Inside Edge Newsletter - Winter 2009 - 2010

Winter 2009-2010 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.

In this issue >>

Real Estate Market Update

2

Market Watch

4

More Deals Offered By Vail Resorts This Season

6

Search All Summit County Properties From Your Mobile

7

A Summit County Development Update

8

Calendar of Events

10

SSF Earns Best Print Marketing Award

11

Real Estate Market Update As a new ski season approaches, the real estate market in Summit County continues to improve.

Over the summer months and into the fall, we have seen signs of optimism both locally and on a national scale. Our area has been, and remains, an incredible place to own real estate. While we have not been immune to the national housing downturn, there are several fundamentals here that have kept our market from experiencing the severe declines that some metropolitan areas have seen. Over the past months, we have seen increases in transaction and closing volumes, bolstering our confidence in the long-term strength of the local market.

In Summit County, September of 2009 was the best month of the year for real estate sales to date.

Sales in September topped 100 for the first time this year with 121 total sales. There were 315 real estate closings in the first half of 2009. Closing volume has nearly tripled since January; there were 41 transactions in January 2009, compared to the 121 transactions in September, according to the Summit Association of Realtors MLS. We are also watching inventory levels closely. As other areas around the country saw a flooding of homes on the market, the levels throughout Summit County saw a small spike and have retracted recently. In fact, active inventory as of the beginning of November shows the lowest level in three months.

While home sales have slowed over the past year, buyers are finding extraordinary values. Buyer interest is certainly growing; we have seen increased traffic throughout our Summit County offices, as well as record numbers of visitors to our website, SummitCountyRealEstate.com, confirming the heightened interest in our communities.

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Nationally, some of the harder hit real estate markets are showing increased activity. Some experts believe that states such as Arizona and California, which can serve as barometers for the national market, have bottomed out and are poised for a turnaround in the coming months.

In fact, the California Association of Realtors is predicting that while median home prices in the state will drop again this year, the volume of transactions will increase by 25%.* In Phoenix, housing starts have increased for the past three quarters, and new home inventories continue to drop.** Home prices in 20 major US cities, while still down from last year, have risen June through August according to the Standard & Poor’s/Case-Shiller home price index.

As always when winter approaches, we’re anticipating increased market activity as guests arrive from around the world and become enamored with the lifestyle and communities in our area. With the further promise of a great snowfall this winter and another season of offering the highly valued Epic Ski Pass, our local economies are looking forward to regaining much of the momentum of previous years.

“We are definitely seeing a recent increase

of activity and interest from both buyers and sellers,” said Lisa Bennison Noll, Managing Broker of Slifer Smith & Frampton in Summit County. “Sellers with properties that are priced competitively are seeing an increase in buyer interest. Many buyers, seeing that the financial horizon is improving, are looking for good value, and they are finding such opportunities here in Summit County. They are embracing the mountain lifestyle and are excited about finding the perfect home.”

In a recent Newsweek article, numbers show that baby boomers are still actively buying second homes. “Baby boomers on the cusp of collecting Social Security are bringing some much-needed vitality to the real-estate sector as they capitalize on reduced prices and low mortgage rates by lining up their next homes a few years early.” Reports from the National Association of Realtors showed that people over 55 bought 21% of the homes that were sold in 2008, which is up from 13% from 2001. Today, nearly one out of every four baby boomers owns either a vacation home, land, or a rental property in addition to their primary residence.

Buyer interest has increased in the past few months as a result of price decreases in

most communities. The average residential transaction in Summit County in October of $619,600 is in line with the year to date average of $616,112. Sellers in this market need to understand that pricing must be realistic in order to encourage offers and make transactions happen. The bottom line for buyers is that there are great opportunities to be had throughout the county with a greater selection than previous years to find that perfect home.

Though the real estate market continues to evolve and is at the forefront of many people’s minds, the best things remain the same year after year in Summit County. The enjoyment of outdoor activities, the incredible natural beauty and time with family and friends will always exist.

