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The Winter Olympics is Summit County, Colorado and then some.

by Meredith Adams

Photo courtesy of https://www.bestvpnanalysis.com/watch-winter-olympics-2018-stream-live/The winter Olympics start today!  So many of the winter sports are some of the things we do every day here in Summit County.  Things like alpine and cross country skiing, snowboarding, & riding the rails & the half pipe.  We also have many of the past, present & future Olympians pass through town as they compete in their specific events hosted at our local ski resorts.  Many of us have had the opportunity to watch these amazing athletes compete in person.   

Sports are always more interesting to watch when you have an understanding of the game and can understand the strategies and skills involved.  Lindsey Vonn skis slalom at around 80 mph.  We don't generally clock ourselves skiing but with an app on his phone, my husband clocked his speed down one really fast run to see how fast he could ski.  He said he was going just over 50 mph.  There's no way I would have wanted to or could have kept up.  Based on that, I'm guessing, at my fastest ever I may hit 30 mph, maybe.  Lindsey Vonn goes 80.  Knowing what 30 feels like gives me so much more appreciation for not only what she does, but how fast she does it.  

I have a better appreciation for those athletes that ride the half pipe, getting amazing air and doing tricks.  I have skied the half pipe.  I don't get air and I don't even get close to the top of the pipe.  The momentum you get going from one side to the other is so amazing.  The steep and icy sides that are so high are absolutely crazy.  If you haven't taken a run down the half pipe, you should put it on your bucket list.  At Copper Mountain, if there isn't an event or practice happening, anyone can ride the pipe.  I urge you to go down it.  Go only as high up the sides as you feel comfortable.  Feel the speed you build as you slide from one side of the pipe to the other.  Notice how the sides tower over you.  Understand the control & skill these athletes must possess to fly beyond the top, spin around in the air, and land back on the steep sides without wiping out.  

Woodward at Copper MountainWhile you're at it, give some of the other Olympic sports a try.  If you've got the guts, check out Woodward at Copper Mountain.  There you can safely launch yourself off a ramp, do an in air trick, and land in a foam pit, all while strapped into your skis or board.  Or go a little milder and strap on the skinny skis and head out into the woods or to one of the local Nordic Centers.  There is one in Keystone, Frisco and Breckenridge.  You may be amazed how different it is from alpine skiing, and appreciate how much energy you exert just to go across a long, flat stretch.  

Summit County offers the opportunities to enjoy all these winter activities and so much more.  The fun to be had in both winter and summer is endless.  Get out and enjoy yourself in Summit County.  You'll be glad you did.

Copper Mountain real estate in 2015

by Meredith Adams

2015 was a year of significant improvement in the Copper Mountain real estate market.   Copper started the year in an extreme buyer’s market but thanks to a great summer and fall, ended the year in a balanced market.  Sales numbers were up 29.7% over 2014.  Median sale price increased as did the list to sales price ratio, and the number of days on the market dropped.

A balanced market means all of the properties on the market could sell at the current pace in five to seven months.  As that timeframe increases, meaning a longer time for the inventory to be absorbed, the market swings to a buyer’s market.  As that timeframe decreases, with a shorter time for the inventory to be absorbed, the market transitions to a seller’s market.  The absorption rate is impacted by both the supply and the demand of the market.  Copper Mountain began 2015 with 16.2 months of inventory, an extreme buyer’s market.  It gradually decreased throughout the year and ended with a 7.3 month supply; at the outskirts of a balanced market. 

Sales are typically slower the first half of the year.  2015 only had 17 sales in the first five months.  Sales came on strong in the second half pushing the total sales just shy of the one hundred mark with 98.  These are much stronger sales than the 74 seen in 2014.  This year is looking much stronger than 2015 with 4 sales already this year and 9 more under contract.  2016 could be the year we hit 115 sales, the number of sales we had during our peak year of 2007. 

Copper Mountain’s average sale price dipped slightly in 2015 however the median increased.  The average sale price in 2014 was $388,805 and only $355,309 in 2015, a 8.7% decline.  That was due to the highest sale price in 2015 being only $868,150.  In 2014 homes sold for $2.3million and $1,690,000 influencing the average sale price that year.  The median sale price in 2014 was $322,500.  It increased in 2015 by 6.7% to $344,000.   

During 2015, sellers were agreeing to sell their properties, on average, for 95.4% of their list price.  In 2014 sellers had to give away a little more selling for 94.4% of list price.  This ratio does not take into account any price changes that may have happened prior to the property going under contract.  The amount a seller will negotiate from their list price is typically driven by market conditions as well as the seller’s motivations.  In general, less negotiation can be expected in a seller’s market than in a buyer’s market.

As expected given the improving market conditions, properties at Copper sold faster in 2015 than they did the previous year.  The days a home spent on the market fell to a median of 137.  That is down from 2014’s median of 164, or approximately 5 ½ months.

No matter how you look at it, 2015 was a great year for Copper Mountain.  So far, all signs for 2016 are pointing toward another great year for Copper Mountain real estate.

