Summit Colorado Resort Blog

Summit County Colorado

There are few counties more famous for beauty and fun as Summit County Colorado. Once you're here its clear: Summit County Colorado is home to four internationally known ski resorts, Breckenridge, Keystone, Copper Mountain, & Arapaho Basin. With beautiful lakes, Incredible Rivers and streams Summit County has become known as "Colorado's Play Ground" and represents the pinnacle of the nation's ski and hospitality industry.   It's no wonder it is one of the fastest growing in all of Colorado.

Summit County has pleasant average daily temperatures throughout the year. Because of the low humidity, even the most extreme temperatures do not seem nearly as cold. As the locals say "we come for the winters and stay for the summers". Elevations in Summit County range from about 8,000 feet around Green Mountain Reservoir to over 14,000 feet on several of the highest peaks. Vegetation includes sagebrush meadows at lower elevations, aspen and lodgepole pine at intermediate elevations, and Engelmann spruce sub-alpine fir forests above about 10,000 feet.

Summit County has a total of 9 city and county areas compromised of 5 main cities which include Breckenridge, Keystone, Frisco, Silverthorne, & Dillon.

Breckenridge Colorado

Breckenridge is home to the county's largest historic district. The Victorian architecture on Main Street is an elegant offset to the hand-hewn, log structures that dot the town's side streets. Breckenridge boasts myriad choices of elegant restaurants, lively nightclubs and inviting cafes. Main Street shopping features pedestrian-friendly storefronts, which weave from the Arts District on Ridge Street through the side blocks off Main Street, to the meandering storefronts along the Riverwalk. The "Kingdom of Breckenridge" is a highlight of the high country. Breckenridge ski area is one of the most visited and top resorts in the nation. Shopping is abundant and the mountain offers more terrain than almost any in the nation.

Keystone Colorado

A resort community located in unincorporated Summit County, Keystone has evolved into a vibrant year-round resort. With the villages of River Run and Lakeside the resort offers everything from spas, ice skating, paddle boating, mountain bike trails and exhilarating bike park. Keystone has 2 incredible golf courses Keystone Ranch and The River course. The River course is my personal favorite and has incredible views with the back drop of rushing water from the Snake River.  With several of Colorado's highest-rated restaurants, one of the largest conference centers in the Rockies and exceptional lodging, Keystone is one of the most complete mountain resorts in the state. For a truly incredible dining experience get whisked away by the fully enclosed Gondola to the top of North peak for fine dining at the Alpenglow Stube one of Colorado's top restaurants. We love to have Sunday brunch there and the food is exquisite. Keystone is one of the best family resorts in Colorado, and is rapidly becoming a local family favorite area to live and play.

Frisco Colorado

Arguably the areas favorite city Frisco has the distinction of being a vibrant community not being dominated by any individual resort. Frisco is a beautiful town and one of the most popular due to its central location to all the resorts only 5 to 10 minutes away. Because it is virtually built out most new projects are tear down and replace. With the county's largest in-town residential area, most of which are within walking distance of downtown. Main Street in Frisco is a clear representation of its past in the Historic Park, as well as its future with the Marina. A very livable town, Frisco offers the area's largest Nordic center. Frisco also boasts one of Summit counties 2 marinas on Lake Dillon. If you get a chance don't forget to take a boat or guided tour of the lake. For breakfast one of our favorite places to eat is the Butterhorn and the pastries are incredible. Frisco has to be what Colorado mountain living is all about.

Silverthorne Colorado

Silverthorne is Summit County's gateway and is the county's largest and fastest growing community. With the treasured Blue River running through its core, Silverthorne utilizes this asset as a fisherman's dream. Located at the interstate the Outlets at Silverthorne have been a welcome addition. With top fashions and affordable prices it has been a blessing to all of us with families. Silverthorne also boasts a world class recreation center with 3 pools, Water Slide, Gym, Word class fitness center, Basketball and Racket ball courts. Located just north of down town is the Raven Golf Course at Three Peaks. This is my favorite course in Colorado and the views and play can be breathtaking it never gets old. Silverthorne is the second most sought after city for Real Estate in Summit County due to its central location to the resorts its many amenities and nationally known retailers. It has become a favorite for locals and second home owners alike.

