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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

Summit County Scoop

by Allison Simson

Happy Tuesday to YOU!

We were fortunate to attend the "State of the County" meeting hosted by the different town managers a week or so ago.  Here are some of the highlights and tidbits about what is happening around the county:

Silverthorne - Ryan Hyland

  • Smith Ranch - 50 acre parcel; town is working with Summit County Housing Authority to build affordable housing.  There will also be an additional 11 acres of commercial space next to the road
  • Built a new Xcel substation
  • Pavilion Revenue up 36%, lots of events and shows being held there
  • Rec Center trying to expand space without expanding the walls; this means the racquetball courts will be going away
  • A new brewery will be going in the old Village Inn building
  • Want a place that is economically viable and supported by the community
  • Hampton Inn applied to build a hotel in Summit Place shopping center (next to Mountain Sports Outlet) was approved –sort of... with 22 conditions- it may not be happening anytime soon!

Frisco - Bill Efting

  • The so-called "Christmas tree lot: was sold to Gerald Hines, an Aspen Developer, no plans have been submitted
  • Whole foods currently hiring – Grand Opening end of April / beginning of May
  • Step up Main Street: starting in the fall – narrowing main street and widening the sidewalks; improving the drainage of 6th and 7th Avenues; re-doing curbs
  • Revenue at the Frisco Marina is up due almost entirely to stand-up paddle board rentals
  • Best Western sold for $7.3 million – gave real estate tax huge boost in 2013
  • Frisco Adventure Park – $1.3 million in revenue just from the tubing hill, might put in another Frisbee golf course – trying to create a long term plan for the area
  • Frisco BBQ Challenge will be the 2nd weekend of June, the competition spots sold in 25 minutes!

Dillon - Joe Wray

  • Sales tax revenues up 7% - putting money in the reserves and savings
  • Petco should be opening in the late spring or early summer in the old Borders building
  • Putting another $300,000 in the marina to finish the parking lot this year and add more slips - currently have 300, adding a few 100 more
  • Over 100 events during the year – concerts (thinking of adding some Wednesday/Thursday nights) and Friday Farmers’ Market.
  • Dillon BBQ will be expanded to become more of a summer festival rather than just a BBQ – more music
  • April 1 ballot issue for pot – over the next few weeks there will be public forums held to discuss regulations
  • As of right now there can be no churches in the center of Dillon, changing that – One Community (which has been meeting in the movie theater) will be located in the ground floor of the La Riva complex

Breckenridge – Tim Regan

  • Want to expand the arts and culture at the River Walk Center – plans to start using it year-round
  • Almost all improvements at Breckenridge Ski Resort are taking place at Peak 8 and Peak 6 this year
  • Changing the Colorado chair to a six-pack this year
  • Opening of Peak 6 terrain
  • In the first 3 weeks, one marijuana retail store made $1 million, $60,000 in sales tax
  • 80% of pot buyers are from out of state, most of the purchasers are 60-70 years old
  • Possible roundabout at French St
  • CMC Breckenridge – considering dormitories/housing especially  for 4-year students 
  • Only 45% of people who work in Breckenridge live in town - don’t want to become an Aspen where everyone has to live elsewhere due to costs

Summit County – Gary Martinez

  • Revenues up overall 12.5% - first up since 2005, this means that A-Basin, Keystone and Copper are starting to come back
  • Property values down 17% overall; however, the next period looks strong - so far seeing an 8% property value increase in most recent tax evaluations
  • Summit County building department was busiest ever 2013 - $96 million in permits (includes any and all permits)
  • New South Ranch library in old CMC building in Breck planning for opening November/December
  • Working with Frisco to buy parcel from Forest Service along Dillon Reservoir to built affordable housing
  • Old Dillon Reservoir: Stocked with golden trout (not native to the area but isolated in Old Dillon), went from 50 acre feet to 300 acre feet; currently half full, expected to fill up with the run-off this spring
  • Talking about extending bike path over Leadville through climax.
  • Vail pass path also improved – joint effort between Summit and Eagle counties
  • After Iron Springs changes to Hwy 9, the bike path will be able to go all around the lake
  • Dillon Reservoir is 4ft to 5ft down, usually lower this time of year but Denver Reservoirs are full so they are not drawing water from Dillon right now
  • 2014 Spring Break supposed to be the largest Summit County has ever seen
  • By the end of 2015, CDOT is are hoping to have a “hard shoulder” on I-70 that can be used as an HOV/Toll Lane during peak traffic times! 

