Frequently Asked Questions
I've owned the Digs for ten years, I'm the president of the HOA, and I've got an inquisitive mind. Ask me a question and if I don't have the answer I'll see what I can find!
How Far to the Mountain?
1 MILE. I've always been bugged by properties that fib about their location. I don't. The Digs are exactly 1 mile's walk/drive from the base of the ski resort, at roughly the same altitude. It's about a 20 minute walk in boots, or you can stroll just 4 blocks to catch the free bus (3+ times per hour, all day).
Are Nightly Rentals Allowed?
YES! Short term rentals (fewer than 30 days, per the City of Steamboat) are allowed through our HOA (view documents here) and through city zoning. This means you're welcome to rent this condo via airbnb, VRBO, through a local management company, or through your own self-management and advertising. Between 2008 and 2011 I self-managed vacation rentals at the Digs with advertising on VRBO and through my own network of friends and family. I received up to $439 per night plus taxes and cleaning. On average I booked 103 nights per year at $148 per night base rental fee. Click for detailed rental history including Profit & Loss statements.
How About Long-Term Tenants?
YOU BET. Long term leases (anything over 30 days, according to the city) are allowed and a great option for generating income from the Digs. CURRENT ESTIMATED MONTHLY RENTAL INCOME: $2,300 (furnished, including 1 pet). My past leases (from 2014-2018) have generated $1,800-2,000 per month in rent. This is certainly below market rates: I chose not to raise rent most years because I had great tenants renewing. Whenever I did list for new tenants, I had very strong responses and could take my pick from multiple candidates. Click for detailed rental history including Profit & Loss statements.
Who is the Owner?
Well hello, it's nice to meet you! I'm Greg I. Hamilton, owner of Steamboat Digs since I purchased it in 2007. It was originally a second home with three complementary goals: 1) own a ski pad in our favorite resort town, 2) generate cashflow from rentals, 3) maintain a long-term investment. It's served all those goals, to say nothing of the wonderful times I've shared here with friends and family. I picked Steamboat because of my decade+ working in the ski industry: I had visited many mountain towns and this was by far my favorite. I picked the Digs from the moment I walked in the front door and saw those big areas for entertaining, and that wonderful granite-counter, bamboo floor kitchen.
How’s Living on the Third Floor?
THE VIEWS ARE INCREDIBLE! Two rooms look up the mountain where you can see the gondola running on powder mornings. The master suite and living room both look cross-valley toward Emerald Mountain and the Flat Tops. Slide chairs out on the front deck for sunset cocktails! While there's no elevator at the Digs, the central staircase is very wide (allowing for furniture moving) with low-rise treads and handrails for easy climbing.
Is there a Deck?
YES: we have a shared deck/porch along the front (west) side of the condo. Neighbors rarely walk past our porch: the two other sets of stairs on either end of the building are more convenient for them. So do like we do: bring out chairs to watch the sunset across the valley!
Are Pets Allowed?
YES! Our building's one of Steamboat's very rare pet-friendly properties for both owners and tenants (at discretion of each unit's owner). Registration fees cover staff to visit the property daily for pet waste pick-up and also generate positive revenue for the association. Owners can charge a premium to tenants with pets: I charged $100 extra per month!
Is the Building in Good Shape?
IT'S IN GREAT SHAPE! We have a brand new roof (2018) warranteed till summer, 2023. We have all-new plumbing as of 2015 (a bad batch of pipes reached several condo buildings around 1979; after some pinhole leaks we undertook a big project and replaced all supply pipes throughout the whole building). The landscaping is mature, with a gorgeous aspen tree just outside the front door. We have ample reserve plans for all projected repairs and maintenance.
How’s the HOA Doing?
GREAT! I've been a board member of the SubAlpine Homeowner/Condo-owner's Association for most of my 10 years as an owner. As I wrote to the other owners this August, I've never seen the HOA in such a positive position with respect to finances and the state of the building. We have an excellent association manager in Hollie Sutton at Steamboat Association Management who keeps track of our budget and reserve assessments. We have one of the lowest HOA fees in town (at just $359 a month) with no plans to increase or levy any special assessments. The building is occupied by a good mix of long- and short-term tenants plus a few on-site owners, providing assurance of building up-keep and neighborly relations. Click here to view current HOA documents, including financials.
Is there Laundry on Site?
YES. There are shared (coin-op) laundry facilities on the ground floor, directly below Steamboat Digs. WANT TO ADD MACHINES? Some neighboring units have successfully added washers and dryers. Click here for a floorplan with potential locations. There are no restrictions by the HOA (click here for documents). WHY NOT HOOK YOUR TENANTS UP? I found success with a renter by offering local laundry service through Ski Town Cleaners. I set up an account and allowed my tenant to charge up to $100 per month. She never maxed out the monthly amount and was delighted that she didn't have to do her own washing, drying, folding, etc. Meanwhile, I collected plenty of monthly rent to cover the hard costs and we supported a locally-owned, earth-friendly business. Win-win-win!
What, no Hot Tub?
It's called Steamboat Springs for a reason. We have two incredible natural springs for soaking right here in town: Old Town Hot Springs and Strawberry Park Hot Springs. When I rented the Digs to vacationers, I included two day-passes to Old Town so visitors could experience this wonderful facility with its waterslides, lap pools, climbing wall, exercise classes, and so much more. PLUS: by not maintaining a schwaggy chlorinated pool or jacuzzi for multiple residents--along with other sensible cost savings--we pay one of the lowest HOA fees in town (just $359 a month).
Why Buy from the Owner?
How 'bout I tell you why I chose to sell as the owner? After ten years owning and caring for my place I figure no one knows it better than me. I work for myself, so I have the time to try this on my own. CAN YOU TRUST ME? I'll tell you this: I'm an Eagle Scout through-and-through, a community-minded guy who tries to always treat people well and improve the world we live in. I volunteer locally here in Steamboat (on the board of Friends of the Yampa), I'm launching a collective to empower other independent filmmakers like me, and I'm staying put here in Steamboat. I promise you'll be pleased working with me to buy my condo.