Dillon

Dillon has been relocated 3 times in its history. Named after the lake it surrounds. Dillon is a growing neighborhood of local and second home owners who come to sail, boat, and enjoy the lake. Adjacent to Keystone it has become a very popular place for winter vacationers and outdoor activities. Located in Dillon is one of 2 marinas on the lake, an active business community, and a lake side amphitheater. The amphitheater has concerts every Saturday evening in the summer and is a great way to get out and enjoy Summit County's beautiful Sunsets.  Dillon is also a favorite place for bikers and runners alike, with miles of paved paths around the lake that connect's all of Summit County.

Deanna and I call Summit County Colorado Home because we believe it is one of the best places to live in the Country. Summit County every year adds more and more activities, adults and kids alike find no shortage of exciting and entertaining things to do. Summit County is still seeing double digit appreciation for its properties, and will continue to do so for the foreseeable future. With rapidly decreasing land to develop and a life style many desire, we believe Summit County is well on its way to becoming the next Aspen or Vail of the rocky Mountains.

For a free Home search of all Summit County Colorado Listings click here.

Jason & Deanna Long are local Summit County Colorado Real Estate brokers, and focus on second and vacation home properties in and around the Breckenridge area.

www.ski-homes-breckenridge.com/

The Basics of a 1031 exchange

Here in Summit County Colorado we see allot of 1031 exchanges. However we have found many of our clients do not actually understand or know how to take advantage of this great tax deferral.

A 1031 Exchange (Tax-Deferred Exchange) Is one of The best tax deferral Strategies made available For Taxpayers. The Advantage of a 1031 Exchange is the ability of a taxpayer to sell income, investment or business property and replace with like-kind replacement property without having to pay federal income taxes on the transaction. A sale of property and subsequent purchase of a replacement property doesn't work, there must be an Exchange. Section 1031 of the Internal Revenue Code is the basis for tax-deferred exchanges. The IRS issued "safe harbor" Regulations in 1991 which established approved procedures for exchanges under Code Section 1031. Prior to the issuance of these Regulations, exchanges were subject to challenge under examination on a variety of issues. With the issuance of the 1991 Regulations, tax-deferred exchanges became easier, affordable and safer than ever before.

The basics of the 1031 exchange are the Relinquished Property Must Be Qualifying Property. Qualifying property is property (or equipment) held for investment purposes or used in a taxpayer's trade or business. Investment property includes real estate, improved or unimproved, held or investment or income producing purposes. Property used in a taxpayer's trade or business includes his office facilities or place of doing business, as well as equipment used in his trade or business. Real estate must be replaced with like-kind real estate. Equipment must be replaced with like-kind equipment.

Property Which Does Not Qualify For A 1031 Exchange includes:

As explained below, common stock may (or may not) include ditch stock which is sold with farm land.

Replacement Property Title Must Be Taken In The Same Names As The Relinquished Property Was Titled. If a husband and wife own property in joint tenancy or as tenants in common, the replacement property must be deeded to both spouses, either as joint tenants or as tenants in common. Corporations, partnerships, limited liability companies and trusts must be in title on the replacement property the same as they were on the relinquished property.

The Replacement Property Must Be Like-Kind. For real estate exchanges, like-kind replacement property means any improved or unimproved real estate held for income, investment or business use. Improved real estate can be replaced with unimproved real estate. Unimproved real estate can be replaced with improved real estate. A 100% interest can be exchanged for an undivided percentage interest with multiple owners and vice-versa. One property can be exchanged for two or more properties. Two or more properties can be exchanged for one replacement property. A duplex can be exchanged for a four-plex. Investment property can be exchanged for business property and vice versa. However, as referenced above, a taxpayer's personal residence cannot be exchanged for income property, and income or investment property cannot be exchanged for a personal residence, which the taxpayer will reside in.

