Silverthorne and Wildernest Real Estate Market Update

Here’s what’s going on in the Silverthorne real estate market. In general Silverthorne and the Wildernest area are where you will get the most for your money in Summit County. The lowest price for a condo is $158,000; it's a studio unit in Buffalo Village. Right now 123 condos and townhomes are currently for sale in Silverthorne including Wildernest (above Silverthorne to the west). Prices go up to $749,000 for a new three bedroom townhome. Eighteen are pending and 105 have sold last year. Those prices ranged from $110,000 for a studio condo up to $575,000 for a new four bedroom townhome. You can find a list of the condos in Wildernest and Silverthorne on my web site. The size of the complex, year built and pictures are there too. To find out prices you will need to call me or search the mls. Prices are always changing.

This year the market for single family homes and half duplexes has slowed down; what a great buyer’s opportunity with lower interest rates and lots of choices. There are 158 homes and half duplexes for sale in the Silverthorne area. I’ve listed a great three bedroom home near the Blue River for $545,000. The prices on homes range from $285,000 to $3,995,000, eighteen are pending. Sixty-four homes have sold in the last year, prices from $280,000 to $2,450,000.

You have many options in building sites in Silverthorne. Prices range from $179,000 for almost ¾ of an acre on the 13th tee of the Raven Golf Course and go up to $619,000 for over an acre, both of those are in the Three Peaks subdivision. About 10 miles north of Silverthorne up Boulder Creek is almost half an acre for $119,900. If you are looking for larger acreage the lowest price is $499,900 for 20 acres up to 2.2 million for 70 acres in Shadow Creek Ranch. There are small ranches north of Silverthorne “down the Blue” starting at $980,000 for a 4 bedroom home on 40 acres. Around the Green Mountain Reservoir, there is a 20 acre lot for $599,900 and 314 acres up Cataract Creek Road for $3,375,000.

Every week I put together a list of everything for sale - I'll send it to you if you would like. You can also search the Summit County MLS from my web site.

Keystone Resort Real Estate Market Update

About once a month I do a market update of the different areas in Summit County. The change I see between this month and last is that the inventory is down. This is the time of year when many owners take their property off the market to rent for the winter season.

They are making snow at Keystone, the slopes are set to open November 6th. There’s still time to own your own condo this season. A buyer will probably need at least 25 % down and good credit, but the interest rate will be good too.

Keystone is where you will have good choices if you are looking for a resort condo. The River Run Village area at the base of the mountain is very popular. The units are all newer, built since 1996 and within an easy walk to the Gondola. One bedroom units start at $250,000, two bedrooms at $393,900. Nearby is a one bedroom in River Bank Lodge for $215,000. If you are looking for more for your money, the older complexes offer nice big floor plans and lower prices. In the Pines complex there is a two bedroom unit that is listed for $327,500. The numbers for all the condos and townhomes in Keystone are: 187 active, 20 pending and 103 sold in the last year. On my web site I do have a list of the condos and townhomes in the Keystone area. There won’t be prices because they are always changing, but you will see when the complex was built, how many units, and what amenities it has. If you see something that temps you – contact me or search the mls.

Keystone homes and half duplexes start at $319,900. and go up to $5,700,000. Right now there are 50 homes listed for sale. Many of those homes are in Keystone Ranch backing to the golf course. In lasts 12 months sixteen homes have sold 12 of those were a million or more. Every week I put together a list of everything for sale in Keystone and Summit County, let me know and I can email it to you. You can also search the Summit County MLS from my web site.

The small mining town of Montezuma is east of Keystone about 10 miles. Homes and lots for sale appear in the Summit County MLS under the Keystone area. Right now there is one home for sale which used to be a Bed and Breakfast, it has 4 bedrooms and is priced at $725,000. There are several lots for sale, prices start at $229,000 for a quarter of an acre and go up to $499,000 for 5 acres about a mile south of town.

Frisco Market Update

Frisco is a historic town in the center of Summit County. Located on the west side of Lake Dillon with lots of islands and quiet coves. Frisco does have its own marina too. Over the years I’ve met a lot of buyers who really wanted to own in Frisco because of the central location and the “cute” Main Street.

