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The ever changing landscape of restaurants in Frisco

by The Mountain Living Team

The Blue Spruce Inn has served its last meal in Frisco.  A local establishment since the 1940’s, The Blue Spruce Inn is out.  The rumor mill has suggested Vinny’s, an Italian Restaurant currently near 4th & Main, will be moving into the Blue Spruce building.  Vinny’s is a great restaurant that currently has a much too tiny space.  If the rumors are true, and they can capitalize on the space without losing anything, it will be a fantastic change for Frisco.  The current Vinny’s location will be the home of a new restaurant endeavor.

Meanwhile, The Boatyard has completed their addition and interior renovation and recently re-opened as Uptown on Main.  They still have the same great patio out back but have moved the front bar into the new addition and modernized everything.  It’s fresh and I guess, “uptown.”  Our first visit to the new restaurant was a happy hour gathering with friends.  We left feeling like we didn’t quite get our money’s worth.  It was pretty good but a little pricey.  We’ll certainly give them another try after they have been up and running a while before we make a final judgment.

Other changes that happened this year in Frisco include Gonzo’s coffee that took up residence in the old Starbuck’s location off Summit Blvd. Starbucks moved into a brand new development just down the street.  It’s where the old Christmas tree lot used to be every year.  It’s now a Natural Grocer, Which Wich & Starbucks.  Smiling Moose has moved out, both the Frisco and Dillon locations.  I’m not sure the circumstances behind that but it was a quick getaway, leaving everything behind.  I haven’t heard about what may replace them yet.

It's always nice to get some fresh, new restaurants in Frisco.  Unfortunately, it sometimes comes at the expense of some old standbys that we loved.  

Foote's Rest redevelopment approved

by The Mountain Living Team

Foote's Rest Sweet ShoppeThe town of Frisco approved the Foote's Rest development that would add a hotel, restaurant and bowling alley in the current Sweet Shoppe location and relocate the historic building.  They have said they are willing to place a historic building tag on the Foote's Rest building in order to preserve it's place in Frisco's history.  More details are available in a Summit Daily article. The timing of the development is still up in the air.

Foote's Rest was previously a mercantile & gas station and before that a grocery and post office.  The historic building to be relocated is known as the Staley-Rouse House, built by the Staleys in 1908.  Unfortunately, Mr Staley was killed in an unrelated wagon accident during the construction of the home and never lived in it.  His wife and children moved in upon completion in early 1909.  Electricity was added by Larry Wright, one of the future owners, in 1972.  Read more about these buildings in the nomination form for the Colorado Historical Society.

Market Comparison: Frisco vs The Highlands

by The Mountain Living Team

With the low inventory levels in the real estate market buyers are being forced to look outside their initial target area in order to have more to choose from.  That means the area that they have been following during their search may not be where they end up looking and/or buying.  As a result, they can be less informed about the area and what to expect in property values.  

Recently, buyers we have been working with expanded their search from Frisco to The Highlands in Breckenridge.  They were curious as to how The Highlands compares to single family homes in Frisco.  I did a little research and put together a few charts to help them determine if The Highlands was, financially, a place they wanted to be. 

Average Sale Price

The average sale price in the Highlands is much higher than it is in Frisco.  Because of the higher price point I think it makes the market more volatile; reacting more substantially to economic trends.  


Average Price Per Square FootThe  average price per square foot is surprisingly similar given the difference in sales prices.  Frisco is more inconsistent.  I believe that is because the single family homes in Frisco vary more in age and quality than we see in The Highlands.  An abundance of any type of home sales can swing the averages for that year. 

Average List to Sales PriceThe average list price to sales price ratio tells us how much sellers are coming off their list price.  This is based on the current list price at the time of the sale and doesn't include any price reductions made prior to an offer being accepted.  More properties on the market typically will push sellers into deeper discounts in order to secure a buyer.

Average Days on Market

This chart tells us that most of the time a Frisco home will sell quicker than a home in the Highlands.  It also shows us the average days on the market is a largely fluctuating number and that we are currently in a downward trend meaning homes are selling quicker than in the past.  

As with any averages, it must be understood that before making matter of fact claims the numbers must be dug deeper into.  A few sales can impact an average made from a limited section of data.  The Summit County market is a small market making it more susceptible to a few sales.  If you have questions about any of these statistics we are happy to dig deeper into them and provide you the information you need.  Just let us know via email or a comment on this post.

Frisco's BBQ Challenge 2016

by Meredith Adams

Frisco's BBQ ChallengeIt's that time of year again!  The unofficial start of summer in Summit County means it's time to close off Main Street in Frisco and bring in the barbecue, beer & live music for the 23rd Annual Colorado BBQ Challenge.  Friday and Saturday, June 17th & 18th will be loaded with fun for the whole family.  If you haven't made it out yet, come on out and see what the talk is all about.

