Ever wonder what’s the difference between a Steamboat Condo and a Steamboat Townhome?   We can help you find the right vacation home for you and your loved ones, both on and off the mountain.

We specialize in helping people realize their dream of owning property in the #1 rated Family Ski Mountain in the West–Steamboat Springs, Colorado.

Please contact us to learn more about buying and selling real estate in Steamboat, or to schedule a time to look at Steamboat properties when you are in town. Our associates know the Steamboat market.

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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:

WMRA URGES NAR TO ADDRESS CONDO FINANCING ISSUES

The Western Mountain Resort Alliance (WMRA) is composed of boards of REALTORS® of destination ski resorts in the Mountain West including:  Park City, Utah; Sun Valley and McCall in Idaho; Jackson Hole, Wyoming; Crested Butte, Steamboat Springs, Summit County, Vail, Winter Park and Telluride in Colorado; Tahoe, California; Big Sky, Montana; and Whistler/Blackcombe in British Columbia, Canada. We are committed to the marketing and selling of resort real estate and protecting the benefits our owners of vacation real estate enjoy.

The Issue

Our membership is becoming increasingly concerned about the difficulty of obtaining financing in condominium transactions in our resort areas due to strict Fannie Mae & Freddie Mac condo guidelines. The condo markets in our areas have been particularly hard hit by the housing downturn. The current guidelines have made it almost impossible for condo transactions to be completed, even for buyers with strong credit and healthy down payments.

REALTORS® in our resort areas are seeing:

• A record decrease in sales of condominiums where financing is required by buyers, due to inability to meet GSE requirements. Condo’s are a very large part of resort real estate sales.
• Reaction by HOA’s, who are changing original doc’s to disallow short term rentals completely so that financing can be obtained. This is backfiring, or will, when investment buyers will not seek properties in these HOA’s, because they cannot be rented.
• Conflict between federal agency requirements: Fannie recently denied approval of a condo project solely because the project included a few ADA units as required by the Americans With Disabilities Act. These units were intended for owners with guests who needed ADA compliant property. Fannie denied the project, indicating the ADA units were a “non-incidental business use”. The lending agency was concerned these units would be rented out as a nightly rental.
• First Time Homebuyer Tax Credit and Condo Purchases. Many “locals” are trying to secure the first time homebuyers tax credit and these condos are the only units that fit within their price parameters.
• Few Foreclosures. Our resort markets are holding strong against foreclosures. Loans in resort condo markets perform better than traditional housing loans and resort areas are not seeing more than 2% foreclosure rate. GSE’s are concerned about foreclosure, as it relates to the entire U.S. Housing Market. FHFA needs to differentiate resort condo markets from traditional lending markets.

WMRA has identified these lending issues and requirements to be the nexus of problematic condo financing:

• FNMA and FHLMC/ large bank regulations that:

• Require 70% owner occupancy.
• Do not allow nightly rentals of condos.
• Do not allow front desks.
• Allow underwriters to do a web-based internet search to determine whether project engages in nightly rentals. These searches can include inaccurate or dated information that are not verified.
• Restrict lending for projects that do not have individual gas or electric meters or services.
• Do not allow lending in projects where “lodge” is included in the name.
• Require 40-50% down payment.

• Overlays put on by large banks selling to FNMA and FHLMC.

• Denial: One of the biggest issues is when the denial occurs. It is generally within the week of closing and often 1 day prior to closing. This means that the Seller has taken the condo off the market for 45 days, the buyer is out the cost of an appraisal and an inspection. Also lost is the paperwork, time and energy expended by all parties involved. If the underwriters are going to “google” the property, this should be done at the beginning of the process.

• No Appeals Process. There was recently an issue with a project consisting of 100 units, 5 of which are in a short term rental program. Many of these units are townhomes but registered at the County as Quail Run Condos. This is a project that consists of primary housing for many of the core service and hospitality families needed in our resort. Due to the 5 short term rentals and the fact that they found this on a web page, funding was denied. Again, no appeal on this clearly errant decision.

• Lack of definition as to what can and what cannot qualify. This creates confusion for lenders, REALTORS® and the public at large. We need clear and concise definitions on qualifications.

It’s a self-fulfilling prophecy: The GSE’s don’t want to lend for fear of foreclosure, but if they don’t lend, and sellers in these condos can’t sell their properties, they will foreclose.

The Goal

With the goal of achieving liquidity in our condo markets, WMRA strongly urges NAR to pursue public policy, whether through federal legislation or regulatory changes, that would exempt resort areas nationwide from the current GSE condo guidelines.

In January, Fannie Mae undertook a “Special Approval” designation that exempts established condo projects in Florida to help stabilize the states condo market. We believe resort markets in all areas of the United States should be exempted from rules that prevent sales of condominiums in our area.

The post Steamboat Condo Financing Issues from WMRA appeared first on Steamboat Ski Condos.

HOA dues cover the expenses for the common areas of the development.  They pay the exterior maintenance, the landscaping, the snow plowing, the shuttle bus, the heating of the pool in the winter, and hopefully they put money into a reserve account to pay the big-ticket items when they come due.  Some of the dues go toward common utilities like cable, trash, water, and occasionally heat.

When Steamboat condo owners fall behind on their HOA dues, here are some of the things that can happen:

• Services can be suspended or stopped.  For example, pools may close during the shoulder seasons, or hot tubs can be closed to make up for budget shortfalls.
• Owners can be assessed to make up for shortfalls.
• Lenders can refuse to lend money in Steamboat Springs condo complexes with a high (15% or more) delinquency rate.

Cutting the budget can get an HOA back into the black until condos are sold and the new owners take over paying the association dues.

