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INSIDE: WINTER 2012

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SEE MORE INFORMATION ON THESE HOMES INSIDE!

Silverthorne Lot • $230,000 See More Information on Page 4!

Dillon • $365,000 See More Information on Page 5!

Get The Team ADVANTAGE

Jason Adams

Meredith Hanson Adams

Joanne Hanson

How To Sell Your Home Now t’s no secret that the real estate market is always changing. If you are a seller, I’m sure you feel in recent years it has changed for the worse. The days of just mentioning that your home might be for sale and having that result in multiple offers are behind us. The new reality is that in order for your home to sell, a little work might be in store for both you and your Realtor. Currently inventory levels are down. The lower buyer demand coupled with lower sales prices have deterred many sellers. Those that remain must try and find a way to get the best price possible out of this far-from-ideal real estate market. As discouraging as it sounds, there are many options for today’s sellers. Some solutions may require a capital investment, while others may require a little inconvenience or elbow grease. Either way, these solutions can pay big dividends in the sales price of your home. The majority of second homebuyers want “nice.” They want to be able to use the home they purchase as-is, without having to put time or money into it. Nice homes sell quicker. So what is nice? Nice is granite or solidsurface counters in the kitchen and bath. Nice is tile flooring in place of linoleum. Nice is newer carpet and

I

fresh paint. Nice is furnishings that aren’t dated or worn. Nice is not just clean, but sparkling. Making your property nice can cost as little as a couple thousand dollars and reap you rewards five times your investment, if you do it right.

Selling your home takes commitment today. Be prepared to do what it takes to sell your home, and hire a Realtor with the same philosophy. It’s important for your Realtor to know the advantages of your home, as well as the drawbacks. It is his/her job to overcome the obstacles and highlight the best features. Without knowing what they are, it is a substantially more difficult task. Point out not only the things you love about your home, but the things you have often wished you could change. Give your Realtor every opportunity

to sell your home for you. Pricing your home correctly is the biggest factor in how fast your home sells. When the market is improving, a list price above the most recent comparable sale is appropriate. In a declining market, the opposite is true. A list price equal to or less than the most recent comparable sale is appropriate. Often sellers think if their property is priced too high, the buyers can just offer them a lower price. What those sellers fail to see is the right buyer for their home will probably never see their property. A property priced too high will be shown to buyers in a higher price range. It will probably be dismissed by those buyers because well-priced homes will show better. The right buyer isn’t even looking at it because the list price is above their price range. Overpricing can quickly sabotage even the best-laid plan. Selling your home takes commitment today. Be prepared to do what it takes to sell your home, and hire a Realtor with the same philosophy. When all parties work together toward a common goal, you are more likely to achieve the results you are striving for. The Mountain Living Team knows what it takes and is committed to selling your home now. ■

Buying or Selling a Home with The Mountain Living Team is Like an Awesome Day On the Slopes! In order to have a great day on the ski slopes, you must first decide where to go. Where you decide to go could have a significant impact on the type of day you have. One area may be better suited for you than another based on the type of skiing or riding you enjoy. Choosing where to go is like choosing your real estate agent. With some, you may be faced with big, gnarly bumps, while others have beautiful runs with soft powder. Your

real estate agent can lead you through the process

so you only experience the runs you enjoy. If you

find yourself in an unfamiliar terrain, your real estate agent will provide guidance to get you through the difficult spots and keep you from wiping out. Even moguls can be navigated smoothly with the guidance of a knowledgeable professional. Choose The Mountain Living Team to help guide you through your real estate transaction, and you’ll enjoy another awesome Summit County experience. ■

Now is a great time to get your Summit County home! Visit Our Website via your Smart Phone or go to: www.mountain-living.com

888-666-0844

DP# 11619

Call Today!