The ski resorts of Breckenridge and Keystone rival the best in the world with services available to guests ranging from public transportation to world-class medical facilities. All of this completes an environment of convenience, personal growth and security—exactly what we all seek in a vacation destination. * http://www.car.org/economics/ housingmarketforecast/ ** http://phoenix.bizjournals.com/phoenix/ stories/2009/11/02/daily16.html

winter 2009-2010 | 3

Market Watch Summit County Closed Sales Dollar Volume

Properties for Sale in Summit County

November 2008-October 2009

12-month Trend

2,750 $80,000,000 $70,000,000

2,500

$60,000,000

2,250

$50,000,000 $40,000,000

2,000

$30,000,000

1,750

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Includes Residential and Land. Data gathered from the Summit Association of Realtors MLS. Information deemed reliable but not guaranteed.

Market Trends & Quick Facts •

Most expensive single-family home to sell in Summit County in 2009 sold for $3,375,000 (9.16.2009)

•

Most expensive condominium to sell in Summit County in 2009 sold for $1,675,000 (10.01.2009)

•

Currently there are 56 single-family homes under contract in Summit County

•

Currently there are 165 condominiums under contract in Summit County

•

In 2009 86 single-family homes have sold over $1,000,000, with an average sales price of $1,650,238 and a total volume of $141,920,500

$80,000,000

•

14% of properties sold in 2009 have been priced over $1,000,000

$60,000,000

•

672 residential properties have sold in Summit County in 2009

$40,000,000

•

Average Sales Price per Square Foot:

Market Share by Closed Sales Dollar Volume 2009 Year-to-Date

$180,000,000 $160,000,000 $140,000,000 $120,000,000 $100,000,000

$20,000,000

• Single-Family - $317 om as Pr ud en tia l RE /M Re Sl A ife so X rS rt Br m ok ith er & s Fr Te a n m Pe pt on ak sS ot he by s

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• Condominium - $388 • Duplex - $317

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Includes Residential and Land. Data gathered from the Summit Association of Realtors MLS. Information deemed reliable but not guaranteed.

• Townhome - $312 •

There are 131 single-family homes active in the $1,000,000 $1,500,000 price range

Source: Summit Association of Realtors MLS

winter 2009-2010 | 5

More Deals Offered by Vail Resorts this Winter Season Vail Resorts has announced several innovative programs designed to offer great values for skiers and riders this winter season. New offerings range from an elevated ski and ride school to deals on dining to new lodging packages.

Adventure Sessions: This new way of experiencing the mountain with an expert guide is geared toward intermediate and expert level skiers and riders who are looking for more adventure and a local’s view of the mountain with less instruction and class structure than the standard ski school class. Whether it’s bumps, bowls, cruisers or powder, the new Adventure Sessions will include whatever the group chooses.

Participants will also move to the front of the lift lines, see new areas of the mountain that they may not have seen on their own, and pick up tips and technical information from the guides at Vail Resorts Ski & Ride School.

On-mountain Dining: Vail Resorts has introduced new mountain dining options combining the 6 | INS I DE E DG E

highest quality of food and greatest values for skiers and riders at Breckenridge, Keystone, Vail, Beaver Creek and Heavenly. Below is an overview: • “Lunch for Less” - a new value meal priced at $9.95 at all of Vail Resorts’ on-mountain restaurants, including an entrée, side dish and drink.

• “Pre-paid Mountain Meal Card” – a convenient way to eat on the mountain and a great way to save. For the first $100 purchased, guests will receive a 10% additional value and for amounts of $200 and up, 20% of the total will be automatically loaded on to the card.

Fine Dining: Each fine dining restaurant will include the following two options.

• “Celebrate with Us” - invites guests to celebrate birthdays, anniversaries or that special occasion, including a complimentary drink or dessert with each meal.

• “Family Friendly” makes dining with kids more affordable and will include more childfriendly menu items that are reasonably priced.

Lodging: Starting November 1, when you book a stay at a RockResort property or an owned or managed property at Breckenridge, Keystone, Vail or Beaver Creek, receive a free night of lodging, $50 RockResorts gift card or $50 in on-mountain currency plus a free helmet cam to capture your experience on the slopes. For more info: www.rockresorts.com/threeforfree.

Please visit Snow.com for more information and a complete list of all Vail Resorts programs and deals.

