Real Estate Information Archive

Question:  We are considering purchasing a second home in Summit County, CO…we are nervous about the economy, of course, but it has been a dream of ours for a very long time.  Is now a good time?

Answer: Good question!  Yes, there is cause to be nervous about the market and the global economy, AND the things that you love about Summit County and the benefits that owning here will bring to your family are priceless.  Sometimes it helps to take a look at what the rest of the country is doing…. according to Keeping Current Matters and a report from the National Association of Realtors, vacation homes sales were on the  rise in 2012!

“The American desire to own a second home as a vacation home is alive and well!

The National Association of Realtors analysis of U.S. Census Bureau data shows there are 7.9 million vacation homes in the U.S. Their 2013 Investment and Vacation Home Buyers Survey shows vacation home sales improved in 2012.

NAR Chief Economist Lawrence Yun said favorable conditions are driving second-home sales:

“We had a strong stock market recovery, which helps more people in the prime ages for buying vacation homes. Attractively priced recreational property is also a big draw.”

Here are the key findings from the report:

Raw Numbers

• Vacation-Home sales rose 10.1 percent to 553,000 from 502,000 in 2011
• Sales accounted for 11% of all transactions last year, unchanged from 2011
• 35% of vacation homes purchased in 2012 were distressed homes

Buyer Profile

• The typical vacation-home buyer was 47 years old
• The median household income was $92,100
• Buyers plan to own their recreational property for a median of 10 years
• 29% said they were likely to purchase another vacation home within two years
• 78% of all second-home buyers said it was a good time to buy (compared with 68% of primary residence buyers)

Reasons for Purchasing

Lifestyle factors remain the primary motivation for vacation-home buyers:

• 80% want to use the property for vacations or as a family retreat
• 27% plan to use it as a primary residence in the future
• 23% plan to rent to others
• 23% wanted to diversify their investments or saw a good investment opportunity

Location

• 45% of vacation homes purchased last year were in the South
• 25% in the West
• 17% in the Northeast
• 12% in the Midwest

The vacation home buyer purchased a property that was a median distance of 435 miles from their primary residence

• 34% were within 100 miles
• 46% were more than 500 miles

Financing

• 46% of vacation-home buyers paid cash in 2012

The median down payment was 27%, the same as in 2011

So, while you can never be 100% certain about the real estate market, signs are pointing toward increased consumer confidence in the market. 

For answers to your real estate questions, call Allison at 970-468-6800. Email - Info@SummitRealEstate.com. Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours.  Want to know the value of your Summit County property? Visit www.SummitHomeValue.com   

Question:  Allison, we are ready to put our condo in Frisco, CO on the market, and we know we have a lot “de-cluttering” to do before it is ready.  What suggestions do you have for us?

Answer:  First off, good for you for asking!  And know that you are two steps ahead of a lot of your competition by getting your place “parade ready” before you put it on the market.  I always say that if you had a float in a parade, you wouldn’t drive it down Main Street saying, “Well, it’s going to look a lot better when we finish.  We are planning to put some more flowers on that part of the float, and we will clean up that bit.  Sorry about the squeaky wheels.  We’ll get that fixed later.”  No, you wouldn’t say that and it’s the same with selling real estate – You have to be “Parade Ready” from the get go! 

Another phrase that should help you is from the Seniors Real Estate Specialist Jan/Feb 2013 issue:   I love this phrase, “Adopt the ‘Hotel Philosophy’ to Stage Your Home”. A house is not staged to sell the same way it is staged to live in. When you decorate to live in your home, it is visually appealing as well as functional for your needs, interests, tastes and lifestyle. However, when you stage to sell, stage your home to look like a luxury hotel. In a hotel, you carry in a small bag of personal belongings…everything else you need is there and no unnecessary items clutter the space. Everything is neat, clean and nothing is out of place…the bathroom sparkles, the floors are spotless, the beds are made, and there is no indication that any pet has ever crossed the threshold! Pare down to the essentials! All small personal decorates should be replaced with a single impact piece (no more than one) per room. Remove all personal mementos, family photographs, refrigerator magnets and similar items. Opt for lots of space and clear surfaces.

