Category Archives: Anne Skinner I Colorado Mountain Realty

Summit County July Market Analysis by Land Title Guarantee Company

Provided by Land Title Gaurantee Co

July 2014 Highlights:

  • Market Analysis by Area for July: July was another positive real estate month in the high country! There were 195 transactions with $90,735,125 in gross monetary volume. The average transaction price for all 18 reported areas at $465,308, average residential price was $501,084 and the median residential price was $394,000. The average residential PPSF was $310.
  • YTD Transaction Summary: There have been a total of 938 transactions with $457,191,881 monetary volume, the average transaction price for all 18 reported areas is $487,319. The average residential price is $508,448. The median residential price is $404,000. The average PPSF is $315.
  • Market Snapshot for YTD 2014 vs. 2013: Values are as follows: Average Indicators for $: Single Family +6%, Multi- Family +5% and Vacant Land +15%.Median indicators for $: Single Family +7%, Multi- Family +7% and Vacant Land +51%. These indicators translate that the prices are still fairly stable to last year, increasing slightly.
  • Market Analysis % Change showing years 2004-2014 YTD: July monetary volume ($90,735,125) is up 32% from July 2013, transaction volume (195) is up 26% from July 2013. 2014 YTD (7 months) monetary volume is up 10% from YTD 2013. YTD 2014 transaction volume is finally up by 4% from YTD 2013. Inventory continues to be low in Summit County compared to years past.
  • Residential Market Sales by Price Point : Residential volume in July had 158 transactions with $79,171,325 gross volume. There were 12 properties that sold for $1M and above in July. The most active price point in July was higher than our previous few months at $300K to $400K. The price point of $500K to $600K was high again with 22 transactions in that price range. There were 55 Single family, 103 Multi-family and 14 Vacant land transactions in July.
  • 2014 Average Price History: Average residential pricing continues to be highly consistent as of July – Single family is $799,222, Multi- family is at $362,783 and Vacant land is $372,880. This graph on page 7 is a great piece to show your clients that our market has held it’s value over all these years.
  • Historical Cost Breakdown YTD 2014 : There have been 782 residential transactions YTD 2014 and $397,606,681 gross volume with 65 properties $1M – Compared to 2013 YTD, there were 722 transactions and $364,440,500 gross volume, 60 properties at $1M and over and in 2012 YTD, there were 589 transactions with $304,658,925 gross volume, 45 properties at $1M and over.
  • Top Lender Graph: There were 567 loans in July, with 58% of the purchasers obtaining financing at the time of sale. 42% of the real estate closings were cash transactions. There were 107 Refinances.
  • Market Highlights: Please see page 10 of the Market Analysis-View the higher priced purchases in July with again no bank sales.
  • Foreclosures: Bank sales and Foreclosure actions are increasingly down again. It’s a good trend to see in Summit County! There were only 13 actions in July compared to 27 in July 2013. There have only been 102 actions YTD 2014.
  • Land Title Purchaser Highlights ( Page 15):There were 12 higher end sales in July to note- you can see the details on this report. In July, the majority of our buyers for real estate transactions continue to be the Front Range demographic at 38% of our market, only 28% are local and 32% are out of state buyers.

To view the full analysis including grafts and charts, please click on this link Land Title Guarantee Company July 2013 Market Analysis

Summit Foundation Great Rubber Duck Race

Hi Everyone, I wanted to let you know about a really great event that will be taking place On Saturday August 30 in Breckenridge, CO.  The Summit Foundation will be hosting the 27th Annual Breckenridge Grand Vacations Great Rubber Duck Race!  Activites start at 11am including a lively Blue River Plaza with kids activities and a BBQ on the Riverwalk Lawn.  The Hudson Auto Source Kids Duck Dash begins at 1pm as Red, White, and Blue Fire drop 750 kids ducks into the Blue River for a chance to win great prizes.  At 2pm is the First Bank Business Battle Race, where businesses compete for an amazing snowcat trip for 12 people! At 3pm is the 27th Annual Great Rubber Duck Race sponsored by Breckenridge Grand Vacations where nearly 10,000 little Rubber Ducks race to the finish line with the first 50 ducks winning prizes.   If you have never seen this event, it is a site worth seeing!

 

The Summit Foundation awards  grants to nonprofit organizations in Summit County and neighboring communities.  Additionally, local high school graduates are eligible for scholarship funds awarded by The Foundation.  In the past year, the Summit Foundation has distributed more than $2 million back into our local community in grants and scholarships

 

Ducks adoptions will be held all around town prior to the event, including at the Dillon Farmers Market on Friday 8/29 where I will be volunteering so stop by and adopt your duck.  You can also adopt your duck online by clicking HERE.

