Tag Archives: danielle connor

How to Be a Competitive Buyer

For interactive version click here.

Life at Altitude – March 2022

Life at Altitude with Danielle Connor
March 2022

To HOA, or not to HOA?

As our team’s Buyer Specialist, I field a lot of questions about Homeowners Associations. “Are they actually helpful?” “Aren’t HOAs super restrictive with what I can do?” “Why are they so much per month?” 

There aren’t black and white answers for these questions, but as someone who has researched a vast number of associations for my clients, I’d like to outline what Homeowners Associations aim to be, and you can decide for yourself whether belonging to one could be a good fit for you or not. Read on . . .

What are the benefits of a well-run association?

Simply put, a well-run association will foster a sense of community amongst homeowners and will provide support they might not otherwise have in complexes or subdivisions without governance, all while maintaining property values.

HOAs have governing documents, which I’ll discuss in more detail below, that ensure your complex/neighborhood looks good and is well-maintained throughout. Common areas stay nicely manicured & amenities are taken care of. Buying a property in a managed community means mandatory membership- you can’t opt out. So, in neighborhoods with single family residences or duplexes/townhouses, fellow homeowners are held to a high standard of exterior maintenance, which contributes to maintaining property values. In condo complexes, the HOA itself maintains the exterior of the building, and homeowners themselves are held responsible for following the rules governing what they can or cannot do to their exteriors (like, no kayak storage on balconies, or big signs in their windows).

And, while I know you’d never have an argument with a neighbor about tree limbs or fences, there are steps for mediation when things do go south. The governing documents outline rules to adhere to when property issues arise, and the Board Members provide support in sticking to them.

Many HOAs are also known for hosting events in their community, from trash-pickup days and other volunteer work, to annual outdoor BBQs so neighbors can get to know one another. 

Where do HOA dues go each month?

This will truly vary from HOA to HOA. Condos often have more included in dues than single family homes/duplexes/townhouses. An “all-inclusive” condo association’s dues will go to Cable Tv, Clubhouse Membership, Common Area Maintenance, Common Taxes, Electric, Gas, Heat, Complex Insurance, Internet / Wi-Fi, Professional Management, Snow Removal, Trash Pickup, and Water / Sewer. Separately, that would be a lot of bill payments, wouldn’t it? When all of these services are bundled together, homeowners actually receive a discount versus if they were paying for each service out of pocket. In neighborhoods with single family homes/duplexes/townhouses, HOA dues often only go to a few things like Common Area Maintenance (if any), Complex insurance, and Trash/Snow Removal, and there is often still benefit in bundling those costs. Now, most of us who are homeowners do pay for all services separately in communities without Associations and have no issue in doing so. However, wouldn’t it be nice to have someone else do it for you?

Many condo associations and a select few subdivisions also have a professional, on-site or contracted, that performs periodic property checks throughout the year. They ensure the home is in the condition expected and that no issues have arisen, like pipes breaking in the winter or the stove being left on. This provides owners with peace of mind knowing that when they aren’t at their property, everything is safe and sound and secure. That is especially important in our market here in the mountains where many of our owners have second homes they don’t occupy year round. 

All items above are considered “Operating Expenses”, and while a large portion goes to operation and daily maintenance, most HOAs also have funds set aside each month in “Reserve Accounts”. 

What are “Reserves” and “Special Assessments”?

Reserve accounts hold money set aside by an HOA as a safety net to cover emergency costs, repairs, or significant capital improvements. Many associations have Reserve Studies done to analyze their current financial health and where they could improve to mitigate future financial emergencies. The reserve study report presents a prioritized schedule of capital projects and a reserve funding plan including a projected reserve fund cash flow over the next 30-years. 

An important note: For those obtaining a conventional loan for a purchase in a condo complex  with an HOA, Fannie and Freddie require that at least 10% of an association’s dues each month go toward Reserves.
Keep in mind, HOAs are not required to have funds in reserves. So, when you are considering purchasing in a community with an HOA, it is important to check their financial health, including the current budget as well as how they’re performing on building their reserves. A good rule of thumb is that if an HOA is 70-80% funded per their reserve study, they are likely in great health and at low risk of a special assessment. 

If an HOA has historically saved really well and only used reserve funds to make capital improvements and large repairs, they will continue to do so. On the contrary, if they haven’t built reserves in the past and have instead charged “Special Assessment” fees to homeowners when big projects come up, this will likely continue to be the norm. Neither is wrong, it just depends on your viewpoint and when you’d like to spend your money. 

Say the roof on your building needs to be replaced- would you rather have been charged an extra $100 a month over time, or pay $7,000 all at once (or, when allowed, in installments) for your share of the “Special Assessment” for the roof? This is the difference between your dues contributing to reserves, or paying a special assessment.

