Home

When the four-bedroom family home in Whistler Meadows came back on the market after the first of the year, it lasted 38 days before it went under contract - even in a real estate market that has limped along in a struggling economic environment.

"First of all, (the seller) Dave Daggett was very motivated. That helped," Realtor Anne Mayberry said. "When I did the comparative market analysis, he was already totally up to speed, and he concurred with me. Quite frankly, he even came in a little lower than the suggested asking price."

Mayberry is a broker associate to Prudential Steamboat Realty principal Pam Vanatta. She said that in this real estate environment, it's especially important that everyone involved understand the sellers' motivation.

"I've been very fortunate," Mayberry said. "I had a listing last fall in Old Town that sold quickly. Those sellers were also willing to do what was necessary to sell."

Daggett's house actually was on the market 98 days, when you take into account two months during summer 2008 when it did not sell.

The listing sheet for the house on Whistler Road shows it was re-listed by Mayberry on Dec. 8, 2008, at an asking price of $679,000, and sold for $625,000. Mayberry said it went under contract in 38 days, then went through a long closing period.

The owner had listed it in summer 2008 for $779,000. When he took it off the market, he invested a little more than $110,000 in improvements, including an entryway with heavy trusses that upgraded the curb appeal of the home.

The home, built in 1982, has new kitchen appliances, Trex decking, hardwood floors and a tongue-and-groove ceiling in the living area. The new roof has 40-year asphalt shingles.

The sale of the Daggett house means an appraiser recently performed a bank appraisal that came close to the selling/asking prices and a loan underwriter in another city signed off on the mortgage.

Jim Hoy, of ASI Appraisal Services in Steamboat, said it would be premature to reach conclusions about the evolving Steamboat market from one sale.

"It's a recent sale. Whether or not that is where the market is headed is hard to say. One sale doesn't make a market. Let's see where the next few sales end up."

Vanatta, whose clients were the buyers, said they were living in a rental property in the neighborhood and were very interested in staying in that family environment, in close proximity to Whistler Park and a school bus stop with quick access to the ski mountain.

"They were very qualified buyers that fit the mold banks are looking for," Vanatta said. "They have good jobs and good credit - all the things you used to look for in homebuyers six or seven years ago."

Daggett's willingness to invest in remodeling his home and drop his price $100,000 from a year ago is emblematic of what is taking place in the market, Mayberry said.

"That's what we're doing right now. We're redefining the market," she said.

Vanatta agreed that pricing the home 10 percent below market value was the key to selling the property.

"Of the homes we're seeing selling, they seem to be at least 10 percent below market value," Vanatta said. "Not everyone is able to do that, but a seller who is willing to analyze their return on investment and be content," is more apt to be successful in today's market.