar volume sold for the year stands at $647,000,900.  That ranks at 49% pacing as compared to the record year of 2007.  Comparing year-over-year numbers with 2006, we're pacing at 73% of sales.

There were 68 transactions completed in October this year versus 196 in 2007 and 266 transactions in 2006.  Actual number of closings has slowed dramatically from what we've come accustomed to in Octobers of yore.

Of the total transactions in October, 37 of them consisted of "Residential Improved Units" which includes any residence that an owner buys outright (ie. not a "fractional" or "timeshare" unit) that's not land or commercial.  Of these 37 transactions, 21% (8 units) closed at $1,000,000+ accounting for 55% of total volume.  These statistics demonstrate that the high-end market is still doing relatively well.

Pricing property at an attractive level is more important now than ever.  Getting prospective buyers interested in making an offer becomes difficult in this type of market, but not impossible.  Adding incentives such as paying closing costs, covering a month or two of the buyer's mortgage and other creative deals are ideas you should ask your realtor about.  If you're a seller, these types of unique add-ons will go a long way in getting your property sold.