Archive for May, 2009

April 2009 Summit County Real Estate Market Analysis

Attached, you will find the Land Title Guarantee Company April 2009 Market Analysis from Summit County. New Format: There are 9 PDF files attached.

·         Summit County 2004-2005-2006-2007-2008-2009 Graph Comparison

·         Cost Breakdown, April 2009 for Residential Improved Units (New Construction, Resales and April Gross Residential Price Index and YTD Gross Residential Price Index), also shows Full Year 2008, 2007 and 2006 Gross Residential Price Index with # of transactions, total volume and average price

·         Cost Breakdown for Residential Improved Units YTD (2009, 4 months) and the Cost Breakdown YTD from 2007 and 2008 for comparison

·         Market Analysis % Change from 2004, 2005, 2006, 2007, 2008 & 2009

·         Market Analysis by Area for the month of April 2009: On the Market Analysis by Area report we have added a color coded system; Read more »

How to sell a home in today’s market

Right now, it’s a buyer’s market throughout the nation, and Summit County Colorado real estate is no exception. That’s good for buyers, but when it comes to the seller’s point of view, homeowners need to keep an open mind when pricing and negotiating the sale of their property.

The most important thing for both sellers and buyers to remember when writing and compromising on a contract is that everyone has the same goal: To come to an agreement to move the title of the home from the seller’s name into the buyer’s name.

The best way to create an uncomplicated, easy closing is for both parties to remain flexible and stay calm. When emotion enters the picture, sellers sometimes forget their ultimate goal: to sell their home.

When a buyer comes in with a much lower offer than a seller was expecting, it’s important to Read more »

Breckenridge Events May 28-June 3

Thursday, May 28

(s) Arts Alive Presents: Think Summer – 11am-5pm at 500 South Main Street (La Cima Mall). The local CO-OP Gallery celebrates summers’ arrival with a new show. Come in and enjoy the local art for sale featuring contemporary and classic paintings, sculpture, ceramics, custom jewelry, photography, quilts and woven scarves. Featured artist is Bob Hoppin, painter. 970-453-0450 for more info.

(e) Breck150 Presents: Get to Know Your Town – Grab your passport at the Breckenridge Welcome Center (203 S. Main Street) and get your “stamps” at The Barney Ford House Museum, The Edwin Carter Museum, The Welcome Center and on the Guided Historic Waling Tour. The program is FREE and runs May 1-June 13! Call 970 453-9767 with questions. Read more »

Breckenridge Events Thursday May 21-27

Thursday, May 21

(s) Arts Alive Presents: Think Summer – 11am-5pm at 500 South Main Street (La Cima Mall). The local CO-OP Gallery celebrates summers’ arrival with a new show. Come in and enjoy the local art for sale featuring contemporary and classic paintings, sculpture, ceramics, custom jewelry, photography, quilts and woven scarves. Featured artist is Bob Hoppin, painter. 970-453-0450 for more info.

(e) Breck150 Presents: Get to Know Your Town – Grab your passport at the Breckenridge Welcome Center (203 S. Main Street) and get your “stamps” at The Barney Ford House Museum, The Edwin Carter Museum, The Welcome Center and on the Guided Historic Waling Tour. The program is FREE and runs May 1-June 13! Call 970 453-9767 with questions.

(h) Breckenridge Heritage Alliance Sites and Tours – Visit the Barney Ford House Museum, located at 111 E. Washington Ave. The Barney Ford House Museum honors Barney Ford, an escaped slave turned prominent entrepreneur and black civil rights leader in Colorado. View the Breck150 Art Exhibit. Free admission. Open 11am-3pm. For more information, call 800-980-1859.

(a) Breckenridge Recreation Center Classes –Muscle Power 6:15am; Water Aerobics 8am; Bodypump 8am; Cycling at 9:05am; Women’s Weight Training 10:15am; 50+ Stretch/Strength 9:05am; RPM 12pm; Yoga Express 12pm; Cycling 5:30pm; Intermediate Yoga 5:30pm at Carter Park; Bodypump 5:30pm; Country Two-Step 6:45pm. 970-453-1734 for more info.

(a) Tap Dance classes at Abby Hall – 6-7 pm every week through May 21. Drop-ins welcome, punch passes available. Join this fun and fitness craze!

(a) Yoga, Qigong, T’ai Chi and Kung Fu at Abby Hall –Anusary Inspired Yoga 9am-10:15am. Abby Hall is located at 136 S. Main St. $10/class. Drop in students are welcome. For more information, call 970-453-8558 or visit www.abbyhallonmain.com. Read more »

Summit County Co real estate market 2009

Sellers are finally understanding that they’re not going to get top dollar for their homes, and more properties are coming on the Summit County Co real estate market as spring approaches. As a result, buyers can find undervalued homes – and savvy investors are doing just that. Sellers, don’t worry: If you’re considering selling your property, it’s not all bad news either. March was the best month for home sales and prices in 2009 Summit County real estate records so far.

