Below are some rate and investment statistics for the year collected by Kathryn Pedersen and Holly Rogers of Yampa Valley Bank.
30 year fixed rate mortgage with 1% origination fee: (12/31/08) 5.0% (12/31/09) 5.0%
Dow Jones Industrial Average: (12/31/08) 8776.39 (12/31/09) 10,548.51
S&P 500: (12/31/08) 903.25 (12/31/09) 1,126.42
NASDAQ: (12/31/08) 1,577.03 (12/31/09) 2,291.28
Wall Street Journal’s Prime Rate: (12/31/08) 3.25% (12/31/09)3.25%
Number of Real Estate Agents (per the Board): (12/31/08) 408 (as of 12/29/09) 384
We wish you a prosperous 2010!
Kathryn and Holly can be reached at 970.875.1609
Thursday, December 31, 2009
FREESTYLE OLYMPIC TRIALS FROM STEAMBOAT SPRINGS, CO
What an exciting year for our winter Olympic athletes! As we get closer to Vancouver, Steamboat was the location for the Freestyle and Nordic Combined Olympic qualifiers. Unfortunately this year I was out of town, however I have fond memories from 4 years ago. Watching my 2 daughters playing in the snow virtually under the freestyle jumpers, with the backdrop of a light snowfall was incredible. For those of you who couldn't watch this years event live, like myself, here is a link to NBC's video: Freestyle Olympic Trials from Steamboat Springs, CO
HAPPY NEW YEAR!!
HAPPY NEW YEAR!!
Wednesday, December 30, 2009
FORECLOSURE UPDATE
This week we saw a very high number of properties in the Steamboat Pilot going through the foreclosure process. These properties ranged from $200,000 condos to a $5,500,000 luxury single family home. This $5.5 million dollar home was in the paper showing an existing first debt of $3 million dollars in foreclosure. There is definitely an opportunity being created by the increase in foreclosures. Along with the new notices given, we also saw the sale of a bank owned luxury home and two others go under contract (one of which was the Alpenglow, FDIC owned duplex mentioned in a previous blog), at significant discounts to previous market values. For more information about distressed opportunities in the Steamboat market, send me an email at chris@mybrokers.com or call 970.819.1432 .
Think Snow!!!
Think Snow!!!
Wednesday, December 23, 2009
Edgemont Closes Over $13 Million in Real Estate
Edgemont announced that they have closed their first 6 residences this week totalling over $13 Million in real estate. Edgemont is raising the level of luxury and experience here in Steamboat.
Below are a few photos of the interior of one of the residences. If you need more information or if you are interested in touring the brand new slope side Edgemont give us a call or send us an email.
Below are a few photos of the interior of one of the residences. If you need more information or if you are interested in touring the brand new slope side Edgemont give us a call or send us an email.
November Home Sales Rise 7.4 Percent
Alan Zibel, Associated Press Real Estate Writer reports home resales surged last month to the highest level in nearly three years, reflecting an extraordinary level of federal support that has pulled the housing market back from the worst downturn since the Great Depression.
Buyers were racing to complete their sales before the original expiration date of a tax credit for first-time buyers that was scheduled to expire Nov. 30. Last month, Congress decided to extend and expand the credit to ensure the housing market could sustain its recovery.
"Things are stabilizing," said Pete Flint, chief executive of real estate Web site Trulia.com. "There is a significant amount of buyer interest out there."
To view the entire article click here.
Buyers were racing to complete their sales before the original expiration date of a tax credit for first-time buyers that was scheduled to expire Nov. 30. Last month, Congress decided to extend and expand the credit to ensure the housing market could sustain its recovery.
"Things are stabilizing," said Pete Flint, chief executive of real estate Web site Trulia.com. "There is a significant amount of buyer interest out there."
To view the entire article click here.
2010 U.S. Olympic Trials in Steamboat Springs Today
Johnny Spillane won the 2010 United States Olympic Team Trials Nordic Combined race at Howelson Hill today. Todd Lodwick came in second place and Bill Demong came in third place. It was a hometown sweep! An exciting day for Steamboat!
Sunday, December 13, 2009
$4.1 Million Townhome And Other Interesting Steamboat Real Estate Sales
This week saw some very good closings. One was a $4.1 million dollar townhouse located near the Thunderhead lift and a $1.8 million dollar Antlers condo at the base of the Steamboat Ski Area. Both of these transactions, combined with the One Steamboat Place closings and a land closing for $2.5 million dollars are a very good sign. Positive signs in the economy, backed by local evidence of a turn of sentiment is the start of a psychological change in the right direction!
Friday, December 11, 2009
Real Estate Round Table With Randy Rowe
Yesterday I had the opportunity to hear Randy Rowe of Green Courte Partners speak at a real estate round table with some Steamboat Springs real estate professionals. Mr. Rowe is currently the Chairman of Green Courte Partners, LLC, a private equity real estate investment firm focusing on niche strategies. The agenda for the day included home prices, U.S. gross domestic product and unemployment.
To begin the round table Mr. Rowe gave a 30 minute PowerPoint presentation, discussing the current housing market and economy. Some interesting statistics:
- There is approximately $100 billion raised to purchase distressed assets. Obviously some people still have a lot of money and are ready to take advantage of opportunities when prices appear low enough.
- The Case-Shiller home price index is up 4.8% from it's bottom
- From the chart below you can see there is a big difference in the price drop for home prices in different areas. Areas such as Miami, Pheonix and Las Vegas show the greatest decline in values. This is primarily due to the extensive overbuilding and speculation.
- Denver home prices were only down 14% from peak to trough and currently is only down 1.8% from peak.
- New home sales have outpaced new construction for 8 consecutive quarters. If an oversupply of homes is part of the problem, this is a sign we are working through the inventory. Below is a chart of Existing home sales and Months of supply:
- Here in the Steamboat Springs local real estate market we too are seeing a significant change in monthly sales volume from the lows in January 2009:
The general message form the points above and the complete presentation was that things are getting better. Things are turning and we are seeing concrete signs that housing, along with the economy, is in the bottoming process. A good chart showing this is one of the us economic indicators:
As you can see from the above chart, the Leading Economic Index has made a significant positive turn, while the Coincident Economic Index has stabilized. The Leading Economic Index has actually improved for 7 consecutive months.
Continuing with the positive theme, the general opinion was that interest rates will remain very low at least through the next November election. A few comments regarding the future were that we will most likely see a spike in inflation and then a rise in interest rates. A potential opportunity is to purchase real estate with a fixed long term interest rate. If we assume that today represents a more true value in real estate and that from here the market will revert to a normal growth rate, the below chart represents how a homeowners equity may grow over time:
It was great to hear a positive opinion regarding the future of real estate values. In Steamboat, which entered the real estate down slide a year after the rest of the country, it may appear that all is lost. As we should have paid attention to when the rest of the country entered the down slide, we also should pay attention to when they exit. It may be that we have the luxury of watching the dog (US Economy) that wags the tail (Steamboat)as we make decisions.
A big thanks to Randy Rowe and his team at Ski Town Lifestyle Properties for putting on such a great event.
To begin the round table Mr. Rowe gave a 30 minute PowerPoint presentation, discussing the current housing market and economy. Some interesting statistics:
- There is approximately $100 billion raised to purchase distressed assets. Obviously some people still have a lot of money and are ready to take advantage of opportunities when prices appear low enough.
- The Case-Shiller home price index is up 4.8% from it's bottom
- From the chart below you can see there is a big difference in the price drop for home prices in different areas. Areas such as Miami, Pheonix and Las Vegas show the greatest decline in values. This is primarily due to the extensive overbuilding and speculation.
- Denver home prices were only down 14% from peak to trough and currently is only down 1.8% from peak.
- New home sales have outpaced new construction for 8 consecutive quarters. If an oversupply of homes is part of the problem, this is a sign we are working through the inventory. Below is a chart of Existing home sales and Months of supply:
- Here in the Steamboat Springs local real estate market we too are seeing a significant change in monthly sales volume from the lows in January 2009:
The general message form the points above and the complete presentation was that things are getting better. Things are turning and we are seeing concrete signs that housing, along with the economy, is in the bottoming process. A good chart showing this is one of the us economic indicators:
As you can see from the above chart, the Leading Economic Index has made a significant positive turn, while the Coincident Economic Index has stabilized. The Leading Economic Index has actually improved for 7 consecutive months.
Continuing with the positive theme, the general opinion was that interest rates will remain very low at least through the next November election. A few comments regarding the future were that we will most likely see a spike in inflation and then a rise in interest rates. A potential opportunity is to purchase real estate with a fixed long term interest rate. If we assume that today represents a more true value in real estate and that from here the market will revert to a normal growth rate, the below chart represents how a homeowners equity may grow over time:
It was great to hear a positive opinion regarding the future of real estate values. In Steamboat, which entered the real estate down slide a year after the rest of the country, it may appear that all is lost. As we should have paid attention to when the rest of the country entered the down slide, we also should pay attention to when they exit. It may be that we have the luxury of watching the dog (US Economy) that wags the tail (Steamboat)as we make decisions.
A big thanks to Randy Rowe and his team at Ski Town Lifestyle Properties for putting on such a great event.
Change In Debt Ratio Guidlines From Fannie Mae
Here is some great information provided by Kathryn Pedersen and Holly Rogers of Yampa Valley Bank:
Fannie Mae will be changing their debt ratio guidelines as of the first of January. Debt ratio is total debt divided by gross (pre-tax) income. In the past, if a borrower had a strong financial profile, we could get loans approved up to a 60% debt ratio. The new changes will limit the debt ratio to 45% for most borrowers and 50% for only the very top tier borrowers (high credit, lots of assets, low loan to value, etc.). This limits what people can afford to purchase. It may also restrict people from refinancing their current loan.
For example, if a borrower makes $5,000 a month, their maximum of total payments (all debt payments and new housing payment) could have been $3,000 a month or 60% debt ratio.
$1,000 of car loan payments and credit card payments
$2,000 mortgage payment
$3,000 Total
With the new guidelines, they would be limited to a $1500 a month payment or a 50% debt ratio.
$1,000 of car loan payments and credit card payments
$1,500 mortgage payment
$2,500 Total
This results in a $83,000 difference in purchasing power! This adds one more incentive to buy now. If we start the loan in December, we can use the more flexible guidelines. Also, it is more important than ever to make sure that your buyers are pre-qualified.
