Inside Edge Newsletter - Summer 2009

Slifer Smith & Fr a m p t o n R e a l Es tat e

INSI DE EDGE

The Most Trusted Name in Colorado Mountain Real Estate since 1962.

Summer 2009 In this issue >>

Real Estate Market Update

2

Market Watch

4

Market Trends & Quick Facts

5

A New Auction Division

6

“Epic Summer” vacations

7

A Summit County Development Update

8

Calendar of Events

10

Real Estate Market Update

Summer in Summit County is upon us in its entirety and much like the jump in visitors walking, shopping and dining through town, we are seeing an upswing in real estate activity.

Our office traffic and property viewings remain strong and have shown an increase compared to this past winter season. Summit County’s residential transactions in February and March totaled 98, increasing to 135 in April and May. Our website visits have increased more than 20% in the past six months. It is evident that people are interested and seriously looking at mountain real estate.

We are not implying that our market has fully recovered to the same level of transactions that we saw two years ago, but it does mean that buyers’ interest and confidence seems to gradually be returning. A “buyers’ market” has emerged, and those buyers are looking for incredible value – the deal of the century. Recent price adjustments have created many opportunities for smart buyers to purchase property at prices not seen in awhile.

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In addition, for buyers with ample cash or equity available for a down payment on a home, there are great financing packages from which to choose. Although interest rates have slightly increased most recently, they remain historically low, making for an even more inspiring reason to buy now.

Because buyers have an abundant amount of properties from which to choose, strong competition among sellers has developed. In addition to aggressive pricing, properties must be in excellent

condition to catch buyers’ attention. This is where we are seeing offers being made and deals coming together. For those sellers who do not have to sell or who are uncomfortable with discounted pricing, it may be beneficial to delay timing and put their home on the market when there is less competition. Making your home available for rent is a good income generating alternative.

Over half Summit County real estate buyers come from the Front Range (Denver

and Boulder area). In June, Today Show real estate contributor, Barbara Corcoran, shared that Denver is poised to recover first, before any other city in the country, from the current market slowdown. This is good news for the Summit County real estate market. The lifestyle of mountain living is enduring and will always attract buyers. 2009 will continue to present people with unique and perhaps oncein-a-lifetime opportunities to purchase a mountain home.

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Market Watch Properties Sold in Summit County County

Active Residential & Land Properties in Summit Properties for Sale in Summit County County

(Residential and Land) (Residential

(Residential and Land)

46

2,231

2,045

2,021

1,929

1,798

1,716

1,833

1,841

1,740 1,463

1,347

1,184

978

909

74 51

53

60

500

29

38

40

1,000

1,027

109

1,500

66

60

100

123

80

110

102

100

112

115

120

1,984

2,028

2,000

136

140

159

155

160

2,090

2,500

180

20

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The pace of sales in 2009 is approximately half of sales in 2008. Data gathered from the Summit Association of Realtors MLS. Information deemed reliable but not guaranteed.

8

0

0

Based on the pace of sales over the last six months, there is currently a 3.5-year supply of inventory on the market. Data gathered from the Summit Association of Realtors MLS. Information deemed reliable but not guaranteed.

Market Trends & Quick Facts •

The most expensive single-family home to sell in Summit County in 2009 sold for $3,300,000 (4-23-2009)

•

The most expensive condominium to sell in Summit County in 2009 sold for $980,000 (5-4-2009)

•

Currently, there are 21 single-family homes under contract in Summit County

•

Currently, there are 144 condominiums under contract in Summit County

•

Year-to-date 2009, 32 single-family homes have sold over $1,000,000, with an average sales price of $1,759,133 and a total volume of $56,292,250

•

16% of properties sold in 2009 have been priced over $1,000,000

•

243 residential properties have sold in Summit County in 2009, year-to-date

•

Average sales price per square foot in 2009, year-to-date:

21 Year Average Residential Sales Price $600,000 $500,000 $400,000 $300,000 $200,000 $100,000

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 07 2 20 0 0 8 09 YT D

19 9

19 8

9

$0

The fundamentals of our market have created a strong upward trend in prices over the long-term. Data gathered from the Summit Association of Realtors MLS. Information deemed reliable but not guaranteed.

