HOW'S THE MARKET?
June! Summer is finally here! It’s undeniable that June is one of the most beautiful times in Steamboat. The wild flowers are blooming, the valley is lush and green, and the snow is almost completely gone from the high country. It doesn’t hurt that the temperatures are near perfect, and the longest day of the year is on June 20.
As of May 15, 2024, Routt County has 143 active residential listings. That’s an increase from 118 last month, and up slightly from this time last year (115). May generally sees an increase in listings over April, but this year is slightly more than normal. The number of pending listings (78) is down slightly from this time last month (80), and up significantly from this time last year (48). The trends for pending listings are very similar to what we saw in April. Closed listings county-wide in April,2024 (64) were up significantly from the prior month of March (36), and also increased significantly compared to April of 2023 (43).
According to Freddie Mac, the national average for a 30-year fixed rate mortgage as of May 9, 2024 was 7.09%, which is .21% of a point higher than last month (6.88%). As we noted in our last Insider issue, the Fed had initially anticipated consistent rate cuts throughout the year. That obviously isn’t happening, and rates seem to be going in the wrong direction. However, J.P. Morgan notes that “The Bureau of Labor Statistics (BLS) reported that the U.S. economy added 175,000 jobs in April 2024, the slowest jobs gain in six months and below market expectations. The unemployment rate ticked up from 3.8% to 3.9%.” So this decrease in jobs gain and increase in unemployment may finally indicate a slowing of the economy.
In Steamboat, according to the Steamboat Pilot, the Tugboat has managed to eke out a few more days of existence. It was originally slated to be demolished on May 15, but the city’s Historic Preservation Committee has issued a 30 day stay of demolition exemption. While this is only a delay, the Committee is hoping to appeal to the developer and persuade them to preserve the building. It has been an unofficial landmark of the Steamboat aprés scene for decades and would be nice if the two parties can find a compromise.
We here at The Group hope that your June is perfect this year. Find some time to relax by the river, summit a new peak, or check out the wonderful Farmer’s Market. We are grateful for the opportunity to be your trusted advisers and are always just a phone call away.
REDUCING IMPACT OF NAR SETTLEMENT ON HOMEBUYERS
One immediate and major concern of the proposed settlement agreement, subject to court approval, announced by the National Association of REALTORS® (NAR) was the potential effect on the cost to purchase for homebuyers. Under the proposal, in many cases, sellers will not automatically offer to pay for buyer agent’s commissions. At first glance, such an arrangement would appear to potentially add thousands of dollars to buyers’ costs to compensate their agent. Fortunately, there is a mechanism confirmed by Fannie Mae, Freddie Mac and FHA that can prevent those additional costs from being added to a buyer’s bottom line.
Seller paid costs called seller concessions or interested party contributions (IPC), have long been allowed by lenders ranging from 2-9% depending on several factors including the type of loan and loan-to-value. IPC’s are a valuable tool for buyers who have limited resources for a down payment and closing costs. For example, if a buyer is purchasing a home for $500,000 and has $100,000 in an account, that is enough for a 20% down payment, but leaves the buyers without funds for closing costs. Assume closing costs are $10,000. The buyer’s agent can negotiate a seller concession to pay for the $10,000 in closing costs. In this example, the borrower can still have 20% down and cover their closing costs.
There was concern that if broker commissions also needed to be covered by an IPC, the resulting concession amount would exceed the maximum allowable by the buyer’s type of loan. In their announcements in April, Fannie Mae, Freddie Mac and FHA all confirmed that agent commissions paid through seller concessions were allowed and would not count toward the maximum allowable IPC. Therefore, real estate agents can negotiate contracts for their clients in which seller concessions can be used to pay for closing costs including commissions without increasing the amount of cash the buyer needs to bring to closing.
