I was walking up the new path connecting the base area promenade with Edgemont and stopped to take a photo of Chateau Chamonix condos. Chateau Chamonix has a great ski in, ski out location and many condos have had substantial price decreases in the last year or two.

The last sale in Chateau Chamonix was in April, 2010 when a 3BR condo sold for $980,000.  The lowest priced 3BR condo in Bldg C is now $849,000. (Buildings A & B were constructed in 1986 and Building C was completed in 2001.)

If you are interested in buying at Chateau Chaomonix Condos, Building A is the one that faces directly out to the slopes. It’s the one in the photo above. Building B faces toward Ski Trails Condos, and Building C is beside Ski Trail Lane.

Here is a link to all the Chateau Chamonix condos available for sale, or call us at 970-846-8284

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So to optimize your return, the obvious solution is to rent it on a nightly basis to other Steamboat visitors when you’re not here and make some extra money.

What makes this question hard to answer is because there are many unknowns in renting your place. Sometimes the condo you choose is going to have rental history numbers. This is a good number to look at so you know the future potential for rentals. But obviously it is not guaranteed that it will produce the same income in the future.

What if it’s a worse winter than last year? If Steamboat has no snow, the skiers are less likely to visit. Or it may be a better year, who knows? When will you be using your condo? If you’re using your condo during peak periods such as Christmas and New Year and spring break, your property won’t make as much in rental income.

Another reason why it’s hard to say what your rental income will be is because you have tens if not hundreds of choices when it comes to management companies. Most association management companies will also provide nightly rental services to owners, and most owners will go with those companies to save on the hassle of employing a different firm.

While some condo complexes in Steamboat do not allow the owners to hire an outside management company for nightly rentals, at most properties you do have a choice.

Recently, I was showing two bedroom two bath condos to a couple who wanted to stay at their property in the summer, and rent during the winter season. They wanted to maximize their income during their winter rental period and had asked me about rental numbers.

The unit we looked at had rental history from the management company that also managed the HOA. To have a thorough comparison, we also looked at the rental history for 2 other similar condos in the same complex. One was managed by a different management company and the other was managed by an owner through VRBO®.

The differences in the rental income were staggering: 26K for one company, 51K for another, and the vrbo property reported over 80K in gross income!

Finally, you have to know what the management fees are for the company you’re hiring to rent your condo. You may think that the gross numbers are great, but then you find out that the company charges 45% for the service, and you’re left with just a little over 1/2 of the gross rentals. Not as great as you thought, huh?

So when you ask us for the rental income history for condos, please don’t be surprised when we say “it depends”!

For more information about best income-producing properties, give Kasha Banas a call at (970) 846-8284 or email her at [email protected]

The post How much can you make from renting your condo? It’s a hard question to answer! appeared first on Steamboat Ski Condos.

There were 53 condos and townhomes that sold in October with an average price of $393,278. The most expensive sale was a Chadwick Estate Villa for $1,215,000, and the lowest priced condo was a basement level Fish Creek Falls condo for $117,500. Steamboat condo and townhome sales prices averaged 96% of list price in October.

You’ll find a full list of Steamboat condo sales below. Feel free to call us at (970) 846-8284 with questions or to talk about Steamboat Springs condos that may be right for you.

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