HOW'S THE MARKET?
May in Steamboat is a time to rest up from the long winter and get excited for the upcoming summer! It’s one of our favorite times of the year for us here at The Group. While some might contend it’s a “muddy season,” we like to focus on all the positives of this time of year. For example, the Yampa River starts flowing and the fishing and rafting are spectacular. The golf courses open, and for the intrepid, there’s still plenty of ski turns to be earned if you’re willing to work for it.
As of April 16, 2024, Routt County has 118 active residential listings. That’s up from 111 last month, and up about 40% from this time last year (74). We have seen a slow, but steady, increase in inventory since interest rates began to rise in 2022. The number of currently-pending listings (80) is down slightly from this time last month (85), and up significantly from this time last year (44). Closed listings county-wide in March, 2024 (36) were up slightly from the prior month of February (31), and were down compared to March of 2023 (44).
According to Freddie Mac, the national average for a 30-year fixed rate mortgage as of April 11, 2024 was 6.88%, which is .01 of a point higher than what we reported last month (6.87%). While investors have been bullish that the Fed Funds Rate would be reduced throughout 2024, recent data suggests that inflation is actually moving away from the central bank’s 2% goal. This means the chance of seeing interest rate cuts this year are looking less and less likely, according to Reuters. Some analysts are now speculating the Fed could even raise rates towards the end of the year. While this isn’t necessarily favorable news for buyers, rates have been hovering around this level for over a year, so buyers and sellers are beginning to adapt to this new rate environment.
PHEW! In Colorado, according to the Colorado Sun, a bill that would have taxed short-term rental properties at the state’s commercial rate of 27.9% compared with the 6.7% residential property tax rate was voted down 6-1 by the Senate Finance Committee on Tuesday. Senate Bill 33 faced loud opposition from vacation rental owners, Airbnb, and Vrbo.
We here at The Group hope that your “mud season” is incredible. Whether you enjoy some quiet time in town watching the May flowers grow or you’re out traveling the world, we are grateful for the opportunity to be your trusted advisors here in Steamboat Springs.
SHOULD I PAY OFF MY MORTGAGE EARLY?
Deciding whether to pay off your mortgage early or invest in other opportunities depends on various factors including your financial goals, risk tolerance, interest rates, and personal circumstances.
Paying off your mortgage early can provide financial security and peace of mind. It eliminates a significant monthly expense and reduces the total amount of interest paid over the life of the loan. Additionally, being mortgage-free can free up cash flow for other investments or expenses in the future.
On the other hand, investing in other opportunities may offer potentially higher returns than the interest rate on your mortgage. Depending on your risk tolerance and investment strategy, you could invest in stocks, bonds, real estate, or other assets that have the potential to generate returns over time. However, investing comes with risks, including the possibility of losing money, so it’s essential to carefully consider your investment choices and diversify your portfolio to manage risk.
It’s also crucial to evaluate the opportunity cost of paying off your mortgage early versus investing elsewhere. Compare the interest rate on your mortgage with the potential returns from alternative investments. If the interest rate on your mortgage is relatively low, you may find it more advantageous to invest in higher-yielding opportunities.
Ultimately, the decision should align with your financial goals, risk tolerance, and overall financial situation. Some individuals prefer the peace of mind that comes with being mortgage-free, while others prioritize maximizing investment returns. Consider consulting with a financial advisor who can provide personalized guidance based on your specific circumstances.
For more information please contact Josh Kagan at Group Mortgage. Call 970-879-0996 or visit:
THE GREAT SPRING SPRUCE UP
As the snow melts across the Yampa Valley, the first pops of color peep through the soil telling us spring is here. Winter hibernation is over and it’s time to start sprucing up our dormant yards. For potential sellers there’s a landscaping list of honey dos to maximize the all-important curb appeal. The Group reached out to a handful of local landscapers to ask advice on what homeowners can do to attract potential buyers.
1.
Replace shovels for rakes and tidy up the debris unmasked by the thawing snow. Lightly rake grass to remove any moldy leaves and give the ground a chance to breathe again. If needed, consider fertilizing any areas of lawn.
2.
Winter weather is harsh on our properties with repeated freezing and thawing causing cracks and dirt build up. Power wash grubby surfaces including paved driveways, patios, decks and fences. Repaint, fix cracks and touch up as needed.
3.
Check faucets and irrigation systems for leaks and repair if necessary. It’s important to have everything in working order for potential buyers.
4.
Spruce up plant beds with soil nutrients, fresh mulch and move or plant perennials after the last frost.
5.
Clean up any water features and make sure they are still working.
6.
Container plants add pops of instant color and will give a property an instant lift. If nighttime temperatures are still below freezing, cover pots in the evening or bring inside.
7.
Prune and shape trees – branches can take a hit from the weight of snow.