So much going on in our lovely little Summit County! 

Here's a tasty listing in Keystone for you to check out:

 

Image Unavailable

120 Tennis Club Road RD

Price: $195,000

Beds: 1

Baths: 1

Sq Ft: 933

A very happy, simply delightful getaway tucked among the pines and lush with beauty. Gorgeous wooded setting that is infused with lots of light. Superb clubhouse. Free shuttle line & minutes to the slopes. Big closets and extra ski storage make room...

View this property >>

And Here's Your Morning Coffee!

Summit County Market Update

by Allison Simson

Happy Tuesday Morning to YOU!

What's the Summit County real estate market up to? 

January 2014 Highlights:

  • Market Analysis by Area for January: The first month of  2014 was decent and very comparable to January 2013 with $52,155,100 in gross sales and 102 transactions. The average transaction price was $514,524. The average residential Price/square foot was $302. Frisco had a very high end commercial sale ( Best Western) that closed in January.
  • Market Snapshot for 2014 vs. 2013:  Values are as follows: Single Family -2%, Multi- Family +1% and Vacant Land -15% for the Average, and Median indicators: Single Family +17%, Multi- Family  -8% and Vacant Land +35%.  We are only comparing one month to the full year of 2013 at this time. 
  • Market Analysis % Change showing years 2004-2014 YTD: January monetary volume ($52,155,100) was down 2% from January 2013. Transactions (102) were down 6% from January 2013. 
  • Residential Market Sales by Price Point : Residential volume in January had 83 transactions with $38,988,500 gross volume.  There were 7 properties that sold for $1M and above in January.  The most active price points in January continue to be between $200K -$300K.   January had 26 Single family, 57 Multi-family and 7 vacant land transactions.
  • 2014 Average Price History: Average residential pricing continues to be consistent as of January - Single family is $736,719, Multi- family is $347,961  and Vacant Land is $276,643. Our market is holding value!!
  • Loans vs Cash: There were 627 loans in January, 48%  were related to sales and 52% of the sales were cash at closing.
  • Buyer Highlights:  In January, the majority of second homeowner real estate transactions continue to be the Front Range demographic at 48% of our market, only 22% are local and 30% are out of state buyers YTD. (Information courtesy of Land Title Guarantee Company)

For a more in-depth look at the individual towns in Summit, please click below!! 

1) Summit County Update
2) Breckenridge
3) Dillon
4) Frisco
5) Keystone
6) Wildernest_Silverthorne

And Here's Your Morning Coffee!

Check out this really great property in Wildernest:

Image Unavailable

102 TWENTY GRAND DR

Price: $495,000

Beds: 4

Baths: 3

Sq Ft: 2034

This huge duplex boasts 4 bedrooms + den, oversized 2 car garage, tons of windows & sleeps 15! Gorgeous views all around, from the lg master deck in front, to the lovely views of Buffalo & Red Mtns from the private hot tub & deck in back. Lg master ...

View this property >>

Wednesday Morning Coffee - Buyer's Purchasing Power

by Allison Simson

Happy Wednesday Morning to YOU!

With all the talk about interest rates in the news right now, I thought this little graphic would shed some light on how rates actually affect real estate buying power!  A 1% increase in interest rate equates to a 10% less purchase price with the same payment.  Also of note, in Summit County, CO last year, almost 50% of our transactions were cash deals! 

