Page 1

INSIDE: SUMMER 2011

Discover Publications, 6797 N. High St., #213, Worthington, OH 43085

Making an Offer on a Condo . . . . Pg 2

PRESORTED STANDARD U.S. POSTAGE PAID DISCOVER PUBLICATIONS

Local Events Calendar/ Fun Facts . . . . . . . . . . . Pg 6

Ask the Lawyer . . . . . . . . . . . . . . . . . .Pg 3 Market Report Featured Listings . . . . . . . . . . . . . .Pg 4 & 5 . . . . . . . . . . . . . . . . . . . . . . . . .Back Page

Compliments of THE MOUNTAIN LIVING TEAM

S ki C ountr y

extÄ Xáàtàx axãá

& Joanne Hanson ABR, CRS, Realtor

®

Has Summit County Real Estate Hit the Bottom? by Jason Adams efore you can answer that question, it helps to know what drives our market. The majority of Summit County real estate is made up of second homes. As a result, it doesn’t always follow the same rules as a primaryhome market. In a primary-home market, people have more reasons to move from one area to another, and many of those reasons have specific timeframes attached; perhaps a job requires relocation, or an addition to the family requires more space. Buying or selling in a primary market is based on need. A second home is a whole different animal, usually based on “want.” The decision to buy or sell a second home is about improving one’s lifestyle. Everyone has their reasons for buying a second home, but these homes are typically purchased in locations with an abundance of recreation, such as Summit County, with its skiing, hiking, and biking, just to name a few. Buying or selling a second home can be an enjoyable process, without the stresses involved with a primary residence. Changes, such as job relocation or an addition to the family, don’t impact the buying or selling of a second home the way they do in a primary residence. This makes a second-home market a little more resilient.

B

Get The Team ADVANTAGE

Joanne Hanson

Meredith Hanson

Here are three keys to help you determine if Summit County real estate has hit the bottom. • Current sales activity. Summit County’s current sales activity is up. We saw peak sales during 2006, with nearly 2500 transactions for the year. That’s more than six homes selling every single day of the year. In 2009, our annual sales dropped to 917, a 63 percent drop from peak. Since that drop Summit County sales have been moving in a positive direction. This past year saw a 10 percent increase over 2009. And so far in 2011, sales are up 11 percent over 2010. The increases have been modest, at best, and haven’t been able to turn our buyer’s market into a seller’s market—at least not yet. • Current Inventory. Summit County’s residential inventory, as of mid-June, is down. It’s at 1665 units (not including land). Our inventory at the same time in 2010 was 1886,

Jason Adams

• Average sales price. Our average sales price is down.

Here are average sales prices and average sold to list percentages for residential units in Summit County (not including land). $625,000

$612,571 SP/LP 93.88% (YTD)

$567,421 SP/LP 93.55% (YTD)

$575,000

$547,316 SP/LP 92.86% (YTD)

$525,000

$475,000

2009

2010

2011

When economic times are tough, people are less confident in their current financial position. That lack of confidence shows up as less activity in the second-home market. When real estate sales are down, inventory levels go up. When sales are up, inventory levels go down. The supply-to-demand ratio is what applies pressure on price. The most stable market occurs when supply and demand strike a more equal balance. In looking at the current data, if sales stay up and inventory stays down, our sales prices will stabilize. The bottom of any real estate market is elusive; if it wasn’t, we’d all be rich. If you’re lucky enough to time the bottom, chances are you won’t know it until after it’s already gone. The key, however, to having a chance of hitting the bottom of the market, is to take action. If you don’t act, I can guarantee that you will miss the bottom. If you have been thinking about buying a Summit County home, one thing is for sure, now is a great time to buy. Contact the Mountain Living Team for all your Real Estate needs. The information in this article was taken from the Summit County Multiple Listing Service. ■

Now is a great time to get your Summit County home! Call Today!

888-666-0844

DP# 11376

314 TEN MILE CREEK Just a block off Main Street in Frisco, this 2 bedroom condo is your urban loft in the mountains. With a versatile floorplan and upgrades throughout as well as a community swimming pool and hot tub, this is an outstanding value at $250,000

and in 2009, it was 1961. We’re currently seeing a decrease in inventory of 12 percent from 2010 to 2011. That number grows to 15 percent from 2009 to 2011.


