Lower Prices Have Put Steamboat Within Reach For New Buyers!

There has been an increase in activity in the Steamboat Springs market. Vacation properties in our world class ski resort are now in reach for new buyers. The lower prices are luring buyers to take the plunge on ski properties despite economic worries. Although some sellers have not lowered their list prices to meet buyers expectations. We estimate that the prices have fallen at least 20 to 30 percent since its peak in 2007 and land prices have dropped as much as 50 percent.
Many buyers are looking for a bargain and many sellers have some sort of distress element. The distress element is often divorce, death or debt, but two years into a grim economy the motivating factor for a price reduction can simply be time.
If buying a vacation home is part of your long term plan, it might be wise to accelerate your timetable to take advantage of low prices and historical low interest rates. Many buyers are now offered a chance to fulfil a dream.

United States Most Expensive Home Sells

On June 4, 2010, Le Belvedere, a 48,000 square foot French chateau on 2.2 acres in Bel Air, California sold to an unidentified European family, for as much as $72 million. The sale secures the highest price this year for a American residence. This exceeds the previous 2010 record of more that $46.5 million for a home sold in Aspen, Colorado last April.
Although seller, Mohamed Hadid wouldn't release the official sale price, he confirmed that it was between $50 million and the asking price of $72 million. In Los Angeles County, sale prices can take more than a month to appear on the public record.

The home was designed and built by developer Mohamed Hadid, former owner of Ritz Carlton Hotels, for his personal use.

For more photos and details of the home click on the link below.

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Rent Versus Buy?

The question whether to buy versus rent is a great topic of debate. However, by asking yourself a few important questions the answer should come easy.
First of all, let's consider the total costs of home ownership...these costs include mortgage principal and interest, property taxes, hazard insurance, closing costs at time of purchase and ongoing HOA dues and private mortgage insurance, where applicable. Total costs of home ownership include an offset for the tax advantages of home ownership, including mortgage interest, property tax and closing cost deductions.
The total costs of renting include rent and renter’s insurance.
Now, let's consider how long you will live in the home. Buying a home and selling after 1 year, probably would make renting seem like a more reasonable choice. But after 3-5 years, buying becomes the less expensive solution. Also, it is wise to consider home value rising over a period of time and renting rates rising over time as well.
Keep in mind that paying rent is ultimately helping the landlord and not yourself. With a rent payment all the equity is going to the landlord. But, if you are only going to live somewhere for a year or less, renting could be better because of flexibility and lack of liability.
Another good question to ask yourself is not just a question of money. There is pride and pleasure in home ownership with the ability to make it your own. For example, paint the colors you want, remove a wall, remodel the kitchen, etc. You do not need to ask your landlord for permission. Owning a home can be more of a lifestyle decision and less of a financial decision.

More Closings at Emerald Lodge, Steamboat Springs

Three condos have sold in Emerald Lodge in the last 2 months. Plus, another condo has recently gone under contract. This is impressive news for Trappeur's Resort which has been one of the hottest condo complexes at the base area for the last couple years. Some of the property's highlights include:1) Great Location. The resort is within walking distance to the base area where you can enjoy restaurants, shops and activities. It's also very quiet and free from any construction. 2) Awarded the Expedia Insiders' Select list and is the only property in Steamboat to receive this prestigious accolade. 3) The new Day Spa and Fitness Center has been operating for over a year now and has been a huge success with owners and guests. 4) The 6 buildings at Trappeur's offer a variety of floor plans and price ranges to fit the needs of most buyers. If you would like more information or would like to schedule a tour of Trappeur's Resort please give us a call or send us an email.

100% Financing Just Made Easier

If you are considering buying a home and need 100% financing the USDA program recently increased their qualifying income limits. In Routt County the limit for families between 1 and 4 people is now $92,600. In Moffat County the limit is $74,050. This is good news for buyers interested in purchasing a home but do not have the a down payment available. If you need more information about this program give a call or send us an email.

A Day At Marabou

We had a company outing at Marabou recently. Marabou is a unique ranch preservation community with 62 custom homesteads on nearly 1,800 acres of active ranch land. More than 1,325 acres will remain common open space. It it a beautiful property bordering two miles of frontage along the Elk river and renowned for its fly fishing waters.

It was a bit overcast but a perfect day for enjoying the Marabou lifestyle. Many of my colleagues chose to go fly fishing with the master guides and had a great time. I decided to go horseback riding with World Champion Steer Wrestler, master guide, Chad Bedell. We had a wonderful ride with gorgeous scenery and even crossed water up to the horses belly! Above is a photo of the Elk River, me with "my horse" Appy at the horse barn and one of the owner's cabins.

After the activities, the staff of Marabou had a delicious appetizer and cocktail party for us at the Owner's lodge overlooking the river. I toured the spa, fitness facility, movie theater and one of the owner's cabins. The facilities are impressive.

Marabou is truly a special property providing first class amenities, blue ribbon fishing, hiking, mountain biking, horseback riding, ranching, etc. For more information about Marabou or if you are interested in going for a tour to experience this picturesque property please give us a call or send a email. Amy 970.846.2114, amybrown@mybrokers.com or Chris 970.819.1432, chris@mybrokers.com

SECOND HOME SALES EDGE UP

As I was doing my weekend reading, I came across the following article in Businessweek:From Hamptons to Tahoe, Summer Home Sales Edge Up

Here in Steamboat Springs, we are seeing activity in the Real Estate market increase significantly over the same time last year. Clients and friends are consistently asking me, "Has the real estate market bottomed yet". Not a yes or no answer and it depending on what your position is in the market. Are you an owner of a property you purchased in 2007, or are you sitting on cash waiting to buy? Overall, if every property was repriced, every day to where buyers would buy, we would be seeing an increase in price for many properties. Unfortunately, this is unrealistic and the pricing of real estate involves a great deal of emotion.

One method for identifying where the market is bottoming, is to watch where actual transactions are occurring. For the past two years, in Steamboat Springs, we have not had enough sales activity to make reasonable assumptions. Finally, after a long wait, in many areas (single family homes, condos and town homes) we are getting transactions to analyze. Here is a link to a recent newsletter we sent, giving some indications here locally that indicate potential bottoms in property values: May 2010 Newsletter from The Paoli Group

In a surprise change to the downside, mortgage rates have actually gone down in the past few weeks. Mortgage Rates Drop . Locking in long term rates may be a great idea, considering the potential for exaggerated inflation over the long term. Combining great prices on incredible real estate with the low rates, this could be an interesting opportunity.

If you have any questions about the information provided above, contact Chris at 970.819.1432 or chris@mybrokers.com