Posts Tagged ‘High Mountain Sotheby’s International Realty’

Where is the best value for your hard earned money in the Steamboat Springs real estate market? Steamboat Foreclosures, bank-owned and short-sales come to mind for most buyers.

There’s a mistaken perception among many buyers that they should buy a property that is bank owned, in foreclosure or a short sale. If they don’t buy a distressed property, they are missing out on “a deal” or at least the best deals available. But what buyers need to remember is WHY they are buying the property. Will it be their home or is it a financially sound investment with a good return?

Most people buy real estate as a shelter with the intent of owning the property for several years. So buying “the deal” can become a disappointment if it doesn’t meet their needs and it never really feels like home. During the past eight years of selling real estate, I have sold many homes to people based on the gut feeling they experienced when they walked through the front door. Buyers who had carefully thought about what they desired from a home and what’s appealing to them. Does every home buyers buy meet all their requirements? No, but they fell in love with the house and bought it anyways and I have yet to hear a regret.

Now I’m not saying that buying a distressed home is a bad idea. What I’m saying is don’t get so distracted with buying “the deal” and purchase something that doesn’t meet your desire or needs. And don’t narrow your search to just distressed properties. There are many non-distressed sellers willing to sell for great prices.

There is also extra stress and time involved when purchasing a property in the foreclose or short sale process. For many people with busy lives the extra hurdles and often disappointment are not worth their time and energy.

Foreclosure and short sales have already benefited buyers by driving down the comparable prices in every neighborhood in Steamboat Springs. Research by the Land Title Guarantee Co. office in Steamboat Springs shows that in the preceding 14 months, 205 residential units have sold for less than $300,000, and of those, 83 were priced lower than $200,000. In January and February, there were 18 home sales of less than $200,000. The declining prices for existing housing inventory here also can be seen indirectly in the fact that year-to-date dollar volume was off 23 percent at the end of February while year-to-date transaction volume was up almost 30 percent.

Lower sales prices means a seller whose home is not in foreclosure can either leave their property on the market at the price they feel it is worth and most likely wait at lot longer for a buyer or reduce their listing price to be more competitive. Many properties outside the foreclosure process are very aggressively priced in Steamboat Springs and the surrounding areas of Stagecoach, Oak Creek, Hayden and Clark which means there’s ample “good deals” a for buyers right now.

—For more on this topic or questions regarding Steamboat Springs real estate in Steamboat Springs, Colorado, feel free to call Charlie at 970-846-6435 or write me an email at: charlie@steamboatsmyhome.com.

Thanks,

Charlie

There’s been a lot of discussions lately regarding home ownership. And frankly, there are solid arguments in favor of renting versus owning a home today. The primary argument against home ownership today revolves around appreciation in the values of real estate. Over the last 2-3 year real estate has not gone up in value. In fact, home values have gone down – up to 50% or more in places. And home ownership is down as well.

Home ownership should not be taken lightly. Sure we’d all like to make gains on our real estate as we have done so almost consistently for 70+ years. But as we have learned from the past few years, nothing is guaranteed. Yet, now that we have weathered what seems like the worst of the storm, let’s remember what home ownership is all about. And let’s look at the past to help us in the future. Imagine that.

America is a nation of possibilities; a land of opportunities where seemingly anyone can obtain “A Better Life”. And one of the components of the “American Dream” is Home Ownership. Home Ownership Offers:

• A sense of identity

• A sense of status

• Shelter

• Comfort

• An investment for the future

• A way to get ahead to “A Better Life”

Over the last 90 years, Home Ownership has increased substantially from 46% in the 1920 to 67.3% first quarter 2009 but has dropped over the last year to 66.5% for the 4th quarter of 2010.

Much of this increase & decreases have a direct correlation to major national events that took place over the last 100 years.