Read more about the Summit County market in 2015.

Great January sales in Summit County

by Meredith Adams

85 residential, real estate sales in January made last month the best January since 2008!

  • Inventory levels continue to be low; hovering around 700 properties for sale in the entire county.
  • Dillon only has 30 residential properties on the market now. That's just under a two month supply.
  • Copper continues to be the slowest market with a 17 months supply of inventory. This is still much better than the 4 year supply seen a couple of years ago.
  • Copper 2014 sales hit 74 - an increase of 24% over 2013.
  • Overall Summit County is in a Seller's Market with only a five month supply of residential inventory on the market now.
  • Finally the upper end price ranges across the county are beginning to balance out supply and demand. Properties under $1.5million have less than a one year supply.
  • Average sales price in Summit County has stayed relatively consistent over the last four years; hovering around $500,000.

Summit County real estate salesSupply and demand is a key factor dictating the real estate market. Supply is the properties on the market or inventory. Demand is our sales. How they relate to each other give us another way to see how the market is changing. It is also how the absorption rate is calculated. The absorption rate is how long it would take all the properties currently listed for sale to sell. This doesn't account for any new properties coming on and relies on past sales alone to determine how quickly they would sell. In the statistics above I mention that there is a five month supply of inventory in Summit County. This is calculated by the supply, 710 properties, divided by the last 12 months of sales, 1713. Then multiplied by 12 to come up with the number of months. A balanced market has approximately a six month supply of properties on the market. Of course, like with any statistics, we have to take into account the fluctuations during different times of year and any other relevant factors to determine what this information really means before making important decisions based on it

We hit the jackpot at Copper Mountain Resort!

by Meredith Adams

We were reluctant to ski on a Saturday but Copper Mountain was reporting 32" of snow in the last week. We had to go. With only 3 lifts open we knew the lines would be long, and they were. We headed up the Eagle after waiting for what seemed like a really long time in the singles line. Then it was on to the Excelerator to hit the top of the mountain. We didn't want to go back down to the bottom and wait in that line again unless we had to. The Excelerator usually doesn't have much of a line but today it did. We finally made it to the top. We didn't linger with the gusty winds at the top and headed towards Ptarmigan, the only way down. Along the way we noticed a crowd was building. Skiers and riders were looking into Mine Dump where ski patrol was packing snow. I could hardly hear the ski patroller as she asked for help with the packing. "Five at a time," she said, "and if you're not orderly, we'll have to stop." After a short wait the first five headed down the slope. We watched as they enoyed the fresh powder. Then 5 more went, then 5 more. The anticipation was almost unbearable as we listened to the whoops and hollers of those on the slopes. Finally it was our turn. Off we went. The snow was worth the wait. Soft, fluffy powder that was easily knee deep greeted us with every turn. Fresh tracks on a Saturday! Knee deep powder on our second ski day of the year! A spectacular ski day at Copper Mountain We floated through the powder, down the slope until we connected back to Ptarmigan. We high fived each other, grinning ear to ear as we headed back to the Excelerator lift hoping we would get a second run down it. It was all I could do to wait patiently as the lift took us back to the top. We made our way back down to the Mine Dump entrance. It looked like they were still letting everyone in and we could breathe easy knowing we'd get another run as great as the first. Then, they told us they were going to open CDL too. We traversed behind ski patrol to the top of CDL. We were going to be in the first ten people to go down this run today! We couldn't believe our good fortune as we headed back into the powder. We were experiencing conditions that rivaled some of our best days last year; which was a phenomenal season. Unfortunately, we had work to do and couldn't spend any more time on the mountain. We left feeling like we hit the jackpot or won the lottery. The smiles still haven't left our faces. Thank you Copper Mountain for an incredible start to the 2014/2015 ski season

Summit County residential property sales finished up the first quarter up 9.7% over the first quarter of 2013. Pretty flat sales in January and February gave way to a surge in March. April has seen a strong start and the activity level in the county continues to be strong. The increase in sales is thanks to sales at the ski areas in Summit County. Copper Mountain saw an increase of 42.9%, Breckenridge was up 39.5% and Keystone up 18.2% over 2013 first quarter sales. The county overall was up less than 10% because of declines in sales quarter over quarter in Frisco, Dillon and Silverthorne. The reason for those declines could be because inventory is in shorter supply in those areas. Dillon has the lowest inventory level in the county with only a four month supply and the biggest decrease in number of sales dropping 32.1%. If buyers cannot find what they want, they cannot buy it. It's typical for more properties to come on the market as ski season ends and the summer buying season approaches. If our inventory levels cannot build prior to the anticipated stronger summer sales, prices will be pushed higher. That's something we haven't seen a lot of in Summit County in a long time

Transfer fees on the sale of Summit County property

by Meredith Adams

Property tansfer feesIn Summit County Colorado, transfer fees on the sale of property are relatively common. Breckenridge, Frisco, and portions of Copper Mountain and Keystone all have transfer fees that must be paid at Closing. Private transfer fees have been rare but a building permit fee could be changing that for properties in the county. Transfer fees have typically been imposed by the town the property resides in. That fee is based on the sale price and, depending on the location can be 1-2% of the purchase price. Whether the buyer or seller pays the transfer fee should be negotiated in the purchase contract. Because this fee is based on the location of the property, whether or not a property has one is relatively easy to determine. The private transfer fee is not so obvious and can be more difficult to know about ahead of time.