How to Keep More Money When You

Sell Your Mountain Home Most Brokers in Summit County prefer to be a Transaction Broker when working with Sellers, which is the safer route with less liability. They must be a neutral third party, working to keep the transaction together, rather than working for the Seller. When a Buyer’s Agent, working for the Buyer, brings you an offer, you as a Seller are at a definite disadvantage if your Broker is neutral. A Seller’s Agent works for you, and owes you honesty and undivided loyalty. The Mountain Living Team prefers to work as a Seller’s Agent. We can get you the best possible price with our

negotiation skills, while looking out for your best interests. A Seller’s Agent has an obligation to be totally honest with you. It may include telling you things

about your property and the market that you may not want to hear but need to know as part of your decision-making process. Few Brokers are willing to do that for fear of alienat-

ing the client. However, we can also help with strategies to overcome any negative aspects. If you want someone on your side, call The Mountain Living Team! ■

Summit County Land Sales

Showing Potential There are a number of factors that have negatively impacted Summit County land over the last few years. Those factors include a drop in sales, a drop in used home prices and difficult lending conditions. Let’s first look at the sales of land in the recent past. The number of land sales in Summit County peaked in 2005 when 437 parcels sold. That’s more than six times the sales at our low point in 2009 when only 68 sales took place. The year 2010 had a 26 percent increase in the number of sales but remained flat for 2011. As we all know, land wasn’t the only segment of the real estate market affected by the economic downturn. Residential homes sales took a significant hit as well. As home

Long Buying and Selling a Home

prices fell, it became a better deal to buy a home already built rather than building a new one. Inventory was also building, creating a large supply of homes to choose from. This put additional pressure on land. Lending has tightened up substantially over the last few years. In the past, if you had a heartbeat, you could get a loan. The pendulum has swung the other direction, and you are lucky to get a loan even if you have excellent credit. Land loans have been even more difficult, requiring at least 50 percent down. Construction loans offer the same type of difficulties so if you can buy the land, you may not be able to get a loan to develop it. In light of all these factors, it’s no wonder land prices have gone down

and sales have slowed. We have seen some positive signs recently that could be signaling a much-needed upturn. The negative factors are still there, but there are finally some positives to counteract them. The biggest positive is the increase in building across the county. There is some construction activity happening here and there across the county. From some small condominium projects to the local housing projects the towns have initiated, Frisco and Breckenridge are seeing a fair amount of development. There are custom homes going up in various neighborhoods and some significant remodeling projects underway. There are a few other projects being talked about now for

spring starts. The increasing number of projects makes us optimistic about the future of our market. The confidence these owners are feeling gets projected to others, helping to give them confidence needed to develop their sites, as well. As confidence builds, hurdles seem smaller and easier to overcome. Rather than letting those hurdles deter them, buyers and builders alike are taking on the challenges and overcoming them. We are at the beginning of a cycle that is not only pushing the demand for land up but the entire market. Let’s hope it can continue to gain momentum through 2012. The Mountain Living Team is here to help you face the challenges in today’s real estate market. ■

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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! Contracts can be e-mailed, signatures can be scanned and e-mailed, and most title companies use online systems. The latest and greatest is a website that allows one to sign electronically. 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 we enter the document into the website with instructions on where to sign, and the system e-mails the signers that a document is waiting for them. They go to the website, log on and then click everywhere it asks for a signature or initials, then close the document. We are then notified the document is complete, and go to the website to retrieve it. Simple! There are a few lenders who aren’t quite there yet who 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, plumbers, 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. ■

Now is a great time to get your Summit County home.

Call Today! 888-666-0844 2


Colorado’s

Foreclosure Process

Step 1: A foreclosure becomes public knowledge in Colorado when the NED is filed. The NED is the Notice of Election and Demand. It is a notice to the homeowner that the mortgage holder is beginning the process to foreclose on the property. It is usually sent after the homeowner missed their scheduled mortgage payments for at least four months. Once this notice is filed, the clock starts ticking. A certain amount of time must pass in order to give the homeowner the opportunity to bring their loan current. The next step cannot take place until that timeframe has passed. A home in foreclosure is still at Step 1 of the process. Ownership has not changed but the owner is struggling to keep the home. A short sale can happen during Step 1 or even earlier, before the owner has even received the NED.