Kathryn and Holly can be reached at 970.875.1609
Fannie Mae will be changing their debt ratio guidelines as of the first of January. Debt ratio is total debt divided by gross (pre-tax) income. In the past, if a borrower had a strong financial profile, we could get loans approved up to a 60% debt ratio. The new changes will limit the debt ratio to 45% for most borrowers and 50% for only the very top tier borrowers (high credit, lots of assets, low loan to value, etc.). This limits what people can afford to purchase. It may also restrict people from refinancing their current loan.
For example, if a borrower makes $5,000 a month, their maximum of total payments (all debt payments and new housing payment) could have been $3,000 a month or 60% debt ratio.
$1,000 of car loan payments and credit card payments
$2,000 mortgage payment
$3,000 Total
With the new guidelines, they would be limited to a $1500 a month payment or a 50% debt ratio.
$1,000 of car loan payments and credit card payments
$1,500 mortgage payment
$2,500 Total
This results in a $83,000 difference in purchasing power! This adds one more incentive to buy now. If we start the loan in December, we can use the more flexible guidelines. Also, it is more important than ever to make sure that your buyers are pre-qualified.
Kathryn and Holly can be reached at 970.875.1609
Friday, December 4, 2009
WOW, The US Lost Far Fewer Jobs
Today it was anounced that the US cut far fewer jobs than expected and the unemployment rate actually fell to 10% from 10.2%. After many quarters of heavy job losses and a rising unemployment rate, this is a very big change. To read the full story on the jobs report, click here.
Have a great weekend!!
Have a great weekend!!
Thursday, December 3, 2009
Luxury Home In Sanctuary Sells For $2.9M
A exquisite home located at 1067 Steamboat Boulevard in the Sanctuary subdivision on the 13th tee box of the Rollingstone Ranch Golf Course originally listed at $3,950,000 closed yesterday for $2,900,000. This single family home is 6,657 sq ft with 4 bedroom suites and 5.5 baths. Other features of the property include a gourmet kitchen, theatre room, wine station, European spa, large steam room, exercise room, over sized 3 car garage, mature landscaping and complete irrigation system. To view photos and more details please click on the link below.
Link to property
Link to property
Tuesday, December 1, 2009
Tax Credit Extended
President Obama on November 6th signed legislation extending the $8000 tax credit for first-time home buyers and at the same time approved a new tax credit of as much as $6500 for current homeowners interested in buying a new home.
According to the website at www.federalhousingtaxcredit.com the Homeowner Affordability and Stability Plan extends the existing tax credit of as much as $8000 for first time home buyers to the middle of next year and establishes a new credit of as much as $6500 for current homeowners who plan to buy. It requires that a contract be signed by the end of April. Buyers also need to have lived in their current home for five of the past eight years. Homeowners may retain their existing home and rent it, or use it as vacation home.
Other provisions include the $6500 credit is available for home buyers who sign a contract on an existing home by April 30,2010, and close by July 1, 2010. The cost of the new home may be as much as $800,000. Buyers will not have to repay the $6500 as long as they occupy the new home for at least three years. The credits do not apply to previous sales-the purchase must have happened after November 6th. The home purchased must be the primary residence of the buyers. It is allowable to trade down to a less expensive home. Income limits for existing homeowners are $125,000 for a single person and $225,000 for a married couple.
According to the website at www.federalhousingtaxcredit.com the Homeowner Affordability and Stability Plan extends the existing tax credit of as much as $8000 for first time home buyers to the middle of next year and establishes a new credit of as much as $6500 for current homeowners who plan to buy. It requires that a contract be signed by the end of April. Buyers also need to have lived in their current home for five of the past eight years. Homeowners may retain their existing home and rent it, or use it as vacation home.
Other provisions include the $6500 credit is available for home buyers who sign a contract on an existing home by April 30,2010, and close by July 1, 2010. The cost of the new home may be as much as $800,000. Buyers will not have to repay the $6500 as long as they occupy the new home for at least three years. The credits do not apply to previous sales-the purchase must have happened after November 6th. The home purchased must be the primary residence of the buyers. It is allowable to trade down to a less expensive home. Income limits for existing homeowners are $125,000 for a single person and $225,000 for a married couple.
One Steamboat Place closes $15.25 million
The first 13 condominiums closed at One Steamboat Place for a combined $15.25 million. The closings included 10 residence club sales totaling $4.45 million and three whole ownership sales that combined for $10.8 million. The most expensive was a penthouse that sold for $4.2 million, according to records at the Routt County Assessor's Office.
One Steamboat Place is scheduled to open January 9th.
One Steamboat Place is scheduled to open January 9th.
Monday, November 30, 2009
Steamboat Foreclosures Update
Keeping an eye on the foreclosure and motivated seller situation in Steamboat Springs, Co:
This week we identified a few new properties for our list:
1. Custom Catamount home
2. 5br ski home with a pool
3. 5br home in the Tree House subdivision
4. Duplex near Sheraton Golf course
5. Small home on 5 Acres
6. 2br townhome near Steamboat ski area
7. Large home on Acreage
The above properties may sell for significantly less than asking depending on current loan balances. For details and more information, contact Chris or Amy.
This week we identified a few new properties for our list:
1. Custom Catamount home
2. 5br ski home with a pool
3. 5br home in the Tree House subdivision
4. Duplex near Sheraton Golf course
5. Small home on 5 Acres
6. 2br townhome near Steamboat ski area
7. Large home on Acreage
The above properties may sell for significantly less than asking depending on current loan balances. For details and more information, contact Chris or Amy.
Positive signs
In today's economy it is very difficult to ascertain a clear picture as to where we are headed. On a daily basis, news stories about increasing foreclosure numbers (link) and the housing recovery pop up on the news wires. Trying to understand where we are headed is tough.
One concrete event which happened in this month was the Developers Diversified Realty Corporation CMBS offering. The CMBS (Commercial mortgage backed securities) market was a key driver of funding for commercial projects. A market that was $700 billion at the peak has virtually disappeared. The success of Developers Diversified Realty Corporaton offering is a positive sign to see.
Another article which caught my eye was Citigroup successfully executing sale leaseback deals for 17 of it's west coast branches (article). Seeing actual deals take place is a good sign and hopefully the start of more activity.
One concrete event which happened in this month was the Developers Diversified Realty Corporation CMBS offering. The CMBS (Commercial mortgage backed securities) market was a key driver of funding for commercial projects. A market that was $700 billion at the peak has virtually disappeared. The success of Developers Diversified Realty Corporaton offering is a positive sign to see.
Another article which caught my eye was Citigroup successfully executing sale leaseback deals for 17 of it's west coast branches (article). Seeing actual deals take place is a good sign and hopefully the start of more activity.
Thursday, November 26, 2009
FDIC Owned Duplex
Here is a link to an FDIC owned duplex priced below replacement cost: Link to Duplex
When these properties first hit the market they were priced over $500/sq ft and over $3.5 million each. During construction I walked these properties on multiple occasions, inspecting the construction type and materials used. These units are 90% finished and from our initial walk through, it appears to be a minimal amount of work required to finish the properties.
We continually post information about bank owned properties and/or what we feel are strong opportunities. Thanks for following our blog.
Have a Great Thanksgiving!!!
When these properties first hit the market they were priced over $500/sq ft and over $3.5 million each. During construction I walked these properties on multiple occasions, inspecting the construction type and materials used. These units are 90% finished and from our initial walk through, it appears to be a minimal amount of work required to finish the properties.
We continually post information about bank owned properties and/or what we feel are strong opportunities. Thanks for following our blog.
Have a Great Thanksgiving!!!
Monday, November 23, 2009
Opening Day at the Steamboat Ski Area this Wednesday!
Opening day of the 2009/2010 Steamboat Springs ski season commences this Wednesday, November 25th. The Steamboat Ski and Resort Corporation kicks off the season with Scholarship Day, a traditional opening day benefit for the Steamboat Springs Winter Sports Club's Scholarship Fund. Lift tickets are specially priced at $20.00.
The mountain opens at 8:30am. The first 100 people on the mountain will get a free T-shirt. Other events and specials of the day include free tips from the Ski and Snowboard School instructors, discounts at RideSports, Steamboat Ski and Sport, Gondola Joe's, Geano's and the Bear River Bar & Grill. With all the recent snow it is sure to be a great day out on the slopes!
The mountain opens at 8:30am. The first 100 people on the mountain will get a free T-shirt. Other events and specials of the day include free tips from the Ski and Snowboard School instructors, discounts at RideSports, Steamboat Ski and Sport, Gondola Joe's, Geano's and the Bear River Bar & Grill. With all the recent snow it is sure to be a great day out on the slopes!
Friday, November 20, 2009
Steamboat Springs receives $1M grant for tree removal
The Steamboat Pilot reported today that the city of Steamboat Springs has received a $1 million grant through the American Recovery and Reinvestment Act and the Colorado State Forest Service for removal of trees that present a wildfire risk in the Steamboat area. The project is expected to start in early December on land owned by the city, Steamboat Ski and Resort Corp., several homeowners’ associations and private homeowners in the city and Routt County. In a Thursday news release, the city cited lodgepole pines affected by the bark beetle epidemic as a focus of the project.
“The tremendous number of standing dead trees in this old-growth forest has resulted in very high to extreme forest fuels loading, as well as increased the risk of injury and property damage from hazard tree blowdown,” the release stated. Ron Lindroth, hired as the city’s Fire Department chief in September, is coordinating the project.
“The tremendous number of standing dead trees in this old-growth forest has resulted in very high to extreme forest fuels loading, as well as increased the risk of injury and property damage from hazard tree blowdown,” the release stated. Ron Lindroth, hired as the city’s Fire Department chief in September, is coordinating the project.
Monday, November 16, 2009
St. Cloud Mountain Club Offers $4500 Discovery Membership
The St. Cloud Mountain Club will begin its full-time operations on November 25th, to coincide with the opening day of the Steamboat Ski Area. This is the clubs second season. New this season is their Discovery Membership.
The Discovery Membership offers full access to the club and all of its amenities for the entire 2009/2010 season, benefits include:
• Valet Parking
• Ski Storage & Ski Valet Service
• Private Lockers & Boot Dryers
• Luxurious, Private Members Lounge with Full Bar
• Complimentary Breakfast & Espresso Bar
• Private Lunch & Apres Ski Dining
• $1,000 Club Credit (if you sign up before December 15th)
Join the club for the 2009/2010 ski season for only $4500. Sign up before December 15th, 2009 and receive a $1000 Club Credit, sign up before January 15th, 2010 and receive a $500 Club Credit (Club Credits are good for purchases of food and beverages in the Club).