So, as your set the stage for your home to sell, ask yourself, “Does this room pass the ‘Hotel Test’? Can a buyer imagine bringing their personal items and living here comfortably? If the answer is yes, you have a properly staged home….and you have improved the odds that your home will sell faster and command a better price!

Good luck!

For answers to your real estate questions, call Allison at 970-468-6800. Email - Info@SummitRealEstate.com. Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours.  Want to know the value of your Summit County property? Visit www.SummitHomeValue.com   

Question:  Allison, we are looking to buy a home in Silverthorne, CO and we are wondering about prices and what are the predictions for the future?

Answer: Interesting news:  Predictions around the country for housing prices are looking up, up, up!  What does this mean for Summit County, CO?  Historically, our market tends to lag behind the national economy by about 12-18 months. We are starting to see our prices stabilize in many segments of our market and we are beginning to see multiple offer situations on the "cream puffs" that come on the market.

What’s a cream puff? Good question!  A cream puff is the property everyone is looking for- it is priced right and in super condition!  Cream puffs are not lasting in our market!  So, when you see a cream puff and you really like it and can see yourself making family memories there – I would advise you to take action on it.  Cream puffs don’t last.

Consider the following from the Keeping Matters Current Crew:

Two Additional Experts Upgrade their Pricing Forecast

 Last Monday, we reported that several analysts had upgraded their projections for home price appreciation in 2013. A few days later, the Wall Street Journal revealed that two additional analysts had also upgraded their forecasts.
Zelman & Associates
“Ivy Zelman, chief executive of research firm Zelman & Associates, said Wednesday she was now expecting prices to rise by 7% this year, up from earlier estimates of 6%, 5%, and 3%…She’s also calling for a 5% gain next year because she says the supply shortages and growing demand that fueled last year’s turnaround show no signs of easing.”
Her reasons:
“The shortage of housing capacity continues to resonate. Just as deflation was a national headwind that stretched deeper into the economy than anyone would have imagined, we believe that appreciation can carry broad, positive implications for the consumer and economy beyond many expectations.”
John Burns Real Estate Consultants
“John Burns, who runs a real-estate consulting firm in Irvine, Calif., is calling for a 9% gain in home prices this year, up from a 5% forecast late last year.”
 His reasons:
“Strong investor demand and low interest rates that have boosted the purchasing power of buyers.”
These two experts join a long list of housing analysts who have now called for a major rebound in housing prices in 2013.”

Major rebound?  Sounds good to us.  Now is an excellent time to buy real estate in Summit County – interest rates are fantastically low and credit is easing for second homes, prices are good and although inventory is down from first quarter last year, we have some great properties available.  Summit County is still on sale!!

For answers to your real estate questions, call Allison at 970-468-6800. Email - Info@SummitRealEstate.com. Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours.  Want to know the value of your Summit County property? Visit www.SummitHomeValue.com   

Buck Ridge Townhome – Summit Cove

It’s the perfect mountain home. This gorgeous two bedroom, two bathroom townhome is split over two levels with vaulted ceilings and attached oversized garage. High end finishes include slate, granite, stainless steel appliances, stone fireplace, log accents, washer/dryer, 6 panel doors, large deck with mountain views plus ground floor patio. Just a few steps out the back door and you are in the hot tub. The playground is located in a park like setting plus a grilling area for those group gatherings!  The bike path is right outside the front door plus you are so close to the Keystone Ranch trails including the Nordic Center. Walk to Lake Dillon, the Cala Inn and the Summit Stage bus stop. Minutes to Keystone, Arapahoe Basin and Breckenridge.

Listed for $320,000, 80 Stag Trail will go fast.

Don’t wait, give your broker or Summit Real Estate a call to see this bright and updated townhome today! 

