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Happy New Year from Summit Real Estate!

by Allison Simson & Joyce Nenninger

Happy New Year from Summit Real Estate!

Please click the "News & Views" icon below to see our latest edition and get the inside edge on Summit County Real Estate. Enjoy!

 

Tuesday Morning Coffee ~ 'Twas the night before closing...

by Allison Simson & Joyce Nenninger

‘Twas the night before closing, when all through the house
The boxes were all packed, but the computer and mouse
 
The SOLD sign was hung in the front yard with care
In hopes that our payoff soon would be there
 
The children were nestled all snug in their beds
While visions of moving day danced in their heads
 
And Mom in her nightshirt and I in my shorts
Had just settled down to watch some sports
 
When out on the lawn, there arose such a clatter
I dropped the remote to see what was the matter
 
Down the hallway I flew and flipped on the light
Swung open the door, and gasped in delight!
 
When what to my wondering eyes should appear
But the Summit Real Estate Team full of cheer!
 
When I chose these professionals, they were the best pick
I knew all along the sale would be quick
 
More listings than most; more closing by far
When you choose Summit Real Estate, you’ll feel like a star!
 
Thanks to inspectors and brokers and lenders and more
With insight and skill and offers galore.
 
From all of our families, to all of yours again
Happy Holidays, and here’s to a Prosperous 2010! Laughing
 
 
And now for your Tuesday Coffee Break....“You give but little when you give of your possessions.  It is when you give of yourself that you truly give.”      ~  Kahill Gibran
 
 

Make it a great day.... 
 
 
As always, our success is dependent on your
continued support and referrals.  
Who do you know that would love a mountain home???

 

Warmly,Go Green 2

Allison Simson, Owner/Broker
Lynn Sustad, Buyer Specialist
Kelie Gray, Buyer Specialist
Anna Willis, Buyer Specialist
Kristi Warner, Client Care Manager
Margaret Bowes, Transaction Coordinator

What Your Money Can Buy ~ All You Need in Wildernest

by Allison Simson & Joyce Nenninger

All You Need in Wildernest

87 Spyglass Lane offers full time residents and second homeowners alike the comforts and space of a single family home, without the hefty price tag!  This 3 bedroom, 3 full bathroom townhome boasts 1532 square feet, 3 living levels, washer/dryer and a 1 car detached garage.  Walk into the tiled entry and kick off your dirty snow and hiking boots, then head up the stairs to the open kitchen, dining and family room.  Warm up in front of the gas fireplace on a cold winter evening, or take in the breathtaking views of the Continental Divide from the deck.  The south facing windows off the family room bathe this home in such wonderful and natural sunlight, and passive solar heat helps to keep it warm and cozy.  On the top floor you’ll find a private master suite and bathroom with a large walk in closet.  On the lower level are two additional bedrooms each with their own full bathroom and large windows to let the sunshine flood in, as well as a washer/dryer and lots of storage under the stairs.  Storage is key, whether you’re living here full time or are a weekend warrior!  Spyglass has a huge amount of storage and closet space within the home itself, so add on the 1 car garage and you’re set.  The garage at 87 Spyglass Lane has more than enough room for all of your summer and winter toys with a lofted storage space as well as additional shelving and cabinetry.  This home has been well maintained and loved by the owners and was built in 1996. 

 

Priced at $325,000 and $212/square foot, this is the only 3 bedroom currently for sale in Spyglass Townhomes and it is priced right, poised and ready to sell!  In all of Wildernest, there is not another townhome or duplex that is this size and this age, for this price!  The homeowner’s association fees are $240.00 per month and include cable tv, maintenance, taxes and insurance covering the common areas, management of the HOA, as well as snow and trash removal.  The current owners live there full time and pay an approximate $160.00 per month for electric, gas, water and sewer.  Pretty low monthly maintenance costs when you look at the competition!  Take advantage of the first time homebuyer $8,000. tax credit or the move-up buyer $6,500. tax credit and get yourself into this fantastic townhome.  Don’t wait until interest rates go up and inventory levels go down, give your broker or Summit Real Estate a call today to see this Wildernest winner! 