If you need more information please give us a call or send us an email.
The Discovery Membership offers full access to the club and all of its amenities for the entire 2009/2010 season, benefits include:
• Valet Parking
• Ski Storage & Ski Valet Service
• Private Lockers & Boot Dryers
• Luxurious, Private Members Lounge with Full Bar
• Complimentary Breakfast & Espresso Bar
• Private Lunch & Apres Ski Dining
• $1,000 Club Credit (if you sign up before December 15th)
Join the club for the 2009/2010 ski season for only $4500. Sign up before December 15th, 2009 and receive a $1000 Club Credit, sign up before January 15th, 2010 and receive a $500 Club Credit (Club Credits are good for purchases of food and beverages in the Club).
If you need more information please give us a call or send us an email.
Friday, November 13, 2009
Colorado Group Realty Debuts New Website
Colorado Group Realty recently launched our new website at www.mybrokers.com.
"The new CGR website manages to retain the friendly look-and-feel that our clients associate with Colorado Group, but its functionality has been greatly enhanced. The new search features allow you to slice-and-dice your search information the way you like it, store favorites, and even be sent an email when a new listing that matches your criterion comes on the market. The mortgage calculator, quickly calculates how you can finance the property you are viewing" explains one of our website committee members. New features at mybrokers.com include: A new property search tool that allows searches by subdivision and map. The user may save their searches and receive emails on new listings. The twelve geographic areas that make up Yampa Valley real estate are highlighted, and allow the user to search $100,000 or $500,000 properties with just one click. In addition to the Steamboat Pilot webcam on Colorado Group Realty’s downtown office roof, 4 new webcams have been added. Now when visiting a broker bio page, you may play a video of the broker introducing themselves. Lastly, sold property reports can be found on 8 different areas, presented by the month.
Many of the features from the previous mybrokers.com have remained: Information about the Colorado Group Realty Charitable Foundation, the Steamboat Springs Real Estate Roundup & Expo, broker bio pages, the popular blog. The viewer can also find the Smart Buyers Guide, 2009 Mid Year Statistics and the 2009 Annual Report.
“We know that our clients have come to rely on Colorado Group Realty for easy to find and up to date real estate information. We feel that our new website delivers in both of these areas. The introduction of video clips into the site, allows you to actually see and hear from our brokers” said Bart Kounovsky, Chief Operating Officer.
"The new CGR website manages to retain the friendly look-and-feel that our clients associate with Colorado Group, but its functionality has been greatly enhanced. The new search features allow you to slice-and-dice your search information the way you like it, store favorites, and even be sent an email when a new listing that matches your criterion comes on the market. The mortgage calculator, quickly calculates how you can finance the property you are viewing" explains one of our website committee members. New features at mybrokers.com include: A new property search tool that allows searches by subdivision and map. The user may save their searches and receive emails on new listings. The twelve geographic areas that make up Yampa Valley real estate are highlighted, and allow the user to search $100,000 or $500,000 properties with just one click. In addition to the Steamboat Pilot webcam on Colorado Group Realty’s downtown office roof, 4 new webcams have been added. Now when visiting a broker bio page, you may play a video of the broker introducing themselves. Lastly, sold property reports can be found on 8 different areas, presented by the month.
Many of the features from the previous mybrokers.com have remained: Information about the Colorado Group Realty Charitable Foundation, the Steamboat Springs Real Estate Roundup & Expo, broker bio pages, the popular blog. The viewer can also find the Smart Buyers Guide, 2009 Mid Year Statistics and the 2009 Annual Report.
“We know that our clients have come to rely on Colorado Group Realty for easy to find and up to date real estate information. We feel that our new website delivers in both of these areas. The introduction of video clips into the site, allows you to actually see and hear from our brokers” said Bart Kounovsky, Chief Operating Officer.
Wednesday, November 11, 2009
Downtown Halloween Stroll Draws Big Crowds
Children and adults of all ages loved the beautiful weather and trick-or-treating at the Downtown Halloween Stroll. The streets were closed and filled with thousands of people enjoying this fun community event.
Friday, October 23, 2009
Colorado Group Realty is Presenting the Steamboat Springs Real Estate Roundup and Expo
Colorado Group Realty is presenting the Steamboat Springs Real Estate Roundup and Expo on November 5th, at the Steamboat Grand Ballroom. This event is bringing together seasoned experts and providing the public with current knowledge and information regarding the Yampa Valley's dynamic real estate market. The expo is bringing together builders, designers, engineers, title companies, lenders and developers to offer information and to answer questions. The presentation will begin with an update on area real estate statistics, and the guest speaker is Richard Evans, District Manager of Stewart Title. He will discuss foreclosures and short sales in Colorado and he will also be answering questions. The Expo goes from 4:00p.m.-5:30p.m. The real estate statistics update and guest speaker: Richard Evan will be from 5:30p.m.-6:30p.m. and the reception will start at 6:30 p.m.. Come to ensure that you are fully informed about all pertinent real estate issues. If you have any questions or need any additional information please give us a call or send us an email.
Halloween Stroll Downtown on Lincoln Avenue
The City of Steamboat Springs and the downtown businesses invites all of Steamboat to come downtown in their costumes October 31st from 5:00p.m. to 7:00p.m. to celebrate a fun and safe Halloween. Colorado Group Realty will also be hosting a haunted house from 5:00p.m. to 7:00p.m. to celebrate Halloween and giving out candy.
Fundraiser for Samoa Emergency Relief Effort
One of Steamboat Spring's greatest volunteers and native Samoan, Pio Utu, is running a fundraiser to help those in need of help from the September 29th earthquake and tsunami that hit Western and American Samoa. The fundraiser will be held at Steamboat Springs High School Saturday, October 24th, from 5:00p.m.-8:30p.m. Dinner will be served form 5:00p.m.-7:30p.m., cost is $15 for ages 12 and over, and a suggested donation of $10 for ages under 12. Entertainment, door prizes, and raffles will be provided. Tickets are available at Freshies and All That Jazz.
Optimist Pumpkin Festival
The Optimist Club of Steamboat Springs is hosting their Annual Optimist Pumpkin Festival. All kids are welcome! It will be held Saturday, October 24th, at 10:30 a.m. at Howelson Rodeo Arena. It is suggested to wear painting clothes. Pumpkins, paint supplies, hot chocolate and cookies will be provided. Pumpkins will be judged and awarded by age.
Thursday, October 22, 2009
Great deals at FlySteamboat.com
Planning a trip to Steamboat Springs? Check out Steamboat Ski and Resort Corporation's new travel and airfare site on the web at www.flysteamboat.com. The new site showcases travel options and fares at Yampa Valley Regional Airport including ground transportation and travel tips. Last year at this time airfares were in the $600s to $800s and our now as low as $200s to $300s. The interactive site is Flash-based and may require an Adobe upgrade on some computers and Web browsers. This is a very helpful site and may save you some money on your next vacation.
Wednesday, September 30, 2009
2nd Annual Masquerade Ball
The Yampa Valley Autism Program will be hosting their 2nd Annual Masquerade Ball on Saturday, October 24th, 2009 from 6 p.m. to 11 p.m. The event will be held at the Three Peaks Grill. The evening will consist of a cocktail hour, dinner, drawings, live auction and dancing. Tickets can be purchased at All That Jazz or online at www.yampavalleyautism.org or call 970-870-6257. Tickets are $60 for individuals, $115 for couples or corporate tables are available for $500, $750 or $1000. Proceeds will benefit the Yampa Valley Autism Program which supports families with autism spectrum disorders and related disabilities. Black Tie is optional but masks are required for entry. You can purchase a mask at the door or bring your own. There will be prizes for best masks too. If you cannot attend this fun event but would like to make a donation you can mail a check to YVAP, PO Box 771824, Steamboat Springs, CO 80477 or donate online at www.yampavalleyautism.org
Monday, September 28, 2009
Election Forum 2009
Friday, October 2nd will be a great opportunity to meet and listen to the candidates running for the Steamboat Springs City Council. The Election Forum will be held at the Steamboat Springs Community Center. 5 p.m. is the Meet and Greet and 6 p.m. starts the forum. Food and beverages from Rex's American Grill provided by the Steamboat Springs Board of Realtors. The candidates participating are District 1: Kevin Bennett and Cari Hermacinski, District 2: Kenny Reisman and Ken Solomon, District 3 Walter Magill, At Large: Jim Engelken and Kyle Pietras, Steamboat Springs School Board candidates: Brian Kelly and Bill Kennedy. Also attending will be Routt County Clerk and Recorder Kay Weinland to discuss this year's election, which is mail-in ballot only. This forum is sponsored by Steamboat Pilot and Today, Steamboat TV18, Steamboat Springs Board of Realtors, Routt County Democratic Party and Routt County Republican Party.
Friday, September 25, 2009
Necessary Advice For First Time Home Buyers
Many contradictory emotions can explain the feelings of a first-time home buyer. Scared of losing money, excited to get a 'good deal,' and confused about what they are looking for. Guidance is a very helpful tool for buyers trying to beat the November 30th closing deadline to qualify for the federal first-time home buyer tax credit. There are 3 false assumptions you must know.
1. "The Housing Market Is Slow."
News everywhere is telling us that homes are not selling, but that isn't true for many entry-level markets. Knowing the environment you are competing in is key. Many people are taking advantage of under priced homes. Take a look at your opportunities, there are plenty out there, but remember that a good deal won't stay long.
2. "I Need To See All The Options."
Inventory is deep these days with everyone selling homes. The truth is that your Realtor will give you all the data and tools you need to be a successful home buyer by giving you a firm grasp on the market. Buyers must realize that interest rates are at an all time low, they have no where to go but up, which means the longer you wait the less money you will save.
3."I've Found A Bargain!"
Affordability is at record levels, but many buyers need help putting price into perspective. There can be homes at a portion of the market average, but keep mindful of homes that may need a lot of repairs driving the cost up.
Your Realtor has the data and skills needed to help you be successful. Taking the guidance and tools from your Realtor will help you save time, and money in the end.
1. "The Housing Market Is Slow."