Summit County had 71 closings, for a total of $37,878,500. This compares to the 55 homes that sold (for a total of about $2.7 million) in February and 54 transactions completed in January (totaling $3.2 million). And, there are still plenty of people out there with enough money on hand: 42% of March buyers paid for their property in cash!

A snapshot of the Summit County real estate records: Though the market is recovering, it is still lagging behind last year’s statistics. From January through March of this year, the number of sales are down 56% compared to the same time last year. Monetary volume has declined by 60%. In March, 2009, Summit County condos sold the best, with 36 closings. The average price resale price of the condos was $380,735. Newly built condos sold for an average price of $689,500.

Twenty single family Summit County homes closed in March. The average resale price was $653,108, and the average new home price was $876,643. What’s selling best: Homes (which include both single and multi family) priced between $500,000 to $600,000 and between $300,000 to $400,000 saw the most action in March, with 11 sales each (a total of 22).

The second best-selling category were condos priced between $200,000 to $300,000. Homes below $1 million sold for about 94% of list price. Luxury snapshot: Overall, homes below $1 million sold more than homes price above $1 million; 5 homes sold between the $1 million and $2 million range, and none sold for over $2 million. Those that did sell went for about 90% of what sellers asked.

This trend has held steady throughout 2009, with the highest number of sales coming from the $300,000 to $400,000 price point (34 closings, since January 1). However, 14 homes between $1 million and $1.5 million have sold, so if you’re thinking of selling your luxury homes, don’t despair – there is still a market. In March, 6 lots sold, with an average price of $375,412.

More Summit County real estate records market news: Breckenridge is still seeing the most number of sales, followed by Keystone. And, it may be a perfect time to buy in Breckenridge, as the average transaction price in March showed a decrease, to $447,091 in town and $620,000 on Peak 7. The Highlands Subdivision, and, generally speaking, studio and one-bedroom condos are showing weakness. But, it doesn’t seem as though this trend will last long, as most prices throughout Summit County, including the Breckenridge Golf Course homes, showed an increase in March.

Two-bedroom Breckenridge condos are showing strength, as are ski-in, ski-out properties priced under $900,000. In March, Wells Fargo granted the most mortgages to buyers, with US Bank following. As of April 7, 2009, there were 2,089 Summit County listings in the MLS, compared to 1,256 around the same time last year. This spring break, more buyers have been showing interest in Summit County real estate, compared to February and early March, when traffic was slower and the ski areas weren’t receiving as much snow as they did in April.

Low interest rates are also motivating buyers. The Mortgage Bankers Association predicted refinancing may reach $2.787 trillion this year, which is $800 billion more than it originally estimated. And, Colorado is still poised for growth. In fact, Denver made Forbes magazine’s top 10 list of cities that Americans are relocating to, and anyone who has taken a look at Interstate 70 on the weekends can tell you that Front Rangers love spending weekends in the mountains.

Breckenridge Commercial Real Estate

Breckenridge Events May 7 – 13

Thursday, May 7

(s) Arts Alive Presents: Think Summer – 11am-5pm at 500 South Main Street (La Cima Mall). The local CO-OP Gallery celebrates summers’ arrival with a new show. Come in and enjoy the local art for sale featuring contemporary and classic paintings, sculpture, ceramics, custom jewelry, photography, quilts and woven scarves. Featured artist is Vicki Jacobs, painter. 970-453-0450 for more info.

(e) Breck150 Presents: Get to Know Your Town – Grab your passport at the Breckenridge Welcome Center (203 S. Main Street) and get your “stamps” at The Barney Ford House Museum, The Edwin Carter Museum, The Welcome Center and on the Guided Historic Waling Tour. The program is FREE and runs May 1-June 13! Call 970 453-9767 with questions.

(h) Breckenridge Heritage Alliance Sites and Tours – Visit the Barney Ford House Museum, located at 111 E. Washington Ave. The Barney Ford House Museum honors Barney Ford, an escaped slave turned prominent entrepreneur and black civil rights leader in Colorado. View the Breck150 Art Exhibit. Free admission. Open 11am-3pm. For more information, call 800-980-1859.

(a) Breckenridge Recreation Center Classes –Muscle Power  Read more »

Assessed home values show an increase

summit county taxes1 Assessed home values show an increase

Homeowners in Summit County, the tax assessor’s office has good news and bad news: The good news is, your assessed home value has most likely increased since the last assessment. The bad news: Property taxes may go up a bit.

However, county assessor Beverly Breakstone is hopeful 2010 taxes won’t go up too much. She said the upped values don’t necessarily mean people will have to pay a whole lot more in taxes.

She’s holding a public meeting at 9 a.m. Friday, May 8, at the Community and Senior Center in Frisco, for people to ask any questions they’d like. If you can’t make the meeting, you can check the county’s website (after May 4) for Read more »