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STEAMBOAT HIGH SCHOOL ATHLETICS CAUSE PLENTY REASON TO CHEER
If you pass Gardner Field – the Steamboat Springs High School (SSHS) playing field, on any given home game, you can be sure locals will be in the stands cheering on the ‘Sailors.’ High School sports are a draw across the nation for spectators and Steamboat Springs residents come out in force to clap and ring the cowbells.
The SSHS saw 779 students participate among 24 teams, 290 fall athletes, 200 winter athletes, 289 spring athletes, with 107 coaches to guide and support them. Among the athletes, 54 students participated in three sports this year, a record nine students took part in four sports and one student likely broke a record, participating in five.
“We celebrate each other, we cry together, we laugh together, we face adversity and grow,” says Luke DeWolfe, the assistant principal, athletic and activities director. “We learn how to work together to be part of something greater than ourselves, we create memories and friendships, and at the end of the day we are a family.”
Results for the 2023/24 reflect the dedication of athletes and coaches, setting the bar high for the next school year.
Boys Golf
Made state and one team member, Michael Dinapoli made regional champion.
Girls Golf
Three team members qualified for the 4A Girls Golf State Championships, starting their season with only their 5th time on grass for the year, compared to teams who play year-round.
Cross County
Xavier Knott named Unified State Champion.
Boys Soccer
Made the Elite 8 of the CHSAA state tournament. Student Will Haden was named Western Slope Player of the Year and a 4A All State 1st team win.
Girls Soccer
Varsity made the state playoffs, and junior varsity secured an undefeated season.
Wrestling
Henry Dismuke went to state & made Regional Champ.
Alpine Skiing
13 racers competed at state.
Nordic Skiing
12 racers competed at state.
Boys Basketball
Made 1st round of the state championships and 2nd place in the Western Slope League.
Hockey
Declared Champions in the Mountain League and progressed to the Elite 8 in CHSAA state tournament.
Girls Lacrosse
Made state playoffs.
Boys Lacrosse
Made state quarterfinals & lost in final seconds.
Girls Tennis
Player Lucia del Haya named singles Regional Champion. The team played in the CHSAA State Tennis Championship and were awarded the Sportsmanship Trophy for respecting themselves and other players, against 30 other teams.
Electronic Sports (ESports) made its debut for the SSHS, and the team narrowly missed playoffs in the spring. They look forward to evolving and growing as a team going into next season.
“Although our teams have competed well throughout the year, the wins and losses have been a side note,” DeWolfe says. “The use of our athletic and activity programs as a conduit to teach and foster healthy individuals, are the true reason to celebrate.”
STEAMBOAT CABARET - THE HUMOROUS SIDE TO LIFE AS A LOCAL
The sound of laughter emanating from Perry Mansfield’s Julie Harris Theatre last month was an indication of the frivolity taking place inside. The annual Cabaret show did not fail to deliver on its reputation for finding the humorous side of Steamboat Springs local goings on.
The May event marked the 42nd year for the show which pokes light-hearted fun at the people and places that make the Yampa Valley home to so many. A variety show with tongue firmly planted in cheek is a much-loved fundraiser for Steamboat Creates. Funds support children’s educational programs in the arts, year-round exhibits, artwalks, collaborations and artist-inresidence opportunities.
Scripts are written and submitted by locals, with a valiant host of residents happy to take to the stage. Fledging thespian Barb Fix was new to the cast in recent years and wanted to push herself into public speaking, a task she says terrified her. “The whole experience is amazing. You meet people you would never otherwise meet, and you start the process thinking this will never come together and it miraculously does within a span of 10 days,” Fix shares.
Congratulations to our very own Dianne Bertini on a great performance!
Over the years, topics have delved from tourist faux pas and city official commentary to parent committee goings-on and reports from the police blotter. Everything is fair game for script writers. Long-time local Dianne Bertini took to the stage in 2017 and hasn’t looked back. “I always wanted to be on stage and never was, plus I love the sound of laughter and making people laugh,” she says. Dianne writes scripts and is now an integral part of the acting crew. “I feel like groups in Steamboat are so welcoming in general, and everyone at Cabaret is very supportive. It doesn’t matter if you are a professional level expert or are afraid to open your mouth in front of three people, you will feel welcome.”
