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Adirondack House sells for $3.2 million cash

admin — Fri, 30 Jul 2010 01:43:37 +0000

Randall Hannaway reports the Alpine Bank-owned home he co-listed with Nick Metzler in Stonebridge Park closed for $3.2 million Thursday in a cash deal. The developer’s original listing price was more than $6 million. From the buyer’s original inquiry, it took just seven days to get it done. Stay tuned for more details.

Emeralds are a Realtor’s best friend

admin — Fri, 30 Jul 2010 01:40:40 +0000

Jon Wade of Colorado Group Realty landed both sides of an Emerald Lodge condominium sale – he brought both the buyer and the seller to the deal – on Thursday. It involved one of the ground level patio units.

Tour de Steamboat Raises $40,000

Prudential Steamboat Realty Blog — Wed, 28 Jul 2010 22:45:33 +0000

Tour de Steamboat 2010 was a huge success for everyone involved, but especially for the Sunshine Kids. More than $40,000 was raised to benefit this group of amazing kids battling ...

Growing number of refi’s bring cash to reduce principle

admin — Wed, 28 Jul 2010 19:42:03 +0000

The Web site Truth About Mortgages cited mortgage buyer Freddie Mac today when reporting that during the second quarter, 22 percent of homeowners who refinanced their mortgages brought cash to the closing table to reduce the principal on their mortgages.

It was reportedly the third highest “cash-in refinance” level since 1985.

Cash-in refis increased from 19 percent in the first quarter, but were nowhere near the 36 percent share seen in the final quarter of 2009.

Refis where the buyers took cash out of the deal increased by at least five percent, representing 27 percent of all refinance loans.

Distressed home sales hover near 32% of national total

admin — Tue, 27 Jul 2010 22:44:40 +0000

Mortgage buyer Freddie Mac reported July 23 the national median existing-home price for all housing types was $183,700 in June, which is 1.0 percent higher than a year ago. Distressed homes were at 32 percent of sales last month, compared with 31 percent in May; it was also 31 percent in June 2009.

Pinto tabbed to head Village at Steamboat marketing

admin — Tue, 27 Jul 2010 15:28:19 +0000

The Village at Steamboat interval ownership condominium development has announced Philip Pinto as the new director of sales and marketing for Wyndham Vacation Resorts, a division of the Wyndham Worldwide Corporation.

Pinto has previously worked for The Ritz-Carlton Destination Club and Marriott Vacation Club International.

“I am honored to have been selected by Wyndham to lead a site with such a high level of market dominance as we have here in Steamboat Springs,” Pinto said. With $5.2 million dollars in sales, and 112 of 167 total real estate transactions in the month of June, this site is thriving in an otherwise lackluster real estate market.”

Wells Fargo edges Bank of America in Q1 mortgage lending

admin — Tue, 27 Jul 2010 00:00:33 +0000

MortgageStats.com reports that Wells Fargo, with a bank location in Steamboat Springs, led the list of the top 10 mortgage lenders in the nation during the first quarter of 2010.

However, the Web page reported that each bank in the top 10 saw fundings drop compared to a year earlier, with many seeing declines of 25-50 percent.

Wells Fargo led the way with $77 billion in first quarter originations, followed closely by Bank of America with $71.5 billion and Chase with $32.8 billion.

The numbers dropped off significantly to third place with Ally Bank/ResCap (GMAC) doing $13 billion in mortgage business. CitiMortgage had $11 billion and U.S. Bank Home Mortgage had $9 billion.

The biggest year-over-year loser was SunTrust, which saw fundings fall 58 percent from the first quarter of 2009, back when refinancing was the hot ticket.

Routt County sees 4 permits July 19-23

admin — Mon, 26 Jul 2010 18:07:54 +0000

The Routt County Regional Building Department reports issuing four building permits with a combined value of $472,475 for the week July 19-23. The permits are for projects in the county outside Steamboat Springs and Hayden

The largest construction project is for a home addition with a permit value of $400,000.

Fannie Mae throws cool water on housing recovery

admin — Mon, 26 Jul 2010 17:44:00 +0000

Mortgage buyer Fannie Mae issued a less than inspiring forecast July 21 on the housing market’s ability to boost the nation’s economic recovery although it predicts a modest uptick in the fourth quarter based on low interest rates.
The text of the report follows:
Concerns about the global economic recovery, including lingering worries regarding European sovereign debt, and increasing caution at home among private employers and consumers are evidence of the tenuous nature of the current economic recovery, according to the July 2010 Economic Outlook released today by Fannie Mae’s (OTC Bulletin Board: FNMA) Economics & Mortgage Market Analysis Group. The group has revised its projected growth for 2010 to 2.8 percent from 3.2 percent, and remains on guard for a setback amidst increased uncertainty and downside risks.

“We have shifted into a lower gear in the economic expansion, due in no small part to the increase in financial-market volatility in recent months,” said Fannie Mae Chief Economist Doug Duncan. “As a result, private-sector employers are tentative about hiring decisions; businesses are building cash, but generally are investing in capital rather than labor. That reluctance to hire has had a knock-on effect on consumers, who are spending less as the deleveraging process continues.”

The headwinds in housing have also picked up, according to the group. Though the anticipated expiration of the homebuyer credit had led to forecasts of diminished activity in the third quarter, the fall off was steeper than expected. The group now expects housing sales in 2010 to be basically flat, though it expects a modest recovery for housing in the fourth quarter and into next year — due in large part to the support that historically low mortgage rates are providing.

“We believe that residential investment will have a neutral effect on economic growth this year, which makes the current recovery quite unusual,” Duncan said. “Housing has historically played a significant role in leading the country out of recession.”

7 baths and 7 miles of wiring

admin — Fri, 23 Jul 2010 20:11:55 +0000

When Colorado Group Realty hosts its annual Parade of Homes timed with the Steamboat Wine Festival Aug. 7, regular guys and gals in Steamboat will have a rare chance to tour an 11,823-square-foot contemporary rural home.
And it’s all for a good cause. Proceeds go to the Colorado Group Realty Charitable Foundation, which has gifted more than $50,000 to local causes since 2006.
But about that house. It’s a smart home with an intelligent central air conditioning system and a 126-inch screen in the theater. All of those brainy appliances are supported by 7 miles of wiring.
And 7 also happens to be the number of bathrooms in the house. The master bath stands out with 10 showerheads.
The asking price is $5.975 million.
There are six more homes on the tour. Tickets are available at the Colorado Group office at 509 Lincoln Ave., beginning July 29.