In 2006 Summit County voters approved the addition of the Affordable Housing Development Impact Fee to be added to the cost of building permits. The amount of the fee varies based on the size of the home. If the property is located in the county, not a specific town, the county gives the option to defer payment of the Impact Fee by recording a private transfer fee due upon all subsequent sales of the property. The initial sale is exempt. The private transfer fee is smaller than the transfer fees imposed by the towns, only one third of one percent. Initially approximately 60% of developers were opting for the private transfer fee, currently it has dropped to about 50% of applicants. The economic downturn really put a damper on new construction. As our economy improves and more and more building permits are issued, and these properties begin changing hands for the second time, the private transfer fee may become more common in our communities. Less significant transfer fees include those imposed by homeowners associations and the accountants that handle the books. Closing charges can include a $100-$200 fee imposed every time each property in the HOA changes hands. That's their fee for calculating charges due and supplying that information to the title company. There could be a working capital contribution due from the buyer for three months worth of HOA dues. That contribution may or may not be refundable when they sell. In order to transfer property, debts must be paid making it a prime opportunity for both municipalities and individual companies to collect additional revenue. Transfer fees are a reality in real estate sales and it appears they will continue to be in the future

Summit County real estate update - October 2013

by Meredith Adams

Click for larger view of Summit County Residential Sales YTDOctober finished with 179 residential sales in Summit County for the month, only a 4.6% increase over October 2012 but a year to date increase of 23%. With less than two months to go in 2013 we are just 44 sales short of the residential sales that we had in all of 2012. We should easily make up that deficit during the month of November. I don't even have to go out on a limb to predict that the 2013 residential sales in Summit County will easily surpass 2012's sales. Over the last thirteen years there have only been two months with less than 44 residential sales. Both Silverthorne and Copper Mountain have already exceeded the total residential sales their towns saw in all of 2012. Frisco has the most ground to make up needing 23 more sales to catch 2012. You might think low inventory levels could hinder Frisco's ability to catch up but there are currently 38 Frisco properties under contract, 18 of which are new construction that may or may not close this year. Odds are good that Frisco will at least match 2012 sales. Click for larger view of Summit County residential average sales pricesAverage sales prices remain flat. A little fluctuation moving higher and lower here and there. Overall the average residential sales price in Summit County is $491,357, down 4.5% from 2012's average of $514,360.

Two more Summit County ski areas open for business

by Meredith Adams

Copper Mountain ski areaWith snow reports of 4" - 5" in the last 24 hours, Keystone and Copper Mountain both cranked up the lifts and opened the mountains for the 2013-2014 ski season today. Keystone Resort opened with 4 runs accessible by 6 lifts and totalling 65 acres. 3 green runs and one blue. 4" of new snow plus more snow all day today is suppose to give way to sunny skies tomorrow which should make for an epic opening weekend. Take a look at current conditions from River Run or other Keystone Mountain Cams Copper is opening up with similar conditions to Keystone. Today you'll enjoy 3 lifts accessing 4 runs and 59.5 acres from Center Village. Sherpa, Copper's new app is also available to download to your smartphone. Connect via bluetooth to the speakers in your helmet and get directions and tips as you ski. Take a look at the mountain from Copper's Center Village camera. With ski season underway, maybe you need your own ski condo. You can own a 3 week share on the mountain for under $20,000 or a ski-in ski-out penthouse for more than $1,000,000. No matter what is the best fit for you, The Mountain Living Team can help you find it.

Fresh snow on the peaks!

by Meredith Adams

Fresh snow on the mountain peaksThe snow has arrived! A fresh dusting of snow was seen on the mountain tops today. If you haven’t purchased your ski pass yet, now is the time to get it so you can be ready for opening day on the slopes!

Keystone Resort will open on Friday, November 1, 2013.  Free hot chocolate and donuts at the gondola.  Music and prizes throughout the day.

Copper Mountain will open Friday, November 1, 2013. Prizes, special giveaways and great music all day long!

Copper Mountain’s new app, Sherpa, is almost here

by Meredith Adams

Copper Mountain has a new app available for the 2013-2014 ski season.  Turn it on, put your ear buds in and head out on the mountain.  As you ski, the app will give you tips based on where you are on the mountain.  It will tell you where the trail on your right takes you or what type of terrain you’ll find there.  It will point you in the direction of a powder stash or tell you about the noon groomer.   The app is available as a free download at the Apple store beginning November 1, 2013.

Displaying blog entries 1-10 of 22

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Photo of Jason & Meredith Adams Real Estate
Jason & Meredith Adams
Mountain Living Real Estate
101 E. Main Street, #109 / PO Box 4115
Frisco CO 80443
888-666-0844