REAL ESTATE INSIDER Volume 7, Issue 12

HOW'S THE MARKET

December! It’s a great time to visit friends and family, and to reflect on the successes you have had during the past year. The snow is light and fluffy in Steamboat, and winter is in full swing. This is why we live here!

As of November 20, 2024, Routt County has 183 active residential listings, whereas there were 237 in the month of October. Looking back, there were 58 pending properties in October, September had 71, and a year ago (October 2023) there were 52. Closed residential listings county-wide in October, 2024 (71) increased from September (63), and were also up from the prior year of October, 2023 (64). We still haven’t seen the seasonal number of closed listings begin to decrease. We usually see that happen around September, when the kids go back to school. One theory is that we saw a lower percentage of inventory close this summer than we normally do, so the sustained level of closed inventory into the Fall could be due to the same number of annual transactions averaging out over a longer time frame. It could also be due to something else like the election, or something else completely. Whatever the cause, the fact remains that transactions are seasonally high for this time of year.

According to Freddie Mac, the national average for a 30-year fixed rate mortgage as of November 14, 2024 was 6.78%, a .46% increase from last month. Surprisingly, rates have gradually increased since the FED made their first announcement in September that they would lower the FED Funds rate. This illustrates that interest rates do not necessarily align with the actions of the FED.

In Steamboat, while the Brown’s Ranch proposal for more affordable housing was voted down last year, Steamboat has been moving forward with other additional housing options. Yampa Valley Housing Authority has started work on The Cottonwoods, a 234 unit deed restricted housing development across US-40 from Ski Haus. A plethora of other housing projects are also in the works and 2025 should provide a range of affordable and luxury options.

We hope that you enjoy your holiday season and stay safe throughout the festivities. At The Group, we are thankful to be your trusted advisors in real estate. Please reach out to your broker if you have questions about the Steamboat market, or if you would like a real estate review of your current property.

BENEFICIAL OWNERSHIP FILING RULE DEADLINE APPROACHING

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a ruling on establishing beneficial ownership information reporting requirements, stemming from The Corporate Transparency Act to safeguard the U.S. financial system.

The purpose of beneficial ownership reporting is to help prevent the creation of anonymous shell companies, money laundering and additional financial crimes. This reporting rule requires anyone with control over businesses or legal entities to submit identifying information.

Companies created or registered to do business before January 1, 2024, have up to January 1, 2025, to file their initial beneficial ownership report.

Companies created or registered after January 1, 2024, have 90 days to file a beneficial ownership report. The 90-day window begins when the company receives notice from the Secretary of State or another office that its creation or registration is effective.

There is no fee to file a report or amendment, but any company that fails to do so by its filing deadline is subject to a fine of $500 per day, up to a maximum of $10,000.

Deliberate failures or intentionally filing false information is a felony, punishable by up to two years in prison. When combined with anti-money laundering violations, the penalty is up to 10 years in prison.

WHAT THE REPORT MUST INCLUDE

• The business’s legal name and any trade names or “doing business as” (DBA) names
• The current street address of its principal place of business in the U.S.
• Its jurisdiction of formation or registration
• Its taxpayer identification number
• The name, the date of birth, and the address of all beneficial owners of the company
• A unique identifying number from an acceptable identification document, like a driver’s license issued by a U.S. state or passport
• The company must also submit an image of the identification document to FinCEN.

A beneficial owner is someone who either directly or indirectly exercises substantial control of a company, or directly or indirectly controls 25% of more of a company’s ownership interests. An individual can be a beneficial owner when they have substantial influence over the actions and decisions of the entity, even if they don’t own a considerable portion of the company’s stock or possess a formal title such as, but not limited to, CEO or President.

The rules are highly complex and should be discussed with a certified accountant and/or attorney to ensure compliance. Detailed information can be found at fincen.gov

HOME TRENDS FOR 2025

Well-being is the buzz word for 2025 in home design and the increase in specific amenities reflect homeowners desire to de-stress. “In today’s high-stress, uncertain world, people are looking for warmth and comfort at home,” states Amanda Pendleton, Zillow’s home trends expert. "Think about how you can engage all your senses in a space.”

The Group took a deep dive into the latest trends, and found a few other home design staples which remain a constant in the mountains.

Saunas

They’ve long been associated with health and in countries like Finland they are considered a symbol for wellbeing. High heat and steam are said to improve circulation, stimulate detoxification and ease muscle tension. They come in all shapes and sizes, can be installed easily both indoors and out, and prices come in at various points.

Cold Plunges

The idea of willingly jumping into a tub of freezing water is not everyone’s idea of nurturing the body, but it’s long been associated with promoting good health. Athletes and wellness enthusiasts boast the benefits which range from boosting circulation and energy levels to reducing inflammation. Options include a simple tub which can be kept outside, to a custom finished pool indoors.

Hot Tubs

Far from a new phenomenon, the hot tub is a long-time staple for many mountain homes. An evening soak beneath the stars after a day on snow makes it a favorite accessory. Multi-level seating, varying jet options, and ambient lighting are a few of the customizable choices available.

Libraries

Zillow just reported an increase in searches for home libraries is up 22%. While not every home can accommodate a room dedicated to books, creating nooks and custom reading corners is a cozy alternative.

Mud Rooms

Mountain living can come with mess in the form of dripping ski boots and muddy sneakers, so a place to leave gear and save the carpets is a necessity. Today’s mudrooms boast custom lockers, built-in cubbies and benches, boot heaters and even a dog wash for Fido. For those where space is limited, consider easy to clean finishes such as tile floors, removable mats and wall mounted hangers to accommodate a spot for weather worn gear.

Multi-use Spaces

As more people work, exercise and recreate in their home, the need for a place to do it all becomes a priority. Local builders and designers have seen an increase in the multi-use room which means getting creative with floorplans and furnishings. Among the favorite finds are built-in bunks with storage for yoga and fitness gear, closets for fold-out table tennis and ceiling mounted projection screens for movie nights.