Ski in, ski out! If you want slopeside convenience and gorgeous mountain scenery from every room, this is for you. Furnished 2 bedroom, 2 bathroom condominium in the Storm Meadows Club C building. Soak up the sun and fresh air from the deck overlooking the Steamboat ski area including trails and lifts, the gondola base area, and southern views including the Flat Tops mountain range. After a long day enjoying all that Steamboat has to offer, cozy up by the fireplace and enjoy the beautiful alpenglow. The 2nd bedroom has French doors so you can have more living space when you need it or keep them closed with blinds when you want the privacy (see photos.) Ski storage and private shuttle, plus the clubhouse amenity building offers a pool, hot tub, exercise equipment, sauna and tennis court.

Conveniently located between town and the mountain, this 4+ bedroom home is one of the least expensive homes you will find in Steamboat. Enjoy an ideal floor plan with 3 bedrooms and 2 baths upstairs and a separate caretaker's unit below, which can serve as a guest apartment or as a great source of rental income! The upstairs has a great open floor plan complete with a very large kitchen and dining area and accented by a sunroom that allows warm Southern light and great Western views into the home. A large deck and Emerald mountain, town, and valley views are an additional bonus to this home's fantastic location. The downstairs apartment is nicely finished with beautiful tile and carpet and each unit enjoys private access to a huge 3-car garage that has been divided for privacy.

Set on the 3^nd largest natural lake in Colorado covering over 110 acres, this luxurious lakeside 3-bedroom home is the ultimate retreat.  Located lakeside on 35 acres within the 640 acre Lake Agnes development, the home enjoys a stocked lake, private stone path to the lake, and a floating dock. The surrounding subdivision is surrounded by National Forest, extensive trail systems, and an equestrian facility with a barn and paddock for the equestrian minded. Sit on the dock and watch trout swim in the crystal clear water, or take a horseback ride through the beautiful surrounding pine forests. Endless activities also include swimming, boating, fishing, biking, hiking, skiing and snowmobiling all just steps from your front door.  Indoors, abundant windows provide great natural lighting in this peaceful home, and the custom character is built in with its stone fireplace in the living room and matching stone accent wall in the game room. With Whitley Peak cresting the horizon from just across the valley, this home enjoys the Colorado Mountain setting that is much sought after. Great rental income from VRBO, only 25 minutes from Steamboat!

The Eagleridge Lodge stands as a premier lodging property in Steamboat Springs and this 2 bedroom unit within is one of the absolute best.  With direct views of the ski area and mountain peaks from every room, this residence has almost 1,000 square feet including a warm and inviting living room, impeccable kitchen and cozy dining area.  Furnished with true mountain distinction, the finer points include granite countertops, leather seating, masonry fireplace with split timber mantel, new flat screen TVs and entry cubby perfect for stripping off your ski coat.  The covered deck overlooks the outdoor heated pool while other property amenities include private on-call shuttle service, hot tub, sauna, fitness room, ski storage and even on-site concierge & spa services. This gem is just across the street from the gondola and comes fully furnished.

The ultimate convenience and luxury at the base of the ski mountain! The elegant lobby features a monumental stone fireplace and front desk concierge. The first floor offers a fitness center, indoor/outdoor pool, locker facilities for skis and a beautifully appointed great room for entertaining and relaxing. The lobbies, hallways and amenity areas balance rich colors against necessary neutrals resulting in a beautiful and comfortable environment that provides a sense of warmth, well-being and enhanced quality of life. Every room benefits from the abundance of light with its clean, crisp and timeless design. Details abound and include a gourmet kitchen and luxurious bathroom, custom crown molding, air conditioning, tinted windows, insulated windows and French doors and much more. Management company currently rents this as a 3 bedroom + den.

