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Silverthorne puts new regulations on short-term rentals

by Eli Pace- Summit Daily

Silverthorne became the latest Summit County government to enact tighter regulations on short-term rentals with town council approving a series of new rules Tuesday on second reading.

Included in them are occupancy caps and the requirement "a responsible agent" be able to address complaints within one hour 24/7, unless a complaint comes in between 11 p.m. and 7 a.m., at which time the agent will have only 30 minutes to address the issue. Multiple failures to do so could result in an owner losing their licenses for two years.

The town is also creating a new licensing process that requires each rental to secure a unique business license, rather than allowing multiple properties to operate under a single license. Rentals will also have to post those license numbers in all their advertisements. According to the town, this helps identify properties that have not obtained the proper license and are not remitting the proper sales and lodging taxes back to the town.

There will also be new fees, ranging from $100-$300 based on the number of bedrooms inside the rental. The new fee structure isn't designed to make money, only cover the town's costs of administering the program, officials said.

Occupancy caps have been one major point of contention as individual governments across Summit County have sought to better regulate short-term rentals recently. Silverthorne hasn't shied away for them, opting to limit short-term rentals to two guests per bedroom plus two. That means a four-bedroom home can sleep at most 10 people. The number of bedrooms inside a rental will be determined by information on file at the Summit County Assessor's Office.

The towns and the county have working together closely as they each look to better regulate the booming industry in their jurisdictions. Together, they plan to set up a 24-hour countywide call center so people can phone in complaints about short-term rentals across the county. A designated "responsible agent" would then have to address those complaints within a specific timeframe or face penalties.

In many ways, Silverthorne's ordinance runs parallel to others already enacted or in currently the works across the county. However, Silverthorne is the only one so far to give agents a 30-minute window to address overnight complaints.

Other provisions speak to health and safety standards and potential inspections.

Like the listings seen on Airbnb.com and VRBO.com, a short-term rental is defined by Silverthorne as any home — or any room inside a home — that's available for rent for a term of less than 30 consecutive days. According to town officials, hundreds are currently operating inside Silverthorne. The goal is to get all of them kicked over to the new licenses by the New Year.

An FAQ for paying property taxes in Summit County

by Summit Daily staff report [email protected]

Throughout the year, the Summit County Treasurer's Office fields thousands of calls from property owners with questions regarding past and current property tax payments. Below you will find answers to common questions as well as information regarding upcoming deadlines and payment options.

• What options do I have for paying property taxes in Colorado? Owners can choose to pay taxes in two half installments or by one full installment

• When are property taxes due? Half Installments: 1st installment, February 28; 2nd installment, June 15; full installment, April 30.

• Have I or my mortgage company paid first half? To verify if you or your mortgage company submitted first half installment, visit the county website (www.summitcountyco.gov) and click on the property tax link featured at the top of the page. You can refine your search by year and then by schedule number, owner, or address. An account summary will be visible at the bottom of the page.

• Can I get a copy of my tax notice? Yes, after searching your property choose the option to "print tax notice."

• Can I get a receipt for a past payment? Yes, after searching your property choose the option to "print account statement."

 
• Can I get historical payment information? Yes, change the year of your search in the main search engine.

How can I submit payment?

• In person: 208 E. Lincoln Ave, Breckenridge

• Mailed USPS: PO Box 289, Breckenridge CO 80424

• Online: Debit or Credit (3rd party processing fee), E-check ($1.00 flat fee)

What year am I paying taxes for?

In Colorado, tax payments are made in arrears (2017 taxes are due in 2018)

I didn't own the property all of 2017, am I responsible for the full amount? Yes, contact your title company or review your HUD-1 for details as to the proration and collection of taxes at closing.