   

Looking to Buy?  Not ready to speak to a broker?  Visit www.SummitHomeBuyer.com

Meet Sarah McNeill, at Summit Real Estate-The Simson Team. Devoted to  working with Buyers, Sarah can be reached at (800) 262.8442 or (970) 468.6800, www.SummitRealEstate.com or email at  Sarah@SummitRealEstate.com

Space, Sunlight & Super Upgrades in Keystone!

1324 Tennis Townhomes is a beautifully upgraded townhome style property in Keystone that will give you all the elbow room you are looking for. Space and sunlight abound in this 2 bedroom, 2.5 bathroom property with 1278 square feet and a washer/dryer.   Some of the updates include fresh paint throughout, newer kitchen countertops and appliances, wood flooring, pedestal sink in the half bath, tile floors in the bathrooms, and counter and sink updates in the master bathroom.  The new Pella windows, patio slider and lovely blinds top it all off.  Exterior renovations include a new roof and siding, as well as updates to the clubhouse.  Enjoy the outdoor pool year round, and take a soak in the hot tub or relax in the sauna after a long day.  1324 is the perfection location within the Tennis Townhomes subdivision.  Just steps away are both the clubhouse as well as the shuttle stop to take you to the slopes.  This quiet neighborhood is walking distance to the Keystone Lodge and Keystone Village shops and restaurants.  Step outside the door and you’ll be minutes away from hiking and biking trails.  Sit on the large, private deck and enjoy grilling dinner surrounded by aspen trees. This is what mountain living is supposed to be! 

Listed for sale at $275,000, you can’t find a townhome at Keystone with this kind of space and these updates for this price!  Monthly homeowner’s association fees are $680. and include cable tv, common area maintenance, building insurance, management of the HOA, trash pickup and snow removal, water and sewer.  Your dues also include access to the clubhouse with a large pool, hot tub and sauna. Pets are allowed for homeowners and you’ll find lots of grass for the dog and kids to run around in! 2012 property taxes were under $1000. for the year.  Don’t wait, give your broker or Summit Real Estate a call to see this bright and updated townhome today! 

Looking to Buy?  Not ready to speak to a broker?  Visit www.SummitHomeBuyer.com

Meet Kelie Gray, Buyer Specialist at Summit Real Estate-The Simson Team.  Devoted to working with Buyers, this Specialist tours hundreds of properties and commits to having the most comprehensive knowledge in the market.  Kelie can be reached at (800) 262.8442 or (970) 468.6800, www.SummitRealEstate.com or email at Kelie@SummitRealEstate.com

The ski areas are winding down for the season - the sun is shining and we are enjoying a lovely spring here in Summit County.  The snow is still great, so I hope you get a chance to hit the slopes another time or two!

Interesting news:  Predictions around the country for housing prices are looking up, up, up!  What does this mean for Summit County, CO?  Historically, our market tends to lag behind the national economy by about 12-18 months. We are starting to see our prices stabilize in many segments of our market and we are beginning to see multiple offer situations on the "cream puffs" * that come on the market.

* A cream puff is the property everyone is looking for- priced right and in super condition!  They are not lasting in our market!

Consider the following from the Keeping Matters Current Crew:

Two Additional Experts Upgrade their Pricing Forecast

 Last Monday, we reported that several analysts had upgraded their projections for home price appreciation in 2013. A few days later, the Wall Street Journal revealed that two additional analysts had also upgraded their forecasts.
Zelman & Associates
“Ivy Zelman, chief executive of research firm Zelman & Associates, said Wednesday she was now expecting prices to rise by 7% this year, up from earlier estimates of 6%, 5%, and 3%…She’s also calling for a 5% gain next year because she says the supply shortages and growing demand that fueled last year’s turnaround show no signs of easing.“
Her reasons:
“The shortage of housing capacity continues to resonate. Just as deflation was a national headwind that stretched deeper into the economy than anyone would have imagined, we believe that appreciation can carry broad, positive implications for the consumer and economy beyond many expectations.”
John Burns Real Estate Consultants
“John Burns, who runs a real-estate consulting firm in Irvine, Calif., is calling for a 9% gain in home prices this year, up from a 5% forecast late last year.”
 His reasons:
“Strong investor demand and low interest rates that have boosted the purchasing power of buyers.”
These two experts join a long list of housing analysts who have now called for a major rebound in housing prices in 2013.

