Prudential Steamboat Realty

What is fractional real estate you ask? Well, it's basically partial ownership of property with an established number of owners sharing in use, costs and ownership responsibilities. Often, people confuse fractional ownership with timeshares, however, fractional ownership & timeshare is not the same. With timeshare, you purchase time to spend at a property but you do not own any portion of the property. With fractional ownership, you own part of the title. It's real estate.

Steamboat Springs, Colorado offers four (4) staple fractional real estate properties with differences in the categories of rental possibilities, price, location, and overall environment. However, when it comes to value, one Steamboat property stands above the rest - The Steamboat Grand Resort Hotel.

The Steamboat Grand sits at the base of the Steamboat Ski Area and offers an extensive amenity package. Benefits of ownership at the Steamboat Grand Resort include owner discounts in select restaurants, shops & ski facilities, room service, on site check in, bell / door / valet services, underground parking, a full service spa, fitness center, year round outdoor heated pool, oversized hot tubs, sauna & steam rooms, owners lounge, a well run rental program that may offset some of the carry costs of the residence and may include tax benefits & Seller Financing. Additionally, the Grand offers an Alpine Club in the heart of gondola square. You can pay up to $80,000 for similar Alpine Club memberships currently offered in Steamboat. And this is where the best value proposition of the Grand comes into play... the Price.

The Grand offers three (3) denominations or ownership shares - Full shares, 1/4 share & 1/8 share.

• Full ownership condominiums range from 1 bedroom to Penthouse residences and are currently on the market at prices ranging from $299,000 to $1,800,000.
  
• 1/4 shares offer a rotating calendar of 13 weeks per year. Available floor plans range from Studios to 4 bedroom Penthouse residences and are currently on the market with prices ranging from $55,000 to $450,000.
  
• 1/8 shares offer half of 13 weeks per year which translates into an alternating 6 weeks one year and 7 weeks the next. 1/8 shares prices range from $49,000 1 Bedrooms to $225,000 Penthouses.

These prices when compared to similar surrounding product are what make the Grand such a great value. Add to this overall package the planned future development of restaurants & shops in the Ski Time Square area adjacent to the Grand and as one Grand purchaser put it... "It's a No-Brainer."

When considering a fractional purchase always work with a real estate professional who understands & has experience with the benefits & complexities of fractional transactions. For example, did you know that there is a way to secure back to back weeks at the Grand? Not many people do know this, and yet it is a common request from fractional shoppers. Prudential Steamboat Realty agents are trained in fractional transactions and the Steamboat Prudential office has a number of valuable client resources.

A new study conducted by CEOs for Cities, a group of urban redevelopment advocates, has shown a direct correlation between above-average walkability and home values. Neighborhoods located in more walkable neighborhoods, those with a mix of daily shopping, parks, schools and social destinations, command a price premium over similar homes found in less walkable areas. Using the online walkability rating engine (www.walkscore.com), the Olympian earns a scores of 91 out of 100 - designated as a "Walker's Paradise."

The criteria that are used to define walkability seem to be drawn from downtown Steamboat natural attributes:

• A center: Steamboat has an easily discernable center which includes a plethora of shopping, dining, and public spaces.
  
• Density: The compact nature of downtown Steamboat, directly complimented with the new retail/loft buildings such as the Olympian, (www.theolympiansteamboat.com) allows local businesses to flourish and public transportation to be utilized frequently. Steamboat's extensive public transportation system easily allows pedestrians to be transported to the ski area and can allow for a car-free vacation or allows locals to park theirs for longer periods of time.
  
• Mixed income/use: The attractive and eclectic nature of downtown Steamboat, from historic bungalows to new loft units, creates housing for the young and old, singles and families, and those from different income levels. In addition, it allows second homeowners to become more easily integrated into the community.
  
• Parks and public space: Steamboat is rich with parks and public space, including the Yampa River and core trail that goes through the heart of downtown, our new library, and our numerous public parks and playgrounds.
  