Any Boot Received In Addition To Like Kind Replacement Property Will Be Taxable (to the extent of gain realized on the exchange). This is okay when a seller desires some cash or debt reduction and is willing to pay some taxes. Otherwise, boot should be avoided in order for a 1031 Exchange to be completely tax-free.

The term "boot" is not used in the Internal Revenue Code or the Regulations, but is commonly used in discussing the tax consequences of a Section 1031 tax-deferred exchange. Boot received is the money or the fair market value of "other property" received by the taxpayer in an exchange. Money includes all cash equivalents plus liabilities of the taxpayer assumed by the other party, or liabilities to which the property exchanged by the taxpayer is subject. "Other property" is property that is non-like-kind, such as personal property received in an exchange of real property, property used for personal purposes, or "non-qualified property." "Other property" also includes such things as a promissory note received from a buyer (Seller Financing).

A Rule Of Thumb for avoiding "boot" is to always replace with property of equal or greater value than the relinquished property. Never "trade down." Trading down always results in boot received, either cash, debt reduction or both. Boot received is mitigated by exchange expenses paid.

One thing to remember there are time clocks to pay attention to when using a 1031 exchange. They are the 45-Day Rule for Identification, the 180-Day Rule for Receipt of Replacement Property, just to name a few. Remember always consult your Realtor, Lawyer and CPA when undertaking a transaction such as a 1031 exchange. If done right it can provide you with a tax deferral saving you a tremendous amount of money in current taxes. For a search of potential 1031 Exchange properties in Summit County Colorado click here.

Jason & Deanna Long are local Summit County Colorado Real Estate brokers, and focus on second and vacation home properties in and around the Breckenridge area.

http://www.ski-homes-breckenridge.com/

Today I received an offer on a home we have. I was of course excited until I saw the offer.

The other agent and I spoke the day before the offer and he commented how well it was priced. I also told him the sellers were looking for an offer at asking price.

Well the offer came and it was about 12% off of asking on a unbelievably impeccable property priced on the lower side. This is not a fixer upper it is truly incredible.

In this particular area the sales are usually at about 96% of listing price.

After I received the offer I spoke to the agent and found out this is the third property they have made an offer on each one at about 12% off listing. The first contract wasn't even countered and the second property contract was countered but went no ware. When I asked him are they willing to budge at all he said this is about the best they are willing to offer.

I asked the agent if he was counseling his clients to make these offers and his reply was no this is their formula from 3 year old information. He said quote " i'm just doing what the client told me to do".

I understand we serve our clients but is this ridiculous or am I just off base.

Are you seeing this with some of your clients? Is it just what people are hearing in the press?

So what would all you incredibly smart Active Rainer's do?

Don't hold back

http://www.ski-homes-breckenridge.com

Deanna and I have been experimenting with free & low cost advertising. It can be allot of work. For all of you out there in the trenches we have found a few things that work, some for free some not. but none to costly. We hope they can help.

Step 1

• Go to Craig's list and post an ad advertising your site with a header containing " Free (Insert city) search on all homes. Include easy to use home search and area information.
• Have the body include a direct link to your MLS search page example: http://www.ski-homes-breckenridge.com/mls-search.php. We found by landing people right on the search page many use the tool and we are able to capture their information.
• Repeat the ad one containing information for buyers and one for sellers with a link on each ad landing on a specific page on your website answering and providing links to the information they may be looking for. For sellers it may be information and links to " how to sell your home fast" or "12 things to do to get your home ready to sell". For buyers it may be an area information page like "school statistics" or "community links and information".
• Update with new ads every week and delete the old ones. This will keep you closer to the top.

Step 2

• If you haven't created a my space account, do so you can't do much for the first 7 days but it may be worth the wait. They do this to help with spammers.
• Repeat the above steps using the my space classifieds. you can copy and paste the adds you already created so duplication is pretty easy. This will give you national exposure.
• Your my space account also has a blog. If you write your blogs for active rain in word as I do just copy and past a new one at my space every day until you are caught up. Then post your new blogs to both. Word to the wise my space is huge and can and should be made public so industry stuff keep it to your active rain blog. The links work very much the same as active rain so it should be easy to use.
• Join groups and network with other Realtors in my space. I was surprised to see how may there are over there.

