| "My Steamboat Connection" Real Estate Blog |
House-Price Gains Predicted for Western Resort Properties
NATIONAL ECONOMIST LAWRENCE YUN PREDICTS STRONG HOUSE-PRICE GAINS FOR WESTERN RESORT PROPERTIES
6 June 2008 (Park City) – Overly optimistic exuberance led to one of the costliest mortgage write-downs in U.S. history over the past year – a crisis which rocked world financial markets and dampened home sales throughout the country.
However, according to Lawrence Yun, chief economist for the National Association of REALTORS®, top resort destinations in the Rocky Mountain West could easily see house-price gains as much as 30 percent to 50 percent over the next five years.
Yun, the keynote speaker at the June semi-annual conference of the Rocky Mountain Resort Alliance (RMRA), an association representing the boards of REALTORS® of 11 Western premier destination ski resorts, said mountain resort properties, like those in Aspen, Colo., Park City, Utah, and Jackson Hole, Wyo., are not as prone to subprime loan exposure like other residential areas.
“I think the pendulum has actually swung way too far the other way,” Yun said at the conference, which was held in ParkCity. “In other words, there are people with the capacity to buy a home yet they are not willing to jump into the market because of fear. The sentiment among second-home buyers is that it is not a good time to buy right now, but buyers in it for the long-term always come out ahead.”
Dennis Hanlon, founder and president of RMRA, said in spite of the current housing climate, high-end properties throughout the West are still selling. “People are still buying second homes and vacation homes. Typically these transactions are cash deals and do not involve financing.”
Helping to boost second-home sales are current migration trends, Yun said, which show that wealthy baby boomers and others are leaving states like California, New Jersey and New York and moving to states in the RockyMountain region. In fact, 63 percent of baby boomers said they want to retire in a rural or small town setting – areas that include mountain resort settings.
In addition, Yun said the United States may encounter a housing shortage if new residential building construction continues at current low levels. Yun said that less than 1 million new homes are being built annually, but that 1.5 million new households are being formed each year, creating a gap of new housing inventory.
What’s ahead? Yun believes that the country will formally avoid a recession and that rising subprime defaults should peak by the middle of 2009.
Going forward, because subprime lending has disappeared from the market new homebuyers are not exposed to the same dangers. Yun added that more than one-third of all U.S. homeowners (35 percent) own their home free and clear. Factoring in all homes, today’s foreclosures rates reported by the media are actually one-third lower because there is no risk from free and clear homes.
2:55 PM - Jul. 29, 2008 - comments {0} - post comment
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Now would be a good time to take advantage of the current incentives and pricing as Marabou will again raise prices on July 15. For a personalized experience and tour of Marabou, call me at (970) 871-1157. |
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Christie Peak Express, Headwall Re-Grade & Snowmaking Lead List of On-Mountain Improvements
Steamboat Unbridled & Resort Projects Invest Nearly $40 Million In Steamboat Experience
STEAMBOAT SPRINGS, CO-May 1, 2007-
"These changes mark the launch of nearly $40 million in vast and comprehensive improvements to the entire Steamboat vacation experience and will be the first step in significantly advancing the resort’s competitive position over the next decade," said Chris Diamond, president of the Steamboat Ski & Resort Corporation.
Of the record on-mountain capital amount for 2007/2008, the majority will go towards the installation of the new Christie Peak Express high-speed detachable six-passenger chairlift, removal of several chairlifts in the base area, Headwall slope re-grade, significant snowmaking improvements and enhancements to the Meadows parking facility.
"These on-mountain improvements, along with the base area infrastructure improvements, the real estate developments at the base area and in downtown Steamboat Springs and the brand new terminal and airport facilities at the Steamboat/Hayden airport have and will dramatically enhance what is already a unique and special vacation experience," said Andy Wirth, vice president of sales & marketing. "Make no mistake, even with all of these incredible changes, what makes Steamboat different and what is at the heart of the Steamboat experience will not change. Steamboat is legendary for its genuine, warm friendliness and a town that’s roots are deeply set in the real west. These attributes are what set Steamboat apart and will remain a main stay of the experience!"
