On the Market: 7 baths and 7 miles of wiring at rural home
When Colorado Group Realty hosts its annual Parade of Homes timed with the Wine Festival at Steamboat on Aug. 7, regular guys and gals in Steamboat will have a rare chance to tour an 11,823-square-foot contemporary rural home. And it’s all for a good cause. Proceeds go to the Colorado Group Realty Charitable Foundation, which has given more than $50,000 to local causes since 2006.
But about that house: It’s a smart home with an intelligent central air conditioning system and a 126-inch screen in the theater. All of those brainy appliances are supported by 7 miles of wiring. And seven also happens to be the number of bathrooms in the house. The master bath stands out with 10 showerheads.
The asking price is $5.975 million.
There are six more homes on the tour. Tickets are available at the Colorado Group office at 509 Lincoln Ave., beginning Thursday.
Village at Steamboat dominates June sales
The Village at Steamboat and Wyndham Vacation Resorts did $5.2 million in timeshare transactions in June, accounting for two-thirds of the real estate unit volume.
Participate in The Longevity Project
The Longevity Project is an annual campaign to help educate readers about what it takes to live a long, fulfilling life in our valley. This year Kevin shares his story of hope and celebration of life with his presentation Cracked, Not Broken as we explore the critical and relevant topic of mental health.
Bruce Carta, of Land Title Guarantee Co., reports that of 167 sales here last month, 117 were timeshare units, and of those, 112 came from the Village at Steamboat.
Steamboat’s overall June dollar volume of $35.7 million was 116 percent of last year’s total, Carta said.
Steamboat home prices most like Summit County
Although the Steamboat real estate market saw 29 single-family homes sell in the first quarter of 2010, the average price remained a hefty $729,388, according to the Western Mountain Resort Alliance.
In that respect, the market most similar to Steamboat, among 11 ski towns monitored by WMRA is Summit County, where the average home price in the first quarter of 2010 was $739,725. The average home price in Telluride during the same period was $3.33 million, topping Vail at $1.95 million.
Fannie Mae throws cool water on housing recovery
Mortgage buyer Fannie Mae issued a less than inspiring forecast Wednesday on the housing market’s ability to boost the nation’s economic recovery, though it predicts a modest uptick in the fourth quarter based on low interest rates.
The text of the report follows:
Concerns about the global economic recovery, including lingering worries regarding European sovereign debt, and increasing caution at home among private employers and consumers are evidence of the tenuous nature of the current economic recovery, according to the July 2010 Economic Outlook released today by Fannie Mae’s (OTC Bulletin Board: FNMA) Economics & Mortgage Market Analysis Group. The group has revised its projected growth for 2010 to 2.8 percent from 3.2 percent and remains on guard for a setback amidst increased uncertainty and downside risks.
“We have shifted into a lower gear in the economic expansion, due in no small part to the increase in financial-market volatility in recent months,” said Fannie Mae Chief Economist Doug Duncan. “As a result, private-sector employers are tentative about hiring decisions; businesses are building cash but generally are investing in capital rather than labor. That reluctance to hire has had a knock-on effect on consumers, who are spending less as the deleveraging process continues.”
The headwinds in housing also have picked up, according to the group. Although the anticipated expiration of the homebuyer credit had led to forecasts of diminished activity in the third quarter, the fall off was steeper than expected. The group now expects housing sales in 2010 to be basically flat, though it expects a modest recovery for housing in the fourth quarter and into next year — due in large part to the support that historically low mortgage rates are providing.
“We believe that residential investment will have a neutral effect on economic growth this year, which makes the current recovery quite unusual,” Duncan said. “Housing has historically played a significant role in leading the country out of recession.”
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