 

 

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

Meet Lynn Sustad, Kelie Gray and Anna Willis, the Buyer Specialist Team at Summit Real Estate-The Simson / Nenninger Team.  Devoted to working with Buyers, these Specialists tour hundreds of homes and commit to having the most comprehensive knowledge in the market.  A member of the Buyer Specialist Team can be reached at (800) 262.8442 or (970) 468.6800, www.SummitRealEstate.com or email us at [email protected]

REOs, short sales aren't always bargains

by Allison Simson & Joyce Nenninger

Some find quality, convenience take back seat to price

Question: Allison, we’re looking to buy a property in Summit County and we’ve heard that the number of foreclosures has skyrocketed.  We’re looking for a great deal and wonder what we can do to find the best foreclosed or short-sale property.

Answer: Despite what you may have heard, or what’s going on nationally, Foreclosures are not rampant in Summit County, CO.  The total number of properties in the foreclosure process here is very low – and the number of properties that actually get sold on the courthouse steps is tiny – less than 20 recorded this year. 

We are seeing more short-sale properties on the market, so that could be something to look for.  Today's buyers have one thing in common: Everyone wants a great deal. So the real issue is whether the foreclosure, REO or short-sale property you're eyeing is a bargain or a money pit.

The buying public seems to think that "great deal" equals foreclosure, short sale or bank-owned property. The truth is that these properties may appear to be bargains, but in many cases you could be buying someone else's problems. If you're looking for a bargain property, here are some key issues to consider:

1. What is your time line for purchasing?
You may find the perfect short-sale property, and the seller may accept your offer. The challenge is that you don't have a deal until the bank approves the short sale. At many large lenders a single processor may have up to 500 files on his or her desk at one time. Realtors are reporting that it can take six or more months to get an offer approved. The wait can be extremely frustrating. It can also be costly.

For example, if prices are still declining in your area and price range, the offer you made six months ago may be too high. Also, if you qualify for a loan now, will you still qualify six to eight months from now if mortgage interest rates have increased? More importantly, can you afford to make a higher monthly payment? If possible, search for a short sale or an REO where the bank has preapproved the sales price. It still may take a long time to close, but not as long as it would if the price was not preapproved.

2. Are you prepared to be in a multiple-offer situation?
Since so many buyers are searching for distressed properties and the approval process takes so long, multiple offers are common. The lender will not tell you about other offers. They may, in fact, tell you that your offer will "probably" be approved -- but you cannot rely on this representation.

If another offer comes in at a higher price and at better terms, the bank is obligated to take the best offer. If the property is a short sale, the seller's signature on the document merely opens the negotiation -- it does not finalize it. Furthermore, the seller/lender may continue to market the property even after they have signed a contract with you. This is simply smart business, as so many borrowers are having trouble closing transactions due to appraisal issues.

3. Ask the agent if the seller participated in the "Cash for Keys" program
The best candidates for good bargains are those properties where the sellers are still occupying them. Many banks have a program called "Cash for Keys." This program pays the owners of foreclosure and short-sale properties money to keep the owner from trashing the property when they move out. I have seen copper piping ripped out of properties, concrete poured down the plumbing, and appliances stolen or destroyed. Cash for Keys is designed to minimize these behaviors.

4. Beware of vacant properties
Never purchase any property without doing a physical inspection. Also, if it takes more than 90 days to negotiate the transaction or if the house has been vacant, have the property re-inspected prior to signing off on the final deal. The reason for this is that the longer a house stays vacant, the more likely it is to have problems.

For example, if you live in an area where the pipes are not winterized and there are freezing temperatures, a pipe may burst. You may not discover the problem until you turn the water back on after closing.

When you purchase, it's important that you take all of these issues into consideration rather than focusing exclusively on the price.

There are good distressed property deals out there. Nevertheless, don't limit your search. Have your Real Estate Broker show you seller-occupied homes that are not distressed properties. Thirty-five percent of all properties are owned free and clear in the US. These properties are often lovingly maintained, in top-notch condition, and in more desirable locations. In the long run, they may be a much better bargain.