Step 3

• Blogging is the word of the day. When blogging try and use top key word searches embedded in your blog example:  " breckenridge homes for sale" . then link it to your mls search page for that city. Also put links back to your website for the cities you operate in example: "summit county' this will then link back to your information page for your website for Summit County.
• Google is giving allot of weight to active rain right now for SEO so linking and blogging is very critical it's time consuming but you will be rewarded. Make your titles on your blog very keyword friendly. Instead of using the title of "buying a house in Colorado read this'  try using Google adwords keyword tool to find the top keyword searches in your area and incorporate them in your title. More on this in step 4. Example in our area the most searched for phrase is Breckenridge real estate so you're title could be "Breckenridge real estate what you need to know".

Step 4

• Google adwords tool and pay per click can be very valuable. Go to Google Adwords keyword search https://adwords.google.com/select/KeywordToolExternal?defaultView=2 and type in your city and the words real estate. On the choose data to select drop down, select keyword search volume it will give you a bar graph of the top keywords searches and of the competition level of that phrase including additional keyword phrases that are searched.
• Look for the top searched phrases and incorporate them in your blogs.
• Open up a Google adwords account. Pay per click can be expensive if not done right. The wording in the ad is critical and most people are there to search for homes in your area. Keep this in mind when writing your script. Make sure to land them on your MLS search page and word the ad accordingly.
• Keep it cost effective by using the keyword tool to find phrases that are searched more than the lowest ones but the level of competition is low. Top keywords can be expensive and to compete with the big boys may get you little exposure. We have found it more effective to spread our budget out over keywords that have less competition but are still being used.
• Play with search words and phrases to find additional cost effective phrases.
• Refine your message to find out what works best for your area.

The key to Internet leads is to follow up, and employ a good back-end system. If you're MLS search does not capture the clients data and or allow them to get automatic e-mail updates on properties your wasting your time. You also want some sort or automatic drip campaign for these clients. Don't be to pushy just give them the information they want and be an expert when they ask.

Traffic has increased tremendously to our site and we have started to see real results.We have found the combination can be cost effective and works well. Good luck and go get those leads.

Jason & Deanna Long are local Summit County Colorado Real Estate brokers, and focus on second and vacation home properties in and around the Breckenridge area.

http://www.ski-homes-breckenridge.com

Condominium Ownership is it for me,the Pro's and Con's

Recently the topic of condominium Ownership has come up allot. Here in Summit County Colorado much of our local population is being priced out of the market. With summit county's continuing appreciation and rapidly decreasing land many locals ask themselves can I buy a home in Summit County? Some have the option of a deed restricted property. This is where the Appreciation of the property usually cannot exceed 3% per year. The benefit is these properties are less expensive. The drawback is you are capping your future gains on a property in an area with rapidly increasing appreciation. Many have turned to Condominiums.

Condominium ownership is similar to an apartment you own. Your ownership extends inward from your interior walls, floors and ceilings. In addition, you are a common owner, with all the other owners in the complex, of the exterior structure (the foundation, exterior walls and roof) as well as any common areas and amenities (such as swimming pools clubhouses, tennis courts, play areas, etc.)

One of the requirements of condominium ownership is the payment of a monthly association or HOA fee, which covers general repairs and maintenance to the common areas of the complex as well. The sign of a good condominium HOA will have built cash reserve for future needs. In general, all exterior maintenance and repairs are the responsibility of the condominium association, although you will be charged for them, either through your association dues or a special assessment (a one-time charge assessed to all owners of the complex, as an example, a new roof or exterior siding.). The normal day-to-day maintenance of the grounds (like cutting the grass, shoveling snow and maintaining the pool) is also the responsibility of the association. Interior maintenance and repairs (like, replacing a dishwasher) are the responsibility of the individual owner.