What are Governing Documents?

An association’s governing documents contain the rules, regulations, and all other contractual terms that members are bound by as soon as they close on their home. Per the Colorado Contract to Buy & Sell, we obtain all of the following documents that exist for your review when we go under contract:

  • Declaration
  • Articles of Incorporation
  • Bylaws
  • Articles of Organization
  • Operating Agreements
  • Rules & Regulations
  • Party Wall Agreements
  • Responsible Governance Policies
  • Assessments
  • Meeting Minutes
  • Insurance Policies
  • Financials
  • Construction Defect Action (not common

The Articles of Incorporation & Organization, Responsible Governance Policies and Bylaws establish the HOA as an organization and outline how it is run and the rights and responsibilities of the organization. 

The Declarations, Rules and Regulations (also known as CC&Rs) and Party Wall Agreements establish what you can do, and how you can do it. When I’m asked questions like “Can I fence in my backyard?”,  “What if my neighbor paints their house lime green?”, or “What happens if my neighbor smashes a hole through our shared wall?”, the answers are in these documents! Condo complexes and subdivisions alike utilize governing documents.

Study the financials. While they outline reserves, discussed in detail above, the operating expense breakdown is also here, as well as amount of money in operating accounts. This will give you a feel into the financial health of the HOA.

Finally, read the Meeting Minutes (Notes). Get a feel for how the HOA Board operates and conducts meetings, what they discuss, what issues come up and how they’re resolved. The minutes allow you an opportunity to get to know the board members before you ever meet with them. The governing documents may not be light reading, but are so important to understanding your rights as a homeowner and to make sure you agree with the terms of being an HOA member. 

So- to HOA, or not to HOA?

At the end of the day, you decide whether or not to purchase a property within a Homeowners Association, and one size definitely does not fit all. I would love to answer any questions you might have beyond what I touched on today. Check out my contact information below- I can’t wait to hear from you!

New Construction Opportunities

New Construction
Presented by The Skinner Team| KW Top of the Rockies
February/March 2022

We strive to keep our information up to date, however, please keep in mind that new construction availability changes on a day-to-day basis

Highlands Riverfront | Blue River

Luxury Living on the Blue River. Dedicated acres of open space provide an open community setting with riverfront access directly across from White River National Forest. Offering duplexes and single-family homes by Breckenridge Lands, a developer with over 60 years of experience delivering luxury homes in Breckenridge.
https://highlandsriverfront.com/

Kindred Resort | Keystone

A new neighborhood Kindred (One River Run) will complete the Keystone River Run base area and be a state of the art, amenity rich, mixed-use development Featuring a Luxury Ski In/Out Hotel and 95 Luxury Ski In/Out condominiums ranging from 1-4 bedrooms.
https://kindredresort.com/

Angler Mountain Vistas | Silverthorne

Residential homes just below the Ptarmigan Wilderness area on 35 acres with unparalleled views of the Gore Range.  Offering two level mountain modern homes with generous west facing decks. This subdivision borders open space allowing for quick access to trails and hiking. 
https://anglermountainvistas.com/

Summit Blue | Silverthorne

A new community offering both single family residences & townhomes situated along 350 feet of private access to the Blue River in Silverthorne. Located within a short walk of the best recreational and retail amenities in Silverthorne. https://www.livesummitblue.com/

Apres Shores | Silverthorne

Mountain residences on the shores of the blue river within walking distance of Silverthorne’s newest restaurants, shopping and entertainment. 60 mountain modern residences, an onsite owner’s clubhouse and views of the Gore mountain range
http://apres-shores.com/

Elevation | Vail

Vail’s newest premier mountain contemporary living, ELEVATION is located in the heart of Lionshead Village, just steps from the gondola and the world’s premier ski and summer resort area. Nine total residences, with only three currently remaining for sale including one three bedroom, one four bedroom and the penthouse. Amenities include a private gym, spa, parking spaces, outdoor firepit, ski lockers and more. 
www.elevationvail.com

Legacy at Vail Square | Vail

Luxury residences steps from the Lionshead gondola, from a team that’s been here since the very beginning. Legacy at Vail Square capitalizes on one of the last great locations in Vail. As such, each residence prioritizes a spacious, modern layout with a stunning views of Vail Mountain and the Vail Valley at large. Each new home boasts expansive views and balconies that face the mountain slopes. Offering 2, 3 & 4 bed residences. 
www.legacyvail.com

The Lion | Vail

The Lion is one of Vail’s newest luxury properties featuring studio to four-bedroom residences to rent on vacation or become an owner yourself. The Lion’s private and quiet location is just a short walk to ski slopes, ski school, restaurants, and shopping within Lionshead Village.
www.thelionvail.com