News everywhere is telling us that homes are not selling, but that isn't true for many entry-level markets. Knowing the environment you are competing in is key. Many people are taking advantage of under priced homes. Take a look at your opportunities, there are plenty out there, but remember that a good deal won't stay long.
2. "I Need To See All The Options."
Inventory is deep these days with everyone selling homes. The truth is that your Realtor will give you all the data and tools you need to be a successful home buyer by giving you a firm grasp on the market. Buyers must realize that interest rates are at an all time low, they have no where to go but up, which means the longer you wait the less money you will save.
3."I've Found A Bargain!"
Affordability is at record levels, but many buyers need help putting price into perspective. There can be homes at a portion of the market average, but keep mindful of homes that may need a lot of repairs driving the cost up.
Your Realtor has the data and skills needed to help you be successful. Taking the guidance and tools from your Realtor will help you save time, and money in the end.
8th Annual Soup Bowl Supper
On Wednesday, September 30th, 20 Local restaurants and organizations are coming together to hold a fundraiser to benefit Reaching Everyone Preventing Suicide. Admissions includes a handmade ceramic bowl created by a local artist, soup donated by local restaurants, bread, beverage, and dessert. Tickests are $20 in advance and can be found at All That Jazz, Artists' Gallery of Steamboat & Blue Sky Pottery or can be purchased for $25 at the door. This event will be held at the Community Center next to the Transit Center on Highway 40, there are two seatings times of 5:30 pm and 7:00 pm. For more information, call 970-846-5156 or 970-819-9453
Fun for all ages at Steamboat Springs Rotary Club Community Barbeque and Barn Dance
The second annual Rotary Club of Steamboat Springs community barbecue and barn dance is an event to raise funds for the Steamboat Community Cares Fund and the Rotary Club's local charities. This Fundraiser holds lots of entertainment for all ages including 12 raffle prizes totaling $15,000, live music, country dancing, and catered food. The event is from 5pm to 9pm, Saturday, September 26th at the Sidney Peak Ranch Horse Arena. Requests for financial assistance are coming in more than ever for the charity organizations. Tickets are $35 for singles, or $75 for families up to five members. Each additional child younger than 16 is $10. Tickets are available at Central Park Liquor, All That Jazz and at the door of dance. Raffle tickets are $10 each or 15 for $100.
Thursday, September 24, 2009
Yampa Valley Sustainability Summit
"Solutions to a Changing World," the second annual Sustainability Summit is Friday, September 25th and Saturday, September 26th at the Steamboat Grand Resort Hotel Ballroom. Friday's highlights include nearly 200 attendees representing a cross section of Routt County, 50 exhibitors, workshops and breakout sessions. Some of the main topics will be renewable energy, green building, transportation issues, zero-waste, carbon mitigation, energy efficiency, beetle kill, water conservation and stimulus funding. The Summit will be from 7:30am to 8:00pm. Saturday's Green Building Tour will begin at the Downtown Bud Werner Library. First you will tour the library and then 3 additional homes. The tour will last from 8:00am to 1:00pm and includes a light breakfast and coffee by Amante. The cost is $35 for Friday's program and $10 for Saturday's tour. Log on to www.yvsc.org for more details and to register.
Wednesday, September 16, 2009
Steamboat Springs "OktoberWest"
Join in on the fun, food, fall colors, friends, family, festivities and beer at the Steamboat Springs OktoberWest Friday, September 18th through Sunday, September 20th.
SCHEDULE OF EVENTS:
Friday, 9/18/09-Downtown
5pm-Pedaling Posse Parade (Howelson Hill to Little Toots Park)Prizes for best Cruiser bike and best costume
6pm-Suds & Grub (Beer tasting at participating restaurants)
Saturday, 9/19/09-Ski Area
6am- Run Rabbit Run Ultra Marathon Race start
10am-4pm Gondola open (Buy Saturday Ticket, get Sunday Free
12pm-Keg tapping ceremony
12pm-7pm- 2 for 1 Coca Cola Adventure Zone activities
1pm- Lamb Cook-Off (3:30pm People's Choice Tasting)
2pm-Bucking Bull Battle (mechanical bull)
3:30pm-Cow Pie Challenge (pie eating challenge)
4pm- Free Concert featuring Drew Emmitt Band and opening band 3 Wire
Sunday, 9/20/09- Ski Area
10am-4pm Gondola Open (Buy Saturday ticket, get Sunday Free)
10:45am-4pm-$5 Bloody Mary Bar at the Oasis Sundeck
11am-2:30pm-OktoberWest luncheon buffet-Top of the Gondola
12pm-7pm-2 for 1 Coca-Cola Adventure Zone Activities
Event presented by Base Area Re-Investment Coalition
For more information call 970-879-0880
SCHEDULE OF EVENTS:
Friday, 9/18/09-Downtown
5pm-Pedaling Posse Parade (Howelson Hill to Little Toots Park)Prizes for best Cruiser bike and best costume
6pm-Suds & Grub (Beer tasting at participating restaurants)
Saturday, 9/19/09-Ski Area
6am- Run Rabbit Run Ultra Marathon Race start
10am-4pm Gondola open (Buy Saturday Ticket, get Sunday Free
12pm-Keg tapping ceremony
12pm-7pm- 2 for 1 Coca Cola Adventure Zone activities
1pm- Lamb Cook-Off (3:30pm People's Choice Tasting)
2pm-Bucking Bull Battle (mechanical bull)
3:30pm-Cow Pie Challenge (pie eating challenge)
4pm- Free Concert featuring Drew Emmitt Band and opening band 3 Wire
Sunday, 9/20/09- Ski Area
10am-4pm Gondola Open (Buy Saturday ticket, get Sunday Free)
10:45am-4pm-$5 Bloody Mary Bar at the Oasis Sundeck
11am-2:30pm-OktoberWest luncheon buffet-Top of the Gondola
12pm-7pm-2 for 1 Coca-Cola Adventure Zone Activities
Event presented by Base Area Re-Investment Coalition
For more information call 970-879-0880
Tuesday, September 8, 2009
1st Annual C.R.A. ProStart Classic
The Rollingstone Ranch Golf Club will be hosting a golf tournament on Friday, September 18th. Shotgun start at 12:00pm and 4 person scramble. There will be a contest at every hole and a Hole-In-One competition. Entry Fee is $100 per person including lunch, snacks, donation, greens fee and riding cart.($55 for Rollingstone Ranch members with paid green fees and cart pass;$65 without cart pass) This event will benefit the local chapter of the Colorado Restaurant Association and the Chris Corna ProStart Scholarship Fund. To check for availability, acquire a sign-up sheet, make a donation or ask questions call Emert at 970-819-4948.
Java & Jazz
Don't miss Java & Jazz this Sunday, September 13th from 4pm to 7pm. This event will be offering specialty coffees, fine music, hors-d'oeuvres and wine at Lake Catamount Clubhouse. Plus, a premier silent auction. Tickets are $50 and can be purchased at All That Jazz or at the door. The proceeds will benefit Partners Mentoring Youths in Routt County. For more information you call call 970-879-6141 or www.partnersrouttcounty.org
Thursday, September 3, 2009
Labor Day Weekend Home Tour
Our firm, Colorado Group Realty organized a Labor Day Weekend Home Tour offering an opportunity to view over 20 homes in Downtown Steamboat Springs, Strawberry Park, The Sanctuary and the Mountain area. The open houses will be Saturday, September 5th between 2pm and 5pm. Call us or stop by one of our offices for a map.
New public gondola and it will be free to ride!
A new public gondola with a price tag of more than $3 million dollars is expected to be installed in October and operational no later than February. The six-passenger cabin will carry approximately 340 passengers per hour and ride time will be 4 minutes. The gondola will travel about 2,000 feet from Trailhead Lodge at Wildhorse to Gondola Square. The gondola is manufactured by Leitner-Poma out of Grand Junction, CO.
Thursday, July 16, 2009
Aspen mansion sells for $43M
A Aspen home sold this week for $43 million. The seller is a firm managed by Dallas, Texas real estate developer Daryl Snadon, who owns Beltway Development Company and Beltway Commercial Real Estate. The transaction closed Friday, July 10th and was recorded with the Pitkin County Clerk's office Monday, July 13th. The assessors's appraisal for 2009 placed the actual value of the property at $50.31 million. The home was not on the market. The buyers were an American family that purchased the property through a limited liability corporation. It was a straight cash deal according to the broker representing the buyer.
The 21,400 sq ft,10-bedroom, 13 bathroom contemporary mountain home on 4.5 acres is located at the base of Aspen’s prestigious Red Mountain. The home at 421 Willoughby Way was completed in 2006. The residence overlooks downtown Aspen and includes a heated outdoor pool, four-car garage and a guest house.
To date, the highest residential sale in Aspen was $47 million in 2006 for Crystal Island Ranch, a ranch estate with multiple building sites. This latest sale is the most expensive single-family home sold in the United States in 2009.
Despite the recession, seems mountain resort towns are still an attractive place to buy real estate!
Friday, June 26, 2009
Things to do on The Mountain in the summer
Although there is no skiing there are still lots of things to do at the Steamboat Ski Area. The mountain is open daily. Some of the fun activities to consider are as follows:
Gondola Rides- the gondola can hold up to 8 passengers and climbs 2,200 feet up the mountain. There are great views and it takes just under 10 minutes.
Coca-Cola Adventure Zone-some of the activities for kids of all ages include the Slingshot, Trampoline Bungee Jump, East Face Climbing Wall and Mechanical Bull.
Hiking, Mountain Biking & Diggler All-Mountain Scooters-miles of well maintained trails with Gondola upload offered. Rentals and lessons are available if needed.
Oasis Sundeck-On the 3rd floor deck at the top of the Gondola. The grill is open between 11:30pm and 2:30pm. Menu includes burgers, grilled chicken, tuna and portabella sandwiches.
Bar and snacks open between 10:45am and 4pm.
Sunset Happy Hour-Friday evenings at 5:30pm enjoy sunsets, tapas and cocktails at the top of the Gondola. $12 includes Gondola ride and first adult drink. Call 970-871-5150 for reservations. (free ride for season pass holders)
Guided Gourmet Hike-Gondola ride, hike, gourmet lunch, glass of wine, tax and gratuity for $35 per person. Hikes available Wednesday, Friday and Sunday. Call 970-879-0740 for required reservation.