Step 2: If the homeowner is still delinquent after the appropriate number of days, the property is auctioned off on the steps of the county courthouse. Every county has a designated day every week when these auctions take place. Summit County’s auction day is Friday. The lender can postpone the auction, and frequently does, in order to give the homeowner additional time to pay off the loan or to bring it current. When the auction day comes, the mortgage holder will start the bidding. Typically they bid

then goes to the next subordinate lienholder. If every lienholder passes on their opportunity, the winning auction bid prevails. Once you have been given the deed for the property and you officially own it, another adventure could be underway.

the amount they are due from the homeowner. Anyone present can outbid the bank and, if they are not outbid, purchase the property. If no one outbids the bank, ownership of the property goes back to the bank. If you are the winning bidder, you must pay cash for the property. You cannot get a loan on a property you don’t own or have a contract to buy. Step 3: Before the winning bidder can actually take own-

ership of the property, another step is necessary. When a property is auctioned off, the sale is subject to any other liens on the property. If there is a subordinate lien recorded against the property, the first subordinate lienholder has the opportunity to purchase the property. In order to do so, they must pay any liens ahead of them. If they choose not to purchase the property, they lose any claim to the property and their lien falls off the property. The opportunity

Step 4: You now own the property. What happens if you go to the home and discover someone lives there. You must evict them if you want them out of your house. This could be another lengthy process. What if you discover the home is not only in poor condition but unsafe to live in? Repairs are needed. More money must be put into this home. There are many unknowns when you purchase a property at a foreclosure auction. It could be the best investment you ever made—or the worst. It is often difficult to tell before you own the home. The property won’t come on the market as a bankowned home until it has been through all four steps. When we compile our Foreclosure Alert, it contains properties that are listed for sale in the Summit County MLS that are in the foreclosure process, meaning they have received a NED. Also included are properties that are advertised as possible short sales and bank-owned properties. To receive our Foreclosure Alert, email Meredith@mountain-living.com. ■

Colorado Home Buying 101:

Earnest Money When submitting an offer to a seller, it is common practice to offer the seller earnest money. You are telling the seller that if they take your offer and you fail to perform as described in the terms of the contract, you will forfeit your earnest money to them as compensation for their loss. Once an offer to purchase is accepted by the seller, the earnest money will be deposited into a trust account as directed in the contract. There it will stay until closing or until the contract is terminated. A typical amount of earnest money is currently about 1 percent of the purchase price. There

is no requirement. It needs to be large enough to entice the seller to take the property off the market for you. It may need to be a larger amount if the offer is risky for the seller, or to show how serious the buyer is about this property. The terms of the contract are such that there are many opportunities for the buyer to terminate the contract and get their earnest money back. Certain requirements must be met however in order for that to happen. If all goes well, at closing the earnest money is credited back to the buyer and becomes part of their down payment. ■

S ummit County R eal Estate www.Mountain-Living.com

What is a

QR

Code?

Have you noticed these funny little squares in magazines and advertisements? Have you wondered what they are? They are called Quick Response (QR) codes, and they’re like a modern, more advanced UPC code. It’s a code that your smartphone can read and it directs you to a website, provides contact information, or lets you send an email or text. Your smartphone uses its camera to view and read the QR code, but you have to download an app first. Just search the apps for a QR reader. You should be able to get a good one for free. Once you’ve installed it on your phone, aim it at a QR code, and the phone will do the rest. Once you know about QR codes and how to use them, you will begin noticing them everywhere—from magazine ads to store shelves, to buildings and shopping centers. The capabilities of QR codes are still being discovered, and there will continue to be new and unique uses for them in the future. ■

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Publisher The Mountain Living Team

Colorado Rockies Real Estate

400 Main Street Frisco, Colorado 80443

888-666-0844 www.mountain-living.com

6797 N. High Street, Suite 213 Worthington, Ohio 43085 (614) 785-1111 www.DiscoverPubs.com

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© Copyright 2012 by Discover Publications, Inc. All rights reserved.

