Inside Edge Winter Newsletter

SLIFER SMITH & FR A M P T O N R E A L E S TAT E

I NSI DE EDGE

Winter 2008-2009 IN THIS ISSUE >>

Real Estate Market Update

2

Market Watch

4

Buyers’ Tools

5

A New Gondola in River Run

6

A Completed Crystal Peak Lodge

6

On the Web

7

A Summit County Development Update

8

Calendar of Events

The Most Trusted Name in Colorado Mountain Real Estate for More Than 45 Years

10

Thinking of Buying, Selling or “Staying In” Your Mountain Home?

Slifer Smith & Frampton Real Estate has been selling real estate in the Colorado Mountains for more than 45 years. During that time, our team of professionals has gained important insights and experience that will help buyers, sellers and homeowners as they make important personal real estate decisions in the months ahead.

Following are a few bullet points we’ve compiled that might help you along the way:

•

Historically, Summit County has been a strong market with a general positive trend of average sales price (see graph on page 3). Summit County real estate typically emerges from “tough times” much faster than the rest of the nation. In past downturns, such as 9/11, the 1980’s recession and the Savings & Loans crisis of the 1980’s and 90’s, Summit County real estate did not experience a significant decrease in value. Even today, Summit County’s sales prices remain strong despite a national housing downturn.

•

Historically low interest rates provide enticing financing options.

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The fundamentals of Summit County real estate will always be strong. The enjoyment of outdoor activities, mountain views and time with family and friends will always exist. Also, due to the limited supply of land, the demand for Summit County real estate will remain strong.

•

It is not prudent to wait for the market to “bottom out”; if you wait too long, the best deals may have already been taken. By the time the bottom has been reached, prices have already started to increase. Waiting for the market to change may bring increased prices and more competition for fewer homes.

{For Buyers} At least once in everyone’s lifetime, a real estate opportunity comes along that they will always remember. Some will see what a smart move they made. Others will regret the smart move they could have made. Today, Summit County, Colorado is one of those opportunities. Below are some top reasons why now is the time for the smart buyer to make a real estate purchase: •

There is a great selection of properties with more than 1,800 properties currently on the market and available for purchase (compared to almost 1,200 on April 1, 2007). You have more to choose from than you did a year ago. People purchasing real estate today compete with fewer other buyers and enjoy the absolute best offerings of the market.

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help you with the staging of your home (prices can range from $200 to $5,000 and might include simply rearranging furniture and removing clutter to preparing an entire home with rented furniture and accessories).

{For Sellers}

•

Considering the fact that buyers have more choices, be willing to negotiate.

•

Remove items from your home that you are not willing to part with, and could cause a buyer’s confusion as to what items are part of the deal.

In today’s market, it is more important than ever to make your home stand out. Below are some helpful tips: •

Because of the increased level of inventory compared to a year ago, it is extremely important to price your home competitively.

•

Choose a local broker who specializes in your community.

Request a “listing presentation” so that you can review their experience and discuss how they will approach the marketing of your home. With a competitive market and higher inventory, professional marketing of your home is increasingly important.

•

Prepare your home to sell by making it more appealing than the competition. According to national statistics a “staged home” spends 80 percent less time on the market than a non-staged home. Consider hiring a staging professional to

{For Continuing & Current Homeowners} There’s no place like a home in the high country: •

Enjoy your investment! Continue to feel confident in your home in Summit County, especially as you ski, hike, golf, fish, shop, dine and take pleasure in sharing great times with family and friends!

Slifer Smith & Frampton’s team of professional brokers are always happy to help answer your questions and offer advice, regardless of where you might happen to be in the “buy, sell, ‘stay’” cycle.

WINTER 2008-2009 | 3

Market Watch Summit County Properties for Sale 12-month Trend

20 Year Average Sales Price

97 8

90

1,000

9

$300,000

3 18 3

10 27

11 84

13 47

1,500

14 6

3

$400,000

18 41

4 19 8

17 40

2,000

20

28 20

$500,000

90

2,500

$600,000

$200,000

500

$100,000

$0

Average sales price continues to grow and is up over 140% in the past ten years.

Residential units include all Summit County improved residential property types; Single-Family, Duplex, Triplex, Townhome, Condominium.

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Although inventory has increased since the beginning of the year, we have seen a decrease in inventory in the past few months.

This graph includes residential properties and homesites.

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Au gu

Ju ly

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M ay

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M ar ch

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Ja nu ar

0 19 91 19 92 19 93 19 94 19 95 19 96 19 97 19 98 19 99 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 A s o 07 fN 20 ov 08 .