•

•

Condominium: $379

•

Duplex: $317

•

Single-family: $320

•

Townhome: $328

Currently, there are 144 single-family homes active in the $1,000,000 - $1,500,000 price range S U MMER 2 0 0 9 | 5

A New Strategy Slifer Smith & Frampton expands with Auction Division The option of buying or selling a home by an auction format has gained in popularity significantly during the past several years. According to the National Auctioneers Association, the home auction business has increased by more than 46% since 2003. In a continuing promise to lead the industry and deliver superior results, Silfer Smith & Frampton Real Estate now brings this unique opportunity to buy and sell luxury real estate in Summit County through our Auction Division.

While our general brokerage business remains our core business and primary focus of our company, we are very pleased to now be able to offer our clients more than one way to buy and sell real estate. Selling your property through auction will accelerate the marketing and sales cycle, focusing on local, national and international marketing efforts. Consistent with our awardwinning marketing campaigns utilized in the traditional brokerage, our auction marketing plan is designed to attract a large pool of buyers and expedite the sales process.

Our real estate auctions allow buyers to decide when and how much to bid on a property knowing that the seller is prepared to sell the day of the auction.

As a buyer, you know the terms and conditions before the auction which eliminates lengthy negotiations.

For more information, please visit www.MountainHomeAuctions.com.

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Our transportation partner, Colorado Mountain Express, is pleased to offer you a 15% discount on your next shuttle or private chauffeured airport transfer. CME offers shared ride shuttles, charter vans and private car service to and from Summit County, the Vail Valley, Aspen/Snowmass and Denver International Airport. CME Premier, a private car service provides luxurious privately chauffeured Cadillac sedans, executive vans and four wheel drive SUVs. For reservations, go to www.ridecme.com or call 1-800-525-6363 and use the discount code “6SSF� to receive your 15% discount.

Vail Resorts Introduces “Epic Summer” Vacations Enjoy a new all-inclusive summer family vacation experience in Colorado’s Rocky Mountains, “Epic Summer, A Colorado Family Adventure.” It is an innovative program offered by Vail Resorts to help families not only take an affordable summer vacation in 2009, but also experience a classic, iconic trip to American West.

The Epic Summer will combine the best of Keystone, Breckenridge, Vail and Beaver Creek mountain resorts in Colorado with classic Rocky Mountain summer adventures for locally guided, all-inclusive family vacation experiences in four- and seven-day itineraries. Trips will offer an adventurous guided tour of the best of the Colorado Rocky Mountains, including whitewater rafting, a trip to Rocky Mountain National Park, mountaintop picnic lunches, horseback riding, nature hikes, gold panning and a cowboy campfire dinner.

The Epic Summer trips run from June 26 through September 6, 2009. Packages include experienced guides, accommodations in well-appointed condominiums or lodge rooms in Keystone or Breckenridge resorts, all featured activities, transportation to and from all activities, ground transfers to and from Denver International Airport (airfare is not included) and all meals.

The six-night, seven-day all-inclusive package is priced at $1,195 for adults and $895 for children (ages 12 and under). The three-night, four-day package is $695 for adults and $545 for children (ages 12 and under).

For more information and to make your reservations, please call 888-538-EPIC (3742) or visit www.EpicSummer.com.

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A Summit County Development Update

One Ski Hill Place, A RockResort – Coming Spring 2010.

Water House on Main Street Coming this winter.

Construction is well underway at One Ski Hill Place.

With an expected completion date of Spring 2010, this luxury RockResort is located on the beachfront at Peak 8 in Breckenridge, Colorado. It will consist of residences ranging from studios to four-bedrooms featuring an exceptional variety of amenities such as a bowling alley, aquatics center, conference center and lively après ski bar, restaurant and owner’s ski lounge all complemented by legendary RockResorts service.