Located in a much desired slope-side subdivision at the end of a quiet lane, the North side of this stunning furnished duplex offers 4 bedrooms, 4.5 baths, 2 living areas, a lofted office space, and all the finishes and gear storage a great ski lodge needs. Spaciously designed with stunning windows that showcase the yard and forested lot surrounding the home, this duplex is ready to serve your ski needs. Countless storage options, a private lofted office, and countless rooms in which to seek solace guarantee your slope-side living will be in comfort. Spacious decks offer valley and gondola views for romantic evening occasions or a peaceful summer day in the sun.  Only a short walk to the slopes, or world class biking and hiking in the summer.  

Entire property offered as well; see MLS# 133158. Also see MLS# 133186 for the south side listing.

Located in a much desired slope-side subdivision at the end of a quiet lane, the South side of this furnished duplex offers 4 bedrooms, 4.5 baths, 2 living areas, a lofted office space, and all the finishes and gear storage a great ski lodge needs. This spacious duplex is ready to serve your ski needs with countless storage opportunities, a boot drying system that may have your ski neighbors knocking on your door, and a laundry room that will have everything clean and dry in hours, regardless of the amount. Highlighted with stunning windows that allow great natural lighting and showcase the lawn and forested lot surrounding the home, this duplex is fantastic as a private year round residence, second home, or a rental home.  Spacious decks offer valley for romantic evening occasions and catch the warm southern sun on a peaceful summer day. Only a short walk to the ski slopes or world class biking and hiking in the summer.

Located in a much desired slope-side subdivision at the end of a quiet lane, this stunning furnished duplex offers 8 bedrooms, 10 bathrooms, 4 living areas, 2 lofted office spaces, and all the finishes and gear storage a great ski lodge needs. Appointed to serve as separate units with 4 bedrooms each or easily joined together in two locations, this spacious duplex is ready to serve your ski needs with countless storage opportunities, a boot drying system that may have your ski neighbors knocking on your door, and a laundry room that will have everything clean and dry in hours, regardless of the amount. Highlighted with stunning windows that allow great natural lighting and showcase the private lawn and forested lot surrounding the home, this duplex is fantastic as a private year round residence, second home, or a rental home.  Spacious decks offer valley and gondola views for romantic evening occasions or a peaceful summer day in the sun.  Only a short walk to the ski slopes or world class biking and hiking in the summer. Sides sold separately for $749,000 or as a building for $1,498,000.

Season’s Greetings! I hope everyone is enjoying the final days of 2011.

I want to invite you all to this new event at the Stagecoach State Park/Reservoir next weekend, Jan 7-8. It is a new event, with dog sledding teams, free ski bike demonstrations, snowmobile test drives, bake sales, etc. The park also rents free snowshoes, and there’s a great sledding hill too. A flyer is attached with more details.  It should be a lot of fun! Please come join us for a festive event to start of 2012!

Just across the river from Mt Werner, this 5 bedroom home sits perched above town in the much desired location of Tree House. Recently re-built from the concrete up, this home features a secluded master bedroom "getaway," and 2 additional suites with patio access amongst the 5-bedroom count. Quietly located over the garage, the master bedroom is a getaway in its own right with a relaxing indoor hot tub, a private deck, and a master bathroom with twin sinks. Downstairs on the main level, the kitchen, living room, and dining room share a fantastic open floor plan lit up by warm Eastern sun from the picture windows. Access the wrap around deck through the entry, living room, or one of the main floor bedrooms. A furnace-rated wood burning stove in the living room provides ample heat when the Eastern sun disappears, and has built-in wood storage compartments and a cozy hearth. The kitchen enjoys 2 convection ovens, an induction stove, an additional vegetable sink, beautiful custom cabinetry with a modern flair, and bar seating. Do you have a big family or enjoy entertaining? A newly completed rec room downstairs has new carpeting and plumbing for a bar sink as well as French doors that exit to a covered patio. Travertine baths throughout, as well as the addition of a steam shower. If you still can't seem to find your private getaway in this fantastic home, try the "writer's cabin" out back, or use it for additional storage.