You would be well advised to not to get distracted and infatuated with the terms ”short sale” and “foreclosure”. What's important if you want a deal is to find someone that has equity and is very motivated.

 

For answers to your real estate questions, call Allison at 970-468-6800. Email - [email protected]. Allison is a long time local in Summit County. Summit Real Estate. 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   

Hello from the heart of the Rocky Mountains!

by Allison Simson & Joyce Nenninger

Hello from the heart of the Rocky Mountains! 

 

As real estate brokers, we’re asked a dozen times a day, “How’s the market?”  For some interesting information that goes below the surface and beyond the obvious sound bites that are bantered around town we go to the

Summit Real Estate Myth Busters! 

 

Myth #1:  Prices have fallen 50%. False.  No, Summit County has not been immune from the national (and global) recession, but prices haven’t exactly plummeted.  The average price of a single family residence in Summit County in 2009 through November 2009 was $991,000 which was actually up from an average in 2008 of $950,000.

 

The average price in the condominium/townhome market in 2009 has dropped more significantly - $389,000 in 2009 vs. $476,000 in 2008 – an 18% drop, which indicates the market coming back to reality after the irrational growth of 2006-07.  Adjusting? Yes.  Landslide? No.

 

Myth #2: Inventory has skyrocketed.  Not exactly.  While it’s true that inventory is quite high right now and there are lots of properties to choose from, the overall number of properties on the market has dropped from a 20 year high point last year.  We have returned to seeing the seasonal fluctuations that we typically detect in inventory – higher in the summer, dropping during the winter.

 

Myth #3:  Properties are being sold at huge discounts off of listing prices.  In some cases, yes, but not across the board.  The average list to sell ratio in 2009 was 94.2%- or less than 6% discount off of the listing price. 

 

Myth #4:  Foreclosures in Summit County are widespread. Hardly.  The total number of properties in the foreclosure process in Summit County is very small.  The total number of properties that will actually go all the way through the foreclosure process is extremely small – less and 20 recorded in 2009!

 

Myth #5:  It’s not a good time to buy a second home in this market.  Misleading.  Buyers who take the time to know the market and work with a Buyer Specialist who knows the ins and outs of what’s happening, can find some wonderful properties at great values.  Many sellers today understand the market has changed and have priced their properties at market value.

 

Myth #6:  There’s no point in selling right now because financing is impossible.  Partly true.  As you have undoubtedly heard, financing regulations have tightened up considerably and many lenders are simply not able to lend on many of the condo projects we have in Summit County.  That being said, we have a handful of local lenders with private money that are closing deals all day long!  As always, using lenders familiar with Summit County is the very best way to go.

 

Myth #5:  It doesn’t matter which Real Estate company I choose, they are all the same.  Couldn’t be further from the truth!  At Summit Real Estate we have the experience and specialized education to stay ahead of our changing real estate market - no matter how snarly it gets!  We offer the services of 3 full-time Buyer Specialists whose primary focus is to sell our listings.  Our Team environment ensures one thing: That the most important real estate transaction in Summit County is YOURS! 

 

We look forward to helping you navigate the intricacies of our market.  Go to www.SummitHomeBuyer.com for a list of properties that meet your dream criteria, or www.SummitHomeValue.com for info on the value of your place here.

 

You’ve always known that Summit County is different from anyplace else.  We’re here to help guide the way to your home in the mountains! 

Tuesday Morning Coffee ~ Market Recap Continued

by Allison Simson & Joyce Nenninger

Happy Tuesday Morning to you! 

As I look out my office window, I can see a lovely snowstorm making it's way across Buffalo mountain.  We might just get some snow this week after all!  I'm ready, and I know the skiers are ready.  They can only make so much man-made stuff before we start craving the real thing!

MARKET RECAP

We get so much market information everyday it can be hard to focus!  I received this from Rod Shuster of Catalyst Lending, Inc and found it to be thoughtful and easy to comprehend. I hope you like it, too!

