everything you want • Page 2
impact of interest rates • Page 3
properties for sale Pages 4-5
market stats back page
peak 6 expansion Page 6
Ski Country Inside the Numbers
Keystone • $689,000
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Frisco • $465,000
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ith the exception of January, every month this year has seen an increase in the number of residential sales in Summit County over 2012. After the first two quarters, those increases have led to a 16% gain over 2012’s residential numbers during the same period. Dollar volume is up as well with a 12% increase after two quarters. Even so, the average residential sale price has fallen 3% to $506,090. Breckenridge has contributed the most to the increase, as they should since they make up about 40% of the sales annually, with a nearly 28% jump in numbers. However, Copper Mountain has had the most significant percentage increase. Copper is up 64% over 2012’s first half. Dillon is also enjoying double digit gains. Frisco is the only town that actually had fewer sales in the first two quarters of 2013. Dollar volume was up for the towns of Breckenridge, Copper Mountain, and Dillon and down for Frisco, Keystone, and Silverthorne. Average sales price only saw an increase at Copper Mountain where it grew by 3% to $374,452. If we include all transactions in the county, not just residential but also vacant land, partial ownerships, and timeshares, after the first two quarters sales numbers are up 18% and dollar volume up a whopping 23%. The average sale in the first half of the year was $463,112. That’s down 4% from 2012’s average sale price for
The market is poised for a rebound. Primary markets around the country saw an increase in demand which caused multiple offers and pricing increases. the same time frame. Land sales are slightly ahead of 2012 also. With 58 sales through the first half of the year, we are on track to meet or exceed 2012’s year-end total of 114 sales. The average sales price for vacant land is now $306,267, just below 2012’s average of $309,512. Land’s average sale price increased in Breckenridge,
Copper, and Dillon and fell in the rest of the county. It is important to keep in mind when looking at the area numbers that with less than 10 sales in most areas, one sale can have a big impact on the averages. Residential inventory levels are continuing to drop in the county. Seasonal fluctuations are typical with more properties on the market during the summer months. Year over year, residential inventory is down about 17%. Couple that decrease with the 16% increase in sales and we have a recipe for an increase in pricing or at least stabilization. That pricing stabilization can be seen in the relatively flat average sale price when compared to last year. The market is poised for a rebound. Primary markets around the country saw an increase in demand which caused multiple offers and pricing increases. The secondary home market typically lags behind the primary markets. That raises the possibility that next summer could see a Summit County market that acts similarly to this summer’s primary markets. These numbers were compiled from the Summit County MLS along with Land Title’s statistics. Additional graphs and charts are on the back page and the full Land Title report is posted on our blog at www.mountain-living.com/ LandTitleQ2.html. n
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Real Estate News
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What Is It, Why You Need It, and How It Works
Everything You Want at
a Fraction of the Price Resort real estate can be expensive. It’s not uncommon for a buyer to experience sticker shock after a day of looking at property. When a ski-in 250 square foot condo in Breckenridge can cost as much as a 3,000 square foot home in other parts of the country, it can be an eye opening experience. Often buyers must decide which features are not really necessary or how much they are willing to pay for a vacation home of their dreams. Another option when trying to determine the best course of action is partial ownership. Most people know about timeshares but are unfamiliar with partial ownership or don’t realize there is a difference between them. With a timeshare purchase, you are paying for the ability to use the property for a specified timeframe, usually one week. With partial ownership you are paying for a percentage of deeded ownership in the property. That ownership gives you the
option to use the property equal to the amount of ownership interest you have. For example, if you own 25% interest in a property, or a quarter share, you are entitled to use the property 25% of the time. To keep it simple, most partial ownership properties have designated times when each owner has use of the property. Your property will be governed similarly to a homeowner’s association, with rules about pets, furnishings, owner’s closets, etc. All the expenses will be split between owners and you will have HOA dues just like you would with most other properties. If you are buying a second home, you won’t be using it 100% of the time. Is it necessary that you pay for 100% ownership? 25% ownership gives you access approximately one week every month. Perhaps a quarter share is the best way for you to get everything you want at a fraction of the price.