Altus | Vail

Vail’s only brand new, boutique residential unlike anything to hit the real estate market in decades. Supremely private and intimate, only 8 move-in-ready residences remain, perched above the Gore Creek with views up-mountain and out across the village. Instant access right out the door connects you to Vail’s premier dining, shopping, and entertainment, plus Gondola One is just a short walk away. Designed to live like single-family homes with spacious interiors and private features like semi-private elevator access, generous outdoor decks, and incredible views. Offering 2-5 bedrooms. 
www.altusvail.com

Frontgate Avon | Beaver Creek

A new development designed to embrace their love of the outdoors and well-appointed resort-style living. Frontgate will be the definitive expression of modern mountain luxury and adventure in the Vail Valley, featuring up to 75 condominium residences and 9 townhomes rich with bold amenities and style.
www.frontgateavon.com


ONE Riverfront | Avon

One Riverfront is your final opportunity to own an exceptional new residence in the coveted Riverfront Village Community. With the Westin Riverfront Resort & Spa as your neighbor, Beaver Creek just a short gondola ride away, and a design style that perfectly captures the essence of Vail Valley living. Offering townhomes and condominiums. 
www.oneriverfront.com

Railyard | Leadville

Railyard Leadville is Leadville’s newest master planned community with approximately 38 acres on the northeast side of the City of Leadville. The approved PUD and Final Plat for Phase 1 includes 27 single-family detached homes, 36 townhomes, and 6 duplex homes, for a total of 69 residential units. There are also 8 commercial lots available in Phase I, which are ready for retail, restaurant, office, condo, apartment, etc. The approved PUD and Final Plat for Phase 2 includes: 33 single-family detached homes, 14 townhomes, and 1 duplex (2 units), for a total of 49 residential units. There are also 5 commercial lots available in Phase II, which are ready for retail, restaurant, office, mixed-use, etc. Phase I of the neighborhood also includes McClary Park, Matchstick Green and Mineral Belt Green, providing green space within the neighborhood. Railyard Leadville borders the existing Mineral Belt Trail (a 11.6 mile paved trail that loops the city of Leadville) and is a short walk to Leadville’s historic downtown Harrison Avenue.
www.railyardleadville.com

Angel View | Twin Lakes

Our community of secluded ranchettes provides all the best of mountain living. This enclave of tree-laden homesites preserves the natural splendor of the land while providing service and solitude that make the mountains feel like home. Living the ranch life doesn’t have to mean hard work. With a bevy of onsite services from adventure planning to snow removal, our team will help you make the most of your ranchette without all the fuss. 18 Sites Available. 
www.angelviewtwinlakes.com

Minturn North | Minturn

Minturn North is a new extension of town that offers a wide variety of building lot sizes and types.  Phase One offers small cottage lots, mid sized compact and standard lots.  The design guidelines for these parcels offer a great deal of flexibility and opportunity for all. Hike up Game Creek to Vail or for the more adventurous, ski home via the Minturn Mile.  Walk to downtown to a great selection of eclectic shops and wonderful restaurants and bars.
www.minturnnorth.com

Frost Creek | Eagle

A new development situated on 1,100 acres of ranch land and mountain wilderness in the Vail Valley, Frost Creek delivers the genuine Colorado experience. Offering new construction luxury homes and homesites where you can build your dream home. Located 15 minutes from the Eagle Airport & I-70. The development also includes members-only access to a 285-Acre golf course.
www.frostcreek.com

 

Buckhorn Valley | Gypsum

The Buckhorn Valley Community offers single family homes and is conveniently located next to the Eagle County Airport in Gypsum, Colorado.  Enjoy a clean, quiet community and offering open space and parks. 
www.buckhornvalley.org

Stratton Flats | Gypsum

Located in Gypsum, just 30 minutes from world class skiing in Vail and Beaver Creek, Stratton Flats is the perfect place to call home in the mountains. The Town offers wonderful amenities such as nearby schools and shopping, a Pete Dye Championship golf course, and much more. Stay in shape at the Gypsum Recreation Center, watch the kids enjoy the skate park, enjoy concerts at the outdoor amphitheater, and relax and beat the summer heat at the pool.
www.strattonflats.org


Have any questions about these wonderful new construction properties? Let us know! We’re happy to help!

Mid-February 2022 Market Update

Here is where you can find all the latest info on the Summit County, CO market from Anne & Danielle of The Skinner Team. Including our market stats video series and information compiled by the Land Title Guarantee Company.

A Review of Mid-February 2022 Market Stats Info:

Archived Market Stats Videos


Please note that Land Title data comes from actual recorded transactions at the County Clerk and Recorder’s Office for that particular month. The information is not directly related to MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate. If you choose to utilize this marketing information in any publications or websites, please make sure you are quoting Land Title as your source. You are welcome to utilize this link within your own websites.