Sunday Brunch-Gondola ride, brunch, Champagne or mimosa, tax and gratuity for $39 per adult, $36 per Senior (65+), $21 per youth (6-12 yrs old), Free for 5 and under. Call 970-871-5150.
For more information you can call 970-871-5252 or visit www.steamboat.com
Gondola Rides- the gondola can hold up to 8 passengers and climbs 2,200 feet up the mountain. There are great views and it takes just under 10 minutes.
Coca-Cola Adventure Zone-some of the activities for kids of all ages include the Slingshot, Trampoline Bungee Jump, East Face Climbing Wall and Mechanical Bull.
Hiking, Mountain Biking & Diggler All-Mountain Scooters-miles of well maintained trails with Gondola upload offered. Rentals and lessons are available if needed.
Oasis Sundeck-On the 3rd floor deck at the top of the Gondola. The grill is open between 11:30pm and 2:30pm. Menu includes burgers, grilled chicken, tuna and portabella sandwiches.
Bar and snacks open between 10:45am and 4pm.
Sunset Happy Hour-Friday evenings at 5:30pm enjoy sunsets, tapas and cocktails at the top of the Gondola. $12 includes Gondola ride and first adult drink. Call 970-871-5150 for reservations. (free ride for season pass holders)
Guided Gourmet Hike-Gondola ride, hike, gourmet lunch, glass of wine, tax and gratuity for $35 per person. Hikes available Wednesday, Friday and Sunday. Call 970-879-0740 for required reservation.
Sunday Brunch-Gondola ride, brunch, Champagne or mimosa, tax and gratuity for $39 per adult, $36 per Senior (65+), $21 per youth (6-12 yrs old), Free for 5 and under. Call 970-871-5150.
For more information you can call 970-871-5252 or visit www.steamboat.com
Monday, June 22, 2009
21st Annual Mustang Roundup-That's Cars Not Horses!
It was a great turnout for the 21st Annual Rocky Mountain Mustang Roundup held in Steamboat Springs this weekend. The events started with a mountain tour followed by an Autocross. Spectators could easily tell the experienced from the inexperienced drivers as they either sped up or came to a screeching halt around the turns of the track. The highlight of the weekend was the Show-n-Shine Car Show on Lincoln Avenue in downtown. More than 450 vintage restored Mustangs were judged for their cleanliness, craftsmanship and quality. Any car lover would have been impressed with a Denver couple's automatic 1970 Mach 1 Twister Special Mustang with a 428 Super Cobra Jet engine. This unique vehicle is only one of 24 known of its kind. This was a fun, free event for the whole family. If you missed it this year mark your calender for 22nd Roundup in 2010.
Thursday, June 11, 2009
Emerald Lodge is Sold Out
Trappeur's Crossing Resort recently announced they sold their last developer condominium in Emerald Lodge. Now, they are focused on Bear Lodge their final building. These brand new, luxurious mountainside condominium residences offer one-five bedroom turnkey homes a couple blocks from the base of the Steamboat Ski Area as well as year-round resort amenities. Amenities include meeting facilities, tennis courts, computer lounge, sauna, poolside patio, hot tubs, indoor/outdoor pools and fitness center. Ski valet and shuttle services to the mountain and on-call service to get you around town. The interior features like slab granite and marble countertops, gas log and stone fireplaces, open floor plan, fully integrated sound system, stainless steel appliances and fully equipped gourmet kitchens.
If you would like to know more about Bear Lodge or any other properties in Steamboat Springs give us a call or send us an email.
chris@mybrokers.com 970.819.1432
amybrown@mybrokers.com 970.846.2114
If you would like to know more about Bear Lodge or any other properties in Steamboat Springs give us a call or send us an email.
chris@mybrokers.com 970.819.1432
amybrown@mybrokers.com 970.846.2114
Wednesday, June 3, 2009
Wednesday, April 29, 2009
What is a Short Sale?
Short sales are becoming more prevalant in recent times. A short sale is a sale of real estate property for an amount less than the unpaid balance of its first mortgage. Once costs such as commissions, escrow, and title are passed along to the lender, the sale progresses. The most important point to note, is the lender agrees to accept the proceeds as payment in full, despite the shortfall.
Short sales have become a popular alternative to foreclosure, and are a more credit-friendly option.
Sellers who are considering a short sale should negotiate a payoff with their lender first before listing the property. This will assist in determining the sale price. Also, it will make it faster and easier to close once a buyer has been found.
If you are the buyer in a short sale, you can expect a little more paperwork but overall they are a great option to get a lower price on a property.
If you would like more information on short sales in the Steamboat Springs area, please send us an email.
Short sales have become a popular alternative to foreclosure, and are a more credit-friendly option.
Sellers who are considering a short sale should negotiate a payoff with their lender first before listing the property. This will assist in determining the sale price. Also, it will make it faster and easier to close once a buyer has been found.
If you are the buyer in a short sale, you can expect a little more paperwork but overall they are a great option to get a lower price on a property.
If you would like more information on short sales in the Steamboat Springs area, please send us an email.
Tuesday, April 28, 2009
Free Summer Concert Lineup Announced!
The popular Free Summer Concert Series will be presenting a five-concert lineup for 2009. Mark your calenders for this fun-filled, community oriented, family event.
June 27, Rusted Root
July 17, Greyboy Allstars with Karl Denson
July 31, Freddy Jones Band
Aug. 13, Susan Tedeschi
Aug. 20, The Avett Brothers
Alternative jam band Rusted Root starts the series June 27 at the base of Howelsen Hill. Funk and jazz quintet The Greyboy Allstars plays with saxophonist Karl Denson on July 17, and the Chicago-based blues rockers of the Freddy Jones Band take the stage July 31.
The 2009 season marks a return to the base of the Steamboat Ski Area, with blues guitarist Susan Tedeschi playing there Aug. 13. Bluegrass rock ‘n’ rollers The Avett Brothers close out the series Aug. 20 at Headwall at the ski area.
Bring your blanket and your dancing shoes!
June 27, Rusted Root
July 17, Greyboy Allstars with Karl Denson
July 31, Freddy Jones Band
Aug. 13, Susan Tedeschi
Aug. 20, The Avett Brothers
Alternative jam band Rusted Root starts the series June 27 at the base of Howelsen Hill. Funk and jazz quintet The Greyboy Allstars plays with saxophonist Karl Denson on July 17, and the Chicago-based blues rockers of the Freddy Jones Band take the stage July 31.
The 2009 season marks a return to the base of the Steamboat Ski Area, with blues guitarist Susan Tedeschi playing there Aug. 13. Bluegrass rock ‘n’ rollers The Avett Brothers close out the series Aug. 20 at Headwall at the ski area.
Bring your blanket and your dancing shoes!
Tuesday, April 21, 2009
Early Bird Pass Prices Now Available at Haymaker Golf Course
If you like to play golf I wanted to let you know Haymaker resident season golf passes for 2009 are now on sale. Early bird pass prices are available through Thursday, April 30,2009 at 5pm. Don't forget to bring proof of residency if you are a new pass holder. You can bring your drivers license, property tax certificate or voter registration. Purchase your pass at the Haymaker Golf Course Pro Shop between 10 am and 5pm, Monday through Friday.
Prices are as follows:
Pre-Season/Regular
Adult
$1025/$1250
Spouse Add-On
$850/$1075
Junior Add-On
$175/$175
Junior Only
$300/$300
Resident Punch Card (Ten-18 hole rounds)
$435/$435
If you have any questions you can call the golf course at 970-870-1846.
Prices are as follows:
Pre-Season/Regular
Adult
$1025/$1250
Spouse Add-On
$850/$1075
Junior Add-On
$175/$175
Junior Only
$300/$300
Resident Punch Card (Ten-18 hole rounds)
$435/$435
If you have any questions you can call the golf course at 970-870-1846.
Wednesday, March 25, 2009
Colorado Group Realty leads the luxury market!
Since January of 2008 there have been 11 sales of single family homes and
townhomes over $4,000,000 in the Steamboat Springs area. A total sales volume of just over $121,000,000. This equates to a total of 22 transaction sides
(11 sellers and 11 buyers). Our real estate firm, Colorado Group is leading the luxury market on both sales volume and transaction sides. See below for the exact percentages.
Percentage of Market by Sales Volume
• Colorado Group Realty 33%
• Steamboat Village Brokers 25%
• Prudential Steamboat Realty12%
• RE/MAX Steamboat 11%
Percentage of Market by Transaction Sides
• Colorado Group Realty 32% 2 List, 5 Buyer
• Steamboat Village Brokers 18% 2 List, 2 Buyer
• Prudential Steamboat Realty 14% 2 List, 1 Buyer
• RE/MAX Steamboat 14% 2 List, 1 Buyer
townhomes over $4,000,000 in the Steamboat Springs area. A total sales volume of just over $121,000,000. This equates to a total of 22 transaction sides
(11 sellers and 11 buyers). Our real estate firm, Colorado Group is leading the luxury market on both sales volume and transaction sides. See below for the exact percentages.
Percentage of Market by Sales Volume
• Colorado Group Realty 33%
• Steamboat Village Brokers 25%
• Prudential Steamboat Realty12%
• RE/MAX Steamboat 11%
Percentage of Market by Transaction Sides
• Colorado Group Realty 32% 2 List, 5 Buyer
• Steamboat Village Brokers 18% 2 List, 2 Buyer
• Prudential Steamboat Realty 14% 2 List, 1 Buyer
• RE/MAX Steamboat 14% 2 List, 1 Buyer
Wednesday, March 11, 2009
Downtown condo closed for over $1000/square foot!
The new Howelson Place is located in the heart of downtown Steamboat Springs at 7th and Lincoln. This multi-use project offers two buildings featuring retail, office space and 42 residential units. The residential spaces range in size from 900 square feet to 2035 square feet.
On March 2, 2009 a two bedroom Howelson Place condo sold for $1,513,720. That is over $1000 price per square foot. Howelson Place is within walking distance to a diverse mix of restaurants, bars, shopping, galleries and entertainment. Plus, close to parks, trails and the Yampa River making this a highly desirable location.
If you would like more information about Howelson Place or other downtown Steamboat Springs real estate opportunities please give us a call or send an email.
Monday, March 2, 2009
Apres-ski Steamboat Style
Friends and family of The Paoli Group enjoy a slopeside picnic at the Steamboat Ski Area Teepee after a fun day of skiing and snowboarding.