Search all Summit County Properties from Your Mobile Phone

You’re Invited to “My Place” Our website provides you with real estate search tools you can customize to your interests. Create and save property searches that match your needs, and get e-mail notifications when new and sold properties are posted as well as price changes that match your search criteria. Our system will search all properties in the Summit County Multiple Listing Services (MLS) to be sure you don’t miss any activity. Save your favorite properties for a quick view of your own personal home collection.

To get started setting up a personalized My Place account, click on the couch on our homepage at SummitCountyRealEsate.com.

With real estate opportunities abounding in the high country, opportunistic buyers are looking for every edge to find the mountain home they’ve always wanted. Slifer Smith & Frampton Real Estate launched its new mobile website earlier this year, giving those who are searching for a property in Summit County a huge advantage.

People now have the ability to search for homes even when riding a chair lift or fly-fishing a mountain stream on SummitCountyRealEstate.com through a unique browsing experience on any smart phone technology.

As company founder Rod Slifer, who has been involved in Colorado Mountain real estate for more than 45 years, pointed out “Technology is now truly enhancing our lives. Now Slifer Smith & Frampton brokers can look at property with their clients from the chairlift. I love it.”

winter 2009-2010 | 7

A Summit County Development Update

One Ski Hill Place, A RockResort – Coming 2010.

One Ski Hill Place The One Place where RockResorts Luxury and Slopeside Living Connect.

Luxury ski-in/ski-out mountain living is coming to Breckenridge. With an expected completion date of late Spring 2010, this new lodge is located on the beachfront at Peak 8 in Breckenridge. Residences range from studios to four-bedrooms featuring such amenities as a bowling alley, aquatics center, lively après ski bar, restaurant and owner’s ski lounge.

Don’t miss this rare opportunity to own on the slopes. Residences starting from $665,000. oneskihillplace.com/oshp

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Water House on Main Street

Sanctuary at Keystone

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 three bedroom beautifully finished residences are available to move-in this December! Please contact your broker today for more information. www.waterhouseonmain.com/sar

The Sanctuary at Keystone is surrounded by adventure! No wonder its sales are still riding high through a bumpy market. The first phase of Keystone’s newest development is sold out and four new luxury retreats are now complete and available for purchase.

Take a virtual tour at www.thesanctuaryatkeystone. com to experience its stunning views and the amenities that surround you: knotty alder trim, rustic plank wook floors, slab granite countertops sub-zero appliances, private hot tub, 4 bedrooms and 4 baths, private shuttle to ski lifts, adjacent to national forest.

Prices range from $999,999 to $1,132,000.

WaterTower Place

Rolling Ridge Townhomes

Angler Mountain Ranch

Welcome to refined mountain luxury. Green Globe® certified residences at WaterTower Place raise the bar for excellence with fine finishes and provide owners the ultimate in 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 our rooftop patios. Secure a 2- or 3-bedroom townhome today with prices starting from the $500,000s.

Picture yourself living in the most luxurious new townhomes in Silverthorne. Situated at the base of Wildernest Mountain, this location provides easy access to the complimentary local shuttle system and is centrally located to all ski resorts in the area.

The vaulted ceilings and expansive window plans throughout these units provide sunny days and star-lit nights . These 3 and 4 bedroom townhomes feature all bedroom suites, a ½ bath in the entry, multi-level floor plan, over 2,000 sq ft, and exquisite finishes. The attention to detail by this builder makes this an exceptional opportunity to be the next owner of this new development. Prices start at $585,000 with great buyer incentives being offered now.

The neighborhood is vibrant with ongoing construction of four duplex properties near the river along with two custom houses and the cabin model in the center of the development. The road was paved and sidewalks installed in October through Filings 3 & 4. The homesites range from 0.42 to 1.03 acres with prices starting at $235,000. Most of the properties border on open space to the southwest for unobstructed views of sunsets over Buffalo and Red Mountains. The Cabins are 2700 to 2800 sqft. singlefamily residences with HOA services, spectacular views of the Gore Range and prices starting in the upper $700s. The community offers ranch living with city services and private fishing just two miles from I-70.