There are 100 condos and townhomes on the market, of those 23 have been built in the last couple years or have yet to be built. The lowest price for an existing condo (not deed restricted) is a studio condo for $147,900. There are 41 units for sale under 400K. Prices go up to $1,320,000 for a new three bedroom in Latitude 39. Seventeen condos and townhomes are pending and in the last year 41 have sold. You can get information about Frisco condos on my web site. You will find a picture of the complex, size and year built. No prices because they are always changing, ask me what’s available or search the MLS.

In single family homes and half duplexes fifty-one are for sale the prices range from $469,900 to $2,750,000. In the last year 29 single family homes and half duplexes have sold with prices ranging from $385,000 for a 3 bedroom half duplex to $1,600,000 for a six bedroom home built in 2003.

Let me know if you would like more information on any of these properties. Every week I print out a list of everything for sale in Frisco and Summit County, let me know if you would like a copy. To get the latest info, search the mls from my web site.

Dillon Market Update

About once a month I do a market update of the different areas in Summit County. The change I see between this month and last is that the inventory is down. This is the time of year when many owners take their property off the market to rent for the winter season.

The Dillon area consists of the town of Dillon, and several unincorporated neighborhoods. Some of those neighborhoods are Dillon Valley and toward Keystone, Corinthian Hills, Summerwood, Summit Cove, Whispering Pines and Soda Creek. The area has several price points.

The lowest price for condos is usually in Dillon Valley East and West. Currently there are twenty-eight units on the market. The lowest price is a one bedroom unit for $127,000. In the town of Dillon near the lake there aren't as many condo options. The lowest priced is a two bedroom in Lodge at Lake Dillon for $250,000. That’s within walking distance to the marina, farmers market and restaurants. Prices go up to $1,099,000 for a four bedroom condo at Summer Ridge which has a breathtaking view of Lake Dillon. I do have a list of the condos and townhomes in the Dillon area on my web site. It won’t list prices but you will see a picture of the complex and other information. If you see something you like then you can search the MLS to see if anything if for sale in that complex – or just ask me.

Very few single family homes are for sale in the town of Dillon, but the surrounding neighborhoods of Dillon Valley, Summit Cove, Soda Creek and Whispering Pines have many options. There are 66 active listings of half duplexes and single family homes in the Dillon area. Of those the lowest price is $298,900 for a three bedroom half duplex in Dillon Valley. Eight homes are listed for a million or more. Eleven homes are currently pending. Looking back over the last year, 29 single family homes and half duplexes have sold, the lowest price was $300,00, fifteen sold between 3 and 4 hundred thousand and one over a million.

You would have several choices in vacant lots in the Dillon area. Currently there are twenty-two on the market. The prices range from $164,900 for a half acre lot above Dillon Valley to $399,000 for a building site in Summerwood. Only one lot sold this past year it was priced at $193,000. Let me know if you would like more information on any of these properties. Every week I print out a list of everything for sale in Dillon and Summit County, let me know if you would like a copy. To get the latest info, search the mls from my web site.

Pumpkin Fest in Silverthorne on Sunday

The town of Silverthorne is sponsoring the Whole Foods Pumpkinfest Sunday October 25th at 2PM. Pumpkins will be arranged on the lawn of the Silverthorne Pavilion, 4th and hwy 9 (across the street from my office) as if they were in a pumpkin patch. Each child will get to pick one pumpkin as long as supplies last. From 3 to 5 PM the Outlets at Silverthorne are hosting trick or treat. Sounds like a good start for Halloween week.

A beautiful drive into work!

I'm so lucky to live here. This was my view of part of the Gore Range this morning after a couple rainy days.