• Pedestrian-centric design: Buildings have been placed close to the street to cater to foot traffic, with many of the newer developments allowing for underground parking.
  
• Nearby schools and workplaces: Steamboat's core is full of local business and schools close enough to allow its citizens to walk from their homes.

While those of us who live in Steamboat Springs have known for years, downtown Steamboat meets all the walkability criteria with flying colors. This is in the top ten percent of the over 6,000,000 addresses that have been served a designation. Prudential Broker, Brian Ladd, researched the study and found this to be incredibly impactful for potential buyers.

"As a downtown Steamboat resident I have experienced first-hand the benefits of living in a "Walker's Paradise," said Ladd. "The opportunity to walk my kids to school, nearby parks, and sneak away for a quick fly-fishing retreat on the Yampa River is something that I do not take for granted."

Brian Ladd recently joined the team at Prudential Steamboat Realty and will be working from the new Olympian Sales Center on 5th and Yampa. Brian is a fourth generation real estate agent and developer and Steamboat's only Earth Advantage S.T.A.R certified agent, (Sustainability Training for Accredited Real Estate Professionals).

Sources: "Walking the Walk" How Walkabilty Raises Home Values in U.S. Cities. Joe Cortright, Impresa, Inc,. for CEOs for Cities, August 2009. www.walkscore.com

Brian Ladd: brian@skitownonline.com (970) 819-490

Through economic undulations the opportunity to "get more bang for the buck" is a clear message in the Steamboat Springs luxury real estate market. Properties that once averaged close to $800 per square foot are now below $499 per square - all finished with the finest in detail throughout.

Several of these homes are actually below replacement costs. The costs associated with creating these elegant masterpieces far exceeds certain opportunities floating around the high-end market. In the past few years, homes located in the highly coveted Steamboat Sanctuary were very hard to come by. Today, buyers have their pick of the litter in this ideal location.

And if you don't see what you are looking for - now is the time to ask for it. The art of negotiation is alive and well in the real estate market today, and high-end properties are no exception. Several deals this year have included unique elements to help seal the deal, ranging anywhere from furniture packages to seller financing, mortgage rate buy-down's and property trades. Buyers are holding the trump card in today's market with supply still exceeding demand, so if you want to add the Land Rover to the purchase price; don't be shy. If you are interested in previewing luxurious opportunities in the Yampa Valley, call or email your favorite Prudential broker today.

Check out the amazing opportunities in the Steamboat Luxury Collection today.

Michelle and Clay Garner have joined Prudential Steamboat Realty and their network of Steamboat’s leading broker associates. The announcement was made by Cam Boyd, co-owner of Prudential last week. “These agents share Prudential Steamboat Realty’s commitment to client satisfaction and a competitive drive in the real estate market. They are exactly the type of associates we are seeking, as we continue to grow and develop as a company.”

Michelle and Clay come to Prudential with from Intrawest owned, Steamboat Ski & Resort Realty. Clay has lived in the Yampa Valley for over 20 years now, while Michelle fell victim to the Yampa Valley curse a few years ago. The Garner team is a great addition to the Prudential network, and we are happy to have their strong work ethic and professional approach on our team.

When asked about their decision to move their licenses to Prudential, Michelle said, “We asked ourselves "where do we want to establish our real estate business?" And the obvious answer here in Steamboat Springs is Prudential Steamboat Realty. Prudential offers a solid foundation for agents to build a successful career selling real estate. They have implemented systems and continue to perfect and build upon those systems, and this practice offers a great deal of support to an agent. Our business as well as our clients will benefit greatly from the professionalism of the firm.”

Prudential Steamboat Realty is Steamboat’s premier real estate brokerage. Prudential Steamboat Realty, Inc. has 44 licensed broker associates professionally trained and experienced in sales and development of Real Estate in Steamboat Springs. Our headquarters is an 8,000 square foot office located at the gateway to the ski area. Open seven days a week, we are highly efficient with the latest in technology and a superb support staff. For more information about Prudential Steamboat Realty, visit www.PrudentialSteamboatRealty.com.

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.