And buyers who pay cash or get financing from outside sources (like an equity loan on a primary home) can get some great values.

In summary, when you purchase a Steamboat Springs condo or townhome, make sure you read the CC&Rs, budgets and minutes closely to make sure the Association is strong, or at least managing the budget by cutting costs until new owners take over from delinquent sellers.

Interested in buying a Steamboat condo or townhome?  Call 970-846-8284, or contact us.

The post Steamboat Condo Buyers—Know the HOA before you Buy appeared first on Steamboat Ski Condos.

There have been several sales at the Olympian this year as people take advantage of lower prices for brand-new condos.

See all the Olympian Condos for sale here or call 970-846-8284 to find out about what is currently available at The Olympian.

The Olympian press release says:
“Downtown Steamboat’s Premier Riverfront Development, The Olympian, announces dramatic fall pricing for the next three sales. Located in the heart of historic downtown Steamboat Springs, Colorado, and just steps away from the bike path and Yampa River, the last remaining free-flowing tributary to the Colorado, the  41,000-square-foot project includes 23 residential units and 5,700 square feet of commercial space, blending Steamboat’s past and future with brick and stone elements matching other downtown landmarks. Come share our passion for comfort, convenience, style and elegance, all woven together in one exceptional location.”

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Click on link to see the details:

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Steamboat received almost 20″ of snow this week in an early season storm, so wax your skis–the season starts in 26 days!

These  workers are trying to finish work on the new promenade and ampitheater right outside my Colorado Group Realty office at the Sheraton.  Once the promenade is completed, it will link Ski Time Square and One Steamboat with a lopsided walkway and summer water feature.

The post Steamboat Base area Renovations appeared first on Steamboat Ski Condos.

Here is the most recent list of bank-owned condos and townhomes for sale in Steamboat Springs. Here are the highlights:

• The Dulany condo is the first ski-in, ski-out bank-owned condo to hit the market.  It is turn-key and in great shape.
• The Highmark has been selling well and just had their first homeowners meeting with the new board.
• Eagle Ridge Townhomes are always a favorite with owners and have great rental potential.
• Sunray Meadows has had a bunch of condo sales since 2009 through short sales. I believe this is the first bank-owned one to come on the market.

The post Steamboat Bank-Owned Condos For Sale appeared first on Steamboat Ski Condos.

The average number of days on market to sell a Steamboat Springs condo was 207 days in 2010.

What Types of Steamboat Condos Sold Best?

• 50% of the Steamboat condos sold in 2010 YTD were 2 and 2+ bedroom condos.
• 33%ofthe Steamboat condos sold in 2010 YTD were 3, 4, and 5 bedroom condos.
• 22% of the Steamboat condos sold in 2010 YTD were studios and 1 bedrooms condos.

The highest-priced condos sold in 2010 were two Edgemont ski-in, ski-out luxury residences.

The lowest-priced condos sold in 2010 were First Tracks at Wildhorse Meadows studios.

The post Steamboat Condominium Quick Facts appeared first on Steamboat Ski Condos.

If you’ve been looking to buy a Steamboat condominium, you know there are plenty of options.  Steamboat Springs has condos, townhomes, fractional ownership opportunities, luxury places with lots of amenities and spartan places to park your skis and 6 pack of PBR while the lifts are closed.

Which one is best?  It depends on how you are going to use it.  Ask yourself the following 10 questions, then call us to see the ones perfect for you, your family and friends.

1.      What price range would you like to stay within? With prices from 20-40% off the 2007 peak, buyers are coming back.  Steamboat has condominiums and townhomes ranging in price from $100,000-$1,000,000+.

2.      How many bedrooms and baths do you need?  Don’t forget to count the friends and relatives glad to make your acquaintance once they hear you have a Steamboat ski condo.

3.      Do you want to rent your condo to help pay costs of ownership?  If so, make sure you pay attention to the rules allowing rentals.  Some Steamboat condos allow nightly rentals and others having minimum rental periods of, say, two weeks.

4.      When will you live in your Steamboat condo?  Summers?  Winters?  Year Round?   The seasons you use your Steamboat condo will determine where you want to purchase.  You won’t need a ski-in, ski-out location if you are coming up to escape the Texas summer heat, but it sure is nice if you ski every day you are in Steamboat.

5.      Do you have pets?  Many Steamboat Springs condominiums allow pets, but only for owners.   Some restrict the number of pets or size of the pets.

6.      Do you have a car?  Is a garage important?  Will you keep a car here even though you only visit a few weeks a year?

7.      What amenities do you and your family like?  Some Steamboat condos have a pool, spa, tennis, on-site management, while others have none.  Those with amenities often rent well but have higher association assessments.

8.      Do you always come to Steamboat Springs, or do you like to travel to other places? If you like traveling to different luxury resorts yet don’t want to pay a lot—and can plan your vacations well in advance– a fractional opportunity might be the perfect fit for you.

9.      Will you plan to finance your new condo or will you be paying cash? Some Routt County properties–especially those with a majority of investment owners (not primary homeowners) and those that have a lot of delinquent HOA dues– are difficult to finance with conventional loans.

10.  Are you interested in renovating or do you want a move-in-ready condo?

By spending time thinking how you’ll use your Steamboat Springs second home, I’ll be in a better position to save you time and only show you the best properties to meet your goals.

Please call us at 970-846-8284.  We look forward to helping you realize your dream.

The post Top 10 Questions When Buying a Steamboat Condo appeared first on Steamboat Ski Condos.

Click here to see similar townhomes currently for sale.

The post Steamboat Townhome Sales/Pending Sales in 2011 appeared first on Steamboat Ski Condos.