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Use your Smart Phone to take a virtual tour

Use your Smart Phone to take a virtual tour

334 COPPER SPRINGS LODGE

203 ELK THISTLE

Enjoy slope views from this 1-bedroom ski condo at Copper Mountain Resort. Just a short stroll to the lifts in the winter, or the golf course in the summer. Fantastic year-round condo. www.mountain-living.com/334coppersprings.html $265,000

Backing to National Forest, this half-acre building site feels bigger than it is. Located in the Cortina Subdivision in Silverthorne, you get that private location, without compromising convenience. www.mountain-living.com/203elkthistle.html $200,000

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2011 HAMILTON CREEK DRIVE

201 EMILY LANE

This is one of the best views in the county. Build your dream-home perched high above Silverthorne, looking toward Buffalo and Red Mountains, and the Gore Range. Private location with some flexibility on lot lines. www.mountainliving.com/2011hamilton.html $275,000

Spacious 4+ bedroom home in a great Frisco location. Ample space for everyone includes lower level living area & second kitchen, huge deck with hot tub, bunk room & bonus room. www.mountain-living.com/201emily.html $559,000

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6238 HIGHWAY 9

127 SPRING BEAUTY

Classic ski condo just 3.5 miles from the town of Breckenridge. This original A-frame plus spacious addition perched above the Blue River create the perfect getaway! www.mountain-living.com/6238hwy9.html $430,000

Relatively flat building site for your Summit County home. Perfect for full time or part time residents this lot is close to National Forest off a paved, county maintained road. www.mountain-living.com/127springbeauty.html $230,000

When is the Best Time to Buy My Summit County Vacation Home? Buying a vacation home in Summit County is always fun, no matter the time of year. When looking for Colorado mountain real estate, most people would assume that buying in the “off ” season would allow you to get a better price. One would think that fewer Buyers means lower prices. In ski country, that is not necessarily the case. In winter, we have fewer Buyers, but there are also fewer homes on the market. Most ski condos and vacation homes are rented in the winter, and are often not for sale or are difficult to access if they are listed, because they

are occupied. We do show property in the winter, but time to see homes is limited as people are here to ski. They often just see a few homes, get a taste of what their money will buy and come back in the summer when they have time to do some home shopping. More mountain homes and condos are available for sale in the summer. A seller with a home in Breckenridge, Frisco or Copper Mountain will generally list it for sale as soon as ski season is over, so April and May are usually the listing season. By mid-

June the Buyers start coming to town. The very best selection is almost always in May and early June, before tourist season actually starts but after the majority of homes are listed. That does not mean that you will get the

best price in June, but you will have the best selection. By the time October gets here, the inventory is usually slim again, and we have a last minute flurry of Buyers trying to get their Keystone or Breckenridge ski condo lined up before winter, so prices generally stay strong. With Summit County Colorado real estate, both demand and supply usually change together. As a result, it has little impact on pricing, so there is no “best time” to buy. The law of supply and demand determines market value. When supply goes down

and/or demand goes up, prices go up. The reverse happens when demand lessens; supplies increase and prices drop, as can be seen in many parts of the country right now. The best time to buy is when you find a home or condo that you like and that fits your needs and suits your budget. Trying to time the market perfectly could just end up costing you money in the long run. Seize one of today’s great opportunities and find that home that will bring the family together and start making wonderful memories. ■

For real estate in Summit County, call The Mountain Living Team at (888) 666-0844 4


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336 MARINA PLACE

252 SLALOM DRIVE

Enjoy Lake Dillon views from this top floor 2 bedroom + loft, Dillon condo. New carpet and appliances. Covered parking with elevator in the building. Community hot tubs and pool. Fantastic location close to everything. www.mountain-living.com/336marinaplace.html $365,000