How Much Should I Offer for the Condo I Want? by Joanne Hanson When we write up an offer for a buyer, the big question is always, “How much should we offer?” It helps to know what the seller might be willing to accept, but we seldom know that. You, the buyer, will have a number in your head that you are willing to pay, but the negotiated price is almost always somewhere between what you offer and what the seller is asking. Of course, the seller has a number in his or her head, too, and an agreement is often reached somewhere between those two numbers. It helps to know what other sellers have been accepting, and in today’s market, it averages about 92-93 percent of the list price at the time it sells. Often, the list price has been reduced from the original price. We can give you the history of the property before you write your offer; how long it has been on the market, as well as how many price reductions it’s had. We find that buyers, by the time they make an offer, have a really good feeling for market value; they’ve looked at many properties, and they may have been looking online for months. Sellers don’t have the advantage of seeing other properties, so they have to rely on their agent for advice. They also tend to be more emotionally involved, and even if they look at their competition, they still think that their own is the best. After all, that is why they bought it. Many buyers throw out a really low “test” offer,

by Joanne Hanson

hoping that they will find a motivated seller. Sometimes it works, and every now and then we see an offer accepted that is as little as 75% of the list price. For the most part, sellers get a bit offended and sometimes won’t even come back with a counteroffer; they want you to submit a better one. Some buyers, fishing, just move on to the next property. But if you really like the home, you may need to reconsider, as it takes an agreement to get it done. Another fact to consider is how the price compares to similar properties. If it really is a good deal, the seller is less likely to come off the price a lot. If it’s new on the market, other buyers might also recognize the value and bring in an offer, as well. When there are competing offers, you’ll seldom get it at much less than 95 percent of list price. We have seen properties, even in this market, sell at list price or more. It has to be a compelling value, but those properties do go quickly. ■

What is a Short Sale?

by Joanne Hanson

Many investors, and others looking for bargains, want us to find a short sale for them to buy. It helps to know just what a short sale is. Let’s use an example: Joe and Jane Seller bought a house in 2007 for $500,000. They put 20 percent down, but they did a “cash out” refinance to remodel it, and now they owe $450,000 on it. In today’s market, the house is only worth $400,000. They’ve decided to move out of state, and they really need to sell. They don’t have $50,000, plus selling expenses, to bring to closing, so they go to the bank to see if the bank will take less than what they owe. It’s a common procedure these days, but it’s exceedingly slow. Usually the bank will ask an uninvolved Realtor or an appraiser to give them a valuation of the home. Once they understand that it really is worth less than the owner owes on it, and the owner has proved hardship, they may agree to the short sale. The next step is to put the home on the market and try to get offers on it. If someone offers $350,000, the offer has to be accepted by the seller, then submitted to the bank for approval. Often, that can take months—and many buyers get tired of waiting—so they withdraw the offer and move on. If they’re patient, after several months, they might just

Dealing with Banks for REOs

get turned down. If they then resubmit a higher offer, the waiting game starts over. Sometimes it gets foreclosed on anyway, as often the foreclosure department won’t know that the short-sale department has an offer. I know of one example in another state, where the seller paid $430,000 for the home, got preliminary approval from the bank to do a short sale, and, two years later, the home closed for $205,000. Three buyers who had submitted higher offers during the two years got tired of waiting and withdrew their offers. Each subsequent offer was lower than the one prior, as the market continued to go down. That is an extreme example of our market, but it does show how the system works—or how it doesn’t. A short sale is not always the best thing for a buyer. There are many motivated sellers out there who can afford to sell for less, without getting bank approval. The trick is to find them. Some MLS listings tell you that the seller is motivated or that it must be sold, which is always done with the seller’s permission. Others don’t give you a clue. Hence, the initial low offer, trying to figure out how low the seller might go. ■

Would you like to have

S ki Countr y N ews Delivered FREE to your door?

Call us today at: 888-666-0844 to be placed on our mailing list.

