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Interest rates for a 30-year fixed rate mortgage have been on the decline since November, now reaching lows last seen in January 2018. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates came in at 4.12% last week!

This is great news for anyone who is planning on buying a home this spring! Freddie Mac had this to say,

“Mortgage interest rates have been steadily declining since the start of 2019. These lower mortgage interest rates combined with a strong labor market should attract prospective homebuyers this spring and could help the housing sector regain its momentum later in the year.”

To put the low rates in perspective, the average for 2018 was 4.6%! The chart below shows the recent drop, and also shows where the experts at Freddie Mac believe rates will be by the end of 2019.

Bottom Line

If you plan on buying a home this year, let’s get together to start your home search to ensure you can lock in these historically low rates today!

Spring has officially sprung in Summit County - The lake is thawed! 

The Rotary Club of Summit County announced the winners for the 33rd annual Ice Melt Contest on Tuesday. Locals finished in the top three spots in a competition that often comes down to the second.

The ice device dropped on May 7 at 16:44:35. Darlena Marmins took first place, Robert Feuerriagel was second and Melissa Greenwood took third. The winner will receive $4,000, second place gets $2,000 and third place takes home $1,000.

Summer is around the corner - the Tiki bar will be open in Dillon for Memorial Day weekend! 

What is the real estate market doing in Summit County? We have had an active first quarter that has been comparable in number of sales to last year.  Interestingly, the number of sales is flat, but the sales volume continues to climb - an indicator that prices continue to rise 

You've heard me say it before - In Summit County, our real estate market historically tends to lag behind the Denver and national markets by 18-24 months.  There is some consensus from national economists that real estate prices will likely increase around 4% this year.  So far, we are following that trend here. 

Give us a call at 970-468-6800 or text at 970-389-1234 or go to www.SummitHomeValue.com for an instant valuation of your property.  

The summer sales season is fast approaching. Let us know if you are ready to sell and would like to take advantage of this great time to sell! 

 

 

 

See you on the trails! 

Allison Simson | Broker/Owner

Summit Real Estate

Fight over nightly rentals, Summit County leads

by https://coloradohardmoney.com/

As nightly rentals balloon throughout Colorado so have issues and regulations.  Summit County (Breckenridge, Keystone, Copper Mountain) is the most recent county to get on the bandwagon of regulating rentals.  Why are the regulations so important that are coming down the pipe?  What are the implications on real estate?  Why is this “fight” just beginning and what number radically changes the debate.

Nightly Rentals are not a new phenomenon

Nightly rentals didn’t just appear yesterday but for whatever reason the “issues” with nightly rentals seems to be reaching a crescendo in many mountain communities as their usage continues to grow.  As nightly rentals grow, the inherent conflicts with homeowners also seems to be growing.

In December 2014 there were approximately 6000 listings throughout Colorado, that number has increased to 36,000 in December 2018, a 6 times increase in only 4 years.  This rapid increase has led to a sense of urgency to better regulate nightly rentals.

What is Summit County’s plan?

Summit county has seen their nightly rentals balloon and have proposed the following changes to regulations:

Permitting system: 150/year
Limits on occupancy: 2 occupants per bedroom + 2 more occupants/unit or 1 person/300 square feet
Limitation on parking (location/quantity
Ability to revoke a permit for up to 2 years for violations

What number has changed the nightly rental discussions?

Remember, the only ones who can vote are full time residents.  In Routt County, home to Steamboat, over half the properties are owned by non residents.  I would suspect in Summit County that the ratio of full-time residents to non-residents is around 30% full time vs 70% part time/out of area owners.  This means the 30% can decide quite a bit about the fate of nightly rentals in the area.  The voters elect the city council members who are spearheading the change in regulations.

Many resort markets are changing/have changed substantially

Resort markets have evolved throughout Colorado with many location neutral workers opting to work and live full time in places like Breckenridge, Vail, Steamboat, etc… These location neutral workers are buying homes and working full time jobs.  Many don’t want to be surrounded by nightly rentals for various reasons.  These are the same faces that are now voting.

 

This is just the beginning

I do not see the trend of increased regulation slowing down anytime soon.  Nightly rentals are way ahead of any regulations in many communities throughout Colorado and cities/counties throughout the state will be playing “catch up” for a while.