Fantastic opportunity to own a .92 acre building site in a highly desireable Breckenridge area, Peak 7. Nicely wooded and relatively flat, this lot is prime space for the Summit County home you have been dreaming of. www.mountain-living.com/252slalom.html $186,900

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MOUNTAIN VIEW PLAZA

481 W MAIN STREET

A variety of opportunities are available to lease retail or office space across from Keystone Resort. With spaces starting around $300/month, there’s sure to be the perfect spot for you to start or grow your business. www.mountain-living.com/111aMtnViewPlaza.html

Development opportunity! There aren't many lots left on Main Street that will support future development. Build the pre-approved multi-family condo complex or come up with your own idea. Zoning provides many development options. www.mountain-living.com/481wmain.html $1,390,000

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LAGOON TOWNHOMES

B8 4 O’CLOCK CONDO

Choice of 2 luxurious townhomes, each with private elevator, two car garage and fantastic lake and mountain views. Over 4,000 square feet each with 3 bedrooms, 3.5 baths.

On the slopes at Breckenridge Resort! This cozy, ski condo makes hitting the slopes convenient and easy. Fantastic year-round location lets you enjoy all Summit County has to offer. www.mountain-living.com/b84oclock.html $164,000

$1,190,000 each

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.

Haven’t found your Summit County home yet? Search all available properties at www.mountain-living.com/search.html 5


Events Calendar

Fridays: Live music Friday with $1.50 taco bar at A-Basin

JANUARY 29-2/5: International Snow Sculpture Championship viewing week

FEBRUARY 2-4: 5: 10-12: 10-12: 11: 11: 12: 18-21: 20: 25-26:

Winter Bluegrass Festival at Keystone Gold Rush Moonlight Snowshoe 5k Race/walk in Frisco Burton Mountain Festival at Keystone The Copper Uncorked Winter Wine Festival at Copper Mountain Vodka on the Rockies at Keystone 10th Annual Beacon Bowl and Avalanche Awareness Day at A-Basin Free One-Run Lesson at A-Basin Mardi Gras at Breckenridge Hope on the Slopes at Breckenridge Snowsports Big Mountain & Bumps Festival at A-Basin

MARCH 3-4: 3: 3-5:

Winter Culinary Festival at Keystone Tubbs Romp to Stomp in Frisco Colorado Special Olympics Winter Games at Copper Mountain 3: Children’s Hospital Burn Camp Fundraiser at A-Basin 11: Free One-Run Lesson at A-Basin 17: Rail Jam at A-Basin 17- 4/25: Spring Fever Festival at Breckenridge 30- 4/6: USASA Snowboarding Nationals at Copper Mountain 31: Volcolm Peanut Butter and Rail Jam at Keystone

APRIL 2-5: 7: 7: 8: 8: 8: 8: 8: 14: 14: 14-15: 15: 21:

Surefoot Colorado Ski Cup Spring Finale at Breckenridge Five Peaks Mountaineering Event at Breckenridge Moonlight Dinner Series – A Night in Spain at A-Basin Hurry, Feb & Mar events have already sold out! Easter Egg Hunt in Frisco Keystone Slush Cup Closing Day at Keystone Colorado’s Largest EASTer Egg Hunt at Copper Mountain Beach ‘n Egg Hunt at A-Basin 4th Annual Save our Snow Celebration at A-Basin Imperial Challenge at Breckenridge Sunsation and Closing Day at Copper Mountain Closing Day at Breckenridge 10th Annual Spyder Grind at A-Basin

MAY 5: 5: 5: 12: 19: 26-27: 27:

Moonlight Dinner Series – A night in Asia at A-Basin Hurry, Feb & Mar events have already sold out! 9th Annual Huck, Rock & Roll at A-Basin May Concert Series at A-Basin 8th Annual Red Beach Ball Bash at A-Basin Chili Cook off at A-Basin May Concert Series at A-Basin 11th Annual Festival of the Brewpubs at A-Basin