REO is a term that is thrown around a lot, but many people don’t know what it means. It stands for “Real Estate Owned,” by a bank or lender. It’s a term the banks use when they have foreclosed on a property. They are now the owners, and they want to sell it quickly. The procedure for the buyer is much easier and faster than a short sale. The banks want it off their books, and once they list it in the MLS, it’s generally priced to sell. If so, they will get offers right away. Fannie Mae properties are often subject to alternate rules. If it is a Homepath property, they will only look at offers initially from those who will occupy the home as their primary residence. That means that second-home purchasers and investors must wait almost 15 days to submit offers, and by that time, there could be multiple offers. There are rules that must be followed. First, the bank sells it as-is. You have the opportunity to do an inspection and withdraw if it’s not to your liking, but you need to go into the transaction assuming they will do nothing to make any necessary repairs. Often, the property is in bad shape, and it’s almost always missing the appliances. Second, you must agree to the bank’s addendum, which is one-sided toward the bank. You agree to give up many of the rights you would have in a normal transaction with an individual owner. You must use their title company, which may not be as responsive, or it could operate in another town. Third, you must be pre-approved for the loan, and you must submit a letter from your lender. If you are paying cash, you need to have proof of funds. The preapproval or proof-of-funds letter must be submitted with the offer. The bank will not accept any offer unless it’s complete with all required documents. However, in most cases, the addendum will come to you for signatures once the price is agreed upon. The bank does not act quickly, but most will give you a response within three or four business days. If multiple offers come in, you have no way of knowing if your offer was considered. Usually they will work with the first one first, and, if additional offers come in after they have started working on the first one, you may be too late. If they receive multiple offers all at once, they will look at the best one first. Once the offer is agreed to and all documentation is signed, it can close fairly quickly, usually within a month. ■

This Free Service Will Save You Time Are you tired of searching websites for the right home? Tired of seeing the same properties over and over? Tired of spending so much time on the computer? There’s a better way. Let us email you only the properties you might be interested in. You’ll be notified of a prospective property that has just come on the market or a property that has had a price change. Stop sorting through hundreds of listings only to find a couple you’re truly interested in. Let the properties come to you. The service is free. There’s no obligation, and you can cancel at any time. Sign up now by visiting www.mountain-living.com/notifyme.html.

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

Call Today! 888-666-0844 2


Colorado Home Buying 101:

Property Insurance Objection Deadline by Meredith Hanson

Summit County Property Assessments are Here by Meredith Hanson Tax assessments are redone every two years in Colorado. The assessor’s office utilizes sales from a minimum 18-month period, in order to determine a property’s value. That period doesn’t include current activity, and, by the time you receive your new valuation, that timeframe can be nearly 12 months earlier. The assessor may further adjust those values, projecting what your property would be worth today. The last time the assessments came out in 2009, the comparable sales were taken during peak sales in Summit County. The prices were adjusted even higher, to continue the favorable pricing trends that were happening during the comparable timeframe.

Unfortunately, prices had fallen in the 12 months following, and, as a result, values were high—sometimes shockingly high. This time around, the assessments reflect the downward trending prices, and property valuations have fallen approximately 16 percent on average. If you think your valuation may be inaccurate, you can appeal it. Visit the Summit County website at www.co.summit.co.us for more information on the appeal process. You only have a limited amount of time to appeal, so don’t delay. The Mountain Living Team is happy to help you with your appeal process by providing sales from the appropriate timeframe. We’re available by email, phone, or you can just stop by our office in Frisco. ■

Embedded in the Colorado Real Estate Commission’s Contract to Buy/Sell Real Estate is a deadline regarding homeowner’s insurance. The deadline allows the buyer to perform their due diligence after going under contract, without jeopardizing their earnest money. It’s the general tone of the Contract to Buy/Sell Real Estate to allow the buyer to be aware of what they’re getting into with their purchase, and it allows them an out if they need one. The Property Insurance Objection Deadline does exactly that. It’s there to give the buyer the opportunity to investigate the insurance coverage available on the property, as well as determine how much it will cost. The insurance coverage does not need to take effect until the day of closing, but the buyer should know the details by the Property Insurance Objection Deadline. If the property insurance is discovered to be unsatisfactory to the buyer prior to the Property Insurance Objection Deadline, the buyer has the opportunity to terminate the contact and have their earnest money returned. The Colorado Real Estate Commission has looked at any relevant issues that might arise during the due-diligence process, incorporating them directly into the Contract to Buy/Sell Real Estate. When you purchase your Summit County property with The Mountain Living Team, you can count on us to help you utilize the deadlines that were put into the contract for an extra layer of protection. Don’t overlook the importance of that added security. And don’t buy your Summit County home without us. ■

What is a QR Code? by Meredith Hanson 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. ■

S ki C ountr y

extÄ Xáàtàx axãá

Publisher The Mountain Living Team

Colorado Rockies Real Estate

400 Main Street Frisco, Colorado 80443

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

View from the top. Mountain goats are a common sight when hiking Buffalo Mountain. 6797 N. High Street, Suite 213 Worthington, Ohio 43085 (614) 785-1111 www.DiscoverPublications.com

Sudoku, Scrabble, etc. distributed by Tribune Media Service.