Don’t miss this rare opportunity to own a ski-in/skiout residence at Breckenridge Ski Resort. Choose your floor plan today. www.oneskihillplace.com/oshp

How Breckenridge Does Luxury. Water House on Main Street is the spectacular arrival of luxury resi­ dences at the base of Peak 9. Upscale and contem­ porary 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

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Sanctuary at Keystone Panoramic ski slope views and natural habitat of creeks, beaver ponds and forest all await you within Sanctuary at Keystone. This new development boasts residences with elegant finishes, timber and stone exteriors, high-end appliances and private hot tubs. An on-call shuttle will take you anywhere you want to go in the Keystone Resort. There will be 30 total units in a mix of single-family, paired homes and triplex with a minimum floor plan of 4-bedrooms and 4-baths and attached garage. Prices start in the high $900,000’s. Only moments to the slopes but with a feeling of tranquility and retreat, you’ll want to see the model and experience your Sanctuary at Keystone. www.thesanctuaryatkeystone.com

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. The first residences will be ready in July.

Fox Valley at the Raven is Silverthorne’s newest golf course community located on the prestigious Raven Golf Course at Three Peaks. With spectacular views, and a perfect setting on the golf course, these new construction homes are one of the best values in Summit County today. Three and 4-bedroom floorplans are available with square footage ranging from 2,800 – 3,400. Prices range from the $800k’s to $900k.

The neighborhood is growing and moving up the hill where the Cabin phase and second release of homesites are situated in the center of the ranch. The Cabins are 2400 to 2800 sqft. with spectacular views of the Gore Range starting in the mid $700s. Construction of the model Cabin is scheduled to begin in August. Most of the new homesites border on open space to the southwest for unobstructed views of sunsets over Buffalo and Red Mountains. The homesites vary from 0.42 to 1.03 acres with prices starting at $296,000. The public hiking trail starting along the Blue River will be connected to the Ptarmigan Trail on the ridgeline later this summer.

www.watertowerfrisco.com/sar

www.anglermountainranch.com S U MMER 2 0 0 9 | 9

Calendar of Events - Summer 2009 July

August

September

17 – 19 Arts & Antiques – Frisco

1, 5, 7 National Repertory Orchestra – Breckenridge

4 – 6 Backstage to Broadway – Breckenridge

18

SSF Summit County Home Tour

1 – 2

5

End of Summer Fireworks – Dillon

18

Historic Frisco Town Tour – Frisco

1 – 2 Blue Grass & Beer Festival – Keystone

9

High Country Comedy Night – Breckenridge

18

Un-Wine-D – Frisco

6

Breckenridge Film Showing – Breckenridge

18 – 20 Oktoberfest – Breckenridge

22, 24 National Repertory Orchestra – Breckenridge

7 – 8

Dillon BBQ – Dillon

20

Ski Swap – Breckenridge

25

Classic Boat Show – Frisco

7 – 9 Guitar Town – Copper

30

Boys & Girls Club Home Raffle

26

Peter Kater & Dominic Miller Concert – Breck.

8

Breckenridge’s 150th Anniversary – Breck.

26, 29 National Repertory Orchestra – Breckenridge

8

Frontier Fair – Keystone

31

Blue Grass Concert – Keystone

9

Bob Guthrie Memorial Ride – Breckenridge

31

John Denver Tribute Band – Breckenridge

9

Phil Vassar Concert – Dillon

31

Open Regatta – Dillon

12

High Country Comedy Night – Breckenridge

Open Regatta – Dillon

14 – 16 Genuine Jazz & Wine Fest – Breckenridge 15 – 16 Peak 7 Regatta – Dillon 16

Founders Day – Frisco

21

Ice Dancing – Breckenridge

22

Music on Main – Frisco

22

Copper Mountain Half Marathon – Copper

22 – 23 Blues Festival & Art Show – Keystone 23 – 28 America’s Cup Fly Fishing Tournament – Frisco 28

Who’s Bad Michael Jackson Tribute Band – Breck.

29

Funkiphino & The Champions – Keystone

29 – 30 Mt. Elbert Regatta – Dillon 10 | IN SIDE EDG E

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