In some areas like Summit County, a condominium may be the only consideration that fits within your budget. The reason is simple. In general, the same square footage will cost less in a condo setting than it will in a single family home or townhouse, due mainly to the cost of land. You can build many more condos than you can single family homes on the same amount of land. If you have children, pets or special equipment you should also pay special attention to the party wall agreement and the CC&R's. This is the rules regarding the shared wall and the covenants you have to abide by while living there. It may contain special provisions to what you can or cannot do and noise ordinances within the property.

Advantages of Condominiums

•·         You will be responsible for few or no exterior maintenance or repairs.

•·         Many condominium communities offer amenities (pools, play areas, tennis courts, etc.) you may otherwise not be able to afford.

•·         Condominiums are often located in locations convenient to centers of employment and shopping.

•·         Condominiums are often more reasonably priced than other forms of housing.

Disadvantages of Condominiums

•·         You will be responsible for payment of Condominium Association fees.

•·         You may have less privacy compared to single family homes or townhouses.

•·         You only own from your interior walls inward. The rest of the structure and the land is owned in common with the other condominium owners.

Condominiums can be a great option, affording you the ability to get into a property in one of our beautiful cities here in Summit County Colorado.

Jason & Deanna Long are local Summit County Colorado Real Estate brokers, and focus on second and vacation home properties in and around the Breckenridge area.

www.ski-homes-breckenridge.com

With the recent melt down of the sub-prime mortgage market and another announcement of a lender (American Home Mortgage) impending shut down was the access to easy money fair for buyers or exuberance by wall street and buyers alike. 

Bear Stearns fell hard after finance chief Sam Molinaro said during a conference call that the credit market was "about as bad as I've seen it in 22 years." Following that observation, the stock indices went into a tailspin.

The Dow Jones Industrial Average tanked 281.42 points, or 2.09%, to 13,181.91. The S&P 500 tumbled 39.14 points, or 2.66%, to 1433.06, and the Nasdaq ended down 64.73 points, or 2.51%, at 2511.25.

For much of the last few months we have been hearing from Wall street that the Mortgage mess was limited to the sub-prime category but not so fast. Yesterday Country wide and Annaly Capital Management in a conference call both hinted that they were seeing rising delinquencies in the above sub-prime market. Jim Cramer stated from the street.com "I have dropped the term 'sub-prime,' because it's allmortgages" that have problems, Jim Cramer said on Thestreet.com TV's Wall St. Confidential Web video Thursday. "All mortgages that were written between 2005 and 2007 I think are corrupted."

 I have a different take.The recent rise in foreclosures suggests that some borrowers are taking on debt that they have little or no capacity to repay, selecting products that are not suitable for their needs. Not just sub-prime but many loans were taken out by borrowers that could not repay them. The reason is GREED. Many bowers saw the recent stratosperic rise in some housing markets as a can't loose situation borrowing money on homes they could ill afford banking on unrealistic appreciation to continue.

Many of these loans were made to above sub-prime borrowers with stated income. I live and work with affluent buyers all the time. We have been using stated income loans for these buyers for years. However many investment bankers saw an opportunity to open this market to a whole new array of borrowers. As many of you know a real estate transaction involves a lot of money. Unfortunately there are people out there who will do anything even lie about income to make a profit.

Many people are blaming this on the mortgage brokers. I'm sure some are to blame. Still others are looking at first time and low credit score buyers. If you have been in real estate long enough markets go up and they go down. Same with foreclosures. However This time I look primarily to greedy investment bankers with loose programs and wishful buyers that are seriously contributing to the current mess. I do not believe all buyers with option arms and adjustable rate mortgages had no clue what they were signing as some would have you believe.  If they didn't know what they were signing they were only blinded by dollar signs of future appreciation. Many investment bankers made allot of money over the last few years providing these loans.

Markets always correct themselves thats the beauty of a free market unfortunately they tend to over correct in the short term. As for now stated income loans are almost non-existent but I'm sure they'll return again some time in the not to distant future.

I would love to get get everyone's take on this. I think there is allot more to it than has been reported. So what do you fellow active Rainers think.