© Copyright 2011 by Discover Publications, Inc. All rights reserved.

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. 3


MAP IT With your Smart Phone

MAP IT With your Smart Phone

334 COPPER SPRINGS LODGE

61 CR1040

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

Beautifully upgraded single-family home in a convenient Frisco location. Wood floors throughout the main level, 3 nicely separated bedrooms, family room, and a 2-car garage. Perfect for full-time or part-time residents. www.mountain-living.com/61cr1040.html $639,000

MAP IT With your Smart Phone

MAP IT With your Smart Phone

C3 DRAKE LANDING

203 ELK THISTLE

Fantastic locals opportunity. Nice 1-bedroom, 1.5-bath condo near Summit Boulevard in Frisco. Ample space for one or two full-time residents, plus an outdoor storage closet for bikes and other recreational gear. www.mountain-living.com/c3drake.html $211,000

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

ER D UN

CT A TR N CO

MAP IT With your Smart Phone

MAP IT With your Smart Phone

311 FRISCO STREET

319 FRISCO STREET

Build to suit. Take in the fabulous views in nearly every direction from this quarter-acre building site in a desirable Frisco location. Away from I-70, but still close to Main Street, this lot is exactly what you have been looking for. www.mountain-living.com/311frisco.html $325,000

Perched above street level, this unique Frisco home enjoys a large private deck and patio, with unspoiled views of Peak One and more. Southern exposure and a large solarium are just a couple of the many features this home has to offer. www.mountain-living.com/319frisco.html $870,000

MAP IT With your Smart Phone

MAP IT With your Smart Phone

2011 HAMILTON CREEK DRIVE

738F LAGOON TOWNHOMES

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.mountain-living.com/2011hamilton.html $299,000

This spacious, 2-bedroom condo in Frisco includes a huge livingroom with gas fireplace, 2 decks, large master with jetted tub, and a 2-car tandem garage with more than enough storage space. Great clubhouse and community amenities. www.mountain-living.com/738flagoon.html $315,000

MAP IT With your Smart Phone

MAP IT With your Smart Phone

14B LARSON LANE

1185 GOLDEN EAGLE

Nearly 2,800 sq. ft., 4 bedrooms + loft, and a huge deck with dead-on views of Mount Royal. Flexible to your needs, the lower-level bedroom could easily be caretaker quarters or a family room. www.mountain-living.com/14larson.html $629,900

Enjoy beautiful views from this upscale, Eagles Nest home. Open floor plan with main floor master plus 3 additional bedrooms, media room, 3+ car garage, private patio and more. Top notch home. www.mountain-living.com/1185goldeneagle.html $1,200,000

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


MAP IT With your Smart Phone

MAP IT With your Smart Phone

701 MEADOW CREEK DRIVE

703 MEADOW CREEK DRIVE

Lagoon’s luxury townhomes are ready for occupancy. Pull into the garage, step inside the two-story entry, and take your private elevator to the top floor. Here you’ll enjoy a wide-open floorplan, multiple decks, and views in every direction. www.mountain-living.com/701meadowcreek.html $1,190,000

Lake views from this penthouse town home in Frisco. The private elevator provides easy access to all three floors of this 3870 sq. ft. home. With an open floorplan, 3 bedrooms & 3.5 baths, this is a home for generations. www.mountain-living.com/703meadowcreek.html $1,190,000

MAP IT With your Smart Phone

MAP IT With your Smart Phone

MOUNTAIN VIEW PLAZA

336 ROYAL RED BIRD

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

Meticulously kept home in a fantastic Silverthorne location. Large deck with views from Keystone to Peak One to Buffalo Mountain. Additional garage with deep bay and 10-ft. door, plus huge workshop space. www.mountain-living.com/336royalredbird.html $750,000

MAP IT With your Smart Phone

MAP IT With your Smart Phone

7224 SILVER QUEEN WEST

301 TEN MILE CREEK

Amazing views from the deck of this affordable 2-bedroom Wildernest condo. Nicely kept, this 770-sq.-ft.condo is the perfect Summit County getaway. Conveniently located near bus stop. www.mountain-living.com/7224silverqueenwest.html $198,000

