Steamboat Condo Financing Issues from WMRA
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 condos. Here is an abridged version of the Western Mountain Resort Alliance position paper explaining these challenges. The […]
Financing Steamboat Condos
Financing Steamboat Springs Condos can be challenging, especially if the development you want to purchase is considered a “condotel”. Mortgage lenders Holly Rogers and Kathryn Pedersen from Yampa Valley Bank wrote this blog about financing Steamboat Condominiums: Every time we submit a loan to our investors, we need to provide a homeowners association checklist. This […]
Steamboat Springs Condo Financing
Being a cash buyer of a Steamboat Springs condo is simple. But what about buyers who want to take advantage of low prices and low interest rates and finance their condo? Oh boy things can get complicated real quick. The reality of today’s market is that the condominium development has to get approved before the […]
Condo Financing Gets (Slightly) Easier
One of the reasons the Steamboat condo market–and all resort markets nationwide–is still a challenge is because Fannie Mae guidelines have made getting a condo loan nearly impossible for many Steamboat condo developments. Lenders won’t finance anything that doesn’t meet those guidelines, so condos with front desks, nightly rentals, more than 50% of the development […]
Condo Lending Update
As anyone with good credit trying to finance a resort condo will tell you, lending doesn’t make a whole lot of sense. Whether or not a buyer gets a conventional loan depends on the condo development not the borrower. As a broker who works with a lot of buyers, it can be a challenge to […]
When is a Townhome not a Townhome?
When is a Steamboat townhome not a townhome? When it’s a condo, of course! If that doesn’t make any sense, you are not alone. When it comes to financing a Steamboat townhome or condominium, the lender’s underwriter decides how a property is classified. I recently worked with a buyer who purchased a place that looked […]
Snowflower Condos 2014 Sold Stats
The SnowFlower Condos offer an affordable option with a convenient location right at the base of the Steamboat Ski Area. Snowflower Condos will start an extensive exterior remodeling project in the summer of 2015 with over $2 Million in renovations. Want to see what the SnowFlower will look like when the renovations are complete? Click here to […]
February 2015 Condo Sales in Steamboat
In February 2015 there were 19 condo and townhome sales in Steamboat Springs. The average sales price of those units was $645,057. (The $645,057 average sales price in February was influenced heavily by 3 One Steamboat Place condos that sold between $1.6 and $2.0 million.) For comparison, there were 28 sales of condos and town […]
How much can you make from renting your condo? It’s a hard question to answer!
Many of our condo buyers ask us what is the rental income potential of the condo they would like to buy. It’s a very common question and totally understandable. You want to have your own piece of mountain paradise, but you also know that you won’t be here all the time. So to optimize your […]
July 2015 Steamboat Condo Sales
There were 54 sales of Steamboat condos and townhomes in July representing over $21M in dollar volume. The average list-to-sold ratio was 95% with more than half of condos closing above 97% of their list price. In other words, the days of low-ball offers are over if you want to buy. Popular developments with several […]