For more information about any specific property, complex or neighborhood, please reply to this email and we will get you what you are interested in right away! 

What Will Matter

by Allison Simson

Happy Tuesday Morning to YOU!

Every year at this time we can't help but stop and see how much we have to be grateful for.  We are so lucky to work with amazing people from around the world and to enjoy the support of a great group of humans who we truly love!  Thank you from the bottom of our hearts for being a positive part of our world! 

What Will Matter “Ready or not, some day it will all come to an end.   There will be no more sunrises, no minutes, hours or days.   All the things you collected, whether treasured or forgotten, will pass to someone else. Your wealth, fame and temporal power will shrivel to irrelevance.    It will not matter what you owned or what you were owed.

Your grudges, resentments, frustrations and jealousies will finally disappear. So too, your hopes, ambitions, plans and to-do lists will expire. The wins and losses that once seemed so important will fade away. It won't matter where you came from or what side of the tracks you lived on at the end. It won't matter whether you were beautiful or brilliant. Even your gender and skin color will be irrelevant.

So what will matter? How will the value of your days be measured? What will matter is not what you bought, but what you built; Not what you got, but what you gave. What will matter is not your success, but your significance. What will matter is not what you learned, but what you taught. What will matter is every act of integrity, compassion, courage or sacrifice that enriched, empowered or encouraged others to emulate your example. What will matter is not your competence, but your character.

What will matter is not how many people you knew, but how many will feel a lasting loss when you're gone. What will matter is not your memories, but the memories that live in those who loved you. What will matter is how long you will be remembered, by whom and for what. Living a life that matters doesn't happen by accident.

It's not a matter of circumstance but of choice.

Choose to live a life that matters.”                                                                                      
                              ~ Michael Josephson

One of the best things about living and spending time in Summit County, Colorado is the chance to get quiet and still and enjoy the quiet snowfall in the beauty of the majestic mountains.  This holiday season, we hope for you and yours love, peace and some stillness!

See you on the slopes!

Warmly,

Allison Simson, Owner/Broker
Kelie Gray, Buyer Specialist
Sarah McNeill, Buyer Specialist
Glenda Pfeifer, Buyer Specialist
Jen O'Neill, Client Care Manager
Margaret Bowes, Transaction Coordinator

What are YOU Thankful for this Year?

by Allison Simson

Ahhhh, Thanksgiving!

A time to enjoy family, friends and food!  We are so thankful to you for helping Summit Real Estate have another successful year.  We appreciate you and know that the relationships we have and the friends we have made are what make a life worth living!  THANK YOU!! 

We tend to forget that happiness doesn't come as a result of getting something we don't have, but rather of recognizing and appreciating what we do have. Frederick Keonig.

Our many thanks to you... be sure to gobble til you wobble on Thursday!

Here's your feel-good video of the week....

http://www.wimp.com/footballplayers/

Considering a Second Home?

by Allison Simson

Happy Tuesday Morning to YOU!

We have a powdered-sugar-dusting of snow on the peaks this week- it's so pretty and a reminder that ski season is on its way!  Only 39 days until Keystone and Copper Mountain open!  It's likely that A-Basin and Loveland will open even sooner!

Ready to take the plunge into the wonderful world of resort property ownership??!! We are here to give you a hand! 

What to Consider When Buying a Second Home

Today we are happy to have Mark Scheets, a writer for Total Mortgage Services, as our guest blogger.

Sooner or later (if you haven't already!) you may reach a point in your life where you are financially able and plan to purchase a second home. For the most part, people who look to buy a second home are either looking at it as an investment or somewhere to vacation. It is important to become familiar with the process when looking for and making the decision to purchase a second home.

Purchasing a second home is similar to the purchase of your first home, but there are also some important differences that you may not be aware of. Two of the most important things to consider when buying a second home are to know what you’re looking for and how much you can spend before beginning the process.