Guide for Finding the Perfect Second Home Part 8

Will the property qualify?
That seems like an odd question, but these days it’s the first thing that comes to mind when a buyer says they want a loan. Because of the new more restrictive lending rules properties that you could easily have gotten a loan a couple years ago are tricky now. One of the biggest changes is in condominiums. If the lender perceives that the property is a “condotel” they may not we able to make a loan on the property. Things that will give the lender the impression that the complex could be a “condotel” are a front desk, time shares and short term rentals in the complex. The lenders are going on the internet and searching for the name of the complex and if anyone is renting their unit they are saying it’s a “condotel”.

Even single family homes can have some issues. An example is if the value of the lot is too high in relationship to what the structure is worth. That seems odd, but if the property is outside of the cookie cutter world that the lenders like, then it’s much harder to get the loan. The lenders have investors who are funding the loans; the source for money has become very conservative.

If you property is an odd one, or even a condo it will still probably be possible to get a loan, but figure you may have to put more money down and the interest rate may be higher.

Guide for Finding the Perfect Second Home Part 7

How much can you afford?
Maybe that should have been higher on the list – but its fun to dream. Many lenders are happy to make loans on second homes. Generally you will need at least 20% down payment. 30 and 15 year fixed rate loans are available along with adjustable rate loans. The rates will probably be a little higher than a loan if you were buying your primary home. The lender will look at all of your debts including the second home payment and association dues if applicable and compare those to your income. A good rule of thumb is the ratio between income and debts shouldn’t be more than 36%.

The interest rate you will be changed will depend on your credit score, how much down payment and the property.

Using a local lender can really save you a lot of headaches. They know the local market and idiosyncrasy of resort properties. I work with a lot of good lenders and can refer you to them.

You may qualify but with the property? Find out more tomorrow in part 8.

October in Summit County

Yesterday afternoon I stopped by the home I have listed just north of Silverthorne on Lariat Loop, it was such a beautiful afternoon I had to take a picture of their view from the arbor. This is a three bedroom home on almost an acre listed for $545,000. There is more information at http://www.colorodreams.com/134lariatloop.htm

Guide for Finding the Perfect Second Home Part 6

Which location is right for you?
Ski-in Ski-out? That’s where you will pay a premium price, but you can get more income if you are renting out the unit too (more on that in a future blog). There is the true ski-in ski-out where you literally take off your skis at the door and then there are the neighborhoods where you are a short walk to the slopes. You will have a lot more choices if you are willing to take the short walk. Some of the areas you might consider are parts of the town of Breckenridge, most of Copper Mountain Resort, and the River Run Village and Mountain House areas at Keystone.

Resort Living? That’s my term for a property that is a short bus ride away from the slopes or lake. You have the benefit of the resort location, yet the price of the property will be less. Summit Stage is a free bus service that makes frequent stops around the towns. Breckenridge, Keystone and Copper Mountain each have a bus service within the resorts.

In Town? Some people like to be within walking distance to shops, restaurants and parks. Breckenridge, Frisco and Dillon have many choices of properties in town. Silverthorne is a little more spread out, but the town is working on a bike and walking path along the Blue River. Years ago I sold a condo to a buyer in Frisco; she told me she had a choice of 15 restaurants and bars within walking distance of her property.

Outside of Town? Others would rather feel like they are in the mountains. I think Wildernest is the best of all worlds, lots of condos with lots of choices, forest service land within a short walk and yet town is just 10 minute drive away. They are some neighborhoods of single family homes out of town too. To give you an example of a few; above Silverthorne are Mesa Cortina and Government Small Tracts. Outside of Dillon are Dillon Valley, Summit Cove, Soda Creek and Whispering Pines. Outside of Breckenridge is Blue River (really an incorporated town, but no businesses), Silver Shekel, Crown, Highlands and many others. These neighborhoods are all going to be in a subdivision with the lot sizes usually between a third and one acre. Some areas have city water and sewer, the rest will be well and septic, most have access to cable TV and high speed internet and county maintained roads.

Really Outside of Town? In general the farther you get away from the slopes and Lake Dillon the prices go down. If you are willing to go north of Silverthorne to Heeney (24 miles) or Blue Valley Acres (29 miles) you will get more for your money. The same is true if you are willing to go south of Breckenridge at the base of Hoosier Pass in Quandary Village (also called Northstar). If you want a larger piece of land you will have the best selection north of Silverthorne among the 20 and 40 acre “mini ranches”.