1920′s –Consumerism 45%
1930′s –The New Deal: The National Housing Act of 1934 48%
1940′s –Post WWII: GI Bill of Rights 43%
1950′s –Grabbing the American Dream 54%
1960′s –Society Shifts, The Good Life, Opportunity 62%
1970′s –Inflation, Vietnam War, Oil Crisis 62%
1980′s –Deregulation, A Free Market, Wall Street 64%
1990′s –Debt Increases, Flat Earnings 64%
2000′s –The Age of Real Estate, Easy Money 67%
2010 — Mortgage Crisis, Banking fraud, Global Issues 66.5%

On average, homes have appreciated in value 5% a year – with a few exceptions (2000 – 2006 values rocketed up & 2007 through 2010 values dropped).

On average, inflation-adjusted home prices have fluctuated between $125,000 to $150,000 – with a few exceptions: Below average – $100,000 from (1920 through 1942 The Great Depression) and Above the average – $265,000 as a peak from (2000 through 2006).

So what do we do today when asked if home ownership is a good thing? I would say yes. Home ownership offers so much more than the potential investment. And I do believe that over the long-term, real estate values will go up. I’m not even going to talk about the tax-deductions here -that’s another story.

There’s nothing like painting a wall a special color, or gardening outside your front door, or coming “home” after a long day and just relaxing in what it yours – Home Ownership Rocks.

Charlie Dresen, High Mountain Sotheby’s Realty

—For more on this topic or questions regarding real estate in Steamboat Springs, feel free to call Charlie at 970-846-6435 or write me an email at: charlie@steamboatsmyhome.com. I will answer your post or email promptly with candid and informed answers. Click here to view all properties in Steamboat Springs in “real time” — This is one of the few real estate sites showing all foreclosed and all short sale listings in real time and updated every few minutes.

Here’s a listing in Steamboat Springs. 3442 Hiawatha Court, Steamboat Springs, CO. It’s a great 3 + bedroom home with 2.5 bath. It’s in a wonderful location but take a look for yourself. Here’s a street view of the place. Move the arrows and walk down for a look at the neighborhood.

Take a look at the listing information for this Hiawatha home, don’t forget to view the video of the inside.

Just use the arrows on the top left to move around. Or click anywhere in the window to move there. Of if you literally want to move there call your real estate agent, or the Sotheby’s office 970-879-8101, or Charlie Dresen at 970-846-6435. Take a look at Charlie’s other listings here.

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Dakota Ridge Home

High Mountain Sotheby’s International Realty recently closed on a 3 million dollar sale in the Dakota Ridge Subdivision, representing both Buyer and Seller in the transaction. The sale represented a finished square foot price of $509, which was an excellent number to obtain for the Seller given the current state of the market, but also afforded the buyer value in this luxurious home at this price. The house has some of the finest views in Steamboat with the Ski Area, Walton Creek Canyon, Catamount Ranch, and the South Valley all on display through the expansive windows. Showcasing meticulous Old World craftsmanship, with impressive stone columns, reclaimed heart pine floors, handcrafted wood trusses, three fireplaces, an incredible appliance and audio/video package and extensive outdoor BBQ station are just a few of the unique features that make this an exceptional property.

Marabou Ranch

High Mountain Sotheby’s International Realty has secured another contract on one of its Marabou Ranch listings listed at $1.9 million, which is the second contract in the last 30 days. Marabou is a ranch preservation community consisting of 1,717 acres, located just five miles from the mountain resort town of Steamboat Springs, CO. Marabou has 62 homesteads, and more than 1,325 acres (74 percent) will remain as shared open space, preserving the wildlife habitat, riparian areas and active ranch-agricultural lifestyle. Amenities include world-class fishing on the Elk River, River House Lodge, Downstream Spa, River’s Edge Fitness Center, River’s Edge Pool, Outfitter’s Cabin, Owners’ Cabins, Casting Room Theatre, Kids’ Korral, Horse Barn, Roping Arena, and Round Pen, and and extensive trail system.

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