  • Market Analysis by Area for December 2021: There were a total of 183 transactions and $205,268,620 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $1,166,045, average residential price was $1,177,393 and average residential PSF was $704.
    • Market Analysis by Area YTD 2021 (12 Months): There were a total of 2868 transactions totaling $3,053,165,389 in monetary volume. Average transaction price was $1,090,082, average residential price was $1,117,682 and average residential PPF was $677.
    • Market Snapshot for FULL Years 2021 vs 2020:  Average Indicators for $: Single Family +24, Multi- Family +24% and Vacant Land +37%. Median Indicators for Single Family +21%, Multi- Family +22% and Vacant Land +38%.
    • Market Analysis % Change YTD December 2021 and Final 2021 Recap: Monetary volume in December 2021 was down 13% from December 2020. Transactions were down 35% from December 2020.  Final 2021 numbers, $ volume is 31% up and transactions are up 2% from full year 2020.
    • Residential Cost Analysis:  Residential volume in December had 148 transactions with $174,254,119 gross volume. There were 70 properties that sold for $1M and above in December. There were 59 Single Family, 89 Multi-Family and 14 Vacant Land transactions in December 2021. In 2021, there were a total of 895 Residential Single Family, 1459 Multi Family and 180 Vacant Land transactions.
    • Average Price History by Type- 2021: Average price for residential Single Family: $1,717,028, Multi- Family: $750,022 and Vacant Land: $504,480.
    • Comparative Historical Cost Analysis Comparison 2021-2020-2019: Full year 2021, there were 2,354 residential transactions and $2,631,022,363 gross $ volume with 887 properties selling for over $1M. In 2020, there were 2291 transactions with $2,069,655,256 gross $ volume with 658 properties selling for over $1M. In 2019, 1933 transactions with $1,586,910,706 gross $ volume with 454 properties selling for over $1M.
    • Top Lender Analysis December 2021 and Full Year 2021 There were 463 loans in December, 127 loans were related to sales, there were 227 REFI’s and 109 loans were timeshare related. Cash transactions made up 31% of real estate closings. In 2021, there were 7.016 loans, 1,917 loans were related to sales, there were 3,474 REFI”s and 1,625 loans related to timeshares. 33% of the real estate closings were cash transactions in 2021.
    • Foreclosure 2021 Update: The year of 2021 closed out with 63 total foreclosure actions – 56 of those were for timeshares.
    • Market Highlights:  Please see page 11 of the Market Analysis. Note the higher priced sale in December 2021 in Breckenridge at $5,250,000. The top priced PSF was in Breckenridge (One Ski Hill Place) at $1821.
    • Purchaser Profile Abstract:  There were 76 upper-end sales in December 2021 compared to 93 in November. Our buyers for real estate transactions for December 2021: Local buyers are at 23%, Front Range, 44% , Out of State ,33% and 0% International buyers. There is also a graph included showing demographic trends through 2013 on page 18.
  • Thank you for your continued loyalty to Land Title.

Please reach out with any questions.

Brooke Roberts

December 2021 Market Report 

Open House Today, 2/11!

Just Listed! 

$444,000
37 Hummingbird Dr. 5A/6A
Breckenridge, CO 80424

Open House
Friday, 2/22/22 1p – 4p 
Stop by and say hi to Danielle!


  • 2 BD / 1 BA
  • 583 sqft
  • Nice views of Breckenridge in neighborhood
  • Great layout with wonderful fireplace
  • Fresh paint throughout
  • Newly furnished
  • Home office potential
  • HOA dues: $334/mo. &  cable TV, common area maintenance, common taxes, insurance, gas, heat, snow removal, internet/WiFi, trash pickup, water & sewer.

Get all of the benefits of tiny home living with a Breckenridge zip code! This updated, newly furnished and efficient 2 bed Tyrollean Terrace condo is one of the most affordable in Summit! You can either create the perfect home office or sleep additional loved ones! In addition to the highly functional floorplan, it has a charming fireplace to enjoy on snowy nights. It is located on the bus line and close to downtown. Don’t miss the opportunity to enjoy the best of what Breck has to offer!



For your private showing or more information please contact me:

Skinner Team and KW

Life at Altitude – February 2022

Life at Altitude with Danielle Connor
February 2022

Second Home & High-Balance Loan Changes & What This Means For Our Market

I was going to write a “February Fun” post about winter home care tips and enjoying Summit in the Snow- that is until Lender Letter(LL-2022-01) came out on January 5th. This piece of (electronic) paper rocked the lending industry and is going to mean big changes for Buyers who are financing as soon as this month (February). So, just as brokers and lenders are shifting gears, I made the decision to do so as well. Read on to find out what’s coming down the Fannie & Freddie pipeline!