What is title insurance? Title insurance is an insurance policy that protects a property owner or lender against losses arising from unknown or undisclosed defects in the past chain of title. It is like a pre-paid legal defense against any challenges to the insured’s title. The title company guarantees that the owner will have financial protection for any losses as a result of hidden defects in ownership rights. The cost of title insurance is a one-time flat fee regulated by the Division of Insurance, which is paid at closing. The policy remains in effect for as long as you or your heirs own title to the property. Why do you need title insurance? A title insurance policy protects the homeowner against any potential defects that could remain hidden despite the most thorough search of public records. Some defects in the title could put you at risk of losing your property. A few examples of hidden defects are: an error by the clerk in the county recorder’s office, a misapplied tax payment, a
forgery 50 years ago, or an undisclosed heir that resurfaces 10 years from now and demands rights to the property. Purchasing title insurance gives you peace of mind and financial protection against any potential problems from the past that may arise. How does title insurance work? Once you have signed a contract to purchase property, one of the first things your real estate agent will do is order title insurance. The title company will perform a thorough and extensive search of all recorded documents related to the property. The documents are examined by experienced title officers and a report, or commitment, is issued for review. The report will identify any pending title problems or defects that need to be addressed prior to closing. Other documents that may have been recorded against the property that are not regarded as defects would be referred to as “reasonable burdens.” These may include utility easements, restrictive covenants, or mineral
reservations. These items will remain as reasonable burdens on the property regardless of who owns the property. In addition to the above protection, there is an Owner’s Extended Coverage Policy which would provide additional coverage to the owner. Examples of the extended coverage would be for the following: mechanic’s lien protection, survey protection, and covenant and restriction coverage. In summary, title insurance provides the security of knowing that anything that occurred in the past will not interfere with your ownership rights. It will protect you from potentially ruinous costs of defending your property rights in court. Title insurance will eliminate risks and prevent losses caused by defects in the title before closing on your new home. It would be a pleasure to talk with you further if you have any other questions regarding title insurance. Please feel free to give The Mountain Living Team a call anytime at 888-666-0844. We are here to help you with all your real estate needs.
Buying and Selling a Home
Long Distance Because this is a resort area, the majority of our clients who purchase homes are buying them as second homes. Additionally, most buyers live at least 100 miles away (Denver area) and many live hundreds or even thousands of miles away. Although it may seem that it would be difficult to buy or sell a property when you live so far away, thanks to technology, it is surprisingly easy! Electronic signatures are now common place in real estate
transactions. No longer do we need to e-mail a contract to the buyer, have them print it out at their end, then find a fax machine to send it back to us. Now our contracts have electronic signatures integrated into them. You just sign your name with your mouse or just click in the box to have your signature entered for you. After a confirmation that it is your legal signature, it is automatically sent back to us, signatures intact. Simple!
There are a few lenders who aren’t quite there yet and won’t allow the electronic signatures, so in that case we go back to e-mail and fax. At least we don’t have to send by snail mail like we used to do just 15 or 20 years ago. Inspections can also be ordered on behalf of clients, and the inspectors e-mail their reports complete with photographs. We keep a complete resource list on hand with title companies, inspectors, plumb-
ers, carpenters and handymen, carpet companies and even a company that specializes in shipping artwork. We have done our fair share of uncovering septic tank lids, turning down (or up) thermostats, taking inventories, and emptying owner’s closets and shipping things out. Unwanted items get washed and taken to the thrift store where someone else can use them, and the owner can get a tax deduction. We arrange for repairs, radon mitigation, take
back cable boxes and take more photos than are in the MLS for clients to show their families. Our garage has, at times, been full of boxes shipped ahead for clients to pick up when they get out here. We routinely work with sellers we have never met, and sometimes even buyers that we have never met. We do what needs to be done to make what is sometimes a stressful experience as simple and enjoyable as possible for everyone involved. n
Now is a great time to get your Summit County home.