Just a block off Main Street, this remodeled, 2-bedroom condo is more spacious than most. A bonus den has been nicely converted into full-time living space, with a deck that looks out at Mt. Royal. www.mountain-living.com/301tenmilecreek.html $265,000

MAP IT With your Smart Phone

MAP IT With your Smart Phone

GG3 TREEHOUSE

420 TUCKER MOUNTAIN LODGE

Recently remodeled 2 bedroom Wildernest condo. Now there's fresh paint, new tile flooring and new stainless appliances in this fantastic, ground floor condo. Rare, walk out patio with washer/dryer and storage locker just across the atrium. www.mountain-living.com/treehousegg3.html $199,900

Enjoy ski-slope views from the balcony of this 1-bedroom ski condo, just yards from the Flyer lift at Copper Mountain Resort. Secure building in Center Village with underground parking, fitness center, and hot tub. www.mountain-living.com/420tucker.html $289,900

MAP IT With your Smart Phone

MAP IT With your Smart Phone

235 EASTRIDGE DRIVE

B8 4 O’CLOCK CONDO

Summer in Summerwood! This beautiful 4 bedroom home has just the perfect deck to enjoy the summer days or hot tub under the stars. Near Lake Dillon and the Keystone golf course as well as multiple ski resorts. www.mountain-living.com/235eastridge.html $875,000

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

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


Events Calendar

PEAK 8 IN BRECKENRIDGE - It’s Not Just for Winter Anymore Breckenridge Fun Park Open daily June 17 - Sept. 4 •10 a.m. - 6.pm. September 9 -18 Open weekends only Enjoy a variety of activities for kids of all ages at the Breckenridge Fun Park. Scream out loud as you fly along on the Gold Runner Coaster or Alpine Super Slide. If you prefer to have more control, try the mountain bike park or climbing wall. Turn the kids loose at the bounce house, pan for gems, take a hike or embark on a 4x4 off road tour. There’s so much to do at the Breckenridge Fun Park. All-day Activity passes cost around $65 if you buy online. Visit www.Breckenridge.com for more details.

JUNE 25: 25-26: 25-26:

Silverthorne Mountain Market Avon Walk for Breast Cancer Keystone to Breckenridge A-Basin open for summer skiing/riding

Thursdays: Wilderness Hikes in Breckenridge JULY 1, 15, 29: 1: 1-3: 2: 2: 2: 2: 2-3: 3: 4: 4: 4: 16: 23-25: 30: 31: 31:

Friday Night Comedy Night in July Copper’s 3 Ring Weekend A-Basin open for summer skiing/riding Never Forget our Soldiers - Dillon Amphitheatre River Run Rocks in Keystone Founder’s Day at Frisco's Historic Park Downtown Frisco Green Art Fair Copper Half Marathon & Trail 10k/5k Doo Wop Denny’s Rockin' Oldies Show - Dillon Amphitheatre Kid's Free Fishing Derby - Lakeside Village 4th of July Celebrations in Keystone, Frisco, Dillon & Breckenridge Independence Day 10k Trail Run Ice Cream Social at the Dillon Schoolhouse Courage Classic though Copper Mountain Canine 4k in Frisco Lake Dillon Challenge Rowing Regatta Rocky Mountain Triathlon at Silverthorne

Mondays: Historic Park Lunchtime Lectures in Frisco Thursdays: Wilderness Hikes in Breckenridge Friday & Saturday nights: Free Concerts at the Dillon Amphitheatre AUGUST 3:

Summit Trail Running Series Race #6 - Carter Park Breckenridge

3:

National Repertory Concert: Spectacular Strauss - Riverwalk Center, Breckenridge

4:

Wilderness Hike - Lower Flume Trail - Mines of the Times Breckenridge

5:

National Repertory Orchestra: Out of This World Finale - Riverwalk Center, Breckenridge

6:

Classic Boat Show at Frisco Marina

6:

Copper Triangle Bicycle Tour

6-7:

Annual Bluegrass and Beer Festival at Keystone

7:

‘Vettes on the Rockies in Frisco

11: 12: 12-13: 12-14: 13-14: 19-24: 20: 20: 20-21:

Wilderness Hike - Cucumber Gulch - Fragile Ecosystems Breckenridge Snake River Chamber Festival in Keystone BBQ at the Summit in Dillon Guitar Town at Copper Mountain Art on Main Street of the Rockies in Frisco Warrior Dash at Copper Mountain Circle the Summit Bike Ride around Frisco Frisco’s Block Party Annual Blues Festival and Art Show in Keystone