 

Open House Today!

Come see this beautifully updated townhome with views of the mountains and lake!  460 D Hammerstone Ln, Frisco, CO in the Water Dance neighborhood.  Click on the picture below for the full details of this property!

Water Danco Pic

Breckenridge and Vail to take part in the USA Pro Challenge this weekend

pro cycleThe 2014 USA Pro Challenge’s Stage 5 will culminate with an exciting finish is Breckenridge, CO. This stage’s serene first 80 miles hide a vicious finish and a last chance for climbing specialists to really make a move. Starting in the new host community of Woodland Park, Stage 5 heads west then north through some of the most picturesque terrain in Colorado. A quiet run through the Pike National Forest on Tarryall Rd., which was unpaved until just last year, and the riders will christen it properly with high speeds and lots of breakaway attempts. The action really starts when the race hits Fairplay and begins the long grind up 11,500 ft. Hoosier Pass, the highest point in the race. Then it is on to Breckenridge, where last year’s challenging finish up Moonstone Rd. will be repeated again.

The finish is expected to take place around 3:30pm on Friday Aug 22 on Breckenridge’s Main Stree. It will be followed by the awards ceremony. The entire day will be full of fun and festivities including pond crossing challenge, a stunt bike show, and several concerts.

Breckenridge will celebrate this in combination with Breck Bike Week. Recently named a gold-level Bicycle Friendly Community by the League of American Bicyclists, Breckenridge introduces visitors to pedal paradise during the annual Breck Bike Week. Bike Week will include high-end bike demos, led group rides, trail building, lectures, clinics, free bike tunes, kids’ races and more. The bonus is that most Breck Bike Week activities are FREE and open to everyone. In addition, this week will showcase the town’s history as well as shopping, dining, lodging, other unique activities and temperate summer weather.

The following day, Vail will host the Stage 6 Time Trial on Vail Pass. The last time the USA Pro Challenge visited Vail, the Time Trial was decided by 58 hundredths of a second. Competition will be equally fierce this time around. Starting in Vail and climbing most of the way up Vail Pass, the route is no easy proposition, even for the best racers on earth. The gentle grades of the first half of the course give way to a steady climb for the last three miles. But it takes more than legs on this strategic course; go hard too early and the climb may kill your chances, but conserve too much for the climb and the leaderboard may be out of reach.

Be sure to come early to get a good spot to watch. Either head into Vail Village before the race starts and find a viewing spot along the well marked and barriered course, or find a less crowded and festive atmosphere along the race route along Vail pass. You may bike up the course in the morning before the race starts to find a good picnic spot. Then, wait as the fastest bicyclists in the world begin to pass, one by one! Depending on where you watch from, the racers will be separated by several minutes.

Arkansas River receives Gold Medal Status

Check out this great article from the Summit Daily about the Arkansas River receiving Gold Medal status

 

After nearly 30 years of work, the Arkansas River has become an overnight sensation. The formerly unheralded river with a reputation for heavy-metal contamination has suddenly entered the conversation as a contender for the title of Colorado’s top trout fishing stream.

 

While it has yet to claim that crown, the river did pick up a Gold Medal last winter when Colorado Parks and Wildlife proclaimed a full 102-mile segment of the upper Arkansas among the state’s elite trout fisheries.

The Gold Medal Trout Water designation from the confluence with the Lake Fork of the Arkansas, near Leadville, downstream to Parkdale (just above the Royal Gorge) is easily the state’s longest, and brings the statewide total of Gold Medal river miles to 322. Then again, if you’re planning to catch a big fish on the Arkansas, where have you been?

 

“It has met the criteria since 2002, but I hadn’t even really thought about it. You’re busy managing the fishery, just trying to make this river the best it can be with the cards you’re dealt, and trying to influence some of those cards and get a few more aces in your hand, if you will, to try to make things as good as possible,” said Greg Policky, CPW aquatic biologist for the area since 1992. “So I always knew it met Gold Medal, but I never really thought about trying to actually get it designated until about this time last year.”

 

In order to receive a Gold Medal listing, a river must consistently support a standing stock of trout weighing at least 60 pounds per acre and a minimum average of 12 quality trout — larger than 14 inches — per acre. The secret to achieving those numbers, at least when it comes to brown trout, turns out to be drought.