Enjoy the spring! 

In Summit County, historically, our busiest sales season is June - October.  Many homeowners in Summit County are waiting until the Summer ‘buying season’ to list their homes for sale. Here are five reasons why that might not make sense this year:

1.) Demand Is High
Home sales are higher than last year. The most recent Existing Home Sales Report by the National Association of Realtors (NAR) showed that annual sales in 2012 increased 9.2% over 2011 nationally.  Here, the increase in number of sales from 2011- 2012 was 18%. There are buyers out there right now and they are serious about purchasing.

2.) Supply Is Low
The monthly supply of properties for sale is at its lowest point (10 months) since 2006. The current month’s supply is down 21.6% from the same time last year. Historically, inventory increases dramatically in the spring. Selling now when demand is high and supply is low may garner you your best price.

3.) New Construction Is Coming Back
Over the last several years, most homeowners selling their home did not have to compete with a new construction project around the block. As the market is recovering, more and more builders are jumping back in. These ‘shiny’ new homes will again become competition as they are an attractive alternative to many purchasers.

4.) Interest Rates Are Projected to Inch Up
The Mortgage Bankers’ Association has projected mortgage interest rates will inch up approximately one full point in 2013. Whether you are moving up or moving down, your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

5.) Timelines Will Be Shorter
The dramatic increase in transactions caused many challenges to the process of buying or selling a home in 2012. We waited for inspections, dealt with last minute appraisals and prayed that the bank didn’t ask for ‘just one more piece of paper’ before issuing a commitment on the mortgage. There are fewer transactions this time of year. That means that timetables on each component of the home buying process will be friendlier for those involved in transactions over the next 90 days.

If you have thought about selling your property, consider these five good reasons why you should consider listing your house today instead of waiting.  If you would like a personalized valuation of your Summit County property, please respond to this email!  We are delighted to help! 
 

For answers to your real estate questions, call Allison at 970-468-6800. Email - Info@SummitRealEstate.com. Allison is a long time local in Summit County. Summit Real Estate – The Simson/Nenninger Team is located at the Dillon Ridge Marketplace. Allison’s long-time residency and years of real estate experience can help you make the most of any buying or selling situation. She’s a Certified Residential Specialist (CRS), the highest designation awarded to a Realtor in the residential sales field.  Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours.  Want to know the value of your Summit County property? Visit www.SummitHomeValue.com  

Hope this fun/crazy/busy month of December is treating you well and you are feeling the holiday spirit!! 

Here's a quick article to give you local scoop on Summit County, CO real estate!

http://www.summitdaily.com/article/20121205/NEWS/121209923&parentprofile=search

Enjoy the fun! 

How is the Summit County, Colorado Real Estate market???  Good question!

At Summit Real Estate, it is always our pleasure to keep you informed about what’s happening with regard to the market here in our fine county!  We enjoy providing the HARD FACTS about the market – not just the cocktail conversation and innuendo!

Ready for some great information about each and every complex in Dillon, Frisco, Keystone and Wildernest/Silverthorne regarding recent sales and active listings? You can view it online right now! Click the hyperlink below, fill out the information required and you will automatically be directed to the sales reports for Summit County.  Good stuff.

Summit Real Estate Quarterly Report

We value your opinions and comments.  Let us know what you think!

Summit County, Colorado September 2012 Real Estate Highlights (data provided by Land Title Guarantee Company):

Market Analysis by Area for September: The past few months continue to show improvement-September beat August 2012 numbers and was the best month so far in 2012. Gross volume was up and there were plenty of high end home sales in September. The Gross Volume was $88,134,600 and there were 158 transactions in September.