When considering buying a second home, timing is a big aspect of the purchasing decision. If you are in the middle of your career or ready to retire, you need to ask yourself what is the point of buying a second home. Many homeowners will ask themselves “Do I want to use this home as a personal retreat or as a rental property?” Another question often asked is “Can I afford this?” You may have to wait 6 months or a year, but having a good understanding of the current market and knowing when you are planning on making the purchase, will get you what you want.

Do Your Research

Your second home can be whatever you want it to be, but one thing to keep in mind is that the location and property need to be a good fit with your current lifestyle. A good idea for buying an investment property is to make sure that it is somewhat near your current home, in order to be close to it in case of an emergency. When considering a vacation home, especially one that is far away, it is a good idea to talk to the locals who live there to get their prospective on the area. This is important because you will not be at the house year round; and you need to see yourself enjoying living there.

Whether you have planned to purchase a second home for years, or have finally started considering it, it is extremely important to make sure all of your finances are in order. It is a good idea to know exactly what is needed financially to get your plan into motion. When applying for a second mortgage, there will be stricter lending and mortgage requirements, especially if you will not be living in that home.

Be Prepared

Another aspect to take into consideration is your taxes, which will be based on the use of your second home. The IRS has stated “if you live in your home for more than 14 days, or more than 10% of the time you rent it out in a year, then it is considered your personal residence”. If these conditions are not met, your home will be considered a rental property and you must report all rental receipts as income. 

When the time comes to figuring out how to purchase your home, weighing your options is important. It’s good to know that buying an existing home is far cheaper than buying land and building. Many people with second homes have made financial mistakes with their home and are looking to sell quickly to cut their losses and move on. This fact could help a buyer if the house is similar to what they are looking for, as it can be had for a cheaper price.

A mortgage on a second home may have a slightly higher interest rate than one on a first home. It might be a good idea to consider a home equity line of credit (HELOC). A HELOC allows the buyer to tap into their existing home’s equity so that you can provide a bigger down payment.

Have fun! 

Buying and owning a second home is an amazing investment in you and your family's lifestyle.  Come on up to the mountains and take a look! 

Here is our featured property of the week:

Image Unavailable

Red Hawk Lodge, Unit 2207

Price: $222,000

Beds: 1

Baths: 1

Sq Ft: 535

Step out the door to the Gondola terminal from this Red Hawk Lodge condo. It has tile counters and slate flooring. Red Hawk Lodge has a pool, hot tub and BBQ area with fabulous views of the ski slopes and wetlands. Have a steam or work out in the fi...

View this property >>

And Here's Your Morning Coffee!

Warmly,

Allison Simson, Owner/Broker
Kelie Gray, Buyer Specialist
Sarah McNeill, Buyer Specialist
Jen O'Neill, Client Care Manager
Margaret Bowes, Transaction Coordinator

 

 

The Housing Market and Good News!

by Allison Simson

Happy Tuesday Morning to YOU!

Despite the massive rain in Colorado (we've had nearly 50 straight days of rain in Summit County) the sun is shining today- hopefully it will help dry up some of our soggy state....!

Here's some good news from the Keeping Current Matters website:

Experts Comment on the Housing Market

Rick Judson, chairman of NAHB

Responding to the report that over 80% of housing markets are improving:

“While there is still plenty of room for growth, this is an excellent indication of how the housing recovery has begun to take hold across more geographical areas.”

Tim Sloan, Wells Fargo Chief Financial Officer

When you look at any sort of statistics in the demographics in terms of household creation as well as household affordability, they are still very attractive and should drive a continued recovery in the housing business.”

Dr. Alex Villacorta, VP of research and analytics at Clear Capital

With the continued strengthening of home price trends in August, the need for perspective on market activity is even more important…Considering the low tier price segment of the housing market led the recovery, the cooling in this segment will likely transfer through to the broader housing market. That’s not to say the recovery is slated to stall, rather growth patterns are likely to return to more historical rates of growth, between 4.0 percent to 5.0 percent, rather than align with bubble-like growth… At the end of the day, this is still great news for housing.”

