contact@prudentialsteamboatrealty.com

610 Marketplace Plaza • Suite 100 • Steamboat Springs, Colorado 80487

Prudential Steamboat Realty

Contact Us
970.879.8100 Toll Free
800.430.4121

Blog Archive for July, 2007

Professional Home Inspection

Posted July 30, 2007

You finally found the home that is right for you, but you have some questions about the structure and condition of the home. A home inspection is the best way to get answers to your questions. There are companies that specialize in inspecting new and used homes. Be sure your purchase contract includes a contingency allowing enough time to have the property inspected before the transaction is completed.
It is wise to have a home inspection even if the house is new or everything appears in perfect condition. The inspector can provide important information about the house. Where are the gas and waster shut-off valves? How do the circuit breakers operate? What type of routine maintenance should be done for each system? The inspector's fee is an investment that can save your money later!
When you are ready to engage a professional inspector, look for a member of ASHI ...

Read full article →
Combining Tax Exclusions When You Sell Your Home

Posted July 27, 2007

When you sell your principal residence, Section 121 of the Internal Revenue Code allows married taxpayers to claim $500,000 in tax-free profits, and singles to claim $250,000. Revenue Procedure 2005–14 now allows taxpayers to combine this exclusion with a 1031 exchange for an additional exemption, under certain conditions.

more> Your home will qualify as investment property if you are renting it at the time of sale. You can keep your tax-free home-sale profit and also reinvest any additional profit above the limit in a “replacement property” under Section 1031. You do not have to live in your principal residence on the date of sale or exchange if you lived there for at least two years out of five prior to the sale.

You may exchange your residence for any other type of real property within 45 days from the date of sale; you must close the transaction ...

Read full article →
Luxury Improvements Increase Property Values

Posted July 25, 2007

A recent study on luxury properties revealed that America’s affluent homeowners are investing liberally in making improvements to their homes. Of the 36 percent of luxury homeowners who have refinanced or taken out a home equity loan in the last 12 months, 42 percent of them say they will use the funds for home improvement or other real estate purposes.
According to Jim Gillespie, president and CEO of Coldwell Banker Real Estate Corporation, "Luxury homeowners take great pride in their homes as symbols of their lifestyles and personalities. While these homes are already considered high-end, they are being transformed into more lavish and ultra-comfortable living spaces."
“With more and more dollars allocated toward renovations, upgrades and additions, it is no surprise that property values continue to appreciate,” says Jim Gillespie. “The home improvement frenzy is likely a key reason why we are seeing a significant rise in sales of ...

Read full article →
Sale of High-End Homes Sizzle

Posted July 23, 2007

Even though home prices are soaring and interest rates appear to be on an upward-turning path, the demand for luxury homes valued at $1 million or more just keeps increasing.

more> According to Coldwell Banker’s latest Luxury Index study, sales of homes priced $3 million or more rose 35 percent in the first three months of this year, making it the most productive year for high-end sales in the company’s history.

What accounts for the increased spending on luxury homes? Signs of an improving economy include more jobs being created, with salary increases and bonuses for top-level executives. People are using tax refunds and tapping into home equity to buy second and vacation homes and move into bigger residences with fancier amenities. Interest rates are still favorable, but most affluent buyers say that even if interest rates go up, they will continue to buy luxury items. Many affluent ...

Read full article →
Remodeling Permits top $7.4 million in first six months

Posted July 20, 2007

The value of additions and remodeling projects undertaken at existing Steamboat Springs homes has escalated dramatically in the first half of 2007 to $7.4 million. There are signs the tight single-family housing market is helping to fuel the trend.
"We've had that conversation with several clients," contractor Jamie Letson said. "It's a very different market. Things are changing out there."
Letson, who has operated Letson Enterprises in Steamboat for 15 years, has seen clients spend $100,000 on high-end kitchen cabinets and $20,000 to $30,000 on appliance packages to be installed in otherwise modest homes.

That trend fits with figures released by the Routt County Regional Building Department.

The valuation of building permits issued for remodels and additions in the city for the first half of the year was $500,000 more than the previous high of $4.9 million in 2005. The next closest ...

Read full article →
Forces That Drive the Luxury Market

Posted July 20, 2007

Following the decline of our tech-based stock market, the U.S. economy has been greatly supported by the real estate industry. Sales of high-end homes have increased at a remarkable rate, creating the most lucrative luxury markets in history in major metro areas across the nation. What economic factors have collaborated to create these boom conditions?

more> Although many luxury homebuyers say that interest rates do not affect their ability to buy, the fact that interest rates have remained historically low has affected the overall real estate market. Low interest rates have allowed trade-up buyers to use accumulated home equity to purchase otherwise unaffordable high-end properties.

Real estate is considered to be a safe, sound investment decision. Home price appreciation has resulted in substantial equity gains for millions of property owners. Real estate is an investment that can be leveraged, and tax laws grant home sellers generous tax-free profits.

The ...

