On the Market
Tom Ross' On the Market column appears Sundays in the Real Estate section of the Steamboat Pilot & Today. Contact him at 871-4205 or e-mail tross@SteamboatToday.com
Steamboat Springs Real Living Professional Group has announced the relocation of its real estate offices from Central Park Plaza to the Chieftain Building, 345 Lincoln Ave., Suite 202, as of Nov. 15.
“Because so much of our real estate work is associated with short sales and foreclosures, it just made sense to relocate our real estate offices closer to my law office.” Real Living principal Ralph Cantafio said.
While Real Living is a full service real estate brokerage representing a wide breadth of buyers and sellers, the firm has developed a niche working with distressed properties.
“With the current real estate environment and with what we expect over the next 16 months, this was a natural move to become more efficient — something that benefits our clients and us,” said Mark Fischer, managing broker of Real Living.
Denise Cantafio and Francis C. Cefaratti continue to act as broker associates for Real Living. The company’s phone number remains 970-870-6090.
10 million-dollar homes sell in county in October
October saw 10 Routt County homes sell for more than $1 million. Research by Bruce Carta, of Land Title Guarantee Co., shows that five of those homes were priced between $1 million and $1.5 million. Another three were between $1.5 million and $2 million. A single home sold for more than $3 million. Twenty homes sold for less with $300,000 during the month for an aggregate value of $4.23 million, or just 14 percent of the gross dollar volume for the month.
Some real estate ads now have QR codes
Sharon Beaupre and Shelley Stanford, of Colorado Group Realty, have begun running print newspaper ads for specific listings that include an quick-response code for smart-phone users.
Owners of phones loaded with a scanning application such as Google Goggles may scan the code (like a square bar code) to quickly link to a Web page featuring all the details and photos of the property.
In this case, the two Realtors are featuring a Victorian style Old Town home listed for $689,000.
Market surpasses $430.5 million by end of October
The Routt County real estate market had seen transactions with a total valuation of $430,562,500 by the end of October, representing an increase of 161.5 percent when compared with the first 10 months of 2009, according to statistics compiled by Bruce Carta, of Land Title Guarantee Co.
Although the 2010 dollar volume far surpassed last year’s number of $266.5 million through the end of October, it’s still substantially lower than any other year in the past six. The next closest was 2004 when the 10-month total was $506.6 million.
New home planned in the Boulder Ridge subdivision
The Routt County Regional Building Department issued a permit to Santa Fe Trail LLC during the last week of November for a single-family residence within the city limits at 245 Boulder Ridge Road. The permit valuation is $617,700. The general contractor is Excel Construction.
Ease of borrowing now more critical than rates
Although the recent trend of rising long-term borrowing rates may mean higher mortgages for consumers in the coming months, the greater obstacles to housing market recovery are job creation and availability of credit, according to a National Association of Realtors analysis.
“Modest changes in mortgage rates are less important to a housing market recovery than the number of people who are able to obtain mortgages,” said NAR Chief Economist Lawrence Yun.
Last week, NAR’s Board of Directors approved a credit policy to urge the mortgage lending industry to reassess and amend their policies so more qualified homebuyers can become homeowners. Mortgage rates are expected to increase to 5.4 percent by the end of 2011 from current 4.2 percent average rate provided the inflation rate stays manageable at near 2 percent.