19 9

19 8

9

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Market Trends & Quick Facts •

The most expensive single-family home to sell in Summit County sold for $5,550,000 (7.15.2008)

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The most expensive condominium to sell in Summit County sold for $2,400,000 (9.25.2008)

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Currently there are 48 condominiums under contract listed over $2,000,000 (two are listed at $3,900,000)

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2008 YTD: 151 residential properties have sold over $1,000,000 with an average sales price of $1,583,553 and a total volume of $239,116,464

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13% of properties sold in Summit County YTD have been over $1,000,000

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1186 residential properties have sold in 2008 - YTD

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Average sales price per square foot in 2008:

Buyers’ Tools Please visit one of our offices for any of the following useful buyers’ tools: Market Statistics •

Market Insider – a monthly insight on current market trends

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The Slifer Report – an in-depth analysis of the Summit County real estate market; six month and annual reports available

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Property Searches – search available properties in your neighborhood of interest

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Comparable Analysis – be sure you are paying a fair price for a property

Maps – Summit County and specific areas yer’s Guides

• Condominium: $462 • Duplex: $335 • Single-Family: $326 • Townhome: $367

Interest Rates – most current information The Slifer Smith & Frampton Real Estate Update – a compilation of our available listings Newsletters – includes up-to-date real estate, resort and community information WINTER 2008-2009 | 5

New Gondola in River Run!

A Completed Crystal Peak Lodge

Keystone Resort opened November 7th with the new, state-of-theart River Run Gondola. The new eight-passenger gondola replaced the previous six-passenger River Run Gondola. A key component of the new gondola includes the move of the bottom terminal into Keystone’s River Run Village, which significantly enhances the guest experience by making access to the gondola easier. Also, a new mid-station is now located halfway up Dercum Mountain with loading and unloading in both directions, giving skiers and snowboarders an option to access Keystone’s upper trails from mid-mountain and to download at the end of their ski day.

Crystal Peak Lodge had its formal opening reception in November and now provides ski-in/ski-out luxury residences on the snowfront at Peak 7 in Breckenridge. An impressive 43 out of the 46 available residences have sold and closed. Currently, there is a 1-bedroom and two 2-bedroom residences available for purchase and ready for the ski season, and are selling at 2006 prices. There are several amenities including two outdoor hot tubs, a fitness facility and billiards room. With the opening of Crystal Peak Lodge and the newly located Independence SuperChair, Peak 7 is the perfect place for a vacation ski home. For more information on floorplans and interior finishes, please visit www.crystalpeaklodge.com/sar.

source: Vail Resorts, Inc.

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On the Web With 80% of buyers starting their real estate searches online, it is important to work with the online leaders. With most of those searches starting with Google, Slifer Smith & Frampton continues to have the top presence for key phrases, “Breckenridge Real Estate” and “Keystone Real Estate”. Below are some other highlights: •

•

•

In 2008, our award-winning website, www.summitcountyrealestate.com, received over 500,000 visits from over 115 countries.

Our international exposure with our affiliate, Luxury Portfolio, expanded as the first luxury website to display property information in nine different languages and 22 currencies.

They receive over 100,000 visitors per month with traffic from over 170 countries. Please visit www.luxuryportfolio.com.

Another SSF affiliate, Luxury Real Estate, averages nearly 200,000 visitors per month to their website and is the most viewed luxury real estate website in the world. Please visit www.luxuryrealestate.com.

Staging Your Home Staging a home is an effective way to compete with increasing inventory in your neighborhood, and sell your home more quickly, by making your home more appealing than surrounding homes. Professional stagers possess the skills of a top-level designer and are most beneficial in preparing your home to sell.

Staging costs can range anywhere from $200 - $5,000 and higher; however, here are some first steps for low-cost staging you can do yourself: •

Remove scatter rugs and knick-knacks from every room for a more spacious and orderly appearance.

•

Depersonalize the space by removing family photos, trophies, religious symbols, or any other items that may prevent a prospective buyer from envisioning themselves living in the home.

•

Remove everything on the kitchen counters, including appliances, except for the coffee maker.

•

Remove as much as you can from closets.

•

Do a thorough cleaning to make the home look immaculately clean. Hire a cleaning service if necessary. Scrub floors, walls and windows. Pay special attention to the microwave, oven and refrigerator.

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Many of our clients are using “My Place” to save searches, favorite homes and set up email notifications for properties that match their criteria once they hit the market.

•

Focus on the feature rooms – the living, dining, and master bedroom.

Additional bedrooms are best left empty or minimally furnished.

•

Set the dining room table with napkins, plates and flatware.

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In 2009, SSF is switching to a new, online digital real estate contract software with electronic signature capabilities, making the contract process easier for our buyers and sellers.

•

Bring the outdoors inside with greenery and plants.