FOR MORE INFORMATION VISIT THESE WEBSITES: www.arapahoebasin.com www.coppercolorado.com www.townoffrisco.com www.breckenridge.com www.keystoneresort.com 6

JOIN THE MOUNTAIN LIVING TEAM FOR THE ROMP TO STOP ON MARCH 3RD IN FRISCO. VISIT OUR TEAM PAGE TO JOIN OUR TEAM OR TO DONATE. http://register.tubbsromptostomp.com/site/TR/Romp/General?team_id=6941&pg=team&fr_id=1156

We are excited to participate in the Tubbs Romp to Stomp out Breast Cancer Snowshoe Series® on Saturday, March 3rd at Frisco Nordic Center! We are gathering friends and family to join in the fun on the family-friendly 3k/5k snowshoe walk or 3k snowshoe race. Will you join us this year? Please feel free to invite friends and family to join in the day of hope, celebration and remembrance.

Never snowshoed before? Already an expert?

Regardless of experience level we will have a blast helping to stomp out breast cancer one snowshoe step at a time. If you don’t have snowshoes, don’t worry! Tubbs Snowshoes will be on hand with free snowshoe demos on a first come, first served basis.

Already have plans? Snowed In? If you cannot join us in person, we would be honored if you would still sign up for our team through the Virtual Snowshoer registration option or make a donation in support of our fundraising goal!

Fun Facts Breckenridge Ski Resort is in its 50th year of existence. The town of Breckenridge celebrated its 150th Anniversary in 2009. The Lake Dillon dam was constructed in 1961. The original town of Dillon now sits on the floor of Lake Dillon. Keep tabs on the Summit County real estate market with The Mountain Living Team’s monthly e-newsletter.

Sign up by sending an email to newsletter@mountain-living.com


MARKET STATISTICS

SEE MORE INFORMATION ON THESE HOMES INSIDE!

2011 At A Glance

Summit County Residential

• There were 1126 residential sales in Summit County in 2011. • The number of sales increased by 11% over 2010 sales. • The average sales price declined every month in 2011.

Breckenridge • $430,000 See More Information on Page 4!

• 81% of sales at Copper Mountain were condos. • 21% of Silverthorne properties sold in 30 days or less. • Dillon is the most affordable town with an average sales price in 2011 of $327,012 • The average sales price of a 1 bedroom condo in Breckenridge was higher than that of a 3 bedroom condo in Dillon. • Condos in Breckenridge were slower to sell than condos in the rest of the county.

Copper Mountain • $265,000 See More Information on Page 4!

• 2 bedroom condos sold faster than any other size condo. • Nearly 71% of properties sold in Copper Mountain took more than 120 days to sell. • 47.4% of residential sales in Summit County were condos. • Silverthorne was the only town with more single family home sales than condo sales. • The average sales price per square foot was $299.

Breckenridge • $164,000 See More Information on Page 5!

• 2011 average sales price was lower than the average sales price in 2006 but still higher than 2005’s average. • The average sales price fell by 13.6% from 2010.

Summit County Land • There were 82 land sales in Summit County in 2011. - 69.5% of those sales were in Breckenridge. • Land is taking just under 1 year on average to sell. • There is currently over a 4 year supply of land on the market in Summit County. • The numbers of land sales are down 80% from their peak in 2005. • The average sales price for land in 2011 was the same as it was in 2010, around $292,200.

Frisco • $1,390,000 See More Information on Page 5!

Stop Searching for a Home Receive an e-mail every time a property comes on the market that might interest you.

It’s quick It’s easy It’s free Sign up online at www.mountain-living.com/notifyme.html

In today’s real estate market prices are constantly changing. For the most up to date prices call us:

888-666-0844

The Mountain Living Team 888-666-0844

Let your Summit County property find you! Each COLDWELL BANKER® office is independently owned and operated. If your property is currently listed, please disregard this notice.

Ski Country News  

Winter 2012 edition covering Summit County Colorado real estate

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