About 70 competitors will be grilling up their best barbecue in anticipation of a blue ribbon and a chance to compete in the American Royal, the world series of barbecue cook offs.  Not all competitors sell to the public but there will be six blocks of vendors on Main Street so there won't be any shortage of good food and beer to indulge in.  Check the Summit Daily, our local newspaper, for a vendor map on the day of the event and make it easier to find your favorite barbecue.  Look for last year's top ten, overall winners:  Shake 'n Bake, Backdraft BBQ, Gettin' Basted,  True Bud BBQ, Porky Butts, Crazy Coyote, 3 Li'l Macs, Bubba Q's, Smokin' Triggers, and the Celtic Pig.  See a complete list of last year's winners in all categories on Frisco's website.

Barbecue Challenge in FriscoThroughout the day on Friday and Saturday you and your family can watch the pig races, ride a mechanical bull, play in the bouncy house and listen to some great live music all in addition to eating barbecue brisket, chicken and ribs, berry kabobs, funnel cake, and roasted corn on the cob.  Enjoy a variety of live music all day long too with 8 different bands playing plus a kick-off concert on Thursday night.  See the Saturday's BBQ Challenge schedule, Friday's BBQ Challenge schedule, and info on Thursday's concert.

Summit County has so many events happening all year long.  No matter what you enjoy odds are there is an event that celebrates it.  Here are just a few blog posts we have written over the years about some of the Summit County events.

The Clubhouse - a new bar in Frisco

by The Mountain Living Team

This winter a new bar opened it's doors on Main Street in Frisco.  In the old Upstairs at Johnny G's is a new establishment called The Clubhouse.  We had an opportunity to check it out for happy hour recently.

It's upstairs in the Frisco mall so it may be a little harder to find and not yet established so it was pretty empty when we were there.  It's a nice establishment with a large bar, small bar tables around and a few couches and chairs around a nice fireplace.  It's a very nice atmosphere.  

The menu is small offering maybe eight items.  We had the pork sliders, the hummus and the pig and fig flatbread.  All of it was very good.  

The beer on tap was also limited.  I think they specialize more in signature cocktails.  Jason had a bloody mary that he enjoyed.  All drinks were $1 off for happy hour.

The reason for the name is because you can play golf while you're there.  You can golf at the course of your choice for $50 per hour.  While we were there several people gave the game a try.  It seemed to be just as frustrating as the real thing.

To sum it up, The Clubhouse is a great spot to hang out with friends.  The menu is limited but everything we tried was very good.  The service was great too.  We will be back again.

 

Properties are scarce in Frisco right now

by Meredith Adams

Are you looking for a home in Frisco?  It is slim pickin’s right now.  As I’m writing this there are only 21 residential properties for sale in Frisco.  The lowest priced is a 3 bedroom condo for $428,000.  Only 12 of the 21 properties are priced under a million dollars.  There are 12 additional properties under contract.  11 of those are priced below a million dollars.  Frisco had 223 sales in 2015, which works out to be about 18 sales per month.  The beginning of the year is typically a slower time of year for us.  January in 2015 only had 6 sales.  There have already been 9 sales this January.

Market conditions like these can result in multiple offers on properties.   The shortage of inventory makes the buyers stack up as they wait for something to come on the market and often leaves them competing for properties.   As we head into summer we see more and more properties come on the market.  That will help alleviate the property shortage and even out the buyer/seller mix.  Even at our peak inventory level in 2016, I don’t anticipate having an abundance of properties.  I expect the Frisco market to be a seller’s market all year long.

Multiple offer situations can complicate a property sale as the seller has to determine the best course of action for handling all the buyers.  We will be posting additional information about handing multiple offers soon.

Summit County real estate market Fast Facts

by The Mountain Living Team
  • Residential sales in Frisco this year will wind up being approximately equivalent to the number of sales in 2006 and just below 2007 numbers.
  • The current median sale price is Frisco is 25% higher than the recent low experienced in 2010 & 2011. 
  • Frisco's median sale price is the highest we have seen in the last 10 years.
  • Frisco's residential sales numbers are 21% higher than at the same time last year.
  • Summit County's median residential sale price is 14% higher than the recent low in 2011.
  • Summit County's residential sales year to date are up 13% over the same period in 2014.

Last minute 4th of July plans

by Meredith Adams

If you haven't made you plans for the 4th of July yet this year, just come up to Summit County.  It's cooler than the Denver Metro area and there's a lot going on.  Click on the town name to link to their website with details about their activities & events.