Thursday, February 19, 2009
Good Morning, America features Steamboat Winter Carnival!
Good Morning, America featured the 2009 Steamboat Springs Winter Carnival in a recent broadcast. Click on the link below to watch the video highlighting our special town and this unique event.
http://abcnews.go.com/Video/playerIndex?id=6882185
http://abcnews.go.com/Video/playerIndex?id=6882185
Monday, February 16, 2009
Worst historical recession or not?
Is Washington just spinning bad news to the media instilling fear in the public? Should we stop believing all this doom and gloom and start being more confident? See interesting article from cnbc.com below.
Why This Recession Seems Worse Than '70s and '80s
By: Albert Bozzo, Senior Features Editor 13 Feb 2009
If you think this recession is the worst since World War II, chances are you weren't born or working during the downturns of the 1970s and '80s, you're listening to President Obama too much or you're a white-collar worker in financial services.
If all three are true, you may even think we’re on the verge of another Great Depression.
At this point, the only thing that may be true is your age and employment status.
“The current situation has nothing in common with the Great Depression,” says economist Steve Hanke of the Cato Institute and Johns Hopkins University. “The sooner they [in Washington] stop spinning the bad news story and say nothing, the sooner we’ll be more confident.”
Hanke is not alone in dismissing what appears to be a potent cocktail of misinformation and doom and gloom, wherein the current recession—now in its 13th month—is already considered worse than the 16-month ones of 1973-1975 and 1980-1982.
“We were pretty scared in ’82; things looked horrible for awhile," says Bob Stovall of Wood Asset management and a 55-year veteran of the securities business. “I don’t think you can say it’s worse than then; its different. You have changed the landscape but you did that in the Midwest when you forced a lot of rust-belt companies to the wall."
“This time it's financial firms going out of business, instead of manufacturing ones, and the jobs are going with them," explains Stovall.
“I do think that's part of it,” says Robert Brusca, chief economist at Fact & Opinion Economics, saying that. “They’re the ones making the pronouncements. People in the financial sector are getting crushed.”
They’re not the only ones selling doom and gloom, though.
“I don’t remember a president talking down the economy as much as President Obama,” says economist Chris Rupkey of Bank of Tokyo-Mitsubishi. “The economy is very psychological. There’s a herd instinct.”
That herd instinct kicked into overdrive after the sudden collapse of Lehman Brothers, when many say the economy fell off a cliff and a classical cyclical downturn merged with a nasty one-of-kind credit crunch. So yes, economists agree things are bad, but they need to be put into perspective.
Employment
At this point, the current recession is worse than those of the '70s and '80s by only one statistical yardstick, and that’s the unusually quick ascent in the jobless rate—from 4.4 percent in March 2007 to 7.6 percent in January 2008.
“People are reacting so adversely to this is because the job market has become so weak,” explains Brusca.
But even though the sharp decline in payrolls over the past three months has been stunning, it is not as bad on a percentage basis as one period in 1974-1975, according to David Resler, chief economist at Nomura International. Resler says the economy would have to lose some 767,000 jobs a month over a three-month period from the current employment level to match that miserable performance.
During the 1973-1975 and 1980-1982 periods the unemployment rate almost doubled (4.6-9.0 percent, 5.6-10.8 percent, respectively), which means a peak of about 8.6-8.8 percent this time around. In further contrast, during a ten-month stretch in 1983-1983, the jobless rate was above 10-percent.
Nevertheless, that’s nothing compared to the Great Depression when the unemployment rate went from 3 percent to almost 25 percent in four years and national income was halved, notes Hanke in a recent column.
GrowthThought it may be little consolation for the millions of unemployed, GDP is considered by economists to be the best and broadest gauge of a recession.
That may seem also peculiar since the economy actually grew in the first two quarters of this recession, but some of that had to do with the Federal Reserve's early and aggressive interest rate cutting and the federal government’s first stimulus plan which quickly put money into people’s pockets.
More For Investors
Given that backdrop, GDP contraction thus far has been modest. It’s down 1.1 percent vs. 3.1 percent in the 1970s period, says Chris Rupkey.
And though the economy shrunk at a 3.8 percent annualized rate in the fourth quarter of 2008 and is expected to decline another 4.0-6.0 percent in the first quarter of 2009, imagine the reaction today to the 7.8 percent plunge in the second quarter of 1980 or consecutive swoons of 4.9 percent and 6.4 percent in 1981-1982.
"Half of the workforce until now hadn't seen more than 16 months of recession—total," quips Resler. The past two short (eight months) and relatively shallow.
During the 1990-1991 recession, the deepest quarterly GDP decline was 3.0 percent; in the 2000-2001 one it was 1.4 percent.
“GDP hasn’t been that weak because the productivity increase is one of the best,” says Brusca. “You get a quarter or two that really knocks the level down,” he adds, and it looks like we’re at that stage now.
This time other fundamental factors are playing a bigger role than the past.
“Consumer spending will be bad,” says Resler. “We haven’t three consecutive quarterly declines in consumer spending since the 1950s.” He’s definitely expecting a repeat of that.
It’s Still Bad
Comparisons aside, no one is saying the current recession isn’t a painful one, and some see very little reason for optimism.
“I can't identify anything than looks good,” says Dean Baker, co-director of the Center for Economic Policy And Research, adding that business investment—which appeared to be holding up—posted its sharpest decline in 50 years in the final quarter of 2008.
“I'd be shocked if we have growth this year,” says Baker, even though he expects the Obama administration’s stimulus plan to have a sizable economic positive impact.
So may the words of the President and his advisors, say economists.
“It’s not surprising that politicians exaggerate this,” says Resler, who predicts “The tone of the message is going to start changing immediately; now that we have the stimulus in hand, you enhance it by saying positive things.”
Tunnel Thinking
For all the comparisons with other recessions, exaggerated or not, the most meaningful one may be its duration. It is also the toughest.
The consensus is this recession will end sometime between the second half of 2009 and the beginning of 2010. The pessimists say wait till next year—period.
David Jones, CEO of DMJ Advisors, is among those who see “hints of stability.” By that he means, the rate of decline in areas like retail appear to be slowing.
“We'll see the same thing happening on the housing side in the next couple months,” says Jones.
“I'm just waiting for the shift in people’s expectations,” adds Rupkey.
Why This Recession Seems Worse Than '70s and '80s
By: Albert Bozzo, Senior Features Editor 13 Feb 2009
If you think this recession is the worst since World War II, chances are you weren't born or working during the downturns of the 1970s and '80s, you're listening to President Obama too much or you're a white-collar worker in financial services.
If all three are true, you may even think we’re on the verge of another Great Depression.
At this point, the only thing that may be true is your age and employment status.
“The current situation has nothing in common with the Great Depression,” says economist Steve Hanke of the Cato Institute and Johns Hopkins University. “The sooner they [in Washington] stop spinning the bad news story and say nothing, the sooner we’ll be more confident.”
Hanke is not alone in dismissing what appears to be a potent cocktail of misinformation and doom and gloom, wherein the current recession—now in its 13th month—is already considered worse than the 16-month ones of 1973-1975 and 1980-1982.
“We were pretty scared in ’82; things looked horrible for awhile," says Bob Stovall of Wood Asset management and a 55-year veteran of the securities business. “I don’t think you can say it’s worse than then; its different. You have changed the landscape but you did that in the Midwest when you forced a lot of rust-belt companies to the wall."
“This time it's financial firms going out of business, instead of manufacturing ones, and the jobs are going with them," explains Stovall.
“I do think that's part of it,” says Robert Brusca, chief economist at Fact & Opinion Economics, saying that. “They’re the ones making the pronouncements. People in the financial sector are getting crushed.”
They’re not the only ones selling doom and gloom, though.
“I don’t remember a president talking down the economy as much as President Obama,” says economist Chris Rupkey of Bank of Tokyo-Mitsubishi. “The economy is very psychological. There’s a herd instinct.”
That herd instinct kicked into overdrive after the sudden collapse of Lehman Brothers, when many say the economy fell off a cliff and a classical cyclical downturn merged with a nasty one-of-kind credit crunch. So yes, economists agree things are bad, but they need to be put into perspective.
Employment
At this point, the current recession is worse than those of the '70s and '80s by only one statistical yardstick, and that’s the unusually quick ascent in the jobless rate—from 4.4 percent in March 2007 to 7.6 percent in January 2008.
“People are reacting so adversely to this is because the job market has become so weak,” explains Brusca.
But even though the sharp decline in payrolls over the past three months has been stunning, it is not as bad on a percentage basis as one period in 1974-1975, according to David Resler, chief economist at Nomura International. Resler says the economy would have to lose some 767,000 jobs a month over a three-month period from the current employment level to match that miserable performance.
During the 1973-1975 and 1980-1982 periods the unemployment rate almost doubled (4.6-9.0 percent, 5.6-10.8 percent, respectively), which means a peak of about 8.6-8.8 percent this time around. In further contrast, during a ten-month stretch in 1983-1983, the jobless rate was above 10-percent.
Nevertheless, that’s nothing compared to the Great Depression when the unemployment rate went from 3 percent to almost 25 percent in four years and national income was halved, notes Hanke in a recent column.
GrowthThought it may be little consolation for the millions of unemployed, GDP is considered by economists to be the best and broadest gauge of a recession.
That may seem also peculiar since the economy actually grew in the first two quarters of this recession, but some of that had to do with the Federal Reserve's early and aggressive interest rate cutting and the federal government’s first stimulus plan which quickly put money into people’s pockets.
More For Investors
Given that backdrop, GDP contraction thus far has been modest. It’s down 1.1 percent vs. 3.1 percent in the 1970s period, says Chris Rupkey.
And though the economy shrunk at a 3.8 percent annualized rate in the fourth quarter of 2008 and is expected to decline another 4.0-6.0 percent in the first quarter of 2009, imagine the reaction today to the 7.8 percent plunge in the second quarter of 1980 or consecutive swoons of 4.9 percent and 6.4 percent in 1981-1982.
"Half of the workforce until now hadn't seen more than 16 months of recession—total," quips Resler. The past two short (eight months) and relatively shallow.
During the 1990-1991 recession, the deepest quarterly GDP decline was 3.0 percent; in the 2000-2001 one it was 1.4 percent.