Loan-Level Price Adjustments (LLPAs)

It’s important to know what a Loan Level Price Adjustment is. Fannie Mae & Freddie Mac realized they were undercapitalized and overexposed a little too late in 2008 when the housing market collapsed. Since then, they’ve worked to assess their risk in lending and to adjust the cost of lending accordingly, hence LLPAs which now determine a borrower’s mortgage rate. Loans considered more risky, such as condos, second homes and investments, have higher interest rates than safer investments such as primary residences. It is important to note that LLPAs don’t apply to FHA, USDA, or VA loans. 

What’s Changing?

A glimmer of good news first: for those seeking affordable housing, Fannie & Freddie will no longer charge a high-balance LLPA for loans to first-time homebuyers with income less than or equal to 100% of area median income. This will continue to ensure the existing beneficial pricing treatment of programs like HomeReady, Home Possible, HFA Preferred, and HFA Advantage. 

And, the news you’ve been waiting for- pricing for second homes and high-balance loans is being revised for loans purchased on or after April 1, 2022. This revision will affect all lenders, credit unions, and mortgage brokers offering conventional loan products. Upfront fees for high balance loans will increase between 0.25 percent and 1.0 percent, tiered by loan-to-value ratio, and for second home loans, upfront fees will increase between 1.125 percent and 3.875 percent, again tiered by loan-to-value ratio. 

What This Means for Buyers

Starting sometime in February (because of the timeline in which real estate transactions close), the cost of obtaining your second home or high-balance loan can go up pretty substantially. A high-balance loan is one whose Loan-to-Value exceeds the current Conventional Loan Limit.

The  increase means that for borrowers to get the current market rate, which is already up to 3.75%, lenders will have to charge a second home buyer 3.375 points (an additional $3,375 for every $100,000 borrowed) for a loan with 20% down/80% financing.  If the loan then exceeds the Fannie Mae Conventional loan limit ($647,000) and is a Fannie Mae High Balance Loan, say $750,000, the High Balance LLPA also kicks in – up to 1.00%.  Therefore, the additional cost to obtain this mortgage would be 4.375 points, or $750,000 x 4.375% = $32,812 in extra/additional cost to get the market rate. 

Since we are already seeing rate increases, how far does a buyer’s money go with a loan at 3.5% interest versus a loan at 4.5% interest? In our example above, on a $750,000 home with 25% down, P&I goes from $3,300/ month to $3,800/ month, which is a $500 gap. For many buyers, this is the difference between being able to find a mountain retreat that they’re able to afford, and will likely discourage those buyers from even trying to enter the market.

What’s Next in Lending?

Local banks and credit unions are certainly going to try to take this opportunity to create portfolio loans which will offset closing costs for borrowers by charging a higher interest rate and lower points. Since portfolio loans stay in-house, rather than selling the loan onto the secondary mortgage market, the costs of lending associated with conventional loans won’t come into play, which is what will allow banks to do that. Buyers could benefit hugely from this. In the example above, a portfolio loan of an interest rate of 4% with 2.5 points instead of 3.75% and 4.375 points would be $18,750- a savings of about $14,000!

As for mortgage brokers? They are likely already working with their many lending institutions to navigate which loan products will be available that will help them stay competitive in our mountain market chock-full of second homes and investments. Nothing is set in stone yet, and I’m curious to see what becomes available- stay tuned!

Market Stats Update for Mid January 2022

Danielle Connor updates us on the latest real estate trends for the first half of January for 2022:

Danielle’s Blog post she references in this segment: Life at Altitude with Danielle – 2021 Market Trends & Looking into 2022 in the High Country

Archived Market Stats Videos

 


 

 

Please note that Land Title data comes from actual recorded transactions at the County Clerk and Recorder’s Office for that particular month. The information is not directly related to MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate. If you choose to utilize this marketing information in any publications or websites, please make sure you are quoting Land Title as your source. You are welcome to utilize this link within your own websites.