For example, the state recently evaluated a proposal to change the zoning of nightly rentals and tax them as commercial properties.  The amendment didn’t make it into law, but proposals like this are just the beginning of the changes in store.

How does this impact real estate?

Nightly rentals have soaked up quite a bit of supply in many resort communities. The owners of these properties have become accustomed to the incremental income.  Let’s say someone had a house in Breckenridge and rented it every weekend when they weren’t using it.  With the regulation changes, this house might not rent for the same amount each night (if the number of occupants is capped) or might not be rentable for short term periods.  Many mountain towns are banning short term rentals in certain areas to preserve the character of the neighborhoods and to try to “encourage” longer term rentals.

For example, if regulations go too far in limiting nightly rentals the values of some properties could be reduced.  If there is no additional income (or greatly reduced income) on a property a prospective purchaser might not be as apt to buy the property as the numbers would no longer make sense.

Summary

The huge growth in nightly rentals has brought the issue to the forefront in many communities.  This trend will continue as cities and counties grapple with the right mix of regulation.  Many resort communities will begin setting the trends in regulation as most homes are now investment properties; this gives full time residents much greater sway over policies.  This trend will not only continue but accelerate and could have long term impacts on property owners and the value of their real estate.

Top 10 locations for nightly rentals in Colorado (source Airbnb)

Denver County, 477,100 arrivals
Summit County, 275,300
El Paso County, 146,800
Boulder County, 115,100
Larimer County, 93,000
Jefferson County, 89,500
Grand County, 78,600
Eagle County, 60,600
Routt County, 54,600
Adams County, 52,800

 

Resources/Additional Reading

https://www.denverpost.com/2019/01/19/colorado-short-term-rentals-littleton-regulations-airbnb/
https://www.steamboatpilot.com/news/steamboat-among-top-colorado-destinations-for-airbnb-guests/
https://www.steamboatpilot.com/news/just-over-half-the-homes-in-city-of-steamboat-springs-owned-by-out-of-towners/
https://www.parkrecord.com/news/summit-county-split-between-first-and-second-homeowners/

Dillon Considers Fireworks display

by Summit Daily


July Fourth, Frisco, Colorado
Todd Powell

The door isn’t completely closed on a fireworks show in the county on the Fourth of July.

Following the cancellations of fireworks displays in Frisco and Breckenridge — citing public safety concerns about both wildfires and large-scale issues surrounding traffic and crowds — the town of Dillon is considering stepping in to fill the void.

The subject was brought up at the Dillon Town Council workshop on Tuesday evening, as officials discussed several topics related to safety, crowding, funding, the community’s desires and potential impacts on other towns like Frisco.

No decision was made at the meeting, and the town is expected to revisit the topic in an upcoming council workshop on April 16.

“It’s a big question, and a big topic and it’s worth some discussion,” said Councilman Mark Nickel. “I think we have to keep an open mind, look at the environment and the span of the county, and if we feel we can accommodate all of these people around the lake.”

 

The Colorado Department of Natural Resources and Colorado Parks and Wildlife is boasting the release of the Colorado Trail Explorer — or COTREX for short — as Colorado’s official trails app.

COTREX is a free application for website and mobile users with over 39,000 miles of public Colorado trails in the database, and people can use the app to navigate trails on federal, state, local and private lands with public access.

COTREX was also reportedly built for all trail users, meaning that hiking, mountain biking, equestrian riding and motorized recreation are included.

“The COTREX app is a marriage of Coloradans’ love of the outdoors and using the latest technology to discover more of our beautiful state,” said Alex Dean, trails and recreation project manager for the Colorado Department of Natural Resources. “We are excited for Coloradans to download the COTREX app. It’s a great tool for exploring our wide diversity of trails and encouraging more Coloradans to spend time outdoors.”

For adventurists planning on heading in no-man’s land for cellphone service, they can download maps ahead of time for a continuous experience that doesn’t depend on a network. Find the app by searching for “COTREX” in your smartphone’s app store.

A new smart phone app called “COTREX” offers more information about than 39,000 miles in Colorado. It was released by the Colorado Department of Natural Resources and Colorado Parks and Wildlife.