Read full article →
Dream comes true for cancer patient

Posted July 16, 2007

Steamboat Springs – Vickie Bohannon doesn’t have much of an appetite these days, but she craved “gravy and biscuits” Saturday morning. Her accent is as thick as the July humidity in her hometown of Sikeston, Mo., and it’s hard to tell after spending any length of time with Bohannon that she is sick.more>

Her thin frame is the only indication that she is ill.

“Bony maroni,” she calls it.

Bohannon’s contagious laugh, a raucous sense of humor and passion for life are to be envied, but you can’t dismiss the reality that she is dying from Stage IV pancreatic cancer.

She was told last Thursday that she had weeks or months to live. It’s a prognosis Bohannon refuses to accept.

“I told (the doctor) I wasn’t going to die,” she said over a plate of gravy and biscuits at Creekside Cafe on Saturday. “I ...

Read full article →
The Best Resort Towns

Posted July 16, 2007

Living in a resort area can give you countless opportunities for outdoor recreation, wildlife viewing and cultural enjoyments. But all resort towns are not created equal! When deciding where to buy your vacation home, use the following criterion.more>

1. The natural environment offers a variety of outdoor activities. The best resort towns offer beautiful trails for biking, walking and horseback riding, mountains for climbing and skiing, lakes, rivers, or oceans for boating and fishing, tennis facilities and at least one eighteen-hole golf course.

2. The best mountain resort towns include excellent hotels, ski resorts, restaurants, shops, and art galleries. Property values will continue to grow in an environment that offers a delightful place to live and play. When people enjoy world-class guest services on vacation, they will be inspired to return and to invest in local real estate.

3. Home sales should be high, the inventory of homes relatively ...

Read full article →
Largest cattle Auction to Hit Steamboat...

Posted July 13, 2007

It’s Wall Street meets the Old West in a ballroom at the Sheraton Steamboat Resort Hotel this week as ranchers in cowboy hats sit in front of computer screens and man telephones while cattle from around the country are auctioned off. more>By week’s end, 330,000 cattle will be sold in Steamboat in what organizers say is the largest cattle auction in history. If you’re wondering why you haven’t seen, smelled or otherwise noticed hundreds of thousands of cattle around town this week, it’s because they aren’t here. Superior Livestock Auction, a company specializing in satellite and Internet auctions, is conducting the auction.

Richard Stober, general manger of Superior Livestock Auction, said this year’s “Week in the Rockies” broke its own record set two years ago of 275,000 cattle sales. The auction continues today and Saturday, beginning at 7 a.m ...

Read full article →
Let's Talk Real Estate with Harry Thompson...

Posted July 13, 2007

Evaluating the Competing Offers
When you are faced with multiple offers on your home, how do you choose the right one? If you are forthright with your real estate agent about your objectives, he or she will be equipped to help you compare and contrast the terms of each proposal. more>

First, there is price. Be sure to factor in closing costs, inspections and repairs, property taxes, and any other terms that might reduce your net profit. Can you work out a mutually agreeable date for you to move out and for the buyers to move in? How “clean” is each offer? Do the buyers have another property to sell before they can purchase yours? Can you get reasonable assurances that the buyers will be able to qualify for the financing they will need? Have the buyers reserved themselves too many ways and too much time to back out of ...

Read full article →
Ski Town center on ballot

Posted July 11, 2007

Steamboat Springs – A $34 million recreation center at Ski Town Fields, with pools, will be on the ballot for Steamboat Springs voters in November.

The Steamboat Springs City Council voted, 3–2, Tuesday night to select the Pine Grove Road site, near The Tennis Center at Steamboat Springs and the future Wildhorse Meadows development, as the potential location for a consolidated recreation facility. If approved by voters, the facility would include space for youth and teen programs, an indoor playground, a double-sized gymnasium, a fitness center and aquatic features including a six-lane lap pool, diving well and leisure pool.more>

City Council President Susan Dellinger, Councilman Steve Ivancie and Councilman Loui Antonucci voted in favor of the ballot issue. Councilman Towny Anderson and Councilwoman Karen Post voted against, both expressing support for recreation facilities at Howelsen Hill.

Councilman Paul Strong was absent, and Councilman Ken Brenner recused himself from the ...

Read full article →
INSPECTION

Posted July 11, 2007

11 High Cost Home Inspection Traps You Should Know About Weeks Before Listing Your Home For Sale.
According to industry experts, there are over 33 physical problems that will come under scrutiny during a home inspection when your home is for sale. A new report has been prepared which identifies the eleven most common of these problems, and what you should know about them before you list your home for sale.
Whether you own an old home or a brand new one, there are a number of things that can fall short of requirements during a home inspection. If not identified and dealt with, any of these 11 items could cost you dearly in terms of repair. That’s why it’s critical that you read this report before you list your home. If you wait until the building inspector flags these issues for you, you will almost certainly experience ...

Read full article →
Mountain Madness hauls in 100 Runners.