Magnificent views! Gorgeous log home next to the Stagecoach Reservoir and State Park. Walk right from your yard to the water's edge and dip your toes, or take a very short drive to the boat ramp. Inside the home there are 3 bedrooms, 3 bathrooms, a loft, and a huge walk-out lower level, just perfect for entertaining. Large windows frame the water and mountain views and let in the natural light. Design features include vaulted ceilings, alder cabinets and trim, wood and tile floors, stainless steel appliances and granite counters. The back deck & the lower patio both overlook the lake and offer plenty of space for everyone. Take a nap on the hammock, jump in the hot tub, fire up the BBQ, or just relax and enjoy the view. The best home base for boating, fishing, water skiing, wake boarding, etc. In the winter, you can snow shoe, cross country ski, sled down the hill, or try ice fishing or dog sledding. A must see.

Moving can be stressful. Moving with children can be more stressful. Moving with children over the holidays…is there even a word that accurately describes what that feels like? It happens of course. There are just some things that you can’t plan for, even when you have been planning for months. We asked some of our top van line partner’s to provide tips that they had for making a holiday move easier on everyone. Here is what they said:

• One: Remember monkey see, monkey do. If you act disappointed about moving over the holidays, or are moping because you won’t be celebrating with the extended family, your children will pick up on that and follow your lead. Be positive and excited. Tell them about their cool new room that they can paint whatever color they choose, or all about the park and mall nearby. Show your excitement and your children’s excitement will follow.
   
• Two: Don’t forget the decorations. Whether you decide to decorate at the old house and once again at the new house or at the new house only; bring the decorations in the car with you so you can set them up the minute you arrive, or buy all news ones when you get there. However you choose to do it, decorate.
   
• Three: Start a new tradition. We all have time honored family traditions at the holidays. Since you are starting a new beginning, why not add a new tradition? For example: if you plan on a driving long distance to the new location, open one present each day in the car. Or maybe buy a new decoration at each place you stop for the night. Each year when you are putting up the decorations you will remember your journey to your new home.
   
• Four: Listen to holiday music. You’re driving, so what else are you going to do? Stock up on CD’s or tune satellite radio to a station where holiday cheer can be found. It is a great way to feel connected to the familiar holiday spirit when things are feeling anything but familiar.
   
• Five: Make the trip memorable. We all remember those “fun” family vacations in the car. Why not give your children some of those memories? If you can plan your route around fun attractions, cities family members live in, historical sites, and famous landmarks. Consider staying the night in a nice hotel and make sure it has an indoor pool for the kids!

A: In Colorado, if a buyer agrees to a counterproposal, signs the counter and delivers it to the seller or the seller’s Realtor, then generally speaking the owner can not change his mind and sell to someone else. I say “generally” because sometimes short sale scenarios can change the game on this (that’s a whole other topic.) Also, occasionally a seller will withdraw the counter before it has been accepted by the buyer.

If you’re not talking about a short sale or some other issue involving a bank, or some other unique situation, then the seller has to honor the counter offer accepted by the buyer and proceed to closing.

However, after the counter is accepted by both parties, the seller can accept a back-up offer (to be in full force and effect if the first contract terminates for any reason). In this case, if the first buyer wants to ask the seller to fix an inspection item, the seller can refuse to fix the item and the buyer can terminate because of this, and then the seller is free to work with the next contract, which is in back up position.

If you are still confused, give us a call and we can talk about it in more detail. Thank you!

To see a video of the Trick or Treat event, click here.

Here at Prudential, we celebrated with some Pumpkin Carving, seed baking, and candy eating!

As for the expected storm that didn't happen on Halloween, it is finally here! While it snowed all night long, accumulations were only 1-2 inches in town and the roads were icy this morning. Hopefully Mt. Werner enjoyed a little bit more! Check out our web cam to see for yourself! 

In almost all cases, it is better to attempt a successful Short Sale than to Foreclose on your home. The Steamboat Heritage Title Office gave us some great information to share with you about what effects foreclosures and short sales will have on future loans, credit score and even your current and future employment. It is really amazing how much can be affected by a foreclosure. To discuss with the Heritage Title Office directly, phone them at (970) 879-1611 and let them know the Boyd Team provided you with their Homeowner Consequences pamphlet, or call Cam at (970) 846-8100 if you have specific questions about needing to sell your home before it forecloses.