“GDP hasn’t been that weak because the productivity increase is one of the best,” says Brusca. “You get a quarter or two that really knocks the level down,” he adds, and it looks like we’re at that stage now.
This time other fundamental factors are playing a bigger role than the past.
“Consumer spending will be bad,” says Resler. “We haven’t three consecutive quarterly declines in consumer spending since the 1950s.” He’s definitely expecting a repeat of that.
It’s Still Bad
Comparisons aside, no one is saying the current recession isn’t a painful one, and some see very little reason for optimism.
“I can't identify anything than looks good,” says Dean Baker, co-director of the Center for Economic Policy And Research, adding that business investment—which appeared to be holding up—posted its sharpest decline in 50 years in the final quarter of 2008.
“I'd be shocked if we have growth this year,” says Baker, even though he expects the Obama administration’s stimulus plan to have a sizable economic positive impact.
So may the words of the President and his advisors, say economists.
“It’s not surprising that politicians exaggerate this,” says Resler, who predicts “The tone of the message is going to start changing immediately; now that we have the stimulus in hand, you enhance it by saying positive things.”
Tunnel Thinking
For all the comparisons with other recessions, exaggerated or not, the most meaningful one may be its duration. It is also the toughest.
The consensus is this recession will end sometime between the second half of 2009 and the beginning of 2010. The pessimists say wait till next year—period.
David Jones, CEO of DMJ Advisors, is among those who see “hints of stability.” By that he means, the rate of decline in areas like retail appear to be slowing.
“We'll see the same thing happening on the housing side in the next couple months,” says Jones.
“I'm just waiting for the shift in people’s expectations,” adds Rupkey.
Monday, February 2, 2009
Interesting trends reported for Routt County
A consultant who analyzed data about the economic, environmental, civic and social indicators accumulated from Routt, Moffat and Rio Blanco counties was optimistic about the future. See article below as seen in the January 31, 2009 Steamboat Today:
Study backs economic trends across region:
Steamboat Springs — Scott Ford says he’s never met a chart he didn’t like.
Ford has had plenty of chances to test that informational romance theory while poring through data about Routt, Moffat and Rio Blanco counties for Yampa Valley Partners’ Community Indicators Project. The annual report, which appears in a magazine in Sunday’s Steamboat Pilot & Today, includes sections on economic, environmental, civic and social indicators. Ford, a consultant who collected much of the data, sat down recently to discuss the economic trends.
A big one, he said, is the residential lifestyle economy. People are migrating to Routt County and often aren’t dependent on the local economy for their livelihood, Ford said.
“That migration is probably going to be one of the more significant economic drivers for us as we move into the future, so it was important to quantify it,” he said. “Like most things in the economy, nothing is independent. They’re always highly related. This residential lifestyle economy has emerged because we’re a beautiful place to live, but we’ve also created a lot of cultural things that people can enjoy.”
For the first time, Ford was able to measure that in-migration this year. He could see new Routt residents’ former locations and income, as long as more than 10 tax returns were filed from the person’s previous county.
Routt County tends to see an influx of people during recessions, Ford said. That’s partly because people who can afford to do so leave their jobs and head for a beautiful area. Ford said that lifestyle economy group could butt heads with industries that rely on, say, skier visits and Triple Crown.
Wealthy migrants to the area often are seeking relative solitude rather than the crowds that drive a tourism-based economy.
In 2007, Routt County gained $23.5 million in personal income because of migration, according to the report. Moffat’s gain was $900,000, and Rio Blanco’s was $400,000.
The people coming in are richer than those leaving, Ford said. According to Internal Revenue Service information, the average adjusted gross income of the tax returns was about $63,000 for people entering Routt and about $47,000 for people leaving.
“There’s no value judgment placed on this,” he noted. “We never say that’s a good thing, that’s a bad thing. We just say this is happening.”
Audrey Danner, the outgoing executive director of Yampa Valley Partners and a Moffat County commissioner, said the report provided a valleywide view.
“As we look at the relationships from Moffat to Rio Blanco and Moffat to Routt and what that looks like as far as work force movement, dollars, the changing economy and the types of jobs available in those counties … it’s a very unique perspective,” Danner said.
The group formed a larger team this year to prioritize and gauge the issues, she said.
“Our intention is to have this report be useful for decision makers, whether it’s a business looking at how they can strengthen their business within a community, within an area … and also the fact that local governments can see the dollars and the movement of people,” she said.
The report sometimes provides data backing what people already see, Ford said. Routt County exported $47 million to other counties in 2006.
Moffat imported $62 million the same year. The information also shows that hundreds of Moffat residents worked in other counties in 2000.
“A lot of things we talk about anecdotally, we actually have facts and figures for them,” Ford said.
Another crucial trend, Ford said, is economic diversification. Regions can determine diversity in part by looking at their top industries. As those account for less total income and fewer jobs, the economy grows more diverse.
The Community Indicators report shows that in 2006, construction, accommodations and food services, and real estate and leasing represented 42 percent of private-sector jobs in Routt County. That’s down from 44 percent in 2001.
“Where we’re diversifying is in the growth of these location-neutral businesses and location-neutral employees,” Ford said.
Diversification will help the economy along during the national recession, he noted.
The information in the Community Indicators report gives Ford reason to hope for the best.
“From a practical standpoint, I’m real optimistic about where we’re headed,” he said. “It doesn’t mean we don’t have our challenges. … The list is long, there’s no doubt about it. But our issues — there are communities across the nation that would trade for our problems.”
Study backs economic trends across region:
Steamboat Springs — Scott Ford says he’s never met a chart he didn’t like.
Ford has had plenty of chances to test that informational romance theory while poring through data about Routt, Moffat and Rio Blanco counties for Yampa Valley Partners’ Community Indicators Project. The annual report, which appears in a magazine in Sunday’s Steamboat Pilot & Today, includes sections on economic, environmental, civic and social indicators. Ford, a consultant who collected much of the data, sat down recently to discuss the economic trends.
A big one, he said, is the residential lifestyle economy. People are migrating to Routt County and often aren’t dependent on the local economy for their livelihood, Ford said.
“That migration is probably going to be one of the more significant economic drivers for us as we move into the future, so it was important to quantify it,” he said. “Like most things in the economy, nothing is independent. They’re always highly related. This residential lifestyle economy has emerged because we’re a beautiful place to live, but we’ve also created a lot of cultural things that people can enjoy.”
For the first time, Ford was able to measure that in-migration this year. He could see new Routt residents’ former locations and income, as long as more than 10 tax returns were filed from the person’s previous county.
Routt County tends to see an influx of people during recessions, Ford said. That’s partly because people who can afford to do so leave their jobs and head for a beautiful area. Ford said that lifestyle economy group could butt heads with industries that rely on, say, skier visits and Triple Crown.
Wealthy migrants to the area often are seeking relative solitude rather than the crowds that drive a tourism-based economy.
In 2007, Routt County gained $23.5 million in personal income because of migration, according to the report. Moffat’s gain was $900,000, and Rio Blanco’s was $400,000.
The people coming in are richer than those leaving, Ford said. According to Internal Revenue Service information, the average adjusted gross income of the tax returns was about $63,000 for people entering Routt and about $47,000 for people leaving.
“There’s no value judgment placed on this,” he noted. “We never say that’s a good thing, that’s a bad thing. We just say this is happening.”
Audrey Danner, the outgoing executive director of Yampa Valley Partners and a Moffat County commissioner, said the report provided a valleywide view.
“As we look at the relationships from Moffat to Rio Blanco and Moffat to Routt and what that looks like as far as work force movement, dollars, the changing economy and the types of jobs available in those counties … it’s a very unique perspective,” Danner said.
The group formed a larger team this year to prioritize and gauge the issues, she said.
“Our intention is to have this report be useful for decision makers, whether it’s a business looking at how they can strengthen their business within a community, within an area … and also the fact that local governments can see the dollars and the movement of people,” she said.
The report sometimes provides data backing what people already see, Ford said. Routt County exported $47 million to other counties in 2006.
Moffat imported $62 million the same year. The information also shows that hundreds of Moffat residents worked in other counties in 2000.
“A lot of things we talk about anecdotally, we actually have facts and figures for them,” Ford said.
Another crucial trend, Ford said, is economic diversification. Regions can determine diversity in part by looking at their top industries. As those account for less total income and fewer jobs, the economy grows more diverse.
The Community Indicators report shows that in 2006, construction, accommodations and food services, and real estate and leasing represented 42 percent of private-sector jobs in Routt County. That’s down from 44 percent in 2001.
“Where we’re diversifying is in the growth of these location-neutral businesses and location-neutral employees,” Ford said.
Diversification will help the economy along during the national recession, he noted.
The information in the Community Indicators report gives Ford reason to hope for the best.
“From a practical standpoint, I’m real optimistic about where we’re headed,” he said. “It doesn’t mean we don’t have our challenges. … The list is long, there’s no doubt about it. But our issues — there are communities across the nation that would trade for our problems.”
Saturday, January 31, 2009
96th Annual Winter Carnival
The 96th Annual Winter Carnival will start on Wednesday, February 4th and end on Sunday, February 8th, 2009. Beginning in 1914 the Steamboat Springs Winter Sports Club has organized this fun event for the whole family. Highlights include ski jumping, the diamond hitch parade and a night show with fireworks. A Winter Carnival button is required to participate or attend any of the Carnival's festivities and your contribution supports the Steamboat Springs Winter Sports Club. Hope you enjoy checking out this unique tradition and don't forget Lincoln Avenue will be closed for street events from 5th Street to 11th Street on Saturday, Feb 7th and Sunday, Feb 8th from 6am to 12:30pm.
Sunday, January 25, 2009
Potential five-star hotel gets strong support from city planning commission
Artist rendering of the proposed Thunderhead projectA recent article in the Steamboat Today shows the artist rendering for the proposed five-star hotel at the base of the Steamboat Ski Area. With strong support from the city planning commission the project will be reviewed by the Steamboat Springs City Council. See below for more details.
January 23, 2009 article in the Steamboat Today:
The proposed Thunderhead project at the base of the Steamboat Ski Area will proceed to the Steamboat Springs City Council with a strong positive recommendation from the city Planning Commission.
Commissioners voted, 5-1, to support the 390,000-square-foot project requesting substantial height variances from the city in exchange for a variety of public benefits. In explaining their support, some of the commissioners said they believe that the city’s height limitations in the Community Development Code are outdated and inconsistent with subsequent area plans that have called for increased density at the ski base.