8.
If you are planting, consider water tolerant options and opt for low maintenance foliage such as native grasses. Even if you are a green-thumbed enthusiast, the next homeowner might not be.
9.
Maximize the appeal of outdoor living spaces with attractive seating and possible enhancements such as a firepit.
IN A PICKLE NO LONGER
After four years in the making, the newly expanded Steamboat Tennis and Pickleball Center will open its doors this summer. The center will feature a total of 12 tennis courts, six indoor and six outdoor, and 20 pickleball courts with 12 inside the new facility and eight outdoor. Additionally, guests can enjoy a new welcome center, pro shop, locker rooms and viewing area.
Owned by the City of Steamboat Springs, the original 45,000 feet tennis facility saw an explosion of interest in pickleball leading to the conversion of two outdoor tennis courts to house eight pickleball courts in 2017. The demand for year-round indoor play became apparent and in October 2019, The Court Sports for Life Foundation (CS4L) was founded with the approval of the city, in order to start fundraising for a new 35,000 square foot pickleball facility. The foundation would also take over maintaining and operating the center.
A capital campaign committee chaired by Becky Lamb set about raising funds towards the $11 million cost for the project. An anonymous gift of $1,000,000 in 2021, with another offer of an up to $1,000,000 match in 2022 made a significant impact.
“The generosity has been amazing and a testament to the community,” says Jayson Harris, Director of Pickleball. “People are giving where they are recreating.”
The overall design went through several renditions with Vertical Arts Architecture and HLCC Construction Company. A designated building committee looked at hundreds of facilities around the country, considering court layouts, fencing, lighting and pro shop designs.
Steamboat’s center will be the only one of its kind throughout the surrounding mountain towns. Plans are already afoot to host bigger and better tournaments. The Steamboat Open drew participants from 17 different states in 2023.
“The beauty of the sport is it’s multi-generational,” Harris continues. “On any given day you might see a 10-year-old on a court next to someone in their 80’s.”
The new center will host a community open day on May 25, 2024 with an afternoon of free tennis and pickleball, food, beverages, games and prizes. The Ball Gala is slated for early August 2024, with sights set on upgrading the original ‘tennis bubble’. It’s game, set and match for court sports in Steamboat.
THE LATEST EATERIES IN STEAMBOAT SPRINGS TO PACK A FLAVORFUL PUNCH
BRASS KITCHEN & BAR
Local restaurateur and sommelier, Paul Underwood is a familiar name in the Steamboat Springs dining scene. The former co-owner of Café Diva has a reputation as fine as the wines he pours. His latest venture with chef Ryan Fowler has tongues in town wagging again. The duo opened Brass Kitchen and Bar on Yampa Street in time for the 2023/24 Ski Season, and the tables have been taken each night since.
The pair dub their offerings “Old World brasserie re-imagined Modern American.” In an open plan setting against rust orange walls and glass façade to the street, the kitchen dishes up bold flavors like Blistered Shishito Peppers, Korean Braised Pork Ribs and Sriracha Braised Pork Cheeks. In a nod to the old world, offerings from Cassoulet with duck leg confit and Toulouse sausage, or Baked Barramundi, Raclette or Hand Cut Fries Poutine lure diners in. An elongated bar wraps the kitchen where guests can watch food being prepared while sipping a Mezcal Paloma or a Black Manhattan.
Duck Cassoulet
"Old world brasserie re-imagined Modern American."
Ratatouille
STONEWALL KITCHEN
"A tribute to the men and women of the 1969 Stonewall Riots."
When the popular McKnights Irish Pub in Wildhorse Plaza closed its doors at the end of 2022, Kell Kaiser and Christopher Stackpole swooped in and took the spot to open Stonewall Kitchen in 2023. Kaiser spent his early childhood in Steamboat, until family circumstances took him to Florida. He returned to the Rocky Mountains where he and Stackpole owned and operated a jazz and blues club in Denver. After they shut the business they set their sights on Steamboat with the concept of a ranch-to-table operation.
They hired former California based executive chef Julie Eade, to build and create a menu based on the homegrown and reared flavors of Colorado. In a setting decorated with the playful artwork of local artist Brian Bonebrake and old-time photography, happy hour guests dine on duck, elk and bison tostados, or pig wings doused in huckleberry, balsamic hot honey pig dust. Libations of Rosemary and Rye, or the boldly named Grow-a-Pear, are favorites.
Diners get to savor Colorado Rainbow Trout, Southern Fried Quail and Venison Bolognaise. When asked about the restaurant name the duo said in a statement it was a“tribute to the men and women of the 1969 Stonewall Riots who made it possible for them to live, love and pursue their passions openly and authentically, as well as to the frontier men and women who, against the odds, settled in the high Rockies paving the way for towns like Steamboat Springs to exist today.”