•

When showing the house, turn on soft instrumental “buying” music, preferably classical or jazz.

source: realtor.org and stagedhomes.com

WINTER 2008-2009 | 7

A Summit County Development Update

One Ski Hill Place, A RockResort

Water House on Main

Sanctuary at Keystone

Combining extravagance, legendary service and impeccable design, One Ski Hill Place is just steps away from the Colorado and Rocky Mountain SuperChair lifts and the new seasonal BreckConnect Gondola, which connects Peak 8 with downtown Breckenridge. The cornerstone of the Peak 8 master plan will feature 88 wholly owned residences, ranging in size from studios to 4-bedrooms.

Residents will also enjoy legendary RockResorts service and proposed amenities including an aquatics center, fitness facility, bowling alley, conference center, owners’ ski lounge, restaurant, lively après ski bar and heated underground parking.

How Breckenridge Does Luxury. Water House on Main Street is the spectacular arrival of luxury residences at the base of Peak 9. Upscale and contemporary in design and features, this ideal mountain retreat offers the resort amenities the discerning buyer expects. Start or end your day by the heated outdoor pool with seven hot tubs, or the fitness center and club lounge. Walk to restaurants and shops right outside your front door, or relax in the theater-style movie room. One to four bedroom residences are available, but are selling quickly. www.waterhouseonmain.com/sar

The Sanctuary at Keystone encompasses upscale finishes, vast views of the ski slopes, large square footage and a prestigious neighborhood, all within a couple minutes of the chair lifts of Keystone Resort.

Prices begin in the upper $900,000’s and the first phase is sold out. One 5-bedroom, 5-bath duplex will be finished mid-February and three triplex homes will be ready mid-March, 2009. This beautiful development has a private shuttle to the new River Run Gondola and a private hot tub for each residence. Upon completion, Sanctuary at Keystone will have two single-family homes, two triplex homes and eleven duplex homes, totaling thirty residences. A furnished model is available to see. www.thesanctuaryatkeystone.com

www.oneskihillplace.com/oshp 8 | I NSIDE EDGE

WaterTower Place

Fox Valley at the Raven

Angler Mountain Ranch

Welcome to refined mountain luxury. As Frisco’s first environmentally green residences, homes at WaterTower Place raise the bar for excellence with fine finishes, luxe amenities and the ultimate atmosphere. WaterTower Place anchors the spirit of activity in Frisco with its in-town location while only steps to the Frisco Marina. Enjoy stunning mountain and lake views from the rooftop patios. Secure a 2- or 3-bedroom townhome today with prices starting from the $600,000’s. Delivery expected late spring, 2009.

Homes in Fox Valley at the Raven are selling as quickly as they are completed. Fifteen homes have closed with four additional homes currently available for purchase. Prices range from $865,000 to $965,000. Three- and 4-bedroom floorplans are available with square footage ranging from approximately 3,348. Three- and 4-bedroom floorplans are available.

This spectacular new community situated on 192 acres of historic Colorado ranch land includes paired homes, cabins and 33 single-family homesites with dramatic westerly views of Buffalo and Red Mountains. The neighborhood is fronted by a Gold Medal trout stream to compliment a private lake for owner recreation. Nearly half of the acreage will remain as open space with hiking trails that connect to nearby public trails. Homesites vary from 0.42 to 1.03 acres and prices range from $379,000 to $559,000.

www.watertowerfrisco.com/sar

WINTER 2008-2009 | 9

Calendar of Events January

March

14 - 16 USAA Revolution Tour - Copper

6 - 8 Winter Culinary Festival - Keystone 7 Tubbs Romp to Stop Snowshoe - Frisco 14 En Fuego St. Patrick’s Day - Copper 14 River Run Winter Fun - Keystone 21 En Fuego Fireworks - Copper 28 Blues and BBQ - Keystone 28 - 29 Kombi Event - Breckenridge

17

En Fuego Fireworks - Copper

20 - 24 Snow Sculpture Championship - Breckenridge 24

River Run Winter Fun - Keystone

25

Snow Sculpture Championship - Breckenridge

31

Spontaneous Combustion - Frisco

February

April

1

Gold Rush - Frisco

7

Summit Foundation Cup - Breckenridge

3-4

14

En Fuego Fireworks - Copper

21

En Fuego Mardi Gras - Copper

21 - 24 Mardi Gras Celebration - Breckenridge 24

Mardi Gras Celebration - Keystone

Spring Massive - Breckenridge

3 - 11 USASA Free Ski Nationals - Copper 4

En Fuego Fireworks - Copper

11

Peanut Butter and Rail Jam - Keystone

11

Sunsation - Copper

12

Ice Melt Contest - Dillon

12

Easter Egg Hunt - Frisco

12

Easter Egg Hunt - Copper

18

Imperial Challenge - Breckenridge

18 - 19 Sunsation - Copper

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