For questions, please contact Deputy Treasurer Ryne Scholl at 970 453-3443 or [email protected]

Homeownership Is a Good Financial Investment!

by KCM Blog

According to a recent report by Trulia, “buying is cheaper than renting in 100 of the largest metro areas by an average of 33.1%.” The report may have some people thinking about buying a home instead of signing another lease extension, but does that make sense from a financial perspective?

Ralph McLaughlin, Trulia’s Chief Economist explains:

“Owning a home is one of the most common ways households build long-term wealth, as it acts like a forced savings account. Instead of paying your landlord, you can pay yourself in the long run through paying down a mortgage on a house.”

The article listed five reasons why owning a home makes financial sense:

  1. Mortgage payments can be fixed while rents go up.
  2. Equity in your home can be a financial resource later.
  3. You can build wealth without paying capital gains.
  4. A mortgage can act as a forced savings account.
  5. Overall, homeowners can enjoy greater wealth growth than renters.

Bottom Line

Before you sign another lease, let’s get together and discuss all your options.

23 things artificially intelligent computers can do better/faster/cheaper than you can

by Seth Godin - Feedbliz 04/05/2017

23 Things Artificially Intelligent Computers Can Do Better/Faster/Cheaper Than You Can.....

Predict the weather
Read an X-ray
Play Go
Correct spelling
Figure out the P&L of a large company
Pick a face out of a crowd
Count calories
Fly a jet across the country
Maintain the temperature of your house
Book a flight
Give directions
Create an index for a book
Play Jeopardy
Weld a metal seam
Trade stocks
Place online ads
Figure out what book to read next
Water a plant
Monitor a premature newborn
Detect a fire
Play poker
Read documents in a lawsuit
Sort packages

If you've seen enough movies, you've probably bought into the homunculus model of AI--that it's in the future and it represents a little mechanical man in a box, as mysterious in his motivations as we are.

The future of AI is probably a lot like the past: it nibbles. Artificial intelligence does a job we weren't necessarily crazy about doing anyway, it does it quietly, and well, and then we take it for granted. No one complained when their thermostat took over the job of building a fire, opening the grate, opening a window, rebuilding a fire. And no one complained when the computer found 100 flights faster and better than we ever could.

But the system doesn't get tired, it keeps nibbling. Not with benign or mal intent, but with a focus on a clearly defined task.

This can't help but lead to unintended consequences, enormous when they happen to you, and mostly small in the universal scheme of things. Technology destroys the perfect and then it enables the impossible.

The question each of us has to ask is simple (but difficult): What can I become quite good at that's really difficult for a computer to do one day soon? How can I become so resilient, so human and such a linchpin that shifts in technology won't be able to catch up?

It was always important, but now it's urgent.

2016, a banner year for many sectors of the local economy!

by Allison Simson

State of the Union, er, Market in Summit County!

 

2016, a banner year for many sectors of the local economy, signaled a continuing acceleration to near-normalcy from the recent recession here in Summit County. Growth in sales tax revenues, lodging occupancy, construction activity, and real estate all cheered on this revival. 

So, what’s the problem? Well, technically not a problem, but there’s not much inventory on the market! It’s amazing that prices have continued to rise despite the low inventory.  And, as always, it’s very localized which segments of the market have low inventory, and which are considered high.  Under $600K?  Things are pretty tight.  READ: You have to be ready to act (pounce in some cases!) by having your financing in order if you are getting a loan and clearly identifying how much you are willing to pay.

With single family home prices surging throughout the county and overall activity up a healthy 8%, the local real estate economy continues to improve.  The luxury market has led our recovery and, in 2016, confidence soared in homes above 1 million. 

Summit County’s sales volume growth in general has continued for six years in a row, nearly doubling in that time to a level approaching 75% of the peak 2007 annual activity.  While that's clearly not so fast as to create the kind of bubble that burst in 2009, Summit County is a robust market, nevertheless.

What’s on the horizon for the Summit County real estate market for 2017? Good question. Inventory will likely remain on the low side, yet the number of sales each week is about the same.  Inventory this low combined with consistent sales is an indicator that prices will continue to climb. 