One way to figure out which location is best is to think about what you like to do. Do you enjoy eating out, shopping and would like to be able to walk home after a night on the town? Would you like the flexibility of having a bus stop nearby so that members of your group can come home on their own schedule? Do you want to be able to leave your car in the garage and ride a bicycle or walk to your favorite activities? Would you like to be able to hike out your own back door?

Guide for Finding the Perfect Second Home Part 5

There are four types of residential property.
• A single family home is a freestanding structure where you own the land around the home. The lot size can be as small as less than a 1/10 of an acre up to several hundred acres. Normally with a single family home you will be responsible for all the maintenance on the property. That will include snow plowing, landscaping and painting at least.
• A duplex is actually a half of a duplex. Normally each side in individually owned. There will be some land, with the lot line going right through the building. We have a few duplexes where are split between top and bottom, but most are side to side. There will be a recorded document called a party wall agreement which will address the responsibilities of each owner, such as insurance coverage and paint color to name a few. The two owners may go together to arrange for snow plowing and maintenance but it will be the owners expense.
• A town house is attached to more than one other unit. There may be a small piece of land besides the footprint of the building. Most of the land around the building will be common area. With a town home there is usually an owners association and association dues. The dues can cover as little as the insurance on the common area up to building maintenance including painting, snow plowing, landscaping, building insurance and more.
• A condominium will be more like apartment living. You will own the unit plus a share in the common area (hallways, parking lots, clubhouse, lawns, etc). There will be association dues; they usually include the maintenance on the building, snow plowing and shoveling, dumpsters for trash, common utilities and landscaping. At most complexes it also includes water, sewer, insurance on the building, and basic cable TV some include the heat and electricity. Some complexes have a clubhouse with pool and hot tub. The advantage is that you only have to worry about the inside of your unit. The home owners association will hire people or a property management company to do the maintenance on the outside and common areas of the complex.

Price reduction on Heeney Cabin

Here's a picture taken this fall of Green Mountain Reservoir from the deck of this cabin. This two bedroom A frame can be your recreation headquarters, located just a block from the Marina on Green Mountain Reservoir, it is the perfect spot if you enjoy fishing, water and jet skiing, boating, hiking and skiing. The cabin has an open floor plan with one bedroom on the main floor, a loft and on the lower level a walk out basement with a couple more rooms. The price is now $265,000. You can see more pictures and info on my web site at http://www.coloradodreams.com/94happylanding.htm

Guide for Finding the Perfect Second Home Part 4

Next you need to find a Realtor (of course in Summit County that is me). The Realtor needs to be someone that listens to you and knows the market. When you describe what you are looking for, I’m able to tell you what is available. Let me know your price range, size and location preferences, and any thing else on the “wish list”. Expand on what you want; an example is “private” what does private mean to you? You may have to be realistic too; I’ve had buyers who want a cabin on 20 acres backing to national forest. Maybe the property that works for you ends up being a condo adjacent to national forest, you can walk right out your door for hiking and cross country skiing. Summit County is a resort area, a lot of the properties are second homes, and the prices are like any real estate market – supply and demand. With 70% of the land in the county public, we do have a limit on what has and will be developed. Those factors tend to make our prices higher than some areas. If it ends up you are looking for an area that is less expensive then I can help guide you to by referring you to an agent in another area.

Guide for Finding the Perfect Second Home Part 3

Early in the process of finding a property and using a Realtor the discussion of agency relationships should come up. In Colorado we have a disclosure form which explains the different agency relationships. There are three choices, Buyers Agent, Sellers Agent or Transaction Broker. I usually work with buyers and sellers as a Transaction Broker, which means I get the facts to both parties, but I am not an advocate for either. I can show you what has sold in the area because the sales information is public record. I can’t say why the seller is selling or anything about the sellers, but I will tell you everything I know about the property. The reason I work as a Transaction Broker is that many times I’m showing my own listing, Colorado does not allow Duel Agency. Don’t tell me anything you wouldn’t want me to be able to pass on to the buyer, seller or other agent. It is possible for me to work as a Buyers Agent, but not a good idea if you are looking at one of my listings.