Posted July 09, 2007

It was picturesque.The jaunt up River Road and into the Dakota Ridge then down Aspen Ridge Road. All this with the sun peaking over the mountains and the balloon rodeo lining the skyline. Of course, this was just another day for the Steamboat Springs Running Series. Sunday's 29th annual Moun tain Madness half marathon and 10K brought out more than 100 runners. It also brought out a slew of compliments to the course and the beauty of Steamboat. "It's Steamboat man. Are you kidding me?," said Boulder resident and men's winner in the half marathon Jeff Courter. "It's beautiful here." Courter, who was up visiting some friends decided to do the race just as a workout. It only was his second competitive race, but the cycling enthusiast's steady pace proved to be the right recipe. Courter said he went out slow and stayed with ...
Read full article →
Your Buying Protection Guide

Posted July 09, 2007

You may find yourself competing with other buyers in areas where the inventory of homes is low and the demand is high. There are ways to protect yourself when preparing to enter the home buying arena. Although much of the advice below may seem obvious, it’s very easy for common sense to suddenly disappear in the excitement of bidding on a home.

more> Before you start approaching sellers, be sure you obtain a mortgage loan pre-approval letter, thus qualifying yourself as a serious ready buyer. Contact several lenders and compare their rates, loan packages and fees. Protect the interest rate by locking it in. When you find a home you want to buy ask for a professional home inspector to check out the major systems so you are aware of any repairs that may be necessary. Significant defects may cause you to re-evaluate the amount or terms of your ...

Read full article →
Steamboat celebrates Fourth of July with Lincoln Avenue festivities

Posted July 05, 2007

The weather was hot, but there wasn’t much trouble staying cool at the Fourth of July Parade on Lincoln between Sixth and 11th streets Wednesday. Whether it was a free flavored ice or a water gun dousing from a parade float, there were plenty of ways to beat the mid-80s temperatures and enjoy the parade.more>The numbers tell the story. Euzoa Bible Church filled a truck with 3,000 bottles of water to pass out. The Steamboat Christian Center brought 2,000 Popsicles to give out. And the Tread of Pioneers Museum expected to go through 27 gallons of ice cream and 62 liters of root beer making “Routt Beer Floats” for their annual Pioneer Day Block Party immediately following the parade.

Many floats carried pools full of water to load water guns and spray the crowd.

“We’ve got a pool in there that holds 50 to ...

Read full article →
Contingency Sale - Pros and Cons

Posted July 05, 2007

Sellers may be reluctant to accept an offer that is contingent on the sale of another property. However, such a sale can be structured to minimize the risks.

more> The sellers should reserve the right to require the buyers to meet any contingencies within a short period of time, (24–72 hours), if they get a second offer. This is sometimes referred to as a contingent sale with release clause.

Other prospective buyers are more likely to make a backup offer under these circumstances because the seller can turn up the heat on the current buyer if the new offer is better than the current offer on the table. The seller can also require a relatively high earnest money deposit and offset some risk in this manner.

Contingent sales can work well for the sellers if they address the potential risks and hold the buyers to their contractual obligations. Each ...

Read full article →
Cattle drive on Lincoln Avenue a sight to be seen

Posted July 02, 2007

It was a taste of what downtown Steamboat Springs sounded like, and smelled like, in the early days of its rich, Western history.more>For about 30 minutes Sunday morning, more than 130 head of cattle replaced car horns and truck engines with bleats, moos and lows, walking in noisy herds down Lincoln Avenue in the annual Saddleback Ranch Cattle Drive. Guided by mounted cowboys, cowgirls and law enforcement, the herds moved east along Lincoln for several blocks before turning south on Fifth Street, ending at the rodeo arena and cattle pens at Howelsen Park.

Crowds of locals and visitors alike filled both sides of Lincoln to see something that, these days, is a once-a-year event.

“I hadn’t seen anything like that before,” said Chris Babiarz, 10, of Wisconsin.

“It was definitely something different,” echoed his 17-year-old relative, Leah Babiarz of Michigan.

Three-year-old Brody Holt of Denver was awed ...

Read full article →
The Best Price

Posted July 02, 2007

What is the best price for a piece of real estate? Mortgage lenders, appraisers, and real estate brokers use what is called the “fair market value” (FMV). FMV has been defined as “the price that a buyer is willing to pay and the seller is willing to accept, when both parties are knowledgeable about the property and neither is under any time pressure to buy or sell”. This sounds great, but how is the price determined?

more> The starting point for determining a fair price may be an opinion of the value or “comparative market analysis”. Such an analysis uses information on similar properties that are: 1) currently for sale, 2) already sold, or 3) expired (properties that didn’t sell). Local, national and international trends and market conditions must also be evaluated.

Dutch has been in Steamboat real estate for over 20 years, representing sellers, builders, developers and buyers ...

Read full article →

Quick Listing Search

Already know the listing?
Search by MLS Number

Residential
Commercial
Land

(Drag sliders to select price range)

over $2M $0