During this changing time it can be difficult to navigate the market. What is a property worth if there haven’t been any sales to compare?  How do you evaluate a property when the last sale was months ago?  What do you even look at to figure out what the price should be? How does the location within Summit County affect values, which can change street to street and even within a complex?  

Luckily, we know the ins and outs of this market: what makes a property worth more or less than the others around it. We would love to help you navigate this market!

Ask us about some great strategies we are using with our clients to help insure that they get the property they want over the potential multiple offers.

For those of you who are lucky enough to have found your spot in the mountains, the 2016 Sales Report for your complex/subdivision is ready!  For your up-to-the-minute report, call 800-262-8442 or email [email protected] and it will be in your inbox right away!

Fall Is In The Air!

by Allison Simson

Happy Tuesday to YOU!  

Fall is in the air and the leaves on the aspen trees are truly SPECTACULAR this year! The month of September is one of the best times of the year to visit the High Country when it comes to breathtaking views. An explosion of reds, oranges and yellows transforms the landscape into an artist’s palette. As locals know, the aspen leaves change suddenly and dramatically, and then in the same fashion, disappear. If you blink, you’ll miss it.

Enjoy this list of great drives as listed in The Summit Daily News! There are many places in and near Summit County for spectacular fall foliage viewing, and it just depends on whom you ask as to which one is the best.

BOREAS PASS

Elevation: 11,488 feet

Boreas Pass in Breckenridge is an option for phenomenal views year-round, but even more so this time of year. The road is open to vehicles during the summer, or park in the lot and hike or bike up. The road has a gradual ascent to the summit, making it a relatively easy hike. Boreas offers an expansive view of the Blue River Valley and the Ten Mile Range, and also boasts views of Breckenridge Ski Resort.

“Boreas Pass showcases the best of both worlds, panoramic views and tight clusters of golden aspen,” said Rachel Zerowin with the Breckenridge Tourism Office. “You can drive the road or explore the singletrack, and both options give you that tunnel feel, with the changing leaves on all sides.”

In the late 1800s, early 1900s, the road was used as a narrow-gauge railroad, running from Breckenridge to Como. Closed to motor vehicles in the winter, the gravel road is drivable in the summer with any passenger vehicle. The pass is approximately 6.6 miles one-way, and it’s a popular spot for both summer and winter recreation.

General directions: In Breckenridge, follow Main Street to the south end of town (toward Blue River). At the southern end of town limits, turn left onto Boreas Pass Road (also known as County Road 10). Follow road for 3.5 miles to Bakers Tank Trailhead, with parking on the left, or continue on the road to drive over the pass.

TOP OF THE ROCKIES NATIONAL SCENIC BYWAY

In Summit County, the Top of the Rockies National Scenic Byway starts at Copper Mountain and travels over Fremont Pass to Leadville, where travelers can take one route to Granite or, to loop back to Summit, follow the extension to Tennessee Pass, through Camp Hale, Red Cliff and Minturn, and back to I-70 East.

“That’s a gorgeous drive,” said Carly Holbrook, director of public relations at the Colorado Tourism Office. “There’s a lot of aspen on that route and a lot of wide-open spaces where you get expansive views of 14ers and fall colors.”

General directions: From Summit County, start the Top of the Rockies at Copper Mountain. Take CO-91 South to Leadville. At Leadville, there is an extension that continues south, or take US-24 West all the way to Minturn.

HOOSIER PASS

Elevation: 11,542 feet

Distance from Frisco: 30 minutes; 20 miles

A route many Park County dwellers drive every day to get to Summit for work, Hoosier Pass separates the two counties. There is a large parking lot at the top of the pass for picture taking, as well as hiking trails for the adventurous.