Guide for Finding the Perfect Second Home Part 2

Another big question is what kind of property. How you are going to use the property? Will you be up every week end or just in the summer or winter? What do you like to do when you are in Summit County, ski, hike, bike, sail or all of the above? Do you want to be able to leave your car and do your favorite activities from your condo, town home or single family home? Will kids be coming along too? Maybe a condo with a pool and clubhouse would be good so they would have lots to do. When you arrive on Friday night, do you want to be able to walk right in the property with out worrying about snow plowing and other maintenance? Do you want the property to be available for rentals when you aren’t using it? Lots of questions, answering them can really help narrow down the choices.

I can help by knowing your options here in Summit County. I think of finding the right fit between buyer and property as a logic problem. I’m a Realtor, but I look at my job as a counselor.

Guide to finding the Perfect Second Home Step 1

I thought it would be good to start from the beginning to help buyers finding that perfect second or vacation home.

I used to say, pick a Realtor who knows the area. A lot of people don't want to make that commitment, or waste the real estate agent's time when they aren’t sure what they want. Now days with the internet there are ways to get to know a community before going there in person. One of my favorites is Google Earth, you can see the satellite views of almost anywhere and street views of many places (even Heeney Colorado).
View Larger Map I’ve used Google Earth to check out a Paris apartment and a beach house in Hawaii. Another source is the local chamber of commerce. Here’s a link to the Summit County Chamber. It’s a good place to see what kind of businesses are in the area. They also have a lot of statistics to give an idea of what is going on with the local demographics and economy. The County and/or Town web sites are good for checking out public data and other government issues that are affecting the area. Here’s the link for Summit County, Breckenridge, Frisco, Dillon, and Silverthorne. In Summit County you would want to check the ski area web sites, Breckenridge, Copper Mountain, Arapahoe Basin and Keystone.

On my web site I have a lot of information about Summit County follow the Relocation link.

Instructions on how to Search the Summit County MLS

Did you know you can get really up to date information on what is for sale in Summit County Colorado? Personally I get frustrated with web sites that give me old information - the properties are off the market, sold or have a major price change. Or even more irritating something is for sale and its not showing up. I've received calls on properties that sold a year ago that someone found on the web through a source that I have no control over. Anyway - enough of the ranting. Through my web site you can search the mls, it is always up to date with what is on the market and price changes.

Here is what the search page looks like:

You can pick Residential, Land, Commercial or Partial Ownership searches. Residential includes single family homes, duplexes (half of a duplex), town homes, condos and mobile homes. Most homes on large acreage are included in the single family homes, but a few are listed under Sf/Mf/Acreage and Farm/Ranch. It just depends on how the agent entered the information into the MLS. Besides picking the type of property you can also pick the area. The Breckenridge area starts at Hoosier Pass at the far south end of Summit County. That includes the town of Blue River and also areas to the east, west, and north of Breckenridge as far as Farmers Corner (where the Blue River runs into Lake Dillon). That area tends to be almost half of the property for sale in Summit County, because of the large area of development.

Frisco comprises the town and surrounding neighborhoods. Usually it has the smallest number of properties for sale.

Copper Mountain is just the resort.

Dillon includes the town and nearby neighborhoods to the east toward Keystone. A few are Summit Cove, Whispering Pines and Soda Creek.

Keystone includes the resort and east to the continential divide which includes Montezuma.

Wildernest/Silverthorne comprises a large area from the town of Silverthorne, neighborhoods to the east and west (Wildernest) and north to the Grand County line past Heeney and the Green Mountain Reservoir.

Also listed are Grand County (Kremmling and outlying neighborhoods usually), Park County (Fairplay and Alma) and Leadville. Anything that does not belong in one of those areas will be entered in Other.

You can search including multiple types of properties and areas. Give it a try.

Snow This Morning

It's amazing that the Hollyhocks lasted as long as they did.