Issue: Future Fannie Mai Loan, Primary Residence

Foreclosure: A homeowner who loses a home to foreclosure is ineligible for a Fannie Mae-backed mortgage for a period of 5 years.

Sucessful Short Sale: A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae-backed mortgage after only 2 years.

Issue: Future Fannie Mae Loan, Non-Primary Residence

Foreclosure: An investor who allows a property to go to foreclosure is ineligible for a Fannie Mae-backed investment mortgage for a period of 7 years.

Sucessful Short Sale: An investor who successfully negotiates and closes a short sale will be eligible for a Fannie Mae-backed investment mortgage after only 2 years.

Issue: Future Loan with an Morgage Company

Foreclosure: On any future application, a prospective borrower will have to answer "YES" to question C in Section VIII of the standard 1003 form that asks, "Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?" This will affect future rates.

Successful Short Sales: There is no similar declaration or question regarding a short sale.

Issue: Credit Score

Foreclosure: Score may be lowered anywhere from 250 to more than 300 points. Typically will affect a credit score for over 3 years.

Successful Short Sale: Only late payments on mortgage will show, and after sale, mortgage is normally reported as "paid as agreed", "paid as negotiated", or "settled". This can lower teh score as little as 50 points if all other payments are being made. A short sale's effect can be as brief as 12-18 months.

Issue: Credit History

Foreclosure: Foreclosure will remain as a public record permanently, and on a person's credit history for 10 years.

Sucessful Short Sale: A short sale is not reported on a credit history. There is no specific reporting item for "short sale". the loan is typically reported "paid in full, settled."

Issue: Security Clearance

Foreclosure: Foreclosure is the most challenging issue against a security clearance outside a serious misdemeanor or felony conviction. If a client has a foreclosure, and is a police officer, in the military, in the CIA, security, or any other position that requires a security clearance, in almost all cases clearance will be revoked and position will be terminated.

Successful Short Sale: On its own, a short sale does not challenge most security clearances.

Issue: Current Employment

Foreclosure: Employers have the right and are actively checking on the credit of all employees who are in sensitive positions. In many cases, a foreclosure is reason for immediate reassignment or termination.

Successful Short Sale: A short sale is not reported on a credit report and is therefore not a challenge to employment.

Issue: Deficiency Judgment

Foreclosure: in 100% of foreclosures (except in those states where there is no deficiency), the bank has the right to pursue a deficiency judgement.

Successful Short Sale: In some successful short sales, it is possible to convince the lender to give up the right to pursue a deficiency judgement against the homeowner.

Issue: Deficiency Judgement (amount)

Foreclosure: in a foreclosure, the home will have to go through an REO process if it dose not sell at auction. in most cases this will result in a lower sales price and a longer time to sell in a declining market. this will result in a higher possible deficiency judgment.

Successful Short Sale: In a properly managed short sale, the home is sold at a price that should be close to market value, and in almost all cases will be better than an REO sale resulting in a lower deficiency.

What are "HUD homes," and are they a good deal?

Answer:

HUD stands for U.S. Housing and Urban Development. The homes that HUD sells come into HUD's possession as a result of defaults on FHA (HUD) insured mortgages, so they are like bank owned/REO homes but the bank in this case is a government entity.