Market Analysis by Area Year- to- Date ( 9 months): There have been 1055 transactions, with $514,123,600 Gross Volume in the past 9 months. The Median Residential Price stays at $410,000 and the Average PPSF is $285. Some areas to mention:The two sectors of Breckenridge total 39% of the transactions and 33% of the $ volume, Copper had increased activity with 32 transactions and 2% of the overall $ volume.  Keystone had 13% of the transactions and 12% of the $ volume and Silverthorne carries 11% of the transactions and 13% of the $ volume. Frisco also picked up with 11% of the transactions and 10% of the $ volume- YTD.

Market Snapshot YTD: The upper end activity in September gave our Snapshot values a jump. The Median Single Family YTD indicates a 4% increase ( $609,000 from $583,750 in 2011), The Median Price of Multi- Family YTD shows a 6% increase from 2011 ( $324,300 from $305,000 in 2011) and Median Residential Vacant Land continues to increase with a 31% jump ($229,000 from $175,000 in 2011). There is plenty of GREEN across the board in September showing solid median averages and PPSF numbers.

Market Analysis % Change showing years 2004-YTD 2012: YTD 2012, gross volume is up 4% from YTD 2011. Gross monetary volume is up September 2012 by 10% from September 2011. September 2012 is showing the highest $ volume since October 2009. Number of transactions YTD 2012 vs. YTD 2011 are up by 5%. Number of transactions in September 2012 are down by 2% vs. September 2011.

Residential Market Sales by Price Point for September: Residential volume in September had 124 transactions with $77,612,700 gross volume.  There were 43 Single Family and 81 Multi-Family Residential properties sold in September, with the majority being in the price range of $200K to $300K. There were 19 properties that sold for $1M and above in September.
 
2012 Average Price History:  The Average prices reflected an increase across the board from August-The Single Family Residential average price was $758,340, the Multi-Family Residential average price is $360,718 and the Vacant Land Residential average price up at $314,185.
 
Historical Cost Breakdown 2012:  There were 842 Residential transactions YTD in 2012 and $443,289,700 gross volume and 75 properties over $1M.  YTD 2011, there were 811 transactions and $427,985,100 gross volume, 77 properties at $1M and over and YTD 2010, there were 721 transactions with $419,305,100 gross volume, 91 properties at $1M and over.

Top Lender Graph:- Cash sales stick at 44% of all Real Estate Closings.REFIs are strong and the main difference this month in loans was the drop with Timeshare loan closings.

Bank Sales and Foreclosures: Bank sales were down in September with only 2. There were a total of 19 Fee Simple Foreclose actions in September.


Highest PPSF for September 2012:
9/5/2012 $1,050,000 Crystal Peak Lodge Condo Unit  7207 aka 1891 Ski Hill Road – 3 Bedroom 3 Bath YOC 2007 with 1,440 SF Living Area.  PPSF is $729.17.
 
Highest Priced Sale for 2012:
9/4/2012 $5,570,100 Timber Trail Subd Lot 18 aka 0457 Timber Trail Road – 7 Bedroom 9 Bath YOC 2008 with 9,536 SF Living Area on .498 AC Land. PPSF is $584.11.  This is a new construction on a slopeside lot.  It should also be noted that the same purchaser also purchased the adjoining slopeside lot on a separate deed:
9/4/2012 $1,500,000 Timber Trail Subd Lot 14 aka 0339 Timber Trail Road – this lot adjoins Lot 18 and is a vacant residential site with .5280 AC Land.  It is also a slopeside lot.  PPAC is $2,840,909.

Please click on the link below for the September Land Title Market Data.
Land Title Guarantee Company September 2012 Market Analysis

Thank you for your referrals and continued support!

For answers to your real estate questions, call Allison at 970-468-6800. Email - Info@SummitRealEstate.com. Allison is a long time local in Summit County. Summit Real Estate – The Simson/Nenninger Team is located at the Dillon Ridge Marketplace. Allison’s long-time residency and years of real estate experience can help you make the most of any buying or selling situation. She’s a Certified Residential Specialist (CRS), the highest designation awarded to a Realtor in the residential sales field.  Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours.  Want to know the value of your Summit County property? Visit www.SummitHomeValue.com