 

No one in the fishing community is lobbying for a water shortage, but research shows that less is often more when it comes growing big brown trout in freestone rivers, especially during critical spring months when fly are emerging and adults are trying to bank calories for the impending runoff. Historic drought in 2002 put that in perspective on the Arkansas.

 

“In 2002, people in the general populace kind of went, ‘Whoa, look at these fish,’” Policky said. “We went from less than 10 fish per acre over 14 inches to close to 60 per acre that year. In one year, just a huge increase because that growing season was so good.”

Of course, none of those fish would have grown to “quality” size if the quality of the water itself hadn’t improved due to the cleanup efforts in the late 1980s and early 1990s that eventually inspired Gold Medal validation. Before then, fish in the river around Salida could survive only about three years before the cumulative effects of mining pollution would take their toll. Upstream near Leadville, the fish couldn’t survive at all.

 

Greg Felt, who runs the ArkAnglers fishing guide service in Salida and Buena Vista, remembers those days. Since the late 1980s, he has watched the trout in his local river grow from 10-inch “trophies” to genuinely respectable fish living up to 10 years. A recent half-day outing yielded average trout in the 13- to 14-inch range, with some stretching the tape closer to 16 inches.

 

Clearly, the fishing is not what it used to be on the Arkansas. It’s better.

“When they got that water quality right, it allowed fish to live longer and our aquatic entomology to diversify. That was the foundation of everything that followed,” Felt said. “We love our caddis, but we’re not dependent on caddis anymore. We’ve got so many mayflies and stoneflies now.”

 

The fabled Mother’s Day caddis hatch that marches its way upstream from Canon City to Browns Canyon every May was once the main attraction for Arkansas River anglers. But now it has some year-round competition already drawing attention.

 

“I do think there are some people who are coming here who haven’t before just because of the Gold Medal designation. I mean, how could that not be true?” Felt said. “But really, I think what you’ve got is a lot of people that really love this river, and as long as you’ve got decent weather they’re coming fishing. When you are talking about spring fishing on a freestone in Colorado, this place, if it’s not the best, it’s one of the best.”

 

Here are some of the other Gold Medal Waters in Colorado…

 

Animas River – From Lightner Creek to Rivera Crossing Bridge
 
Blue River – North from the Dam at Dillon Reservoir (near Silverthorne) to its confluence with the Colorado River
 
Colorado River – From Fraser River west to Troublesome Creek (east of Kremmling).
 
Fryingpan River – East of Basalt, from the dam at Ruedi Reservoir, downstream to the confluence with the Roaring Fork
 
Gore Creek – From Red Sandstone Creek (near Vail) to the Eagle River (downstream), west of Vail.
 
Gunnison River- From 200 yards downstream of Crystal Reservoir Dam to the north fork of the Gunnison
 
North Delaney Lake
 
North Platte River – From the Routt National Forest boundary, north and downstream to the Wyoming border
 
Rio Grande River – From Hwy 149 bridge at South Fork downstream to the Rio Grande canal diversion structure.
 
Roaring Fork River – From the confluence with the Fryingpan River north and downstream to the confluence with the Colorado River (near Glenwood Springs)
 
The South Platte River- From confluence of Middle and South forks to Spinney Mountain Reservoir AND North (downstream) from Cheesman Reservoir Dam, to upper boundary of Wigwam Club AND From lower boundary of Wigwam Club to Scraggy View Picnic Ground
 
Spinney Mountain Reservoir
 
Steamboat Lake

Flavors of Colorado Festival

The inaugural Flavors of Colorado Festival combines Colorado-based restaurants, artists, musicians, craft beer and spirits to celebrate and discover all things Colorado. The weekend-long festival is August 15-17, 2014, in the heart of the Rocky Mountains, Avon, Colorado. This free festival is full of entertaining and educational events all tied to back to local artisans and their craft. From food and drink tastings, live music, panel discussions, cooking demonstrations, an art showcase and activities for the kids, the Flavors of Colorado Festival offers something unique and interesting for everyone.
 