Bradley F. Hunter, the chief economist at MetroStudy

“We have gone from a situation where five years ago everyone was saying, ‘There are too many lots,’ to today, builders are literally crying on our shoulder saying, ‘There are not enough lots. We can’t find any.”

Jay Brinkmann, Mortgage Bankers Association chief economist

“The recovery we’ve seen has been related to the fact that the economy is creating jobs at a steady rate and those jobs do translate into paychecks, some of those paychecks go to pay rentals and others go toward mortgages.”

The Real Estate market in Summit County has seen an overall increase in number of sales and volume - up by about 12% from 2011.  Prices are stable- not yet appreciating much, but happily not depreciating! 

Give us a call if you would like a detailed market valuation of any property in Summit County- or if you're just curious about what's happening here!  We'd love to help.

Here's our listing of the week:

 

Image Unavailable

102 Twenty Grand Drive

Price: $540,000

Beds: 4

Baths: 2

½ Baths: 1

Sq Ft: 2034

This huge duplex boasts 4 bedrooms + den, oversized 2-car garage, tons of windows and sleeps 15! Gorgeous views all around from the large master deck in front, to the lovely views of Buffalo and Red Mountains from the private hot tub and deck in bac...

View this property >>

And Here's Your Morning Coffee!

What do interest rates mean for home costs?

by Allison Simson

HAPPY TUESDAY MORNING TO YOU!

The COST of a Home: Last Year, This Year & Next Year

Posted: 26 Aug 2013 04:00 AM PDT

Same Price, Lesser Cost

The cost of a home is determined mainly by two components: price and mortgage rate. Today, we want to show how the monthly cost of purchasing a median priced home has changed over the last twelve months and how it might change over the next twelve months. For the first two examples, we will be using the National Association of Realtors’ (NAR) Existing Home Sales Report to establish median price and Freddie Mac’s Primary Mortgage Market Survey to establish mortgage rate. We also assumed a 20% down payment in all examples.

LAST YEAR

The median priced home in the country was selling for $187,800. The 30-year fixed mortgage rate was at 3.5%. Here is what it would cost to buy a home last year:

Last Year

TODAY

The median priced home in the country is selling for $213,500. The 30-year fixed mortgage rate is at 4.5%. Here is what it would cost a purchaser to buy a home today:

This Year

The monthly cost increased by: $190.78!

NEXT YEAR

Projecting into the future in real estate can be rather tricky. To establish future pricing, we depended on the over 100 housing experts surveyed for the Home Price Expectation Survey who called for an approximate appreciation rate of 5% over the next twelve months. For the interest rate, we took the average of the projections from the Mortgage Bankers’ Association, Freddie Mac and Fannie Mae. Here is what these experts project will be the approximate cost of a home a year from now:

Next Year

The monthly cost will increase by about: $97.32!

Bottom Line

From a financial perspective, why wait if you are thinking about buying?

And Here's Your Morning Coffee!

Warmly,

Allison Simson, Owner/Broker
Kelie Gray, Buyer Specialist
Sarah McNeill, Buyer Specialist
Jen O'Neill, Client Care Manager
Margaret Bowes, Event Coordinator
 

Go Green 2

Preparing for a Home Inspection

by Allison Simson

Happy Tuesday to YOU

At some time or another, it is likely that you'll be selling a property and the buyer will want to do an inspection.  Here are some great tips I got from Tiger Home Inspections.  Take a look and let me know what you think....these are also really great home maintenance tips!

And Here's Your Morning Coffee!

Warmly,

Allison Simson, Owner/Broker
Kelie Gray, Buyer Specialist
Sarah McNeill, Buyer Specialist
Jen O'Neill, Client Care Manager
Margaret Bowes, Event Coordinator

 

Go Green 2

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Contact Information

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