Christie Peak Express High-Speed Six-Passenger Chairlift
"The new Christie Peak Express will radically change the entire lower mountain experience and unlock its untapped potential while at the same time acting as a redundancy back up for the gondola," said Doug Allen, vice president of mountain operations. "In addition, beginners will benefit from the slower load and unload speeds of this lift that will keep them progressing on to the next level, while overall moving ski/snowboard school participants more efficiently."
As a part of the resort’s long-standing commitment to the environment, the Christie Peak Express will offset its electricity requirements by alternative energy, joining the wind-powered Burgess Creek and solar/wind-powered Sunshine Express lifts.
In addition, five magic carpets (Tenderfoot, Colt, Filly, Tumbleweed and Sidewinder) located throughout the base area will be upgraded, realigned and lengthened. The new Preview lift, using the repositioned Southface lift, will be realigned to conform to the re-grading of the beginner terrain, extend further up Headwall and increase capacity from a double to a triple chairlift.
Headwall Re-Grade:
In association with the re-grade, the beginning trails of Main Drag and Boulevard, located off of Christie Peak, will be merged into one trail significantly improving the width (to 40 feet wide) while maintaining a constant 10% grade, considered ideal for beginner/novice skier/riders. A forty foot platform is wide enough to comfortably handle larger volumes anticipated from the new six-passenger lift, while giving novice skiers/riders the feeling of a mountain trail as opposed to a catwalk.
"The consistent grade developed from these modifications as well as the new high-speed, six-passenger lift will be vital to providing the best learn-to-ski/ride experience available in years for our guests," said Jim Schneider, vice president of skier services. "These improvements will ideally position the resort for future learn-to-ski/ride expansions and programs."
Snowmaking
New low energy, high-efficiency snowmaking guns, which use 30 percent less energy than conventional guns while producing the same amount of snow, will be added to the resort’s arsenal. Upgrades to five of the system’s primary pump houses will also take place over the summer. These improvements enhance water management, increase capacity, and reduce energy consumption while continuing to provide the highest safety levels possible. The system covers 375 acres of top-to-bottom terrain (3,600 vertical feet) or a total of thirty-five trails.
Thunderhead Kids’ Ski/Snowboard Cafeteria:
Meadows Parking Facility:
Signage
Advanced Life Support/AEDs
Miscellaneous
STEAMBOAT UNBRIDLED
Over forty years ago, the world-class ski area now called Steamboat was established by pioneering visionaries whose spirit still remains strongly embedded in the experience today. Now, the vision for the next decade of Steamboat is being formed by visionaries with the same unique, unbridled and pioneering spirit.
"Steamboat Unbridled represents a renaissance of the mountain, its base area, retail and dining establishments, a transformed Steamboat/Hayden Airport, as well as exciting, new real estate developments," explained Wirth. "In all, it’s anticipated that nearly one billion dollars over the coming years will be invested in Steamboat Unbridled. Many of these changes are already underway and numerous projects will continue to take shape over the coming years."
Individuals interested in understanding more as well as seeing what’s in store over the coming years can visit steamboatunbridled.com for more information, artists’ sketches, plans and more. Current Steamboat Unbridled projects will center on the following:
Ski Time Square:
Way finding:
Creation of a Promenade and Plaza:
Day lighting Burgess Creek at the mountain base:
Encircling the base of the ski mountain, a new Promenade will connect people to Steamboat’s distinctive resort destinations: skiing, shopping, dining, accommodations and transportation. The Promenade will extend around the toe of the ski hill forming places to gather, relax and enjoy Burgess Creek. (2008 & 2009) Formerly diverted underground, the day lighting of Burgess Creek will return the sound and flow of water to the mountain base during summer as it courses south along a new Promenade. (2009)
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New Real Estate Development: Alpenglow Alpine Mountain Ranch Bear Claw III Highmark Look for construction to begin on One Steamboat Place, adjacent to the Gondola Building, this summer. One Steamboat Place will provide private, luxurious mountain residences conveniently located in the heart of Gondola Square. In addition, an estimated 4,000 high-end pillows will come online over the next several years with more than a dozen developments that mix residential with commercial and extend from the base area to downtown Steamboat Springs. Some of these projects include: |
Howelsen Place Marabou Ranch One Steamboat Place The Porches Riverwalk |
Steamboat 700 Steamboat Barn Village Trappeur’s Crossing The Victoria Wildhorse Meadows |
I have been writing about how crazy our market has been in Steamboat Springs. We have seen an increase in the Million Dollar + Market as well. Below are the stats for the Market Area from the first of this year (2007) through today. The market is definetley moving- look how short some of these Days on Market (DOM) are! Call me if you have questions or want clarification on any of this information (970) 871-1157, Stacy.
