Ten Things to Look Out for When Buying a Condo

1. How much will you need to put down for a loan? In the current lending market you are probably going to have to put at least 25% of the purchase price down for a down payment.
2. Look at the condition of the complex. As a condo owner you will share in the common areas. Are they kept up or does it look like there is a lot of deferred maintenance that hasn't been kept up.
3. Pool, hot tub, clubhouse? Do you care if there are amenities? They will increase the association dues, but may increase your rentals too, if you want to rent out the condo.
4. Association dues, what do they include? Be sure to review the budget. Some associations like to keep their dues low and have special assessments for improvements or even necessities (like a new roof). Others believe in putting away money each month toward future improvements. Which would you be more comfortable with?
5. Be sure to read the home owners association minutes. Read past years also to give you some history on the complex. Is the association dealing with their issues or putting them off year after year.
6. Is there a current special assessment? Who is responsible for the payment. It's addressed in the real estate contract. In my experience the seller usually pays for the current assessment. Reading the minutes will give you a clue of future assessments.
7. Check out the Declarations, By Laws and Rules and Regulations. Make sure there are no rules you can't live with. Most associations have restrictions on pets. They may not be allowed at all, a restriction that only owners can have pets, or a restriction on the size or number of pets. A few complexes do allow tenants to have pets.
8. Does the complex have a first right of refusal? Some of the older complexes still have this requirement on their books. When an offer is made a letter goes out to the other owners giving them the chance to buy the unit at the same price and terms. It's very irritating for a buyer when they have negotiated a great deal and one of the other owners takes it up.
9. Rental restrictions. Some complexes have restrictions against short term rentals. They may allow rentals but they have to be with a minimum six month lease.
10. Occupant restrictions. Some condos are designated as "affordable housing" with a restriction that someone who works in the county at least 30 hours a week must be the occupant. When the price looks too good to be true it is probably one the those deed restricted units.
Lots of things to look out for when buying a condo. My job is to help you pick out a property that would meet your needs and then check out the documents.

Summit County Parade of Homes 2011

The Summit County Parade of Homes is two weekends September. September 17th and 18th, 24th and 25th. Besides the homes it's a great time to visit Summit County to view the autumn leaves.

It's always fun to see the latest trends in building and decorating. Tickets are $10.00 which are good for both weekends, it benefits the Summit Foundation. On Friday the Realtors are invited to check out the homes, which is a fun but exhausting.  The homes are spread out from Breckenridge to Montezuma to north of Silverthorne.

Normally the homes are all brand new construction, but this year several of the homes had been remodeled or had additions.  That was particularly interesting to me - I see so many additions that don't make sense.  I saw thirteen of the seventeen homes that were open.

This is a view of Breckenridge Golf Club from on of the homes.

It's fun to see the latest trends.  Some of the homes had whole-home electronic systems to control the heat, security, music and TVs.  I'm looking for the "fun" trends - like TVs built in to the bunk beds and showers that would hold several people!  I saw them both.

TVs at each bunk bed!

Giant steam shower - big enough for a party?

Silverthorne and Wildernest Market Update

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 $114,900; it's a studio unit in Riverbend Condos. Right now 94 condos and townhomes are currently for sale in Silverthorne including Wildernest (above Silverthorne to the west). Prices go up to $679,000 for a new three bedroom townhome. Twelve are pending and 91 have sold last year. Those prices ranged from $115,000 for a one bedroom Treehouse Condo up to $589,900 for a 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.

In the last 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 117 homes and half duplexes for sale in the Silverthorne area. I’ve listed a great three bedroom home near the Blue River for $519,999. The prices on homes range from $288,000 to $3,499,000, twelve. One hundred and two homes have sold in the last year, prices from $242,000 to $2,200,000.

You have many options in building sites in Silverthorne. Prices range from $147,900 for almost 1/3 acre in the Fox Valley at Raven subdivision and go up to $550,000 for over an acre in the Three Peaks subdivision. If you are looking for larger acreage the lowest price is $499,900 for 20 acres up to $6,300,000 for 156 acres at Slate Creek. There are small ranches north of Silverthorne “down the Blue” starting at $895,000 for a 4 bedroom home on 40 acres. There is a home on 314 acres up Cataract Creek Road for $2,900,000.

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.