 

Swan River Restoration Project

by Summit Daily


The Swan River Restoration project is seeing success two seasons after completion on a one-mile stretch of the stream. Breckenridge's Tenmile Range can be spotted beyond.
Hugh Carey / [email protected]

Summit County’s Open Space & Trails Department gave the board of county commissioners its annual update on the Swan River Restoration project on Tuesday, as required by the county’s permit for gravel excavation. The restoration is a radical reclaiming of a broken, dry stretch of the Swan River that had been ravaged by dredge mining in the twilight days of the gold rush.

Open space & trails director Brian Lorch and senior resource specialist Jason Lederer were on hand to present developments on the project over the past year. The two spoke to the positive ecological and riparian development at the upper portion of the project, and addressed residents’ concerns about truck traffic volume created by the crushing and shipping of gravel from the site.

Things are looking up on the environmental front. Reach A, the first portion of the project already completed, is now in a monitoring phase to see how the local ecology is developing. Soil, channel development, flora and fauna are all thriving two seasons after the mile-long stretch of river was reclaimed.

“Even though we’ve been pretty dry, we’ve seen the site develop in a very natural way,” Lederer said.

However, certain bare patches on the stretch, particularly on south-facing areas of the stream banks, are not growing as well as hoped. The county has been reseeding and putting more focus on growth in those areas to maintain vegetation growth consistency.

The department also conducted a fishery survey on the reclaimed waterway, and the results are promising. Brook trout of all sizes and maturity have been found in the stream, as well as mottled sculpin. In fact, this new stretch of waterway is now home to the largest concentration of mottled sculpin anywhere upstream of the Dillon Reservoir, which is a sign of a healthy stream.

As far as recreational access, the county is also starting to look at creating a trail that connects the restoration site to the wider trail network, which would include a rock road for access.

The project’s success has been noted state and nationwide. In October 2018, the project received an Outstanding Ecological Management Program award from the Colorado Open Space Alliance. The award recognizes outstanding, innovative and successful research, restoration or monitoring programs targeted at ecological resource management.

In just the past week, open space & trails received the 2019 International Erosion Control Association Presenters of the Year award for a presentation about the project called “Turning the River Right-Side-Up – Restoring the Swan River After a Century of Mining Impacts.”

While the ecological success is good news for the project, neighborhood concerns remain. Just shy of a dozen Breckenridge residents attended the work session, with some raising concerns about how much longer the gravel exporting will go on, as well as a lack of compliance by companies running trucks up and down Tiger Road when it comes to things like noise levels and quiet hours.

The county, with its conditional use permit for excavation and gravel crushing for rocks on-site, has assigned a timeline to Schofield Excavation where gravel milling operations will be complete by May 2021 and gravel removal operations will end by May 2022.

In the three years until then, the excavators are required to export nearly 100,000 tons of gravel off-site. For comparison, 100,000 tons of gravel were exported last year alone. However, due to the fluctuations in the construction materials market, it is still unclear how much gravel will be exported this year and how much will be left to go.

Lorch and Lederer said that they had been working with Breckenridge Police Department and the Summit County Sheriff’s Office to step up enforcement for non-compliant truck traffic. The department is also working with the public works department to improve signage and street markings in the area to improve safety for residents and drivers alike.

Spring skiing!

by Allison Simson

I hope you enjoyed the Easter/Passover weekend!  It was lovely here in Summit (well, OK, it was cloudy and gray, but the snow is melting and the crocus in my garden are poking their heads up through the mud! 

In Summit County 'mud season', when things slow down, normally starts after Easter because that is when the ski resorts mostly closed in the past. This year is unique as it is the first time in around 20 years the Breckenridge is going to staying open through Memorial Day.  And they have stated this will continue in the future.  A-Basin is also still open, of course, and will likely make it into June. This change could cause a slight shift is real estate purchasing patterns.  I will track any changes and let you know. 

Here is a mortgage rate update in case you are thinking of purchasing this spring:

  • Rates rose 0.04% this week as US unemployment rates continue to drop, inflation numbers showed minimal movement, and strong economic data out of China was released. 
  • Despite the small increase in rates over the first two weeks of April, rates are still down 0.18% since the beginning of March and still significantly lower than in 2018.
  • The combination of a 50 year low for unemployment, controlled inflation, and historically low rates should benefit home buyers preparing for spring.