www.watertowerfrisco.com/sar

www.RollingRidgeTownhomesinWildernest.com winter 2009-2010 | 9

Calendar of Events December

January

3

Lighting of Dillon

1-3

Burton Demo Tour - Keystone

5

Women’s Ski & Ride Camp – Breckenridge

5

Lighting of Breckenridge

10 - 16

Ullr Fest - Breckenridge

5 - 7

Winter Culinary Festival - Keystone

5, 6

Caroling on Main Street - Breckenridge

16

En Fuego Fireworks - Copper

5 - 12 Snowflake Challenge - Breckenridge

22 - 24

Gatorade Free Flow Tour - Keystone

6

Rocky Mountain Park & Pipe Camp Breckenridge

5 - 13 Wassail Days - Frisco

23 - 24

Alpine Masters GS and Super G - Keystone

11 - 13 2nd Annual Holiday Arts Market - Breckenridge

26 - Feb 7 International Snow Sculpture Competition Breckenridge

6

Tubbs Romp to Stomp Out Breast Cancer - Frisco

11 - 13 Caroling on Main Street - Breckenridge 12

K2 Pink Chase - Keystone

12

Tune Up for Winter Camp - Breckenridge

18 - 20 Winter Dew Tour - Breckenridge 19, 20 Caroling on Main Street - Breckenridge

March

April February

1

Bite of Breckenridge - Breckenridge

6

Spontaneous Combustion – Frisco

1 - 18 Spring Massive Celebration - Breckenridge

24

Torch Light Parade - Copper Mountain

6

Gnu Women’s Park & Pipe Camp Breckenridge

4

Easter Egg Hunt - Frisco

26

Caroling on Main Street - Breckenridge

7

40th Annual Gold Rush - Frisco

10

Volcom Peanut Butter and Rail Jam – Keystone

31

Torch Light Parade - Peak 9, Breckenridge

13

En Fuego Fireworks - Copper

18

Anticipated Closing Day –

31

New Year’s Eve Celebration - Copper Mountain

13

Bacchus Ball - Breckenridge

Breckenridge Ski Area

31

Yamn Concert - Breckenridge

13 - 16

Mardi Gras – Breckenridge

31

New Year’s Celebration - Keystone

26 - 28

Telemark World Cup - Keystone

31

New Year’s Fireworks Celebration - Breckenridge

10 | IN SIDE EDG E

Slifer Smith & Frampton Earns Best Print Marketing Award

Slifer Smith & Frampton strives to maintain brand recognition and consistency throughout creative efforts; print materials are designed to complement one another. The Real Estate Update, a weekly full-color publication of current listings, pairs with Elevated Pursuits, a coffee-table book which provides an overview of each community in Summit County and the Vail Valley.

“We are honored to have received this prestigious award for our print marketing. Even with today’s advances in internet marketing and communication, print marketing continues to be

an effective tool and powerful avenue to reach our clients and prospects, and to provide maximum exposure for our listings,” said Kelly Worcester, Director of Marketing for SSF, Summit County.

“Print marketing efforts also strengthen our company brand and awareness, and drive traffic to our award-winning website and offices, truly complementing the emphasis we place on internet marketing.”

SSF’s consistent presence in local, regional, national and international magazines and newspapers maintains brand familiarity across the globe.

Photo by Chris McLennen/ Vail Resorts

Slifer Smith & Frampton Real Estate, Summit County’s leading real estate company, was awarded Best Print Marketing by Who’s Who in Luxury Real Estate (LuxuryRealEstate.com) at their annual fall conference held mid-September at the Ritz-Carlton®, Bachelor Gulch. Of the over 1,500 luxury real estate brokerages in the organization, Slifer Smith & Frampton (SSF) was recognized for the exceptional quality, distribution and design of the company’s print marketing materials.

Slifer Smith & Frampton Real Estate is a proud affiliate of Who’s Who in Luxury Real Estate.

LuxuryRealEstate.com is the most-viewed luxury real estate website in the world and showcases SSF’s high-end listings to an international audience. The Who’s Who in Luxury Real Estate network includes 1,500 of the world’s finest real-estate companies with properties in more than 100 countries. w i n t e r 2 0 0 9 - 2 0 1 0 | 11