Late Fall Market update for Dillon

It looks like it is going to be a good ski season- as least by the snow we keep getting in late November. Here's the latest look at what is happening in Dillon Colorado Real Estate

The lowest price for condos is usually in Dillon Valley East and West. Currently there are 17 units on the market. The lowest price is a one bedroom unit for $99,000. I haven’t seen prices that low in about four years. There’s a three bedroom two bath for $165,000. In the town of Dillon near the lake, the lowest priced one bedroom is in the Yacht Club complex for $189,000, it has a great location right on the shore. Prices go up to $899,000 for a four bedroom condo in the Anchorage complex, also right on Lake Dillon. Right now there are 78 condos and townhomes on the market in the Dillon area, 9 are pending and 54 have sold in the last year. The number of active listings is down about 33% which is typical for this time of year. If the property didn’t sell many sellers take the property off the market for the winter and rent it. 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 48 active listings of half duplexes and single family homes in the Dillon area. Of those the lowest price is $325,000 for a three bedroom home in Dillon Valley. Six homes are listed for a million or more. The most expensive is a fantastic home perched above Lake Dillon in Summerwood. It has three bedrooms and 4 baths with 3440 square feet and the price is $1,895,000. Seven homes are currently pending. Looking back over the last year, 49 single family homes and half duplexes have sold, the lowest price was $265,000, it was a half duplex in Dillon Valley and the most expensive sold for $ 2,591,000 a four bedroom home right on the shores of Lake Dillon.

You would have several choices in vacant lots in the Dillon area. Currently there are twenty-three on the market. The prices start at $60,000 for a half duplex lot backing to wet lands in Dillon Valley to $340,000 for almost a third of an acre in Whispering Pines Ranch. Six lots have sold this past year with prices between $125,000 and $345,000. 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.

Summit County Condo Market update

Wow, I realized I hadn’t done a market update since March! Now there is a lot more on the market and with lower prices. It is possible to get financing on a resort condo, you will probably need at least 25 % down and good credit, but the interest rate will be good too. Here’s a snapshot of the condo market:

Dillon area:
The lowest price for condos is in Dillon Valley East and West. Currently there are forty-nine units on the market. The lowest price is a one bedroom unit for $109,900. I have a three bedroom with two baths listed in Dillon Valley East for $189,000. Here’s a link to more information and pictures of that condo. In the town of Dillon near the lake, the lowest priced one bedroom is in the Yacht Club complex for $189,000, great location close to the marina, farmers market and restaurants. Prices go up to $930,000 for a four bedroom condo in the Anchorage complex- right on Lake Dillon. There is a nice two bedroom in Anchorage West for $448,500 with lake views. I 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.

Frisco area:
There are 112 condos and townhomes on the market. The lowest price for an existing condo (not deed restricted) is a one bedroom unit for $219,000. There are 54 units for sale under 400K. Prices go up to $1,190,000 for a completely remodeled Lagoon Townhome. Nineteen condos and townhomes are pending and in the last year 78 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.

Keystone area:
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 $235,000, two bedrooms at $385,000. Not in River Run, but right at the Mountain House is Slopeside with studio units that start at $154,900 (could be worth it just for the garage parking space). 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 $287,000. The numbers for all the condos and townhomes in Keystone are: 243 active, 9 pending and 133 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 let me know.

Silverthorne and Wildernest condos:
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 $129,900; it's a studio unit in Riverbend Condos. Right now 168 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. Five are pending and 106 have sold last year. Those prices ranged from $110,000 for a studio condo up to $595,000 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.

Dillon Colorado Market Update

About once a month I do a market update of the different areas in Summit County. The inventory is about the same as last month, but I see more properties coming on the market in the next couple months.

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-five units on the market. The lowest price is a one bedroom unit for $119,000. I just listed a three bedroom with two baths in Dillon Valley East for $199,900. Here’s a link to more information and pictures. In the town of Dillon near the lake there is a shortage of condo options. The lowest priced is a one bedroom in the Yacht Club complex for $189,000, great location close to the marina, farmers market and restaurants. Prices go up to $930,000 for a four bedroom condo in the Anchorage complex- right on 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 54 active listings of half duplexes and single family homes in the Dillon area. Of those the lowest price is $324,000 for a three bedroom half duplex in Dillon Valley. Seven homes are listed for a million or more. Nine homes are currently pending. Looking back over the last year, 35 single family homes and half duplexes have sold, the lowest price was $294,200, sixteen 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-one on the market. The prices range from $149,900 for a half acre lot above Dillon Valley to $399,000 for a building site in Summerwood. Only two lots have sold this past year at the prices of $193,000 and $154,000. 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.

Dillon Colorado 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 seventeen units on the market. The lowest price is a one bedroom unit for $119,000. In the town of Dillon near the lake there is a shortage of condo options. The lowest priced is a two bedroom in the Yacht Club complex for $249,000, just a short walk to the marina, farmers market and restaurants. Prices go up to $930,000 for a four bedroom condo in the Anchorage complex- right on 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 52 active listings of half duplexes and single family homes in the Dillon area. Of those the lowest price is $337,900 for a three bedroom half duplex in Dillon Valley. Seven homes are listed for a million or more. Four homes are currently pending. Looking back over the last year, 38 single family homes and half duplexes have sold, the lowest price was $294,200, eighteen 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-three on the market. The prices range from $149,900 for a half acre lot above Dillon Valley to $399,000 for a building site in Summerwood. Only one lot sold this past year at the price of $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.