The spring selling season has begun!  Let me know if you are curious about the value of your property, or want us to keep a lookout for the perfect property for you.  

Some Highlights:

When listing your house for sale, your top goal will be to get the home sold for the best price possible!
There are many small projects that you can do to ensure this happens!
Your real estate agent will have a list of specific suggestions for getting your house ready for market and is a great resource for finding local contractors who can help!

How To List Your Home for the Best Price

by KCM

If your plan for 2019 includes selling your home, you will want to pay attention to where experts believe home values are headed. According to the latest Home Price Index from CoreLogic, home prices increased by 4.7% over the course of 2018.

The map below shows the results of the latest index by state.


Real estate is local. Each state appreciates at different levels. The majority of the country saw at least a 2.0% gain in home values, while some residents in North Dakota and Louisiana may have felt prices slow slightly.

This effect will be short lived. In the same report, CoreLogic forecasts that every state in the Union will experience at least 2.0% appreciation, with the majority of the country gaining at least 4.0%! The prediction for the country comes in at 4.6%. For a median-priced home, that translates to over $14,000 in additional equity next year! (The map below shows the forecast by state.)

So, how does this help you list your home for the best price?

Armed with the knowledge of how much experts believe your house will appreciate this year, you will be able to set an appropriate price for your listing from the start. If homes like yours are appreciating at 4.0%, you won’t want to list your home for more than that amount!

One of the biggest mistakes homeowners make is pricing their homes too high and reducing the price later when they do not get any offers. This can lead buyers to believe that there may be something wrong with the home, when in fact the price was just too high for the market.

Bottom Line

Pricing your home right from the start is one of the most challenging parts of selling your home. Once you decide to list your house, let’s get together to discuss where home values are headed in your area!

Silverthorne’s workforce housing project, Smith Ranch, targets more townhomes

by Summit Daily- Eli Pace

The sale of the first home at Silverthorne’s Smith Ranch workforce-housing neighborhood closed last week, marking a celebratory moment for the new homeowners and the town that’s pursuing the project.

Hoping to chip away at the lack of available housing, Silverthorne has slated over 50 acres at Smith Ranch, nestled on the northern end of town, for a new workforce-housing neighborhood and selected Compass Homes Development to spearhead the project.

Phase one is now starting to come to fruition. The new homeowners, Roger and KelLee Abdella, closed on the first sale last Friday. More closings are slated for the coming weeks, and Silverthorne has already issued at least five certificates of occupancy.

Altogether, the first phase is bringing 27 new townhomes, 17 single-family homes and 16 units in duplexes — a total of 60 new homes — to Silverthorne’s lineup of deed-restricted housing. The homes must be owned and occupied by people who work at least 30 hours a week in Summit County.

The developer, Blake Shutler, said that all but four of the homes from phase one are already under contract. The remaining ones are all two-bedroom townhomes.

Not content to stop after the first phase, the town and developers have started turning some of their attention to phase two. As planned, the second phase would bring another 51 townhomes to Smith Ranch across six four-unit buildings and nine three-unit buildings.

“Phase one was a pretty even mix,” said Lina Lesmes, Silverthorne’s planning manager, adding that it only made sense to follow up on the first phase with the townhomes scheduled for phase two.

For the second phase, the four-unit buildings would each house a pair of two-bedroom units and two, three-bedroom townhomes. Meanwhile, seven of the triplex buildings would contain two, two-bedroom units and one three-bedroom unit. The other two triplex buildings would house only two-bedroom units.

All of the homes would have rear access and front doors facing either Adams Avenue, Smith Ranch Road or the neighborhood’s green space, positioned at the center of phase two’s cluster of homes.

All of the three-bedroom units would come with their own one-car garage, and there would be a three-bedroom home included in the lineup that’s being designed for people with disabilities for phase two, as well.

Altogether, this would make for 111 planned homes across both phases with a majority of the units having garages. The rest of the homes are scheduled for ample surface parking. Plans for phase two could be subject to change, Lesmes said, but it’s likely the townhomes produced throughout it will be sold in waves.

The town and developers are planning to follow up on phase two “pretty quickly” with phase three, which could bring in some more single-family duplexes, Lesmes said.

For more information, visit SmithRanchNeighborhood.com.

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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