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The Impact of Interest Rates When getting a loan for a home, everyone knows the interest rate will have an impact on your purchasing power—exactly how much impact is an unknown for most people. Buyers talk to a lender when the time comes to buy and let them determine a reasonable price range. Further thought may never be put into it. Most buyers don’t realize how much the monthly payment will be affected by the interest rate. For every percent interest rates rise, you lose 12.5% of your purchasing power. That means if you were planning to spend $200,000 on your second home, putting 20% down and with a 4% interest rate, your principal and inter- rates rise to 5%, in order to $175,000 on your home, still est payment would be $764 keep your payment about the putting 20% down. If you’re per month. If those interest same you could only spend planning to spend a million
dollars and interest rates rise 1%, your purchasing power just got cut to $875,000 in order to keep your principal and interest payment about the same. Another 1% increase in rates and you’re down to only $765,000. A jump in interest rates could mean your three bedroom vacation home is now only a two bedroom. Interest rates are still historically low, even on vacation homes or investment properties. We have seen them bump up a bit recently and I expect they will continue to go up over time. With home prices in Summit County still flat and interest rates low, your purchasing power is just about as good as it gets.
The Unintended Real Estate Consequences of Medical Marijuana Medical marijuana has been legal in Colorado for a while now. With a doctor’s recommendation a Colorado resident is allowed to legally possess, use, and grow marijuana for their personal use. Alternatively, another person could be assigned as a caretaker and grow marijuana for that patient. Especially in a climate like Colorado, a marijuana garden in the backyard is unrealistic. To have productive plants the right combination of temperature, humidity, water, and light are required. That means most marijuana plants are going to be grown in a controlled environment. That controlled environment usually ends up being in the spare bedroom, the basement, or wherever there is a little extra space that can be blocked off from the rest of the house. Unfortunately, homes were not intended to be utilized as a greenhouse-type environment and don’t withstand those type of elements well. Growing marijuana in the home can have some unexpected consequences for the homeowner, home seller, and home buyer.
when trapped inside a home. That moisture can cause mold. Mold can hide in nooks and crannies where you can’t even see it. Its presence can not only damage the home but can also make it difficult to breathe and can even be toxic. 2. Electrical Hazards. Depending on the number of plants being grown in one location, additional lighting, heating, and venting are necessary. If an electrician has not been called in to make modifications to the electrical system, breakers can become overloaded and be a fire hazard. 3. Chemical Contamination. Even in a controlled environment, pesticides and fertilizers are used to maximize production from the plants. Those products, some of which are highly toxic, may be sprayed on the plants while in the home and without proper ventilation.
If properly approved, growing marijuana in the home is not an illegal activity. It isn’t required to be disclosed to a buyer 1. Mold. High humidity and tropical when purchasing a home. There are no temperatures create moisture, especially safety regulations in place to ensure cir-
cuits aren’t overloaded or that the property is adequately protected from harm. If you rent your property, you may want to consider adding an addendum to your lease prohibiting growing marijuana on your property. You may want to consult an attorney regarding the language in your lease to ensure your intent is clear and that you are not discriminating against anyone. The unintended consequences of medical marijuana could be affecting you. All anyone can do is be aware that grow operations are out there and notice any telltale signs. An unexplainable room, odors, an abundance of electrical outlets or extension cords, windows blocked out, or signs of water damage are just a few things that can signal a potential grow operation. When these type of things are noticed, extra precautions can be taken to include the necessary inspections during the due diligence period of a purchase contract. These inspections can save you headaches down the road. Growing marijuana isn’t happening in every home today. It may only be happening in less than 1% of the homes today. But it is happening and can create hazards that you don’t want to overlook.