| Status | Class | Type | Price Range | No. of Listings | Dollar Volume | Average Price | Median Price | Average DOM |
|---|---|---|---|---|---|---|---|---|
| SOLD | ||||||||
| RESIDENTIAL | ||||||||
| Single Family | ||||||||
| $1,100,000 - $1,104,999 | 1 | $1,100,000 | $1,100,000 | $1,100,000 | 38 | |||
| $1,250,000 - $1,254,999 | 1 | $1,250,000 | $1,250,000 | $1,250,000 | 243 | |||
| $1,525,000 - $1,529,999 | 1 | $1,525,000 | $1,525,000 | $1,525,000 | 220 | |||
| $1,550,000 - $1,554,999 | 1 | $1,550,000 | $1,550,000 | $1,550,000 | 421 | |||
| $1,565,000 - $1,569,999 | 1 | $1,565,000 | $1,565,000 | $1,565,000 | 35 | |||
| $1,570,000 - $1,574,999 | 1 | $1,572,500 | $1,572,500 | $1,572,500 | 247 | |||
| $1,575,000 - $1,579,999 | 1 | $1,575,000 | $1,575,000 | $1,575,000 | 85 | |||
| $2,000,000 - $2,004,999 | 1 | $2,000,000 | $2,000,000 | $2,000,000 | 95 | |||
| $2,125,000 - $2,129,999 | 1 | $2,125,000 | $2,125,000 | $2,125,000 | 62 | |||
| $2,350,000 - $2,354,999 | 1 | $2,350,000 | $2,350,000 | $2,350,000 | 715 | |||
| $2,425,000 - $2,429,999 | 1 | $2,425,000 | $2,425,000 | $2,425,000 | 164 | |||
| $2,775,000 - $2,779,999 | 1 | $2,775,000 | $2,775,000 | $2,775,000 | 429 | |||
| $2,875,000 - $2,879,999 | 1 | $2,875,000 | $2,875,000 | $2,875,000 | 81 | |||
| $2,900,000 - $2,904,999 | 1 | $2,900,000 | $2,900,000 | $2,900,000 | 64 | |||
| Sub Total | 14 | $27,587,500 | $1,970,536 | $1,787,500 | 207 | |||
| Condo | ||||||||
| $1,100,000 - $1,104,999 | 1 | $1,100,000 | $1,100,000 | $1,100,000 | 196 | |||
| $1,200,000 - $1,204,999 | 1 | $1,200,000 | $1,200,000 | $1,200,000 | 135 | |||
| $3,125,000 - $3,129,999 | 1 | $3,125,000 | $3,125,000 | $3,125,000 | 104 | |||
| Sub Total | 3 | $5,425,000 | $1,808,333 | $1,200,000 | 145 | |||
| Townhouse | ||||||||
| $1,005,000 - $1,009,999 | 1 | $1,005,000 | $1,005,000 | $1,005,000 | 59 | |||
| $1,245,000 - $1,249,999 | 1 | $1,245,000 | $1,245,000 | $1,245,000 | 536 | |||
| $1,280,000 - $1,284,999 | 1 | $1,280,000 | $1,280,000 | $1,280,000 | 218 | |||
| $1,350,000 - $1,354,999 | 1 | $1,350,000 | $1,350,000 | $1,350,000 | 388 | |||
| $1,355,000 - $1,359,999 | 1 | $1,359,500 | $1,359,500 | $1,359,500 | 162 | |||
| $1,605,000 - $1,609,999 | 1 | $1,606,000 | $1,606,000 | $1,606,000 | 34 | |||
| Sub Total | 6 | $7,845,500 | $1,307,583 | $1,315,000 | 233 | |||
| PENDING | ||||||||
| RESIDENTIAL | ||||||||
| Single Family | ||||||||
| $1,495,000 - $1,499,999 | 1 | $1,495,000 | $1,495,000 | $1,495,000 | 45 | |||