  • Market Analysis by Area for November 2021: There were a total of 238 transactions and $286,148,104 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $1,167,089, average residential price was $1,248,038 and average residential PSF was $747.
  • Market Analysis by Area YTD 2021 (11 Months): There were a total of 2,685 transactions totaling $2,847,896,769 in monetary volume. Average transaction price was $1,084,960, average residential price was $1,113,676 and average residential PPF was $675.
  • Market Snapshot for FULL Years 2021 vs 2020:  Average Indicators for $: Single Family +24%, Multi- Family +23% and Vacant Land +28%. Median Indicators for Single Family +21%, Multi- Family +21% and Vacant Land +36%.
  • Market Analysis % Change YTD November 2021: Monetary volume in November 2021 was down 25% from November 2020. Transactions were down 40% from November 2020.  YTD 2021, $ volume is pacing 36% up and transactions are up 7% from YTD 2020.
  • Residential Cost Analysis:  Residential volume in November had 194 transactions with $242,119,336 gross volume. There were 89 properties that sold for $1M and above in November.  There were 84 Single Family, 110 Multi-Family and 12 Vacant Land transactions.
  • Average Price History by Type-YTD 2021: Average price for residential Single Family: $1,720,419, Multi- Family: $743,429 and Vacant Land: $473,558.
  • Comparative Historical Cost Analysis Comparison 2021-2020-2019: YTD 2021, there were 2206 residential transactions and $2,456,768,244 gross $ volume with 817 properties selling for over $1M. In 2020, there were 2054 transactions with $1,858,415,856 gross $ volume with 589 properties selling for over $1M. In 2019, 1741 transactions with $1,426,370,906 gross $ volume with 402 properties selling for over $1M.
  • Top Lender Analysis November 2021: There were 502 loans in November, 177 loans were related to sales, there were 218 REFI’s and 107 loans were timeshare related. 26% of the real estate closings were cash transactions.
  • Market Highlights:  Please see page 11 of the Market Analysis- Note the higher priced sale in November 2021 in Breckenridge (Four O’Clock Sub) at $5,750,000. The top priced PSF was in Breckenridge (One Ski Hill Place) at $1,742.
  • Purchaser Profile Abstract:  There were 98 upper end sales in November 2021 compared to 119 in October. Our buyers for real estate transactions for November 2021: Local buyers at 27%, with the Front Range demographic at 42% and 31% are out of state buyers with 0% International. There is also a graph included showing demographic trends through 2013 on page 17.

Thank you for your continued loyalty to Land Title.

Please reach out with any questions.

Brooke Roberts

November 2021 Market Report 

Life at Altitude – January 2022

Life at Altitude with Danielle Connor
January 2022
2021 Market Trends & Looking into 2022 in the High Country

In 2021, we saw pandemic changes easing and lifting- a weight off all our shoulders! Here in Colorado, remaining COVID restrictions were lifted at the end of May. It was then that we finally  got to experience so many good things again- concerts, farmer’s markets, weddings, graduations, and all of the beautiful ways we celebrate life. Many people even started to return to work in some sort of hybrid fashion, and kids returned to school. As COVID rates continue to rise and fall, I know we will do our best to grow and adapt together and to support one another. 2022 is upon us, and I can’t wait to see what it brings!

2021 Market Trends

We saw the market really heat up by the end of 2020 and this not only continued but accelerated into 2021. The housing market here strengthened month after month, and was exciting whether you bought a home, sold a home, or watched from the sidelines. Historically low mortgage rates kept buyers motivated, despite an ultra-competitive market where homes would go under contract as fast as they came on. 

Summit County’s residential market never saw inventory rise above 250 listings at one time, and dwindled throughout the year, falling below 100 active listings in October. The median list price in December of 2020 was $677.5k, then up to $775k to start off 2021, and the year ended over $900k. That’s greater than a 30% increase! On average, homes sold at 100% of list price all year long, though we definitely saw many sales at 5, 10, and 20% over!! Summit County saw its highest ever home sale in June at $17 million, and in July, over one third of residential home sales were over $1 million.

We saw tremendous year-over-year appreciation rates in all of our other service areas as well- Eagle County at 23% YOY with a median price of $1 million, Park County at 32% YOY with a median price of $500k, Lake County at 29% YOY with a median price of $465k, and Grand County at 22% YOY with a median price of $650k. 

 

A housing crisis was declared in July, calling on the local  governments to brainstorm strategies to address it, and opened the door for funding from the state via the American Rescue Plan Act. In tandem with addressing the housing crisis, the County and some of the city/town governments began talks of amending Short Term Rental Regulations and in Q3, there was even a moratorium put in place for a time on Summit County zoned properties. The uncertainty of what was going to change gave the market a bit of a breather, but that only lasted for about a month tops and then it got rolling again! Breckenridge and unincorporated Summit County have already imposed new regulations- click HERE to for our team’s resource on  the most up to date information on STR changes.

2022 Market Forecast

Summit County’s housing market continues to prove its resilience, and I am excited to see what 2022 brings. This world-renowned resort area draws people from all over, whether for vacation, for a season, or to live. In a county that’s landlocked with little room for expansion, we continue to work with limited inventory, resulting in amazing year-over-year appreciation for homeowners and a market that is always competitive. It also means that there is never a bad time to buy or sell in the mountains, and we haven’t seen a peak in pricing yet!

