Steamboat Real Estate Blog

During the housing boom, the reverse mortgage was touted as a way for retirees to turn their home equity into cash. In essence, homeowners with a reverse mortgage take a loan against the equity in their home and do not have to pay it back while they are alive, so long as they remain in the home.

But when housing went bust, it took much of the reverse mortgage market with it.

Today, home equity conversion mortgages backed by the Federal Housing Administration make up a large percentage of the reverse mortgage market. But how can you choose the best reverse mortgage for your situation?

Stephen Malpezzi, a professor at the Wisconsin School of Business' Graaskamp Center for Real Estate in Madison, offers some thoughts in the following

449 Views, 0 Comments.

Steamboat Springs — Wildhorse Meadows soon could see some new residential development after spending years in dormancy.

A section of the original development that went through the city of Steamboat Springs’ planning process was sold to Front Range-based Real Capital Solutions in 2012. Now, Real Capital Solutions has plans to develop duplexes and triplexes along a strip of that land in front of Trailhead Lodge.

The Steamboat Springs Planning Commission will review a final development plan for the project at its Thursday meeting.

According to Steamboat Springs Planning Department documents, the original plan that the city approved in 2006 called for as many as 24 units with a mix of duplexes and triplexes at this location.

Real Capital

255 Views, 0 Comments.

Steamboat Springs — A down economy and the scale of a project are factors in requests for extended vesting, said Tyler Gibbs, city of Steamboat Springs Planning Department director.

Whatever pressures are most relevant to a given project, a balance must be struck between promoting the success of a proposal and ensuring public safety.

“From the city’s perspective, we’re trying to make sure if something continues out for a number of years — if there’s been some significant change in code — that we still have the opportunity to look at that,” Gibbs said.

The standard vesting period for projects that make their way through the city of Steamboat Springs planning process is three years with an additional two years available through an

592 Views, 0 Comments.

In the “new normal” that is the current housing market,  prices aren’t what they were at their peak, but inventory is at historic lows. Those factors are creating a ‘perfect storm’ of bidding wars between potential buyers.

Here are 10 tips on how to become the most desirable buyer you can be – and create an compelling offer that wins the multiple offer war.

1. Cash is king -  Investors have been snapping up homes to flip or rent, and they usually come to the table with cash. Sellers love all-cash offers because they’re less likely to fall through before the sale closes. Bring as much cash to the table as makes sense for your personal financial situation.

2.  Start 4 months ahead. If you can’t pay cash, you’ll need to get a

1,220 Views, 0 Comments.

Steamboat Springs — Steamboat 700, the 536-acre development parcel rejected for annexation by city voters in March 2010, is back on the market with an asking price of $30 million.

David Baldinger Jr., of Steamboat Village Brokers, has listed the property.

Steamboat 700, which gradually would have added about 2,000 new home sites to the city of Steamboat Springs, originally was purchased in March 2007 by Steamboat 700 LLC, represented by Danny Mulcahy. The development group purchased the original 540 acres for $25 million and placed an additional adjoining 170 acres under contract.

The 540 acres were within the West of Steamboat Springs Area Plan identified as the place for the city to grow under a join agreement between the city of

509 Views, 0 Comments.

I owe more on my mortgage than what my house is worth. And, unfortunately, my loan isn’t owned by Freddie Mac or Fannie Mae, and it is an adjustable rate.

What are my options to refinance my loan into a fixed rate loan? Also, I had a U.S. Department of Veterans Affairs (VA) loan at one time and I sold the house. Would I be able to get another VA loan? I’ve made all of my payments on time.

If your current lender does not participate in any of the loan modification or refinance programs, you might be out of luck if you need a refinance and you’re underwater.

While you didn’t mention your interest rate, you did indicate that your interest rate is variable. Recently, people with variable rate mortgages have found that they are getting a

445 Views, 0 Comments.

Like a ship rolling through swells on the ocean, the 2012 market ended slightly up from 2011. 2011 was slightly down from 2010. 2010 was slightly up from 2009. According to statistics provided by Land Title Guarantee Company, total sales for 2012 were

$484 million, which was up 7% from the 2011 total of $451 million.

One key indicator of the market was decreased listing inventory at year end. 2012 marked the 4th consecutive year of decreasing inventory. Listings ended the year at just over $1.3 billion which is down 25% from 2008 year-end listing inventory of $1.7 billion.

Another key indicator in the market for 2012 was the lessening impact of distressed properties. Distressed sales (bank owned & short sales) represented 18% of the volume and

3,294 Views, 0 Comments.

A new website, SteamboatBikeTown.com, designed and funded by the Steamboat Springs Bike Town USA Initiative, is an online bike guide filled with interactive trail maps, event calendars and image galleries and is the most comprehensive website dedicated to cycling in Steamboat.

Built by riders and for the riders, the online bike guide is organized into geographic riding zones within Routt County and is further segmented by riding type.  Whether you're a family looking for a leisurely cruise, a full-face helmet downhiller, or a roadie looking to tackle a century - the bike guide has your beta. 

bike_guide_525

460 Views, 0 Comments.

Elk River Partners, the developers of Marabou Ranch in Steamboat Springs, Colorado sold all of their remaining lots to the Stolz Group in a bulk sale.  Marabou Ranch is a luxury shared ranch community composed of 62 lots, with about 1,300 acres of shared common sense.  Marabou Ranch includes some amazing amenities including 2 miles of great fishing on the Elk River, extensive year round trails (hiking, biking, horseback and skate skiing), a stable of horses, 5 owner cabins, and amazing lodge, pool area and more. 

Lots in Marabou originally sold for $2-5M and have recently sold for around $1M with one higher sale.  They are pulling the listings for their lots, so there will be just two lots left on the market for now.  They plan to hold them for a while

943 Views, 0 Comments.

kevin_dietrich_1500 nancy_w_rgb_1000

STEAMBOAT SPRINGS, CO— Kevin Dietrich and Nancy Westphale are the newest broker/owners at Colorado Group Realty, Steamboat Springs’ largest independent real estate company.

Kevin grew up in Buffalo, NY, skiing on the slopes of Holiday Valley Ski Resort in the Alleghany Mountains.  He moved to Steamboat Springs permanently, after spending several winter and summer vacations in Colorado, in 2002.  An Elementary Education and English major, from St. Bonaventure University, he spent time post-graduation in Ireland and traveling Europe. 

Prior to becoming a broker in 2007, Kevin worked with the Buffalo, NY school district before relocating to Steamboat.  After 4 years as a senior manager with the Steamboat Ski & Resort Corporation, he chose to

1,040 Views, 0 Comments.