They can absolutely be good deals, but it depends on the condition of the house and how much money you have to spend to fix it. There are many HUD homes that have very low prices but that is usually because the previous owner did not maintain the home (probably because they didn’t have the money to spend on regular maintenance as well as fixing problems. It makes sense that if they stopped paying their mortgage and knew they would lose the house, they also stopped paying other house expenses.) So, a good inspection is key to knowing whether or not the price is a good deal. If the inspector discovers that there are structural issues and roofing issues (and you will probably hire a roofing contractor and a structural engineer to give you their opinion on the extend of the damage and an estimate to repair) that will cost $40,000 (for example) when the asking price is $150,000 then it is not a good deal when the other houses in the neighborhood are selling for $190,000. In many cases the homes will not have any appliances, so budget about $5,000 for a new stove, fridge, dishwasher, microwave and washer/dryer. (You could certainly pay more, but let’s assume you’ll be buying the basics.) In this example you buy the house for $150,000 and put $45,000 into it for a total of $195,000. Since the neighbor’s houses are selling for $190,000 then it’s not really a good deal even if the rest of the house is in mint condition, because you have to spend a lot of time and energy hiring the roofer and the engineer to do the work needed. However, if the neighbor’s houses are selling for $250,000 and you paid $195,000 for the house then YES this could be a good deal. The key to knowing the difference is teaming up with a Realtor. Realtors have been looking at houses every day and they know the neighborhoods, the school districts, the contractors to recommend, etc. Find a good one and stick with them. Tell them all your thoughts, questions, fears and desires relating to the home you want to find and they will be a priceless resource. They will save you so much time and energy…and hopefully make the process fun! As a Realtor, I know that navigating the real estate market can be intimidating, so I try to keep it fun and exciting. When you’re ready to start talking about homes for sale in or near Steamboat, CO give me a call and we’ll find the best match for you. 970-819-1131

Steph Fairchild

In addition to the mortgage payment, what other costs do I need to consider when buying a home?

Answer:

When you purchase a home, the majority of the costs are associated with your loan.  In addition to your loan fees (origination fee, appraisal, credit report, flood certification, tax service fee, pre-paid interest and any additional loan fees) you will be looking at a closing fee by the title company of $100-$200, lender’s title insurance policy fee of around $150-$500 (based on lender requirements), any fee for a survey that you ordered, a loan closing fee from the title company of $300-$400, any fees for your inspection if you decide to order one, (typically $250-$500), recording fees/transfer charges of $200-$400), homeowner’s insurance, prorated Homeowners Association dues and working capital contribution as well as any legal fees if you decide to hire an attorney to represent you.  

In reference to your carrying cost, as they say there are only 2 things in that you can count on in life, death and taxes.  So, included in your monthly mortgage payment will be an estimate of 1/12 of the taxes that will be owed that year.  Your lender will also want to make sure you have insurance in case something happens to the property since that is their collateral.  The lender will let you pick the insurer, but they will collect 1/12 of that amount in your payment as well.  The acronym for everything is PITI for principal, interest, taxes and insurance.

-Cam Boyd

The 3,814- square-foot home was sold for $405,000 out of foreclosure by Wells Fargo Bank. That’s $106 per square foot for a home on 3.3 acres.

The home was built in 1998 and sold for $865,000 in 2007.

The lot sold for $33,000 in 1993 and then again for $40,000 in 1994. Both of those numbers would have sounded unrealistically low as recently as 2005. During the middle of the past decade, it would not have been unreasonable to think the lot alone would have sold for $405,000. Ulrich Salzgeber, of Buyer’s Resource Real Estate, agreed.

Research by Stan Urban, of Land Title Guarantee Co., shows there were 11 home sales in August within the $300,000-to-$500,000 range. The year-to-date total for that price range as of the end of August was 64 sales, or 18 percent of dwelling sales.

Bump up the price to a range of $500,000 to $700,000, and there had been just 43 homes sold through the first eight months of 2011.

Realtor Scott Wither, of Colorado Group Realty, said traffic at his agency suggests a substantial number of prospective buyers appear to think the real estate values still will get better.

Wither said he surveyed his colleagues and found that his office did 150 showings in July and another 150 in August.

“I asked them, ‘Where are these people coming from?’ And the typical answer was, ‘I’ve been working with these people for a year.’”

Salzgeber confirmed that Elk River Estates (on Routt County Road 129 north of Steamboat Springs Airport) has been on a hot streak and that finding the right property can take a year or even longer.

He represented the buyers in the $454,000 sale of a home in Elk River Estates on Sept. 9 — after four years of looking.

“They were bound and determined to be downtown,” Salzgeber said. “They had no intention at all in looking anywhere (in the lower Elk River Valley). He wanted to be in biking range” of work and shopping.