“Precedent has already been set,” Commissioner Karen Dixon said, noting other approved base area projects of similar heights. “ We are obligated to respond to context.”
Commissioner Rich Levy cast the dissenting vote.
“Because of the height, I would be looking for extraordinary public benefit,” he said, “and I’m not seeing that.”
People packed Centennial Hall on Thursday night for Planning Commission’s review, which stretched late into the night. The height variances, aesthetic issues, economic impacts and more were among the items that drew the large crowd of supporters and critics.
The Atira Group is redeveloping the former Ski Time Square and Thunderhead Lodge properties that it demolished last year. Atira has decided to submit separate development applications for the projects, with the 390,000-foot Thunderhead site coming first. The application anticipates 100 residential units averaging about 2,300 square feet, along with two restaurants and shops.
Atira requested several variances for the project including overall heights about 30 feet above the 73-foot maximum prescribed in the Community Development Code for the gondola two zone district. Atira also is requesting a five-year grace period instead of the standard three years before it must pull a building permit, and plans to build a turnaround driveway in the city’s Ski Time Square Drive right of way.
City planners recommended approval of the project, believing the project’s public benefits are commensurate with its requested variances. Proposed benefits include a commitment to earn a silver certification from Leadership in Energy and Environmental Design, or LEED, for green building practices in the construction of the two eight-story buildings; public amenities such as seating areas, restrooms and outdoor fireplaces; the gifting of space to Yampa Valley Medical Center to relocate its injured skier transport center; and economic sustainability in the form of short-term rentals.
Several in the audience and others who wrote letters, however, disagreed with city staff’s recommendation.
“I haven’t heard anything about why this height is necessary to achieve these goals,” said local attorney Ron Smith, who is representing homeowners in the Bronze Tree condominium building north of the proposed project. “Where is the public benefit that large?”
Bill Jameson was strongly opposed to allowing Atira to construct a driveway in the public right of way.
“Scale the building appropriately, and it doesn’t have to be in the public right of way. Move it back,” he said. “Don’t just give away public property. This is valuable property up there.”
City planner Jonathan Spence said the width of the city’s right of way on Ski Time Square Drive is excessive.
“The idea was that we were going to vacate portions of that right of way to allow for more interesting streetscapes,” Spence said.
While most residents who own condominiums near the proposed project wrote or spoke out against it, others were supportive. Thunderhead also received endorsements from business owners, other developers, a Ski Corp. executive and others.
“The project is a critical component for the overall plan for a renaissance at the base area,” said Chuck Porter, former general manager at the Sheraton Steamboat Resort. “It’s important to remember that high density was desired at the base.”
Planning Commission postponed a review of Thunderhead’s community housing plan to Feb. 8 due to the late hour.
Letter of intent signed for new five-star hotel.
An operator of five-star hotels has signed a letter of intent to run a new property at the base of the Steamboat Ski Area. See below for a recent article in the Steamboat Pilot explaining the public benefits vs. some of the challenges faced to get this project built.
January 18, 2009 article in the Steamboat Pilot:
If Atira Group wins approval from the city of Steamboat Springs to redevelop the Thunderhead Lodge and Condominiums, it will ask for a five-year grace period instead of the standard three years before it must pull a building permit.
Atira Vice President of Development Mark Mathews said Thursday that his company was eager to begin marketing and building the twin eight-story condominium hotel buildings that would replace the old Thunderhead at the base of the Steamboat Ski Area. He was speaking before about 30 people during the first of three successive presentations in the Sheraton Steamboat Resort.
Mathews acknowledged the challenges of moving forward in the current economic climate.
“Our goal is to begin construction as soon as we get entitlements, as well as the market permits,” Mathews said.
City Planning Services Manager John Eastman said earlier Thursday that as soon as Atira wins approval for its final development permit, the clock begins running on the three-year period the company has to pull a building permit.
A variety of fees come due at that time, including tap fees and $2.6 million in affordable housing fees in lieu of actually building affordable units.
“We’ll ask for five years,” Mathews told his audience at the Sheraton. “There are millions of dollars (that come due) at that point. We have strong, strong partners and financials. What we don’t want is to do it get halfway into it,” and have an issue.
Atira also would like to begin marketing presales soon and will continue studying market trends reflected at its nearby project, Edgemont, before launching a sales effort, Mathews said. He confirmed that the ideal time to market a ski property is ski season and added that timing is particularly important in a challenging market, a sign that presales aren’t likely to begin before December 2009.
Height questions
Atira has been working with city staff on its application since April 2007. The group will take another big step Thursday, when it goes before the Steamboat Springs Planning Commission to seek a recommendation of approval for its development plan.
The application anticipates 100 residential units averaging about 2,300 square feet, along with two restaurants and shops in 390,000 square feet.
Mathews said an operator of five-star hotels has signed a letter of intent to run the new property, but he declined to identify the company or the financial backer for the project.
The Thunderhead Lodge and Condominiums, which dated to the 1960s, were torn down in late summer 2008, with much of the material left by the demolition recycled.
Mathews told his audience the care taken in demolition was the first evidence of Atira’s commitment to seeking Leadership in Energy and Environmental Design, or LEED, silver certification for green building practices in the construction of the new eight-story buildings.
Green building is among several categories of public benefit that Atira promises to provide, in part to satisfy requirements needed to win a building height variance the company is seeking on the Thunderhead site.
Under the community development code, the maximum allowable building height in the zone district at the base of the gondola is 73 feet. Atira is proposing to build one building to 104 feet and the second to 102 feet.
Public benefits to offset the variance include providing economic sustainability and achieving the goal of removing obsolete buildings as called for in the city’s Base Area Plan, Mathews said.
Documents on file at the city’s planning department mention a public seating terrace adjacent to the ski area, public restrooms, a public fireplace and a small performance venue — all among public benefits with an aggregate construction value of about $1.7 million.
Senior City Planner Jonathan Spence pointed out that the nearby One Steamboat Place development, which topped out early this winter, is 106 feet tall.
Some neighbors of Atira’s project already have registered their opposition to the variance with the city. They include condominium owners in the Bronze Tree building on the north side of Ski Time Square.
Clayton Thomas, a member of the board of directors of the Bronze Tree Homeowners Association, and his wife, Bonnie, wrote to Planning Commission Chairwoman Kathi Meyer to register their opposition to the Atira plan.
“What a tragedy this will be if this height and building shape is approved,” they wrote. “This building is on the very edge of the ski slope and disregards the interests of other property owners whose views would be reduced or eliminated. It is like putting the tallest and widest people in the front row for a class picture!
January 18, 2009 article in the Steamboat Pilot:
If Atira Group wins approval from the city of Steamboat Springs to redevelop the Thunderhead Lodge and Condominiums, it will ask for a five-year grace period instead of the standard three years before it must pull a building permit.
Atira Vice President of Development Mark Mathews said Thursday that his company was eager to begin marketing and building the twin eight-story condominium hotel buildings that would replace the old Thunderhead at the base of the Steamboat Ski Area. He was speaking before about 30 people during the first of three successive presentations in the Sheraton Steamboat Resort.
Mathews acknowledged the challenges of moving forward in the current economic climate.
“Our goal is to begin construction as soon as we get entitlements, as well as the market permits,” Mathews said.
City Planning Services Manager John Eastman said earlier Thursday that as soon as Atira wins approval for its final development permit, the clock begins running on the three-year period the company has to pull a building permit.
A variety of fees come due at that time, including tap fees and $2.6 million in affordable housing fees in lieu of actually building affordable units.
“We’ll ask for five years,” Mathews told his audience at the Sheraton. “There are millions of dollars (that come due) at that point. We have strong, strong partners and financials. What we don’t want is to do it get halfway into it,” and have an issue.
Atira also would like to begin marketing presales soon and will continue studying market trends reflected at its nearby project, Edgemont, before launching a sales effort, Mathews said. He confirmed that the ideal time to market a ski property is ski season and added that timing is particularly important in a challenging market, a sign that presales aren’t likely to begin before December 2009.
Height questions
Atira has been working with city staff on its application since April 2007. The group will take another big step Thursday, when it goes before the Steamboat Springs Planning Commission to seek a recommendation of approval for its development plan.
The application anticipates 100 residential units averaging about 2,300 square feet, along with two restaurants and shops in 390,000 square feet.
Mathews said an operator of five-star hotels has signed a letter of intent to run the new property, but he declined to identify the company or the financial backer for the project.
The Thunderhead Lodge and Condominiums, which dated to the 1960s, were torn down in late summer 2008, with much of the material left by the demolition recycled.
Mathews told his audience the care taken in demolition was the first evidence of Atira’s commitment to seeking Leadership in Energy and Environmental Design, or LEED, silver certification for green building practices in the construction of the new eight-story buildings.
Green building is among several categories of public benefit that Atira promises to provide, in part to satisfy requirements needed to win a building height variance the company is seeking on the Thunderhead site.
Under the community development code, the maximum allowable building height in the zone district at the base of the gondola is 73 feet. Atira is proposing to build one building to 104 feet and the second to 102 feet.
Public benefits to offset the variance include providing economic sustainability and achieving the goal of removing obsolete buildings as called for in the city’s Base Area Plan, Mathews said.
Documents on file at the city’s planning department mention a public seating terrace adjacent to the ski area, public restrooms, a public fireplace and a small performance venue — all among public benefits with an aggregate construction value of about $1.7 million.
Senior City Planner Jonathan Spence pointed out that the nearby One Steamboat Place development, which topped out early this winter, is 106 feet tall.
Some neighbors of Atira’s project already have registered their opposition to the variance with the city. They include condominium owners in the Bronze Tree building on the north side of Ski Time Square.
Clayton Thomas, a member of the board of directors of the Bronze Tree Homeowners Association, and his wife, Bonnie, wrote to Planning Commission Chairwoman Kathi Meyer to register their opposition to the Atira plan.
“What a tragedy this will be if this height and building shape is approved,” they wrote. “This building is on the very edge of the ski slope and disregards the interests of other property owners whose views would be reduced or eliminated. It is like putting the tallest and widest people in the front row for a class picture!
Tuesday, January 6, 2009
Saturday, January 3, 2009
Happy New Year!
If you like to play in the snow, now is a great time to visit us in Steamboat Springs, Colorado!
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