Weekend Festivities Include: Live Music Performances Featuring Colorado’s Own: Todd Park Mohr, The Congress, Filthy Children, Delta Sonics, Eminence Ensemble, Finders & Youngberg, Dixie Leadfoot, Bonnie and her Clydes and The Laughing Bones. Todd Park Mohr of Big Head Todd & The Monsters will be taking the stage as the headlining act Saturday evening and Bonnie and her Clydes will perform at Friday evening’s Farm to Chef’s Table charity dinner. To see the full musical line-up and festival schedule visit flavorsofcolorado.com
 
Food and Beverage Tasting: Attendees can enjoy great bites from Colorado chefs, restaurants, craft brewers and craft distillers. Attendees will swap out tokens in exchange for a bite or sip of the different Colorado flavors. Live Cooking Demos: Watch as chefs from around Colorado demonstrate great recipes and techniques that at-home cooks can apply for breakfast, lunch, dinner and entertaining. Featuring restaurants such as Batter, Blue Plate Bistro, Boulder Bike Blenders, Colorado Proud, Dish, Eat! Drink!, Kirby Cosmos BBQ Bar, Ripe, Rocky Mountain Soda, Scoop Vail, Tacorico, The Nickel, Vin48, Wildwood Smokehouse and Yellowbelly.   Craft brewers and distillers: Blue Moon, 10th Mountain Whiskey & Spirits, 808 Distillery, Aspen Brewing Company, Bonfire Brewing, Breckenridge Distillery, Bristol Brewing Co, Colorado Native, Eddyline Brewery, Feisty Spirits, Front Range Brewing, Peach Street Distillers, Roaring Fork Brewing, Roundhouse Spirits, Trinity Brewing Company, Woody Creek Distillers
 
Art Gallery Showcase: Walk through the art galley showcase and browse the wide array of creative talent these local Colorado artists posses. Their art will not only be on display but many artists will also be selling their art throughout the festival. Kids Activities: Kids will enjoy educational and entertaining hands-on activities throughout the weekend that promote healthy living in a fun, interactive way
 

Construction Booming in Mountain Communities

FRISCO, Colo. (CBS4)– Summer in Colorado’s mountain communities means a lot of construction, and this year new real estate construction is booming.

“New is always nice, people like new,” said developer Larry Feldman.

It’s difficult for developers in Summit County to keep their new units on the market.

 

“I discovered with the lack of new construction there was an appetite, even going back to 2010,” said Feldman. “Each time I started a project it got gobbled up. This one is 18 units for 90 days and we have 11 of them under contract.”

 

About 65 percent of Frisco is made up of second homes owned by people who have a primary residence elsewhere. As construction continues to grow in the years following the recession, space is becoming limited.

 

“It’s about 90-plus percent built out so we’re seeing more redevelopment,” said Frisco Community Development Director Jocelyn Mills.

 

As part of the approval process for new construction, affordable housing is required in many of these new projects. “This project has six affordable units out of 18 unites. They’re playing $285,000 that we’re selling in the market for $530,000,” said Feldman.  Both workforce housing and market rate units are being purchased quickly.

 

“We’ve also been focused to get people to live here year round because that also helps grow your community,” said Mills. “You want to have a good, balanced community and get everything to thrive.”

 

Construction in Frisco (credit: CBS)

Getting Your Property Ready for market – 10 Budget Updates

The real estate market in the Mountains is the best it has been in years.  With fewer properties available than normal, homes are selling quickly and for top dollar.  In most areas, properties are selling for 95% of the asking price or more.  Not sure if now is the time to list your property?  Contact me and I would be happy to provide a free evaluation of your home.

When you list your property, ensure that you get the best price by giving it a little extra wow factor.  Check out these budget friendly tips from DIY Network to make sure your property shows the best that it can…

10 BUDGET UPDATES AND EASY COSMETIC FIXES

Enhance the Entry

First impressions matter. Invest in a new front door or paint your old one, it can dramatically change the look of your home and enhance curb appeal. Try other easy DIY fixes like repainting the exterior trim, replacing the house numbers or installing new outdoor lighting.

Install a New Backsplash

You don’t have to go for the expensive tile backsplash, try something simple and inexpensive like tin ceiling tiles, or wooden beadboard, wallpaper, stainless steel, chalkboard or magnetic paint.

Build a Headboard

Headboards can be made out of anything – find something you’re passionate about and turn it into a headboard. Use old skis or skateboards; or make a collage by decoupaging magazines or attach family photos to an old headboard. Also, think about using salvaged materials such as fencing, old doors or window shutters.

Add Architectural Interest

Change the look of any room by adding chair rail, picture molding, crown molding or baseboard. To make it easy, ask the lumber yard or home improvement store to pre-cut all the pieces to size, just be sure to take accurate measurements.

Illuminating Ideas

New kitchen lighting or a new fixture over the dining table is sure to brighten up any holiday meal. Try one of these projects: Make a fabric-covered drum shade to match your decor. Install a dimmer switch to make your current lighting more versatile. Use a few cans of spray paint to give an old chandelier new life. Replace or paint the blades on a ceiling fan.