“The wonderful thing about going to Hoosier Pass is it’s one of the highest passes in Colorado that you can actually drive to with a solid road that’s paved,” said Veronica Anderson-Bodnar, a sales clerk with the South Park Historical Museum and Visitor Center. “You can look over onto Summit County, you can also look over into Park County. Right on the top of that is Montgomery Reservoir. Montgomery Reservoir is a really nice place to go on a short hike — it’s not a very difficult hike. It’s also a great picture place; they have waterfalls there and you can actually fish.”

General directions from Frisco: Follow CO-9 about 20 miles south. The pass straddles the line between Summit and Park counties.

GUANELLA PASS

Elevation: 11,670 feet

Distance from Frisco: 1 hour; 39.5 miles via I-70

Guanella Pass Scenic and Historic Byway is a 23-mile route through Pike and Arapaho national forest land that links Georgetown and Grant. From Georgetown, about 10 miles of the road is paved, with the remaining 12 to Grant unpaved, according to the town of Georgetown’s website. Although maintained for passenger vehicles, slower speeds will be required. Guanella Pass is a less busy tourist destination because the road is rugged, Holbrook said.

Along the byway, catch views of Gray’s and Torrey’s peaks, both Colorado 14ers.

General directions: Follow I-70 East to Georgetown. Take exit 228, drive to Guanella Pass Road

KENOSHA PASS

Elevation: 9,997 feet

Distance from Frisco: 1 hour, 10 minutes; 52 miles

Take a drive through Park County toward Denver along Highway 285 to hit Kenosha Pass. The Colorado Trail crosses the summit of Kenosha Pass, and there are many hiking and biking trails nearby to take in the scene. There is a large parking lot at the top of the pass to stop, but it is super busy this time of year, especially on the weekends, so watch for slowing traffic and pedestrians when getting close to the top.

“This time of year, if you can drive (Kenosha Pass) during off-peak times, is probably the best advice I can give —for any of these drives really,” Holbrook said. “If you’re hitting them on the weekends, try to go really early in the morning, which is actually really gorgeous for photography if you can hit some of these areas for sunrise.”

Directions: From Frisco or Breckenridge, follow CO-9 South toward Fairplay. Once in Fairplay, turn left onto US-285 north. Follow 285 to Colorado Trail, turn right.

KEBLER PASS

Elevation: 10,007 feet

Distance from Frisco: 3 hour, 45 min; 182 miles

The West Elk Loop Scenic & Historic Byway includes the 30-mile Kebler Pass road, and travels through the towns of Crested Butte, Gunnison, Montrose and Carbondale. The route also runs through the Black Canyon of the Gunnison National Park between Montrose and Gunnison. Although a decent drive from Summit County, Kebler Pass boasts major aspen.

“Kebler Pass between Crested Butte and Paonia has the largest aspen grove in Colorado,” Holbrook said. “It’s probably our most iconic scenic fall drives. You also get McClure Pass on that drive, which is also stunning.”

The whole historic byway loop is 205 miles and takes around six to eight hours.

Directions: Follow I-70 West to CO-91 South. Take exit 195 for CO-91 South toward Copper Mountain/Leadville. Take US-50 West to N. Main St. in Gunnison. Take CO-135 North to Co Rd 12.

OTHER OPTIONS

Travelers looking for a day trip can take a loop to combine Loveland Pass, Guanella Pass and Kenosha Pass. From Silverthorne, follow US-6 East, passing Arapahoe Basin Ski Area and over Loveland, hop on I-70 East to Georgetown, hit Guanella Pass, then Kenosha. From Kenosha Pass, take US-285 back to Fairplay, and hop on CO-9 North back to Breckenridge.

For a less heavily traveled thoroughfare, try Ute Pass Road north of Silverthorne. Follow CO-9 North for about 15 miles from Silverthorne before turning right on Ute Pass Road.

For those looking to stay close to town and get out of the car, Vanessa Agee, marketing and communications director with the town of Frisco, recommends hiking the Perimeter Trail in Frisco. That area has been heavily logged due to the pine beetle, resulting in expanding aspen groves and incredible views, she said.