Bargain Hunting Summit County Real Estate

I participated in a "true" exchange of a couple properties in Wildernest. That's the first time in 23 years in real estate. It's rare because the buyer of the new property had to come up with a lot of cash. He got a good deal, which has made me think of the other "deals" out there.

It really depends on the seller. Many have owned their property long enough that they are going to make money even if they take a big discount. Another seller may not be in that position. The only way to find out is to make an offer.

Buyers are taking the plunge and getting the bargains. It's interesting to look at the sales price to list price ratio. Traditionally it was 95 to 97% of list. I just checked on single family homes and half duplexes so far this year it's 93%, condos/townhomes 95% and on land 86%. Last year the condos and homes were 96% and land 92%.

Let me know if you would like to jump in. I can show you what the history of sales have been. Interest rates are great.

Heeney and Blue Valley Acres Market Update

Heeney and Blue Valley Acres

If you are willing to drive north of Silverthorne about 30 miles to Blue Valley Acres (which is just into Grand County) or 25 miles north to Heeney on the Green Mountain Reservoir you can get a lot more for your money.

Right now there are seven homes for sale in Blue Valley Acres. The lowest price is a three bedroom home for $213,000 and the highest $315,000. In the last year six homes have sold per the Summit County MLS. The most expensive sold for $450,000. That was a three bedroom two bath home with 1617 sq ft perched above the Blue River.

Vacant lots in Blue Valley Acres are a comparative bargain too. There are twelve lots on the market. The prices range from $46,900 to $200,000. In the last year three lots sold per the Summit County mls, the highest price being $75,000. You can find out more about Blue Valley Acres on my web site.

In the Heeney/Green Mountain Reservoir area (24 miles north of Silverthorne) there are three properties for sale, from a half duplex two bedroom for $239,900 to a 3 bedroom home for $275,000. I have a neat cabin with an incredible view for $265,000. Here’s a link to that property info. There is a building site for sale at $99,500.

Frisco Market Update

About once a month I do a market update of the different areas in Summit County. The change I see this month compared to last month 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.

Frisco is a historic town in the center of Summit County. Frisco is located on the west side of Lake Dillon. Where Dillon is known for its sail boats and regattas the Frisco end of the lake has 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 85 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 unit for $147,900. There are 32 units for sale under 400K. Prices go up to $1,320,000 for a new three bedroom in Latitude 39. Seven condos and townhomes are pending and in the last year 61 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 thirty are for sale the prices range from $499,900 to $2,750,000. In the last year 31 single family homes and half duplexes have sold with prices ranging from $350,000 for a 3 bedroom “fixer upper” 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.

Silverthorne and Wildernest 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 106 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. Eight are pending and 108 have sold last year. Those prices ranged from $110,000 for a studio condo up to $595,000 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 126 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 $299,000 to $3,995,000, nineteen are pending. Sixty-nine homes have sold in the last year, prices from $278,000 to $2,450,000.

You have many options in building sites in Silverthorne. Prices range from $137,500 for almost 2 acres nine miles north of town and go up to $585,000 for over an acre in the Three Peaks subdivision. 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 $999,000 for a 4 bedroom home on 20 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.

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 seventeen units on the market. The lowest price is a one bedroom unit for $129,900. In the town of Dillon near the lake there is a shortage of 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 51 active listings of half duplexes and single family homes in the Dillon area. Of those the lowest price is $337,900 for a three bedroom half duplex in Dillon Valley. Six homes are listed for a million or more. Eight homes are currently pending. Looking back over the last year, 31 single family homes and half duplexes have sold, the lowest price was $294,200, thirteen 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-six on the market. The prices range from $149,900 for a half acre lot above Dillon Valley to $399,000 for a building site in Summerwood. Only one lot sold this past year at the price of $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.

Blue Valley Acres and Heeney Real Estate Market Update

If you are willing to drive north of Silverthorne about 30 miles to Blue Valley Acres (which is just into Grand County) or 24 miles north to Heeney on the Green Mountain Reservoir you can get a lot more for your money.

Right now there are nine homes for sale in Blue Valley Acres. The lowest price is a three bedroom home for $219,000 and the highest $399,999. In the last year five homes have sold per the Summit County MLS. The most expensive sold for $450,000. That was a three bedroom two bath home with 1617 sq ft perched above the Blue River.

Vacant lots in Blue Valley Acres are a comparative bargain too. There are twelve lots on the market. The prices range from $49,000 to $200,000. In the last year two lots sold per the Summit County mls, the highest price being $65,000. You can find out more about Blue Valley Acres on my web site.

In the Heeney/Green Mountain Reservoir area (24 miles north of Silverthorne) there are seven properties for sale, from a small one bedroom cabin on two lots for $169,000 to a 5 bedroom home just steps from the lake for $550,000. I have a couple neat cabins for $275,000 and $395,000. Here’s a link to that property info. There are three building sites for sale, prices start at $99,500. After years of virtually nothing for sale now it the most I’ve ever seen at one time.

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.

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