17, 24, 31: Wine & Cheese Wednesdays at Ridge Street Wine/Breckenridge Cheese and Chocolate 26-28: 27th Annual Genuine Jazz & Wine - Copper Mountain

Fridays: Friday night concerts at the Amphitheatre in Dillon Fridays: Farmer's Market in Dillon Saturdays: Sunset at the Summit at the Dillon Amphitheatre SEPTEMBER Farmer’s Market in Dillon 2, 9: 2-4: Copper Country 4: Taste of Keystone 4: John Adams Fan Appreciation Concert in Dillon 5: Marina Mutt Contest in Dillon 9-11: Summit County’s Fall for the Arts Celebration - Copper Mountain 10: Beetlefest in Frisco 17-18: Oktoberfest in Breckenridge

Wednesdays: Wine & Cheese Wednesdays at Ridge Street Wine/Breckenridge Cheese and Chocolate 6

Summit County Real Estate Market Report: Summer 2011 by Joanne Hanson 2011 will be a better year for real estate sales than 2010; we are up 11 percent year to date. Last year’s increase over 2009 was 10 percent. Even so, with two years of increases under our belt, 2011 will probably see about half the number of transactions than we had in 2006. Prices have decreased by 20-30 percent from the peak of the market in early 2008. With two years of higher sales, more buyers entering the market, and sellers more aware of today’s values, it’s entirely possible that this year could be the bottom of the market. However, that’s the kind of thing that you don’t know until it has already bottomed out, and you are on the upswing again. Then you look back and realize that was it. It’s entirely possible that the upswing will hap-

pen slowly, and we will know the bottom because prices stopped decreasing and stabilized. We are beginning to see that happen in a few areas, but not enough that we can say that the downward trend has stopped. We feel that we will probably bump along the bottom for a couple of years and that prices won’t go up appreciably for some time. At least we can say that the strong downward trend of price erosion seems to be behind us, and any price shifts from now on should be more gradual, whether up or down. Interest rates are still at historic lows, but threatening to start moving up. Getting a low interest rate now, even if prices continue to creep downward, offers savings that make up for any loss in value. If you wait until you know that prices are stable, then you pay a slightly lower price at a higher interest rate, it will end up costing about the same. ■

Fun Facts

Breckenridge's full time population is estimated at only 3,583 but can exceed 38,624 on a busy day. Initial Construction of Copper Mountain Ski Resort began in the summer of 1971 There are approximately 500 condo units in the town of Frisco The Ten Mile Range has only one 14er; Quandary Peak 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!

It’s a Great Time to Buy Land Sales for vacant land have dropped substantially from our peak real estate years. Of course the biggest factor in this drop is the overall economy. Another reason for this drop is because it has gotten nearly impossible to get a loan for land. So what should a land buyer or seller do? Save their money, hold out for a cash buyer? You don’t have to; land loans are available. To get a loan to purchase land in Summit County, plan to put 40-50% down. Plan on a higher interest rate. Plan to hold that lot for a few years before building; construction loans are equally difficult. But, if you can, now is a great time to buy land. Some sellers could be desperate. It is more difficult to hold land than it is to hold developed property. There are very limited cash flow opportunities with land, unlike residential properties. Colorado property taxes are higher for vacant land then they are once a home is built. And, as I mentioned before, construction loans are difficult to come by so development may not be an option.

Dillon • $875,000 See More Information on Page 5!

It is a great time to buy land, but only if you have the means to hold it. As Mark Twain said, “Land they ain’t making any more.”

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

Summit County Residential Sales

Copper Mountain • $289,900 See More Information on Page 5!

2011 Summit County residential sales have been trending upwards month over month for the first four months of the year. May saw sales dip 15%. That decline was not significant enough to wipe out our gain for the year. At the end of May, year to date sales were still up by 12%.

Silverthorn • $750,000 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

The Mountain Living Team 888-666-0844

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

Let your Summit County property find you!

888-666-0844

Each COLDWELL BANKER® office is independently owned and operated. If your property is currently listed, please disregard this notice.

Ski Country Real Estate News  

Information about buying, selling, renting, and owning Summit County, Colorado real estate. This includes the towns of Breckenridge, Copper...

Advertisement