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 Steamboat Springs’ real estate community funded $15,000 in scholarships for graduating high school seniors in Routt County in 2010, and the annual golf tournament that generates the money tees off again Aug. 11.
Auction items will be up for grabs at the 35th Annual Steamboat Springs Board of Realtors Scholarship Golf Tournament and Auction. The Realtors invite the public to attend this year’s deck party and auction event, which features auction items and two live bands. The auction is at 5:30 p.m. Aug. 10 at the new Sweetwater Grill, 811 Yampa St. The cost to attend only the Deck Party is $35 per person.
The golf tournament will be at Rollingstone Ranch Golf Club on Aug. 11, with an 8:30 a.m. shotgun start. The tournament will be played under a scramble format for five-player teams. The pre-registration fee is $140, which includes the deck party.
“The objective of the Realtors’ scholarship tournament and auction is to provide funding for the Realtors’ scholarship fund so we can make even more scholarships available to the many deserving students who need financial assistance in order to attend college,” event chairwoman Michelle Diehl said. “We strongly encourage the public to attend our dinner and auction to bid on the outstanding array of items that have been donated by Routt County businesses and individuals.”
Registration forms are available at the Steamboat Springs Board of Realtors office, 625 S. Lincoln Ave., No. 202, or at the board website, www.ssbr.org, and registration is on a first-come, first-served basis. Anyone interested in supporting the golf tournament and auction can call Diehl at 879-8100.
Congress gives new life to homebuyer tax credits
The National Association of Realtors is praising Congress for its passage of two bills to extend the homebuyer tax credit closing deadline and reauthorize the National Flood Insurance Program. Both bills, strongly supported by NAR, had cleared the House earlier and were passed by the Senate just before the Fourth of July holiday break.
The tax credit closing deadline and the flood program reauthorization were extended to Sept. 30.
Extending the tax credit closing and flood insurance deadlines will help provide additional stability to real estate markets across the nation, NAR said.
NAR President Vicki Cox Golder singled out Senate Majority Leader Harry Reid, D-Nev.; Senate Minority Leader Mitch McConnell, R-Ky.; Senate Banking Committee Chairman Christopher Dodd, D-Conn.; Sen. Johnny Isakson, R-Ga.; House Majority Leader Steny Hoyer, D-Md.; U.S. Rep. Shelley Berkley, D-Nev.; and U.S. Rep. Joe Courtney, D-Conn., for their efforts to extend the tax credit closing deadline.
The passage of H.R. 5623, the Homebuyer Assistance and Improvement Act, applies the homebuyer tax credit closing deadline extension only to homebuyers who have ratified contracts in place as of April 30 but could not close before June 30. The legislation is designed to create a seamless extension of the new closing deadline for eligible transactions to Sept. 30. There will be no gap between June 30 and the date the president signs the bill into law.
PBS reporting boomers return to vacation homes
TV correspondent Diane Eastabrook, of PBS, reported June 29 that professional baby boomers are once again returning to real estate, and in particular vacation homes, as investments.
Eastabrook said the increasing availability of jumbo loans is helping. Still, she reported, the vacation home market has a long way to go to return to the 2005 peak of about 1 million vacation homes sold nationally.
For purposes of her report, resort homes purchased for income were not included in the trend.