On the Market: Sales up in February and 2010 compared to 2009

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Tom Ross

Tom Ross' column appears in Steamboat Today. Contact him at 970-871-4205 or tross@SteamboatToday.com.

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February real estate sales of $32 million represent 267 percent of February 2009 and bring the year-to-date total to $82 million, almost 230 percent of where that number stood at the same time last year.

Perhaps more telling, according to the statistics compiled by Bruce Carta, of Land Title Guarantee Co., is that year-to-date sales narrowly surpassed those posted for the same period in 2005, about a year before Steamboat’s market began a rapid ascendancy that preceded the decline of the past two years.

Totals for the first two months of 2010 still are being influenced by closings of sales that went under contract in 2007, but significantly, One Steamboat Place closed a $3.8 million condominium sale Thursday that represented new business.

As transaction and dollar volume in the Steamboat market grow, Carta said, it’s clear that interval and fractional deals are providing some of the steam — they represented 55 percent of the transaction volume.

Although dollar volume and units are up, he said the number of loans originated here is down. Another possible reflection of consumer interest in interval ownership is that a significant portion of those sales are at low enough prices that people may be paying cash for them.

The Hayden market­ per­ked up a little in February with five transactions, one more than downtown Steamboat saw. Old Town had the advantage in dollar volume though — $2.58 million to $275,000 in Hayden.

The Steamboat mountain area saw 16 transactions in February, bringing the year-to-date total to 38 transactions with an aggregate value of $42.8 million.

Prudential agents grab top rating in Colorado

Prudential Steamboat Realty agents Pam Vanatta and the Vanatta Group, Kathy and Erik Steinberg, and the Olson Team were recognized in the fourth quarter as top agents for the state of Colorado in the Prudential Real Estate Network for residential sales.

Brokers Beth Bishop and Lisa Olson, of The Olson Team, ranked third in the state for their total number of residential units sold.

Pam Vanatta and her group of agents (Anne Mayberry, Kelly Stahl, Heidi Flint and Mark Dudley) continued as top performers for the Prudential network with a first-place ranking in Colorado for gross commission income and total sales volume and placed third in the state for their total number of units sold.

The Steinbergs ranked third in Colorado for their total gross commission income in total sales volume.

“These agents have achieved tremendous success in a challenging market,” said broker/co-owner, Cam Boyd. “Their exceptional work ethic and customer-centric business model provides clients with outstanding service that is exemplified by these achievements.”

Comments

greenwash 4 years ago

3.8 million for a condo worth mabye half that...Ouch

Looking at the transactions I see several "Daddy please help me" sales.

Its going to be a long season for those trying to get out.

Reminder...Dont pay 6% ..

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Scott Wedel 4 years ago

I simply do not understand how just a week ago the paper prints an interview with Scott Ford, head of local economic group, in which he says the critical number is the rate of absorption, and then today prints an article in which not only fails to mention the absorption number, BUT FAILS TO INCLUDE NUMBER OF TRANSACTIONS OR ACTIVE LISTINGS SO THE READER CANNOT CALCULATE RATE OF ABSORPTION!!!

Is it intentional to not include vital numbers so that an optimistic article does not contain facts that undercut that message? I truly do not understand how the paper can one week print an article saying rate of absorption is critical and then discuss the state of the real estate market without mentioning rate of absorption.

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Ken Reed 4 years ago

Scott W., good point. The previous article you mention was, from my perspective, one of the more interesting and realistic articles about real estate in this area. It gave us a rule of thumb to use for predicting new construction permits which would also help understand economic growth/recovery in the area. This article seems to say that real estate sales are on the way back and in a big way, but you can't tell how many units were sold in February. A quick search at some local sites indicates about 30 transactions. Scott Ford indicated 2,000 in inventory in his article, so this would translate to a 1.5% absorption rate. I may be way off. Maybe Scott Ford will weigh in on this.

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