| $1,595,000 - $1,599,999 | 1 | $1,595,000 | $1,595,000 | $1,595,000 | 127 | |||
| $1,985,000 - $1,989,999 | 1 | $1,985,000 | $1,985,000 | $1,985,000 | 18 | |||
| $2,695,000 - $2,699,999 | 1 | $2,695,000 | $2,695,000 | $2,695,000 | 113 | |||
| Sub Total | 4 | $7,770,000 | $1,942,500 | $1,790,000 | 76 | |||
| Condo | ||||||||
| $1,045,000 - $1,049,999 | 1 | $1,045,000 | $1,045,000 | $1,045,000 | 269 | |||
| $1,095,000 - $1,099,999 | 1 | $1,095,000 | $1,095,000 | $1,095,000 | 273 | |||
| $1,195,000 - $1,199,999 | 1 | $1,195,000 | $1,195,000 | $1,195,000 | 221 | |||
| $1,340,000 - $1,344,999 | 1 | $1,343,000 | $1,343,000 | $1,343,000 | 206 | |||
| $1,440,000 - $1,444,999 | 1 | $1,442,000 | $1,442,000 | $1,442,000 | 205 | |||
| $1,720,000 - $1,724,999 | 1 | $1,720,000 | $1,720,000 | $1,720,000 | 206 | |||
| $1,845,000 - $1,849,999 | 1 | $1,849,000 | $1,849,000 | $1,849,000 | 205 | |||
| $2,150,000 - $2,154,999 | 1 | $2,150,000 | $2,150,000 | $2,150,000 | 13 | |||
| $2,255,000 - $2,259,999 | 1 | $2,257,000 | $2,257,000 | $2,257,000 | 205 | |||
| $2,330,000 - $2,334,999 | 1 | $2,330,000 | $2,330,000 | $2,330,000 | 206 | |||
| $2,355,000 - $2,359,999 | 1 | $2,356,000 | $2,356,000 | $2,356,000 | 205 | |||
| Sub Total | 11 | $18,782,000 | $1,707,455 | $1,720,000 | 201 | |||
| Townhouse | ||||||||
| $1,200,000 - $1,204,999 | 1 | $1,200,000 | $1,200,000 | $1,200,000 | 724 | |||
| $1,250,000 - $1,254,999 | 1 | $1,250,000 | $1,250,000 | $1,250,000 | 33 | |||
| $1,295,000 - $1,299,999 | 1 | $1,295,000 | $1,295,000 | $1,295,000 | 54 | |||
| $1,395,000 - $1,399,999 | 1 | $1,399,000 | $1,399,000 | $1,399,000 | 42 | |||
| $1,505,000 - $1,509,999 | 1 | $1,508,000 | $1,508,000 | $1,508,000 | 56 | |||
| $1,595,000 - $1,599,999 | 1 | $1,595,000 | $1,595,000 | $1,595,000 | 7 | |||
| $1,695,000 - $1,699,999 | 1 | $1,699,000 | $1,699,000 | $1,699,000 | 310 | |||
| $1,845,000 - $1,849,999 | 1 | $1,845,000 | $1,845,000 | $1,845,000 | 369 | |||
| $2,075,000 - $2,079,999 | 1 | $2,079,000 | $2,079,000 | $2,079,000 | 816 | |||
| Sub Total | 9 | $13,870,000 | $1,541,111 | $1,508,000 | 268 | |||
| RESERVED | ||||||||
| RESIDENTIAL | ||||||||
| Townhouse | ||||||||
| $1,700,000 - $1,704,999 | 1 | $1,700,000 | $1,700,000 | $1,700,000 | 263 | |||
| Sub Total | 1 | $1,700,000 | $1,700,000 | $1,700,000 | 263 | |||
| Grand Totals | 48 | $82,980,000 | $1,728,750 | $1,573,750 | 207 | |||
http://www.carolyne.com/bramptonhomes/costs_usa.html
Thanks, Carolyne!
