Steamboat Condominium and Townhome Mountain Area market info 2010 

Latest count on July 22nd, there were 8 REO or (bank owned) condos and townhomes on the market. I anticipate several of the short sales will go to bank owned. I've set up a web page to watch the REO and short sale listings in Steamboat. Please contact Dean Laird for access to the Steamboat Deals page or to receive the latest sales report since Jan 1st, 2010.

Prices are coming down due to an increase in inventories. Some condominium projects are seeing listing prices at 2005 levels. Other new construction projects such as Edgemont, One Steamboat Place and Wildhorse meadows are continuing to close several deals at or close to full price.  Their condo sales are hovering around $1000 per sq.ft. and above.  Luxury condominiums are holding their value fairly well with exception of the Highmark at Steamboat.  Coming this March - you'll find several of these properties on auction.

Daily Q & A

"How is the Market?"  In summary, If you are a buyer, much better than 2007 and last year because of the higher inventory, low loan interest rates and sellers negotiating on prices. We're seeing several short sales and some foreclosures. The better deals are selling. Banks are not holding onto their REO's.  it is a good time to make offers on these properties. As a Steamboat buyer's agent, I successfully closed several real estate purchases in 2009 for much lower than asking price.  A few by as much as 30%. 

"Will the Steamboat market continue to drop?"  Sorry, I don't have a crystal ball! However, I can say certain markets inventories are leveling off or beginning to decline. If you are searching for a 3 bedroom luxury condominiums in a price range $800,000 or less, I can tell you we are beginning to see less opportunities. 

"What about all the new construction?" Most of what you see was planned a few years back and pre-sold at pre-construction prices. Many are closing deals as contracted to do so and some just don't have the means now due to the lending crisis.  This has condominium developers in a position where they cannot close the sale and the original buyers are forfeiting their deposits. These deposits given up by other buyers in some projects can be applied to a new purchase. 

"What is selling?" New developments - One Steamboat Place as of the date of this post, has closed 9 properties from $2.7 million to $4.4 million.  These are luxury ski-in ski out condos, 3 and 4 bedroom residences from $1000 per sq.ft and up. Edgemont is also a new construction ski in property closing several deals since December 2009 from $1.5 million to $3.8 million - price per square foot is in the same ball park. The lower end of the price scale is also beginning to see several sales due to price reductions of over 40% from the highs in 2007.  

"What's the least I can spend and own real estate in Steamboat?"  For $5000 you can own a time share week at Northstar. 1/8th fractional ownerships start around $40,000.  This allows you 6 to 7 weeks a year which usually guarantees at least 2 weeks in the summer and 2 weeks in the winter. Most will allow you visit on short notice if there is space available. Whole ownership starts at $100,000 range for a studio condominium.

"What are the HOA fees?" HOA (Home owner association fees) vary significantly depending on amenities, location, management and other factors. On average - home owner condo fees are from $300 per month to $900 per month. Luxury ski in properties can be much higher, though higher rental incomes tend to help offset this expense. This may be sticker shock to many - cost of snow removal and spring maintenance as a result of all the great snow, is why were typically much higher than HOA's in dry climates. Some properties include natural gas (heating) or capital reserve assessments for planned future projects.

If you have read this far then I'm guessing you have more questions or are ready to check out the better deals in Steamboat. For more information on real estate in Steamboat contact Dean Laird.

Real Estate info 877-678-0884