However, Salzgeber had toured the former home of longtime Steamboat residents Jim and Leslie Ryan and had a strong feeling it was right for his clients, despite their strong feelings about location.

“They were in the home for 10 minutes, and he said, ‘This is it,’” Salzgeber said.

They paid more on a per-square-foot basis than the buyers of the foreclosed home, but the gross prices weren’t far apart. To begin with, it sits on a larger 4.95-acre lot.

The 2,528-square-foot, three-bedroom house worked out to $179 per square foot, still well below replacement cost.

Although it was built in 1981, it had undergone a recent refurbishing that brought finish levels up to the standards of the second decade of the 21st century.

The wife is a location-neutral worker who got the large office she needed, and the home includes a large family room.

— To reach Tom Ross, call 970-871-4205 or email tross@SteamboatToday.com

This all depends on the specific zoning laws and building restrictions in your area. Generally speaking, there will be guidelines that may limit you more than you want. For example, are you allowed to have more than one water or sewer tap for the residential bathroom(s)? Will you be allowed to build a garage without having to call it “storage” or a warehouse? And don’t forget that when you are ready to sell it, there will be less buyers that want to live anywhere with zoning issues. Bottom line: call your local building department of your city or county and find out the nitty gritty of what is acceptable and you will save yourself some headaches.

If our mortgage falls through because of the appraisal, what happens to the down payment at the title company...it's about $20,000?We qualify for a 30 year loan, but the house appraisal came back with a 25 year lifetime according to the appraiser. We're first-time home buyers and are worried about losing the $20,000 down payment left with the title company if our financing falls through. Our loan officer and her boss tell us that with our credit and such, the only reason the underwriter would deny the loan is because of the appraisal. We are buying from a more than patient owner who is using a company who helps him with this. We love the location, and understand some upgrades are needed, but we're willing to make them over the years. It's so close, and taking so long. We just wonder how much of a hole we are in if this doesn't work because the appraisal won't meet the underwriter's requirements. any help will be appreciated. Thanks

I have some questions about your question. You say “the house appraisal came back with a 25 lifetime..” do you mean that the appraiser’s opinion is that the house will only last for another 25 years? If so, that doesn’t seem like a good investment, but I need some clarification on that point. My other question is “What does your contract say?” Are you past your appraisal objection deadline and your loan conditions deadline? If not, then your earnest money is not at risk. If these deadlines are already passed, then your earnest money could be at risk. It depends on what has been agreed to in the contract and any extensions. Your Realtor will be able to explain it to you in more detail, based on the terms in your purchase contract. Good luck!

Q: 

What is a buyers agent, what does this specifically do for a buyer and who usually pays this "buyers agent"?

A: 

A buyer’s agent is a Realtor working for the buyer. To be specific, a buyer’s agent works solely on behalf of the buyer to promote the interests of the buyer with the utmost good faith, loyalty and fidelity. The buyer’s agent negotiates on behalf of the buyer and acts as an advocate for the buyer. This is the opposite of a seller’s agent, which is a Realtor working for the seller.

Typically sellers pay the buyer’s Realtor, but in real estate, everything is negotiable. Sometimes a seller will offer a low commission and in that case, the buyer’s agent may request that the buyer pay the difference. For example, it is becoming common for sellers of short sales and REO’s (see previous post on the topic if you’re not sure what a short sale or REO property is) to offer a lower commission, say 2%, when the Realtor charges 3. In this case, the buyer’s agent may ask that the buyer pay the 1% that the seller is not offering. This fee is typically paid only at closing, so if the buyer doesn’t buy a property, the buyer’s agent doesn’t get paid. However, in some areas, Realtors are charging retainers or hourly fees especially if they are working on short sales, since they require so much extra work and they often don’t close. Short sales and their complications are a whole separate issue, and you asked about buyer’s agents so I’ll stick to the question at hand. In summary, the client of a buyer’s agent is the buyer, not the seller. Find one you want to work with, and together you’ll get answers to all the questions on what it takes to have a place to call your own.