“The views from the Perimeter Trail and from the top of the ridge are amazing,” she said. “First you see Ptarmigan Mountain and the changing aspen there, then you see the area around Wildernest and below Buffalo (Mountain), and then you see views of the aspen below Peak One above Frisco. It was the most broad and expansive view of changing aspen that I have likely ever seen.”

Use the Dickey Day Use Area to access the trail.

The aspen are currently peaking just about everywhere. Holbrook said there will probably be about two weekends left to view the fall colors, although that could change quickly with a cold snap or big snow.

“This time of year you can’t really go wrong with any of the mountain passes,” she said.

Disclaimer: These are generalized directions from Google Maps, and do not include every single turn. So don’t get lost and blame us. 

Here's an update on the CDOT toll lane on I-70 as reported in The Summit Daily News!

 

 

 

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110 Sawmill RD

Price: $166,000

Beds: 1

Baths: 1

Sq Ft: 296

This incredible location sits streamside in one of Breck's original historic ski lodges, and can be your very own ski-in powder paradise & summer getaway! Just 3 blocks from Main St you'll find everything you would expect from one of N. America's pr...

View this property >>

Land Title News-Tuesday Morning Coffee

by Allison Simson

 

Happy Tuesday Morning to YOU

Summer is officially here and it is gorgeous in Summit County!  There is still snow on the mountain peaks, and the flowers are starting to really bloom. It couldn't be prettier up here!

Here is some info from Land Title to help you stay on top of the pulse of the real estate market with weekly compilations of local and national news articles concerning the real estate industry.

Top Stories This Week


Local News

Denver Business Journal
Hidden' home costs in Denver? Eh, not too bad
When it comes to the "hidden costs" of owning a home in Denver, when compared nationally, it's not that bad. Read More


National News

Redfin
Home Sales Hit High Speed as Price Growth Taps Brakes
Homes sold at their fastest pace in nearly two years, with the typical property on the market only 28 days in May, down from 32 in April. Last month, 35.6 percent of homes went under contract within two weeks of their debut, just shy of the peak rate of 35.8 percent exactly two years ago.  Read More
 

Denver Real Estate Watch
Lennar brings Next Gen homes to Stapleton
In a different era, an anthem of anti-establishment protestors was the so-called “generation gap.”
Read More


 

CNBC
Fed leaves interest rates unchanged -- for now 
Keeping a tight lid on its future intentions, the Federal Reserve on Wednesday held interest rates steady at zero and provided only faint clues about when the first hike in nine years might occur.  Read More

 

Take a look at this week's featured listing- it could be the perfect getaway for you or someone you know!  

See you on the trails! 

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980 LAKEPOINT DR

Price: $440,000

Beds: 2

Baths: 2

Sq Ft: 1005

Jaw-dropping views of the lake w perfect firework viewing! Updated & upgraded- granite island, new tile, carpet, cabinetry. The quick-dash-to-dinner, close-to-shopping & shuttle location is perfect. Quiet complex & owners who adore it! 8ft garage do...

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Summer is HEATING Up!

by Allison Simson

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Happy Tuesday to YOU!

After a pretty gloomy May, we are ready for the mountain sunshine!  You've heard it before, but it's TRUE!  People come to Summit County in the winter to visit, and they come back in summer to stay!  Summer here is just, well, heaven!!  

The market overall in Summit is HOT- warm in some segments and sizzling in others. Values are hyper-local- as usual! 

For some of the nitty-gritty details in our different communities, check out the links below.  If you are wondering about values in a particular neighborhood or complex, reply to this email and we can get you the details - STAT!!  

1) Breckenridge
 
 
2) Dillon
 
 
3) Frisco
 
 
4) Keystone
 
 
5) Summit County Update
 
 
6) Wildernest/Silverthorne
 

See you on the trails!

