Sunray Meadows in Steamboat Springs, CO

As your local Realtor and a resident of Sunray Meadows I'm excited to keep everyone up to date on what is happening in our neighborhood. With three successfully closed sales in the subdivision since July of this year, there seems to be a lot of activity on the market.

Those sales were:
~2bd/2ba, 1149 sq.ft., short sale, $285,000
~3bd/2ba, 1268 sq.ft., short sale, $300,000
~2bd/2ba, 1153 sq.ft., not a short sale, $310,000

There are also three currently pending sales with one of them being a short sale.

Wondering what that is...?

Short Sale is the process in which the bank agrees to take less than what is owed to them. Those type of transactions usually occur when the owner is under financial duress and when the current market value of the home is far below the current principal balance of the mortgage. The borrower needs to have a valid and qualifying hardship event in his life in order to get approved by his lender. Each bank institution has different criteria on what those qualifying events are.

There are also six currently active listings on the market as of the date of this blog post. Here are the details:

~1bd/1ba, 860 sq.ft., not a short sale, $220,000
~2bd/2ba, 1149 sq.ft., short sale, $240,000
~2bd/2ba, 1149 sq.ft., short sale, $255,000
~2bd/2ba, 936 sq.ft., not a short sale, $279,000
~2bd/2ba, 1060 sq.ft., short sale, $285,000
~3bd/2ba, 1154 sq.ft., not a short sale, $345,000

Just about a year ago there were over a dozen properties for sale in Sunray Meadows and being down to what they are is good news for anyone who owns in the subdivision, including myself.

There were two investors in the project with family ties and each one of them owned four residences. Unfortunately they purchased at the very peak of the market and most of those properties became distressed. Over the course of the last year and a half most of the mentioned above properties were nicely absorbed by the market and the situation in Sunray Meadows is much healthier now.

I wanted to use this opportunity to state how happy I am with our HOA and our president (Mandy) for all the hard work they put day to day and making living in Sunray Meadows so enjoyable.