Themes change every year. Glitter and the Grit was the headline for 2024, with past titles ranging from Whatever Floats Your Boat to Barely Legal. The whole event is typically put together in two weeks. “It’s a complete whirlwind of rehearsals and we just did five shows in four days,” Bertini says. “It works for lots of us because it’s not a massive time commitment and it’s completely invigorating.”
2024 FREE SUMMER CONCERT LINE-UP HAS BEEN ANNOUNCED
This year’s lineup proves to be another successful hit with a smorgasbord of reggae, bluegrass, blues, and funk.
SATURDAY, JUNE 22, 2024
Kitchen Dwellers – Show will feature a story-telling based repertoire of folk-infused bluegrass with a psychedelic twist.
SATURDAY, JULY 20, 2024
The Machine Performs Pink Floyd – Versions of the legendary band’s greatest hits and lesser-known works.
SATURDAY, JULY 27, 2024
Fruition – Ageless and genuine folk, roots, and rock n’ roll.
FRIDAY, AUGUST 9, 2024
ALO – Animal Liberation Orchestra. The quartet have collaborated with the likes of Jack Johnson to perform their genre-defying tunes dubbed “jam-pop.”
SATURDAY, SEPTEMBER 1, 2024
Keller Williams and the Grateful Grass featuring The Hillbenders. Relaxed versions of Grateful Dead songs played in bluegrass style.
A RIVER RUNS THROUGH IT
Did you know the Yampa River, which weaves its way through downtown Steamboat Springs, is the last remaining major free flowing river in the seven state Colorado River basin? The 270-mile body of water is a cherished playground especially during the summer months, and locals are fierce about celebrating and protecting it. It’s a source of joy for those to love to fish it, paddle it, kayak it, float it, swim in it, or just sit by it.
There is public fishing on seven miles of the Yampa River with favorite holes to be found in the downtown stretch and at Chuck Lewis Wildlife Area. Local fly shops offer advice on daily hatches and conditions, along with guide services and tips on fishing spots throughout Routt County.
Mountain Sports Kayak School is the local go-to for rentals and lessons on paddleboarding and kayaking. They offer kids camps throughout the summer for all abilities.
Those seeking a leisurely float down the river have the option to tube sizeable stretches. Several commercial operators offer rental gear, along with pick up and drop off services.
Rafting the Yampa is extremely popular from mid-May to late July while the water levels are at their highest.
Former long-time board member and past Friends of the Yampa president Kent Vertrees shares tips on rafting etiquette and keeping safe on the river.
Everyone has a chance to celebrate the Yampa River at the Annual River Festival. This year marks the 44th event and it is considered the flagship event for Friends of the Yampa. Wild and wacky activities include a host of races and a raft rodeo, along with a gear swap and plenty of refreshments. The festival kicks off at the Art Depot on May 30 at 6 p.m., finishing on June 2, at Rich Weiss Park.
Details at www.FriendsOfTheYampa.com
WAYS TO SAFELY ENJOY THE YAMPA RIVER THIS SUMMER
- Wear a life jacket or personal flotation device and helmet.
- Avoid cotton clothing. It holds in water & keeps you cold.
- Layer up with a waterproof jacket shell and sandals that are fixed – no flip flops.
- Wear a long-sleeve shirt, a large wide-brimmed hat and sunglasses with straps.
- If you want to learn to float the river, find a river mentor who will take you in their boat and on trips to teach you safe and proper techniques.
- Be prepared for changing weather conditions and pack extra clothing – hypothermia can happen in the summer.
- Bring a map of the river so you know when you are on private property, you can’t pull over wherever you want.
- Be respectful of others and don’t take over the put-ins or take-outs.
- Pick up any litter as you go and leave no trace of your own trash.
- Give fly fishermen plenty of room.
- Don’t intermix your group with another group’s raft trip, especially above rapids.