The Economy Is Getting Better Dr. Elliot Eisenberg, PhD is a nationally-acclaimed economist, a former senior economist with the National Association of Home Builders, and a public speaker who came to Summit County this past August and spoke to the Summit County Builders Association and the Summit Association of Realtors. He presented a lot of positive news on the economy and shared his optimistic outlook for the future with us. Here are eight of the points leading him to his conclusion:
2. Truck transport, container shipping, and paper are all improving segments. 3. 4.
1. Spending on automobiles and education are both up. 8.
If you dig deeper into these points you will find some areas that aren’t quite as rosy as others, although the overall picture Industrial production is for each is still more positive better. than negative. As we push into 2014, Dr. Job numbers are back Eisenberg expects the sequester up to where they were in to have less and less impact, real December 2007. estate inventories will increase, interest rates will push up Corporate profits are up. slightly, and inflation will be minimal. Overall, Dr Eisenberg Banks are healthier which had an optimistic outlook for should make getting a loan the future. There are still a few easier. upcoming uncertainties that could push us off course, but Interest rates are still low. for the most part Dr. Eisenberg feels the economy is headed in Housing is better. the right direction.
Mountain Living Community
Van The Mountain Living Van has had a facelift! You may have seen it around town or parked near our office in Frisco. With skiers on one side, hikers and bikers on the other and a golfer on the back, the Mountain Living van is a testament to what we all love about Summit County. The cargo van is perfect to move a few small pieces of furniture or a few 2x4s. Available free to our clients it’s just one more advantage you have for doing business with the Mountain Living Team. n
Real Estate News
Publisher The Mountain Living Team
Colorado Rockies Real Estate
400 Main Street Frisco, Colorado 80443
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Dr. Elliot Eisenberg, PhD
336 Marina Place
Fantastic location overlooking Lake Dillon from the heart of Dillon. Convenient to amphitheatre, marina, farmers market, town events & more. $325,000
306F Buffalo Ridge
Spectacular views from this top floor, 2 bedroom + loft condo in Wildernest. Updates throughout, move in ready & extra tall carport. $279,900
525 Night Chant
Enjoy mountain living at its finest in this spectacular log home in one of Frisco’s most sought after neighborhoods. 3bd/2.5ba. $950,000
Enjoy all Frisco has to offer in this beautiful 3 bedroom home just a block off Main Street. Great outdoor living space with mountain views. $839,000
Frisco Sports Chalets
New Construction on Main Street in Frisco is underway! One and two bedroom condos with garages in a fantastic location.
Mountain View Plaza
Office space across the street from Keystone Resort. Enjoy a few runs during your lunch break & provide services to the skiers and homeowners nearby. Variety of sizes & rates.
i ºV 0 6
114 Sherwood Trail
360º views from this amazing building site in Breckenridge. Convenient & easily accessible this half acre lot won’t disappoint. $249,000
252 Slalom Drive
Peaceful and quiet, this residential building site is nicely treed and just three miles from the slopes of Breckenridge Resort. $179,000
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Now is a great time to get your Summit County home!
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For real estate in Summit County, call The Mountain Living Team at (888) 666-0844 4
127 Spring Beauty
Enjoy lake and mountain views from this quiet building site in Silverthorne. Off paved road with water & sewer taps partially paid. $230,000
219 Passage Point
Affordable ski condo at Copper Mountain. Split the cost of ownership by partnering up when you buy 25% ownership of this 2bd/2ba ski condo. $100,000
101B Pointe at Lake Dillon
Fantastic value for this spacious 3bd/3ba townhome in Frisco. Attached garage. Easy access to the paved rec path & Lake Dillon. $424,000
201C River Glen
Just a block off Main Street in Frisco! Nicely cared for 2bd + loft, 3 bath townhome with a garage. Unique contemporary design. $465,000
201 Emily Lane
Spacious Frisco home includes 4+ bedrooms, 4 baths and a nice corner lot. Relax in the hot tub while taking in the mountain views. $559,000
235 Eastridge Drive
Enjoy amenities included in only the best single family neighborhoods with this open and bright, 4 bedroom, luxury home in Dillon. Huge deck with private hot tub and nice views. $869,000
5234 Montezuma Road
Beautifully updated 3 bedroom home overlooking the river in Montezuma. Enjoy hiking biking and cross country skiing right outside your door. $620,000
8206 Silver Mill
Light and bright 3 bedroom condo in the heart of Keystoneâ€™s River Run Village. Large living area enjoys multiple decks and ski slope views. This is the one! $689,000
Open All Night
www.Mountain-Living.com/search.html The complete listing inventory of residential properties in Summit County and part of Park County is now available at www.mountain-living.com/search.html. There is a convenient search capability with no advertising or banner ads to get in the way. If you would like to be notified instantly of new listings that fit your parameters, just let us know and they will be emailed to you as they come up. Call us with your parameters at 888-666-0844 or fill out the form on our Web site at www.mountain-living.com/notifyme.html.