I just posted the following last week:
"Those who are lucky enough to call themselves owners at Stonewood have seen some nice appreciation. The first units sold in September of 2005 for about $297/sq. ft. That same month another unit closed at $338/sq. ft. In May of 2006 a unit closed at $349/sq. ft. and in February of this year a unit closed at $425/sq. ft. Currently, units that are sale pending are listed at $450/sq. ft. and one unit (#6) can be bought for $455 a sq. ft. The rest of the units that are currently on the market are listed at $500/sq. ft. and one unit (a resale) is listed at $572/sq. ft.!!!!"
Since that post, Unit # 20, which was listed at $500/sq. ft. and is not under construction yet has gone UNDER CONTRACT!! In addition, the resale, Unit # 1, which was listed at $572/sq. ft. is also UNDER CONTRACT!!
I told you this market is crazy! I say it's crazy only because properties seem to be appreciating on a daily basis!! Stonewood is one of my favorite developments and I still think it's a good buy and a great investment, even as prices continue to rise! Unit #6 is still available for immediate ownership and occupancy for $455/sq. ft., but I would not be surprised to see the price increase on this unit shortly if it isn't snatched up in the next week or so. Wanna see it? Call me (970) 291-1046 or email me @ Stacy@SoldOnSteamboat.com
Check out the new sales program at The Highmark!
Purchasers have the choice to participate in a lease income agreement program for a 3-year term. They will receive a fixed monthly rental income with an annual escalation over the 3-year term. The monthly rental income includes estimated property tax escrows.
• Residences are sold fully furnished with very stylish interiors and a high-end boutique style atmosphere.
• Option-ARM loan package offered by Capital Mortgage Advisors for those who qualify.
• Paid monthly homeowners association fees for the three year term (for those who participate in the lease program).
The following units are currently available with the following lease income as it increases each year:
2A 4 Bedroom/3.5 Bath $1,652,040 Yr.1 lease @ $5,200/mo, Yr.2 @ $5,616/mo & Yr.3 @ $6,065/mo
3E 4 Bedroom/3.5 Bath $1,732,080 Yr.1 lease @ $5,500/mo, Yr.2 @ $5,940/mo & Yr.3 @ $6,415/mo
4C 3 Bedroom/3 Bath $1,990,040 Yr.1 lease @ $6,300/mo, Yr.2 @ $6,804/mo & Yr.3 @ $7,348/mo
5B 4 Bedroom/3 Bath $2,324,840 Yr.1 lease @ $7,400/mo, Yr.2 @ $7,992/mo & Yr.3 @ $8,631/mo
Blackout periods do apply, making this program more suitable for investors, rather than someone looking to use their condo and put it in the rental program. I sit on-site at The Highmark, so call me with any questions and I'll be happy to fill you in on all of the details.
highmark at steamboat
Sidney Peak Ranch features 32 home sites on 1500 acres that are deeded to the homeowners association. Ranch sites start at $890,000 and range in size from 5 to 12 acres. 18 of these home sites have already sold and closed and there are only 14 remaining. If you have been paying attention to our market, you have already figured out that the remaining 14 probably will not last long, especially at these prices.
Sidney Peak Ranch is a gated, private working ranch community with paved roads, miles of riding trails, an indoor barn and arena, architectural controls, professional management and each home site includes a Premier Catamount Membership and use of the owners guest house. Sidney Peak Ranch is just 12 minutes from the base of the ski area and features wonderful views of Mt. Werner from practically anywhere on the ranch.