Accessorize the Cabinets

Replacing cabinet hardware is an inexpensive and easy update. Find knobs and pulls that are the same size as the existing ones so you don’t have to re-drill the cabinets.

Cabinet Facelift

If your cabinets need more than new hardware, paint them. It can be a time-consuming project, but if done right, your kitchen will look brand new and add value to your home.

Get Creative in a Small Space

Jazz up a half bathroom with a bold paint color, a faux finish or snazzy wallpaper.
A small room is a great place to experiment with fun designs.

Change Out the Faucets

A new fixture in the kitchen or bathroom can add that extra shine you’re looking for. New kitchen faucets have a lot more functionality, so the upgrade can be more than just aesthetic. This is a good first-time DIY plumbing project to try. Just make sure you shut off the water valves and follow the directions carefully.

Construct a Cornice Box

A wooden cornice box is an easy project for beginner woodworkers. You can cover it with fabric, paint it or add crown molding. Cornices make windows look bigger and can add visual height to a room.

 

 

Keystone’s Friday Afternoon Club

Looking for a great way to start off the weekend?  Check out Keystone’s Friday afternoon club.

 

Head to the Summit House to enjoy an evening of live music, drink and food specials and activities including horseshoes, corn hole, ladder ball, bocce ball and more!  Free live music will feature a variety of bands throughout the summer.  Check out the Overlook Grill for a concert schedule.

 

Keystone’s Friday Afternoon Club is accessible via a scenic ride on the River Run Gondola. A foot passenger ticket or lift ticket is required to access the Gondola. Foot passenger tickets are available at the River Run Ticket Office and are FREE on Fridays from 3pm-close.  Call 800-354-4386 for more information.

 

Dates:  Every Friday from June 13th through August 29th

Location:  Summit House on top of Dercum Mountain

Hours of Operation:  1:00pm until sunset.  Weather dependent.

Accessibility:  Keystone’s Friday Afternoon Club is accessible via a  FREE scenic ride on the River Run Gondola.

Parking:  Free parking will be available in the River Run Parking Lot

Ski Season is right around the corner…

Ski season is right around the corner and rental properties are already being booked for the 2014/2015 ski season.  Make sure your property is in tip top shape to ensure the best revenue.  Check out these great tips…

Be street legal.

First, look in to local laws and HOA restrictions so that you can be sure to conduct business legally. You may find that you need to obtain a license or permit before renting out your home. You may also find that your area specifies a minimum night stay for short term rentals. Additionally, I recommend consulting with a tax professional to make sure you know how to report your income and what you will need to set aside for taxes.

Ensure you’re insured.

Next, make sure that your insurance policy allows renting and will cover damages. You can require renters to purchase $1000, $3000 or $5000 worth of damage protection, for which they only pay a small fee. You may also want to consider additional medical liability insurance to protect yourself in the event that someone gets hurt on your property.

Make your property enticing

When someone is going on vacation, they want to stay in a clean, comfortable place.  I suggest getting a professional deep clean at the beginning of every rental season.  You may also want to look into getting the carpets cleaned and putting a new coat of paint on the walls.  Adding new, more modern furnishings will go a long way to attract potential renters.  Consider updating one piece a year to make the property feel fresh.  This may include your technology, such as replacing an old box television with a new flat screen.  Make sure to remove all clutter and anything breakable, families don’t want to have to worry about their child breaking something.  Also, updating the bedding and towels every year will keep your guests more comfortable.  Don’t forget, the small touches like nice soap or shampoo will make an impact on your guests when they come to stay.

If you market it, they will come.

I suggest hiring a professional photographer to stage and shoot your home. Take new pictures each year after a fresh cleaning to keep your property looking new and inviting.  You should also write a short description of the property including all of the amenities that it offers.  Even though your guests are not buying your home, they often look  for the same upgrades they would when making a purchase so highlight those in your description.  Location, Location, Location – your guests want to be in the best possible place for what they are looking to do so make sure to highlight surrounding attractions. Providing maps and activity guides to all your guests will make their trip easier and stress free.  They will be more likely to come back and stay with you again.

Outsource when necessary

If you do not live close to your rental, you may want to consider hiring a property manager to handle business for you. Property managers can help with marketing, screening tenants, handling contracts and deposits, maintenance, repairs and cleaning. This typically costs 20-40% of what you make from renting, but can be invaluable for far-away owners.  When the management company is in charge of the cleaning, ask to view other units in the rental program before making a decision.  Remember, guests are most impressed by cleanliness so this can be one of the most important things to evaluate.