Steamboat Springs, CO

Come to Steamboat for some Coffee!

Good news from the mountain as they are investing money into the kids program/building. Infrastructure plans also underway for promenade and Burgess Creek redirect. Showings and pending sales are definitely on the rise too. Our office reported highest showings per month in a very very long time.

Click on the Steamboat Pilot link for more on improvements:

Ski Corp. announces $2.5M in projects

http://www2.steamboatpilot.com/news/2009/aug/25/ski_corp_announces_25m_projects/

An insightful look at lending in the Steamboat Springs market provided by Kathryn Pedersen of Yampa Valley Bank:

First and foremost, lenders are still making loans. We had a record month in June and expect another great month in July. As a local bank we are still lending on vacant land and doing construction loans. In the mortgage department, a good portion of the homebuyers that we are seeing today are first time homebuyers. The $8,000 tax credit is working in our eyes. Remember, the tax credit is for qualified first time homebuyers that purchase a primary residence, and close by December 1, 2009. (Please consult your tax advisor for specific questions on your situation.) We expect lenders to get very busy as the deadline approaches, so it is important to get under contract by the beginning of October to take advantage of the tax credit.

Lenders are protecting their investment and they want to be absolutely positive that they have accurate information. This means that you will most likely have to submit tax returns, paycheck stubs, asset statements and other items with your loan application. In addition, lenders will also pull your tax return transcripts from the IRS to be sure that your reported income matches the application income. It is more important than ever to be upfront with your lender about any oddities of your income or write offs.

Rates have been through a wild ride. In the past it would be surprising to see our rates change an eighth of a percentage point in a week, now we may see a quarter to half percent change in a day. This makes working with someone with their finger on the trigger more important than ever. Just an eighth difference in rate can change the affordability of your payment.

Another flash back to the past is an increase in government loans including FHA, VA and USDA. These loans lost popularity with the rise of the subprime products, but they are making a comeback. Each product has its own advantages and disadvantages and they offer programs with lower down payments and flexible credit guidelines.

It is a great time to buy. There are great programs, rates and loans are available. However, it is more important than ever to surround yourself with professionals that understand this changing lending and real estate market.

Kathryn Pedersen is a VP and Mortgage Officer at Yampa Valley Bank. You can reach her at 970-875-1609 or kpedersen@yampavalleybank.com.

I write on this blog about Northwest Indiana Real Estate and Mortgages, that's my own personal industry and profession. But today a quick set of links to a friend and associate with an opportunity in Colorado.

Often the first thought of a vacation in Colorado immediately brings up skiing, and for sure that's a great option at this Steamboat Springs Vacation Condominium. But as I can attest from having visited Jackson Hole Wyoming a few summers back, a su

mmer vacation to the Rockies is totally awesome too.

You really have to head to the Imagine Steamboat website, sign up for updates, and get summer special

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Steamboat Real Estate News from Bruce Carta at Land Title:

June dollar volume tops $30 million becoming the highest monthly volume year to date.

Highlights for the month;

• Mountain area continues to lead Routt County sales with 17 transactions.
• Mountain Area average transaction price up from May to $800,165.00.
• Downtown Area was the second most popular area with 7 transactions.
• $300,000 to $500,000 Residential price point the most popular with 13 transactions.
• Notable sale over $2M:

6/16/2009 $2,600,000: Two parcels in Sec 28,29,33 5-85 at 26000 Deerwood Lane - 3,236 SF 3 Brm 4 Bath YOC 2004 with a total of 38.08 AC (including both parcels) which is $803.46 PSF. This sale is shown in the South Routt Area.

Time to get Your Steamboat Home before prices and rates increase!

The recent positive economic news continues to bolster the Steamboat Springs real estate market and we are seeing an increase in Buyer inquiries. In general, June is typically a slower month; however, property showings are steady (consistent with June 2008) and interest rates continue to create great opportunities for buyers in all price ranges. The number of sales for the month was 37, well below normal, and the closings were 1/3 of the sales from last year at this time. We are seeing sales occur at all price ranges in all areas, but all sales consisted of properties that were priced very aggressively. Buyers are looking for deals, and there are plenty of them out there.

The basic economic lesson of Supply and Demand is alive and well in the Steamboat Springs real estate market - plenty of listings, fewer buyers creating a genuine Buyers Market. Low interest rates have provided added value to already well-priced properties in our market; however, the guarantee of continued favorable rates is uncertain. Plus, government programs (i.e. First Time Homebuyer tax credit and higher USDA loan-to-value ratios) have sunset provisions that require action sooner rather than later - pulling buyers off the sidelines.

Sales

Single Family Homes

• June '08 - 19
  
• June '09 - 8

Condos/Townhomes

• June '08 27
  
• June '09 15
  

Median Price:

Single Family Homes

• June '08 $610,000
  
• June '09 $312,500
  

Condos/Townhomes

• June '08 $440,000
  
• June '09 $480,000
  

Average Days on Market:

Single Family Homes

• June '08 149
• June '09 223

Condos/Townhome

• June '08 103
• June '09 204

Based on information from the Steamboat Springs Board Of Realtors MLS. Statistics intended only to show market trends. If you would like to receive a comprehensive Market Report to please contact your Prudential Steamboat Realty broker today or email us at contact@prusteamboat.com.