On the Market: Realtors study asking prices vs. sale prices

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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.

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— Eliese Pivarnik, of Colo­ra­do Group Realty, relayed data from the Steam­boat Multiple Listings researched by Colorado Group Chief Operating Officer Bart Kounovsky. He recently researched actual sale prices relative to asking prices.

Total sales:

■ On average, Steamboat properties sold for 87 percent of asking price.

■ Sixty percent of the properties sold closed at a price that was 90 percent to 100 percent of asking price.

■ Thirty-two percent of the properties sold closed at a price that was 75 percent to 89 percent of asking price.

■ Only 8 percent of the properties sold (eight total) closed at a price that was less than 75 percent of asking price.

Sales by property type:

■ Steamboat condos and townhomes sold for 90 percent of asking price.

■ Steamboat single-family homes sold for 84 percent of asking price.

■ Steamboat land and lots sold for 76 percent of asking price.

Carol Fox home on Fish Creek sells for $525,000

The former home of late City Councilwoman and Planning Commissioner Carol Booth Fox sold last week. Richard and Paula Silverman bought the 2,140-square-foot, three-bedroom home on Fish Creek Falls Road for $525,000. It sits on a beautifully landscaped 0.39-acre lot.

Refinancing declines as mortgage rate increases

The Associated Press reported Wednesday that applications for home loans dipped last week as mortgage rates bumped up slightly from the lowest level in decades.

However, the decline in refinances masked an uptick in applications for home purchase mortgages. 
The typical rate for a 30-year fixed loan increased to 4.5 percent from 4.43 percent.
 The Mortgage Bankers Association said overall applications fell 1.5 percent from a week earlier. Applications to refinance home loans fell 3.1 percent, the first drop in six weeks. But loans taken out to purchase homes increased 6.3 percent. That’s the highest level since May.

Rates have been at or near the lowest level in decades since spring as investors have shifted money into safer Treasury bonds. With bond yields down, so is the long-term trend in mortgage rates.

First Tracks at Wildhorse announces price decrease

First Tracks at Wildhorse Meadows has dropped the price on a few studio units by $30,000, to $119,000. The new product offers access to luxury amenities at nearby Trailhead Lodge. There is a pair of two-bedroom condos priced at $249,000, down from $295,000.

HOA boards, managers to gather for Vail conference

The volunteer boards that manage resort condo and townhome associations in Colorado ski towns are scheduled to gather in Vail next month to discuss strategies for difficult financial times.

The seventh annual Mountain Conference, sponsored by the Rocky Mountain Chapter of the Community Associations Institute, will help association members learn new strategies to adapt to tough times. The conference will be from 8 a.m. to 4:30 p.m. Oct. 7 at the Vail Cascade Resort & Spa.

“I can’t think of an economic environment as challenging to (associations) as the current economy,” said Rita Guthrie, president of the Community Associations Institute Rocky Mountain Chapter. “HOA boards and managers are trying to understand what the impact is to their bottom line for items such as short sales, foreclosures, delinquencies and bankruptcies.”

The Oct. 7 conference will include educational seminars and an opportunity to visit with business partners who serve the community association industry. Speakers for the classes are experts who have numerous years of expertise in the association industry.

For more information, call 303-951-4973 or go to www.HOA-Colorado.org.

Comments

Scott Wedel 3 years, 10 months ago

How does selling price compare to INITIAL asking price? Sure, by the time the a motivated seller has dropped the asking price 30+% to get close to comparable selling prices and thus show sellers that this seller is serious then they sell for not much of a discount to the final asking price.

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TWill 3 years, 10 months ago

Tom, you are a fantastic columnist relating to weekend fishing trips and Routt County lifestyle adventure pieces.

Please don't lower yourself to the real estate stuff... It's dirty!

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