If you like the feeling of wide open spaces, but want to be close to all of the activity, Sidney Peak Ranch may be the perfect spot for you and your family. If horses are your thing, you definetely need to see this beautiful development.
Trailhead Lodge @ Wildhorse Meadows will be an 86-suite condo/hotel at the heart of this development and just steps away from the Wildhorse Gondola, The Ranch House, the Wildhorse Athletic Club and the Steamboat Country Store. Plans include Studio, One Bedroom, One Bedroom plus den, Two Bedroom, Three Bedroom and Three Bedrooms plus den. The style is a refined mountain design that blends thecomforts of old with the sophistication of today.
Reservations can start being placed in early May and by mid-May the Preview Kits and Price Ranges should be distributed. A Discovery Kit and a VIP Event are planned for late June and Legal Documents along with Detailed Pricing Sheets should be out in early July. In late July, the Selection Event will be held. Since your reservation gives you priority at this Selection Event, get yours in soon if you are interested in this project. Call (970) 291-1046 or email me @ Stacy@SoldOnSteamboat.com and I will get the forms out to you today.
It took just four months for the 41 single-family homesites in The Range @ Wildhorse Meadows to be sold. That's amazing- especially with price tags of $475,000 - $600,000 a piece!! 32 of these lots sold in the first eight weeks. According to Matt Stensland's article in the Steamboat Pilot & Today, the 41 homesites in The Range @ Wildhorse Meadows sold for a combined $21.6 million.
The future homes in this subdivision are limited to 3,600 sq. feet and will be built subject to the architectural standards that have been put in place. What a fantastic location and owner's will enjoy family based amenities that reflect the true spirit of Steamboat living including athletic club, country store, skating pond, grotto style pools, bike and walking paths, old barn community meeting place and in community gondola with direct access to skiing. Infrastructure such as streets and sidewalks are being built and expected to be completed this summer and homesite owners will then be able to begin building their homes.
What is a yawn and why do people yawn? Yawning has fascinated people for hundreds of years, and many superstitions and myths have been created over the years.
Today we know that a yawn is a reflex of inhalation and exhalation that draws more oxygen into the bloodstream. A reflex is a built-in physical reaction that people often do not have control over. A yawn is often associated with a person being tired, but this is not always the cause for a yawn. People yawn for many reasons including stress, boredom, emotion and over-work.
Have you noticed that yawning seems to be contagious? If one person yawns, this appears to cause another person to yawn. Researchers have found that 40-60% of people who see a picture of someone yawning will yawn themselves. Even reading the word YAWN can make people yawn.
Although this “contagious” yawning behavior is not understood, it has been suggested that this could be the result of an unconscious herding behavior — a subtle way to communicate group behavior, such as when a birds follow the behavior of one bird, and all rise together as a whole flock.
Maybe a yawn is a signal to the group that it’s time to go to sleep. Or if someone yawns when they’re bored, it may be a sign to change the topic of conversation.
Yawning is not limited to humans. Animals of all types yawn. If you have a dog or cat, you’ve probably seen your pet yawn several times. Even some birds yawn such as cockatiel parrots, Adelie penguins and Emperor penguins.
Some of the more scientific explanations of why we yawn are caused by physical needs. One likely explanation is that the yawning reflex is triggered when our blood needs more oxygen. The deep breath helps replenish the levels of oxygen in our blood. Another common theory is that the yawn help regulate our body temperature. Other hypotheses suggest that the same chemicals in our brain that affect our moods and emotions cause us to yawn.
Some people think that yawning is rude and suggests that you are bored or uninterested. Superstitions about yawning have been around for hundreds of years and stem from the ancient Greeks. A common superstition says that a person must cover his or her mouth when yawning so that the soul does not escape through the mouth. Other superstitions say that yawning is a sign that danger is near. Today most people do not believe these superstitions and know that a yawn is a physical reflex.
Did you yawn while reading this? I did!
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