And check out this new listing....the perfect mountain getaway:

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161 North Side CIR

Price: $475,000

Beds: 3

Baths: 2

½ Baths: 1

Sq Ft: 1624

Wait till you see the inside of this one! Tastefully updated & furnished DP w/ new hardwood floors, carpet, freshly painted deck. Take in the Keystone & Divide views while sitting in your private hot tub. Sunny & large master suite, that's very priv...

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Valuation Season!

by Allison Simson

Happy Friday Morning to YOU

It's valuation season in Colorado, that time of year when property owners receive the county assessors' biennial valuation notices, reflecting recent property values based on comparable sales. And while it's valuable information for owners to have for tax purposes, it's also a good indication of what happened in the local real estate market the prior two years.

And what's happened is this: The overall value of Summit County real estate is up, thanks to a strengthening market - with generally rising sales prices - from mid-2012 to mid-2014, the time period on which the new valuations are based.

Many of our clients who own real estate in Summit County have seen their tax valuations go way, way up.  For example a client's home went from a tax value of $1,770,000 to $2,440,000.  Prices have gone up but not this much!  My point is a simple one - the market has shifted in Summit County.  Prices are appreciating again which is a great thing for buyers.

Ask anyone in real estate and they'll tell you the best time to buy is at the start of an upward climb in prices.  Now is a great time to buy.

If you own real estate in Summit County take a good look at the "2015 Real Property Valuation" that arrived earlier this month.   Call/text/email so we can help you get the value lowered if you think your property is overvalued and you want to pay less tax.

To keep you up to date on the real estate market- here are some links to interesting articles:

April Real Estate Stats

Colorado Mountain Resorts Market Analysis

Enjoy the spring!

Second Home Owner Stats

by Allison Simson

Happy Tuesday Morning to YOU!

Check out this information just in from the National Association of Realtors Annual Second home and investment property report:

Vacation Home Sales Soar to Record High in 2014, Investment Purchases Fall

WASHINGTON (April, 2015) – Vacation home sales boomed in 2014 to above their most recent peak level in 2006, while investment purchases fell for the fourth straight year, according to an annual survey of residential homebuyers released today by the National Association of Realtors®.

NAR’s 2015 Investment and Vacation Home Buyers Survey,* covering existing- and new-home transactions in 2014, shows vacation-home sales catapulted to an estimated 1.13 million last year, the highest amount since NAR began the survey in 2003. Vacation sales were up 57.4 percent from 717,000 in 2013.

Lawrence Yun, NAR chief economist, says vacation sales in 2014 showed astonishing growth, nearly doubling the combined total of the previous two years. “Affluent households have greatly benefited from strong growth in the stock market in recent years, and the steady rise in home prices has likely given them reassurance that real estate remains an attractive long-term investment,” he said. “Furthermore, last year’s impressive increase also reflects long-term growth in the numbers of baby boomers moving closer to retirement and buying second homes to convert into their primary home in a few years.”  

Here's a quick look at the details:

 

 

 

 

       

* If you are interested in seeing the full report, please reply to this email and I'll send it to you directly!

Good news for Summit County second home buyers and sellers!

Maybe this spot in Breckenridge would work for you:

 

Image Unavailable

110 Sawmill RD

Price: $175,000

Beds: 1

Baths: 1

Sq Ft: 296

This incredible location sits streamside in one of Breck's original historic ski lodges, and can be your very own ski-in powder paradise & summer getaway! Just 3 blocks from Main St you'll find everything you would expect from one of N. America's pr...

View this property >>

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Photo of Summit Real Estate Real Estate
Summit Real Estate
The Bright Choice
330 Dillon Ridge Way, Suite 10
Dillon CO 80435
970-468-6800
800-262-8442
Fax: 970-468-2195

Allison Simson, Owner/Broker, is a licensed Colorado Real Estate Broker