Steamboat Condo Financing Issues from WMRA
April 25, 2010
New Fannie Mae guidelines for condominium financing is preventing buyers in all resort markets, not just Steamboat Springs, who want to take advantage of the lowest prices and lowest interest rates in years from buying a Steamboat condo.
Here is an abridged version of the Western Mountain Resort Alliance position paper explaining these challenges. The WMRA includes 13 ski areas, all of which are experiencing the same lending issues: Read more
Steamboat Condo Update
April 25, 2010
The Steamboat condo market has thawed in 2010 although we’ll have to see some changes in financing availability before the Steamboat condo market fully improves. Condos in Steamboat Springs and other Colorado resort markets are one of the slowest market segments for actual sales because financing remains a challenge. Financing is available, just more challenging.
If you are thinking about purchasing a Steamboat condo, remember that there are owners who will carry the financing for qualified buyers. It’s a win-win for buyers and sellers and a way to avoid the traditional financing methods that remain so troublesome. Please contact us for information on seller financing.
Until then, there is a lot of interest from cash buyers. Cash buyers made up almost half of the Steamboat condo sales in 2010. Cash buyers paid an average of 85% of list price for Steamboat condos in 2010 while buyers who financed paid an average of 98% of list price. (There are more reasons other than cash vs. financing for the difference in the list-to-sold price. Let us know if you are interested in specific developments or price points and we’ll get you details.)
