There is no question that 2009 has been a rollercoaster for the Steamboat Springs real estate market. However, one thing continues to be clear: the mountain area properties have continued to provide opportunistic buyers with plenty of choices for prime location and amenity-rich properties.
Current real estate statistics show that the mountain area represents just over 40% of all sales volume sold in 2009 (YTD). This high percentage of activity shows a clear understanding of a basic real estate principle: location, location, location. Prudential broker, Adrienne Stroock, noted of her Ski Trails unit, ""The mountain area remains our top selling area, and this is attributed to the unbeatable location for those who want to be in the heart of the ski area. Who doesn't want to wake up, walk outside and be the first on the slopes on a powder day?"
Today there are 827 active listings in the mountain area, and sellers are aggressively pricing properties to sell (some are close to the values of 2005). Low price points coupled with incredible interest rates mean one thing to smart buyers: Get in while the getting is good! Broker Associate, Dutch Elting referenced his Deer Creek listing as a clear reflection of current values, "This two bedroom condo is now listed at $73K less than the last sale price of a ONE bedroom unit two years ago, (which represents 2006 pricing) plus it is $120K under the assessed valuation by the county. I think it is safe to say ski mountain condominium buys are at the bottom!"
Several of these properties offer professional management companies that can help you create rental income from your property in the event this is your home away from home. Broker/co-owner, Cam Boyd, highlighted "Mountain condos provide second homeowners with a genuine vacation. Management companies take care of the exterior upkeep, so you can focus on having a great time with family and friends during your stay." Enjoy the best of both worlds: rental income AND the security of knowing someone is looking over the premises while away.
The opportunities are ripe for the picking in one of the most cherished areas in Ski Town USA. And as broker, Beth Bishop noted, "Historically mountain properties have shown some of the greatest appreciation in value mainly due to location. Mountain properties appeal to locals, investors, second-home owners and vacationers. Just like beach-front property, ski-front property is what people want." Take advantage of historically low interest rates and low prices now. If you would like more information please contact your Prudential broker today.
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