I'm Buying a home, what's Title Insurance

I had someone ask me today why I need title insurance. Many people see title insurance cost on their settlement sheets but usually just assume they know what it is for. Title costs are usually split between buyer and seller with the seller paying for the owner's policy portion and the buyer paying for all other costs.

So what is title insurance?

It is a contract by which a private title insurance company agrees to defend or pay the insured a specified amount for any loss caused by defects of title to real estate, wherein the insured has an interest as purchaser, mortgagee, or otherwise.

Title insurance covers both the lender and the borrower in case a claim of ownership arises for the subject properties land, structure, or mineral rights.  Title insurance providers research the property being purchased usually all the way back to patent  (when the subject property was first transferred from a government entity to the first title holder) for defects in title or a broken chain of ownership. Title companies guarantee through an insurance policy that no other person can make full or partial claim to any part of the property.

Title insurance cost may vary by company. Many title companies have additional fees and options that are also equally important. In Colorado we deal with mineral rights routinely. Many properties have mineral rights passed along with the title. We have something called form 100.30  which cost around $160.00 This defends the right of the proprietor (the buyer) of any claim of extraction of minerals from underneath your property . Let's say When you bought your property you received a half share of mineral rights included with it. Great right? Well what you also need to realize is someone else along the way got passed mineral rights separate from the property. Who owns that? Can they dig underneath our home? Title companies research and ensure that won't happen. If someone were to make a claim they would defend your right as the proprietor of the property to the fullest.

Depending on the state or area you are in there can be several line items with cost associated all having to deal with a portion of the title commitment.

Many title companies have a re-issue rate when a home is being sold or re-financed within 5 years of the last transaction of the home. You must use the same title company as you did last time and the savings can be great depending on the title companies discounts for re-issue.

Title Insurance is very important and should be fully explained. Not all title companies are equal. Don't hesitate to ask questions, your Realtor and or closing agent will be glad to help.

Jason & Deanna Long are local Summit County Colorado Real Estate brokers, and focus on second and vacation home properties in and around the Breckenridge area.

http://www.ski-homes-breckenridge.com/

Summit County Colorado market and area update August 2007

Hi every one this is the latest Summit County Colorado area update.

The weather has been beautiful this summer with an occasional afternoon shower and most days in the 70's. Lake Dillon is nearly at full capacity and I hear the fishing has been great all over. I know the Sail boaters have loved the afternoon breeze on Lake Dillon. This weekend's BBQ cook off at Lake Dillon should be one to remember

Summit County has seen brisk sales this year on declining transaction numbers with increasing dollar volume year over year. There are currently a total of 1154 residential properties listed in Summit County. The following is a breakdown of residential transactions for 2007 to date:

Residential listings total:                               1154

Single Family Homes on the market:                730

Condos on the market:                                   424

Single Family Homes sold this year:                 528

Condos sold this year:                                    599

Total Volume County:                                    $585,805,430

Median listing price Single Family:                   $798,000

Average sale price Single Family:                     $708,146

Median listing price Condo:                             $399,300

Average sale price Condo:                              $353,764

Average days on market Single Family:            69 days (average of 1 year)

Average days on market condo:                      61 days (average of 1 year)

Homes sold over $1,000,000:                         82

Condos sold over $1,000,000:                          9

Single Family homes are selling well with the most popular being 3 and 4 bedroom. Condos are seeing good action and should hold strong through winter with increasing sales this ski season on close to resort area units. Summit County Colorado overall is seeing continued demand in the market for all properties. A few new lots in Silverthorne recently became available and the sell through rate was extraordinary, 30% were sold in the first hour. Breckenridge, Keystone, Copper, Frisco, Silverthorne, & Dillon should continue to see near to double digit appreciation for the foreseeable future. Contributing to this is strong lifestyle demand and limited available land to develop. Have a great summer and happy home hunting.

Jason Long

Jason & Deanna Long are local Summit County Colorado Real Estate brokers, and focus on second and vacation home properties in and around the Breckenridge area.

http://www.ski-homes-breckenridge.com/

Report compiled by Jason Long of the Long group using information from Summit Area Association of Realtors. Information is deemed reliable but not guaranteed.