Low inventory will continue to drive sales prices up, and I imagine we will see the median close to $1.03 million (a 15% increase) by December based on expert predictions for the coming year. It’s likely that the highest volume of inventory will be on the market May-September based on historical trends, with the highest months being May, June and July. Expect very little to come on the market at the end of the year. Inflation increases have meant increases to nightly rental rates meaning many sellers may opt not to sell and take advantage of stronger rental rates. Expect this to contribute to low inventory in 2022.

The outlook will stay golden for Sellers!  Now that Summit County and its cities have finalized STR changes and we have not experienced any more COVID restrictions related to real estate, buyers are more confident in purchasing. Low inventory plus high demand means that we will likely continue to see multiple offer situations and rapid home sales at and above list price.

What will the market hold for Buyers in Summit County in 2022? For investors, there really isn’t a bad time to buy in the mountains. As mentioned above, resort communities will continue to draw people in. Whether for short-term housing or for long-term, investors are important, and they will thrive here. It should be noted that investors will receive the best return on equity growth rather than rental revenue. Buyers of condos should be aware of changes to Fannie and Freddie guidelines being implemented this year that will impact the eligibility of condo projects. These specifically relate to maintenance, deferred maintenance, safety or structural integrity, and financial reserves. It will be more imperative than ever for Buyers to do their due diligence when it comes to reviewing Association documents and work with an informed lender. Fannie and Freddie will also begin working to limit their buying of 2nd home loans and tightening lending on condominiums which may further impact rates specifically for those buyers. 

First time homebuyers and buyers of primary residences will likely face the same challenges here in Summit that buyers across the country are experiencing. Experts predict rising rents and home prices that rise faster than wages, making affordability a challenge along with one other big change- climbing mortgage interest rates with current rates of 3.25% – 3.5% rising to potentially  4% or more by Q4 2022.  On a $500k home, this is an increase of about $100 – $150 / month.

Why are rates rising? The federal government plans to taper bond buying beginning in March. They began buying bonds to support the price of bonds by adding demand in the bond market. The long and short of it are that when the Fed is buying bonds, there is lots of demand which keeps rates low. When they stop buying, demand will be diminished and higher returns (and in turn, higher rates) will be needed to sell those same bonds.

The average DOM is hovering around 10 today (1/3/2021 as I write this), down from 17 in December of 2020. Because of interest rate increases, we will likely see the same number (or more) days on market in 2022. Because the expansion of working from home has put pressure on the market with people wanting to take advantage of their new lifestyles, we expect the DOM will stay close to the same. 

Where will the most cost effective areas for buying a home be? Since deed-restricted communities are limited, the local workforce and many first time homebuyers in the mountains will find that surrounding communities will be great places to buy and to rent- think Leadville, Kremmling, Alma & Fairplay. Buyers may also start to get creative and look at purchasing homes with the option of an accessory dwelling unit to supplement their mortgage payment. Please reach out to us if you’d like to learn more- Happy 2022! 

 

Market Stats Update – November 2021 Summary

Here is where you can find all the latest info on the Summit County, CO market from Anne & Danielle of The Skinner Team. Including our market stats video series and information compiled by the Land Title Guarantee Company.

A Review of November 2021 Market Stats Info:

Archived Market Stats Videos


October was the biggest monetary volume month on record for Summit County and $432.4 million in sales!
Average Price History by Type 2007 – YTD 2021 (Land Title)

Please note that Land Title data comes from actual recorded transactions at the County Clerk and Recorder’s Office for that particular month. The information is not directly related to MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate. If you choose to utilize this marketing information in any publications or websites, please make sure you are quoting Land Title as your source. You are welcome to utilize this link within your own websites.