Saying “I told you so” is rarely a good idea. At the least, it is boorish behavior. More often, you find you've spoken too soon, so not only have you alienated a few of your colleagues but you also find yourself eating a bitter slice of humble pie. So we refuse to say, “I told you so.”

That said, we are at least mildly pleased that the housing market continues to confound the naysayers (those pundits who insist on focusing on the clouds while ignoring the silver linings). It happened again last week when pending home sales rose for the ninth-consecutive month, posting a 3.7% gain in October (after posting a 6% gain in September). The consensus estimate for October ranged from no change to a 1% decline.

This persistent increase in home sales indicates to us that the housing market is unlikely to backslide. What's more, the pending-home sales index has been running ahead of the existing-home sales figures, which hints at continued improvement in actual sales in coming months, particularly if we see additional loosening in the credit markets.

The naysayers were further confounded by homebuilder news. On that front, residential home construction rose 4.4% in October, more than recovering from a 2% dip in September. It was the biggest monthly gain in private residential spending since March 1998.

Of course, the naysayers will point out that the surge in housing activity in October was due to the impending expiration of the federal first-time homebuyer's tax credit. Their point is valid. We're sure a portion of sales were driven by buyers seeking to beat the deadline, but we can't forget that the trend over the past six months has been up, before there was any push at all.
 
The Federal Reserve and Mortgage Rates


There is another reason why we think saying “I told you so” is a bad idea: It can be thrown back in your face. For the past few months we've been forwarding an argument for rising mortgage rates, and yet they keep moving down. Should we toss in the towel? Not yet. We still think rates are destined to move up. The relationship between the Federal Reserve and the mortgage market might help explain why.

The Federal Reserve has done everything in its power to push mortgage rates down to record lows over the past year, and it has succeeded primarily by purchasing an unprecedented $1.5 trillion worth of mortgage-backed securities. This Fed-created demand has helped drive down mortgage rates. Some economists believe the Fed's purchases have resulted in a full percentage point drop in rates.

But the purchases won't go on forever. Last week the Fed stated that it would begin testing a strategy to shrink its portfolio of mortgage-backed securities. One variant is to taper off its purchases of mortgage backed securities. If that is indeed the case, the wheels toward higher rates will start turning.

We don't expect mortgage rates to spike, as any move will be gradual, but it's worth noting that as private operatives move in to fill the void, their objectives will differ from the Fed's: Their objective won't be to drive down mortgage rates, it will be to make money.

Now for your Tuesday morning coffee break:

"The past is history.  The future is a mystery.  Today is a gift. 
That is why we call it the present ."   
                                                     ~ unknown
 
 
Make it a great day!

What Your Money Can Buy ~ A great place to call home in Willowbrook Meadows

by Allison Simson & Joyce Nenninger

What your money can buy

 A great place to call home in Willowbrook Meadows, this home is a true gem!  The minute you walk in the front door you feel the warmth and see the quality. 

There are gorgeous hard wood floors from the entryway throughout the large living room and sitting area. This opens to the large, well appointed kitchen through glass French doors.  The kitchen has upscale, newer appliances including a gas range. The breakfast bar is perfect for your morning coffee.  You’ll find lots of cabinet space as well as a large pantry. The dining room is ideal for entertaining, it has a two sided gas fireplace to add to the ambiance, and a sliding glass door that leads out to the deck and back yard making it quite easy to use your grill.   The yard is already fully landscaped and backs to the open space. Upstairs you’ll find three nice sized bedrooms and two full baths. The master bedroom has its own full bath and a newer private deck with beautiful mountain views.  You’ll love the two car attached garage this winter with plenty of room for cars and all of your toys.  It’s not often that you’ll  find this kind of opportunity with a price that’s unbeatable at $445,000.00. Call today to set up your private showing on 233 East Rabbit Court!

 

Visit www.SummitHomeBuyer.com and meet Lynn Sustad, Kelie Gray and Anna Willis, The Buyer Specialist Team at Summit Real Estate.- The Simson/Nenninger Team.  A member of the team can be reached at (800) 262-8442 or (970) 468-6800, www.SummitRealEstate.com.

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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