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 […]
Steamboat Condo Sales for October
There were 11 Steamboat condominium and townhome sales in September 2012 ranging from a starter $67,000 place at Chapparel Terraces to a five bedroom Cimarron Townhome short sale that was listed at $895,000 and closed for the absurdly low price of $780,000. Buyers who want to purchase a condo before ski season are looking now […]
Insurance Condo Owners Need
If you are considering buying a Steamboat condo, there are 2-3 different types of insurance you’ll need once you close escrow and move in. The first is the master policy which is paid through the owners’ HOA dues. Typically, the master policy will cover damage to the structure and the walls, floors and ceiling of […]
Steamboat Condo Sales in September
There were 29 Steamboat condo sales in September, with 20 of those sales below $500,000 and three over $1M at Edgemont, One Steamboat Place, and Trailhead Lodge at Wildhorse Meadows. Check out the details below. [table id=19 /]
Steamboat Condo Sales in October
The market has turned and people are buying again. There were 43 Steamboat condos that sold in October ranging in price from a $60,000 Stagecoach Townhome to a $915,000 Stonewood Townhome. The average price was $396,845 reflecting the return of the mid-range buyer who sat patiently on the sidelines for the past several years. In […]
Snowmaking Underway in Steamboat
2nd Trailhead Lodge Auction Scheduled for December
Anyone who missed the first auction at Trailhead Lodge in Wildhorse Meadows in May will have another chance at bidding for one of the remaining furnished luxury condos next month. The second Trailhead Lodge auction is scheduled for December 15th at 1pm here in Steamboat Springs. (If you don’t have plans to be in Steamboat, […]
New Development Inventory Dwindles at Edgemont, One Steamboat Place
Buyers looking for new luxury ski-in, ski-out condos at Edgemont and One Steamboat Place are seeing their options dwindle as sales volume increases. There are only 9 residences left at Edgemont and 13 whole ownership residences left at One Steamboat Place. See the remaining condos for sale (including fractional ownership) at One Steamboat Place here. […]
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 […]