Havenâ€™t found your Summit County home yet? Search all available properties at www.mountain-living.com/search.html 5
Courtesy of Breckenridge Ski Resort
Ski Area Opening Days: A-Basin: October ? Loveland: October ? Keystone: November 1 Copper Mountain: November 1 Breckenridge: November 8 Winter Park: November 13 Eldora: November 16 Vail: November 22 Beaver Creek: November 27 Steamboat: November 27 Crested Butte: November 27 Aspen/Snowmass: November 28 Breckenridge, Frisco & Keystone Nordic Centers: Open mid-November depending on snowfall.
Keystone Nordic Center Free crosscountry and snowshoe lessons on January 11th, 2014, Winter Trails Day www.snowlink.com/wintertrails.aspx
For 5th and 6th Graders: The Passport Programs for 5th and 6th graders is back again this year. These popular programs allow 5th graders to ski free up to three days at 20 participating resorts and 6th graders receive four days at those same 20 resorts for $99. A free ski/snowboard lesson is a new bonus this year. 5th graders that have never skied or snowboarded before are eligible for a free lesson and equipment rental during January. Visit www.ColoradoSki.com/Passport to sign up or for additional information.
Peak 6 Expansion in Breckenridge New terrain is available for the 2013-2014 ski season in Breckenridge! Approved by the forest service in 2012, the Peak 6 expansion adds 543 acres of new terrain to Breckenridge’s 2,358 acres. 400 acres of the expansion will be serviced by a high-speed six-person chair lift and a fixed-grip chair lift. The remaining 143 acres will only be accessible by hiking. This new terrain will include some of the mountain’s steepest terrain as well as some intermediate runs above the tree line. Breckenridge is consistently one of the most visited US ski resorts over the last decade. The additional 23% of new terrain is expected to improve
ski terrain expansion on US Forest Service land in Colorado since 2008. The encroachment into forest service land caused concern for the lynx habitat in the area. However, an increased donation to the National Forest Fund by Vail Resorts has quieted those concerns. Breckenridge isn’t the only resort with improvements for this ski season. Copper Mountain replaced Courtesy of Breckenridge Ski Resort the Storm King poma lift with a the guest experience by better accom- T-bar and added a surface lift to modating visitors and reducing con- take skiers and riders from the top of the Sierra lift up to the ridge gestion and lift line wait times. The expansion marks the first adding access to Copper bowl. n
Snow became business in Summit County in 1946 when Arapahoe Basin Ski Area opened its slopes. Breckenridge Ski Area opened in 1961, Keystone in 1970, and Copper Mountain in 1972. Breckenridge’s Peak 8 is served by the Imperal Lift, the highest lift in North America. Keep tabs on the Summit County real estate market with The Mountain Living Team’s monthly e-newsletter.
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See more information on these homes inside!
Residential Sales: continue to increase in number.
Unit Sales By Month
Frisco • $950,000
See More Information on Page 4!
Inventory vs Sales YTD 2013 Frisco • $424,000
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Inventory vs Sales by Area: Copper & Keystone are experiencing healthier markets so far in 2013 than they had during 2012.
Inventory vs Sales by Area 2012 Breckenridge • $179,000
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Land Sales: average sales price remains flat.
Summit County Land - Average Sale Price
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Published on Sep 25, 2013
Real Estate and area information for Summit County and the towns of Breckenridge, Dillon, Copper Mountain, Frisco, Keystone and Silverthorne