  • Market Analysis by Area for October 2021: There were a total of 325 transactions and $432,497,649 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $1,370,792, average residential price was $1,248,499 and average residential PSF was $751.
  • Market Analysis by Area YTD 2021 (10 Months): There were a total of 2,447 transactions totaling $2,561,748,665 in monetary volume. Average transaction price was $1,077,222, average residential price was $1,100,720 and average residential PPF was $668.
  • Market Snapshot for FULL Years 2021 vs 2020:  Average Indicators for $: Single Family +23, Multi- Family +22% and Vacant Land +29%. Median Indicators for Single Family +19%, Multi- Family +20% and Vacant Land +36%.
  • Market Analysis % Change YTD October 2021: Monetary volume in October 2021 was up 20% from October 2020. Transactions were down 26% from October 2020.  YTD 2021, $ volume is pacing 48% up and transactions are up 15% from YTD 2020.
  • Residential Cost Analysis:  Residential volume in October had 274 transactions with $342,088,751 gross volume. There were 111 properties that sold for $1M and above in October.  There were 98 Single Family, 176 Multi-Family and 15 Vacant Land transactions.
  • Average Price History by Type-YTD 2021: Average price for residential Single Family: $1,702,675, Multi- Family: $741,458 and Vacant Land: $475,274.
  • Comparative Historical Cost Analysis Comparison 2021-2020-2019: YTD 2021, there were 2012 residential transactions and $2,214,648,908 gross $ volume with 728 properties selling for over $1M. In 2020, there were 1,725 transactions with $1,550,326,356 gross $ volume with 488 properties selling for over $1M. In 2019, 1,554 transactions with $1,279,897,406 gross $ volume with 360 properties selling for over $1M.
  • Top Lender Analysis October 2021: There were 567 loans in October, 209 loans were related to sales, there were 200 REFI’s and 158 loans were timeshare related. Of all closings, 36% were cash transactions.
  • Market Highlights:  Please see page 11 of the Market Analysis. Note the higher priced sale in October 2021 in Breckenridge (Boulder Ridge) at $5,999,000. The top priced PSF was in Breckenridge (Shock Hill) at $1,667.
  • Purchaser Profile Abstract:  There were 119 upper-end sales in October 2021 compared to 99 in September. Our buyers for real estate transactions for October 2021: Local buyers at 22%, with the Front Range demographic at 43% and 35% are out of state buyers with 0% International. There is a graph included showing demographic trends through 2013 on page 17.

Thank you for your continued loyalty to Land Title.

Please reach out with any questions.

Brooke Roberts

October 2021 Market Report 

Mid-November 2021 Market Stats Update!

Here is where you can find all the latest info on the Summit County, CO market from Anne & Danielle of The Skinner Team. Including our market stats video series and information compiled by the Land Title Guarantee Company.

A Review of Mid-November 2021 Market Stats Info:

Archived Market Stats Videos


Please note that Land Title data comes from actual recorded transactions at the County Clerk and Recorder’s Office for that particular month. The information is not directly related to MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate. If you choose to utilize this marketing information in any publications or websites, please make sure you are quoting Land Title as your source. You are welcome to utilize this link within your own websites.

  • Market Analysis by Area for September 2021: There were a total of 276 transactions and $308,991,831 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $1,145,656, average residential price was $1,180,934 and average residential PSF was $700.
  • Market Analysis by Area YTD 2021 (9 Months): There were a total of 2122 transactions totaling $2,129,251,016 in monetary volume. Average transaction price was $1,032,169, average residential price was $1,077,422 and average residential PPF was $655.
  • Market Snapshot for FULL Years 2021 vs 2020: Average Indicators for $: Single Family +20%, Multi- Family +19% and Vacant Land +7%. Median Indicators for Single Family +17%, Multi- Family +17% and Vacant Land +26%.
  • Market Analysis % Change YTD September 2021: Monetary volume in September 2021 was down 10% from September 2020. Transactions were down 28% from September 2020. YTD 2021 $ volume is pacing 56% up and transactions are up 26% from YTD 2020.
  • Residential Cost Analysis: Residential volume in September had 226 transactions with $266,891,113 gross volume. There were 89 properties that sold for $1M and above in September. There were 89 Single Family, 137 Multi-Family and 15 Vacant Land transactions.
  • Average Price History by Type-YTD 2021: Average price for residential Single Family: $1,664,382, Multi- Family: $723,298 and Vacant Land: $467,073.
  • Comparative Historical Cost Analysis Comparison 2021-2020-2019: YTD 2021, there were 1738 residential transactions and $1,872,560,157 gross $ volume with 617 properties selling for over $1M. In 2020, there were 1361 transactions with $1,219,986,346 gross $ volume with 393 properties selling for over $1M. In 2019, 1342 transactions with $1,119,758,156 gross $ volume with 312 properties selling for over $1M.
  • Top Lender Analysis September 2021: There were 650 loans in September, 182 loans were related to sales, there were 318 REFI’s and 150 loans were timeshare related. Cash transactions made up 34% of the real estate closings.
  • Market Highlights: Please see page 11 of the Market Analysis- Note the higher priced sale in September 2021 in Breckenridge (Shock Hill) at $5,750,000. The top priced PSF was in Breckenridge (One Ski Hill Place) at $1,515.
  • Purchaser Profile Abstract: There were 99 upper end sales in September 2021 compared to 101 in August. Our buyers for real estate transactions for September 2021: Local buyers at 20%, with the Front Range demographic at 42% and 38% are out of state buyers with 0% International. There is a graph included showing demographic trends through 2013 on page 17.

Thank you for your continued loyalty to Land Title.

Please reach out with any questions.

Brooke Roberts

September 2021 Market Analysis