Breckenridge
7am  10k trail run
9:30am  Firecracker 50 bike race
10am  Parade
12:30pm  Viper car show
1pm  Kids water fight
2pm  Live music
8pm NRO at Riverwalk
9:45pm  Fireworks

Dillon Amphitheater
7pm  Forever in Blue Jeans, Neil Diamond tribute band
10pm  NRO Performance

Frisco
8am  Pancake breakfast
9am  Fishing Derby
10am  Summit Concert Band
12:30pm  Parade
1:30pm  Live music by Guild of Ages
3:30pm  Drum circle
7:15pm  The Long Run, Eagles tribute band
9:30pm  Fireworks

Keystone
8am  Fishing Derby
9am  Super Slimy Science
10:30am  Bike decoration party
11am  Bike parade
11am  Ala carte BBQ
12pm  Live music by Trout Steak Revival
7pm  Live music by The Burroughs
9pm  Fireworks

 

Frisco's 4th of July Parade

 

 

The truth about average sales price

by Meredith Adams

I looked at a new property for sale in Frisco a couple of weeks ago. It's a cute place and was very familiar to me. I looked up the property history and realized it was familiar because it was on the market last year. It sold for $385,000 and due to the owner's situation changing it is back on the market for $429,000. Nothing had changed with the property. It wasn't as if it was a fixer upper last year and was now a gorgeous home. I asked the listing agent why it was priced so high. His response was that the average sales price in Frisco was up 10% this year over last year so his price was just keeping up with appreciation. I checked his numbers and sure enough the average sales price was up 10% over 2013's average. But does that statistic really mean that every property in Frisco is valued 10% higher now than it was last year? To answer this question we have to look at the data that makes up Frisco’s average sales price. Every sale of every residential property in Frisco is included in the average sales price calculation; from studio condos to million dollar homes and everything in between. The mix of sales has a big impact when calculating the average. If there have been a lot of lower priced properties selling and no high end sales, it will drag the average down. If there have been a lot of high end sales but nothing in the lower price ranges, the average sales price will be higher. The mix of sales has nothing to do with price appreciation in an area. More higher end sales may indicate that the market is getting stronger because more people are spending more money. It could also mean there were fewer lower priced properties for sale. More information is needed to draw any accurate conclusions.

  • In 2013, Frisco's average residential sales price was at $472,654. 68% of the sales were under $500,000 and 2.5% were over $1 million.
  • Through the end of May this year the average has jumped up 13% to $536,197. 2.5% were still over $1 million but only 53% of the sales were under $500,000.

Just from looking at the mix of sales, I would expect the average sales price to be lower in 2013 when a larger percentage of sales were in lower price ranges. If the mix of sales were relatively equal, I could see a possible conclusion that there must be appreciation happening. But again, more information would be needed. Realize, just about any position can be justified by a statistic of some sort and one statistic never tells the entire story. When you hear random statistics, the question you need to answer is why that statistic is being put out there. In this case, the agent was telling me about the average sales price because he wanted to sell me & my client on this property. Unless a real estate agent is your Buyer’s Agent or Seller’s Agent, they are just a salesperson looking to make a sale. Don’t get sold. Get the facts. Hire an Agent that represents you.

Are you ready for the Summit County real estate market?

by Meredith Adams

Our market is in one of the slower times of year right now. Most ski areas are closed and there’s still too much snow to start hiking. Lake Dillon is still frozen. This is shoulder season, or mud season as the locals call it. The tourists have gone home. There is no I-70 traffic, no waits for tables at restaurants. Businesses slow down. Property owners that were renting their homes during ski season are getting them ready to sell when the buyers come back in the summer. This is the start of listing season. Inventory levels will start to build as the market prepares for summer’s selling season. Or will it? Buyer activity hasn’t slowed yet. In fact, we have been seeing multiple offers on properties all over the county. Just in the last month, our team has experienced multiple offer situations in Frisco, Silverthorne and Breckenridge. Price points range from under $150,000 to more than $500,000. These multiple offers can happen on condos, townhomes or single family homes. They can be on properties that are updated or on fixer uppers. They can be on the market for years, months or days. Any property can wind up with competing bids if it is priced right and in demand in the marketplace. If the buyer activity continues strong through mud season, inventory levels won’t be able to build much and more properties will be in demand creating more multiple offer situations. It could be a busy summer. The best course of action for buyers in our market is to be ready. If a loan is involved, buyers should make sure they are pre-qualified with a local lender. If circumstances allow for it and the right property can be found, buyers should buy now. While waiting means more properties on the market to choose from, it also means more competition from other buyers. That could mean paying more for your property later this year. Sellers have a challenge in a market like this too. They must resist the urge to push prices too high too soon. Some segments of the market still have an abundance of properties. It’s important for sellers to know how their home fits into the market. Like any market, if they price their home too far above the market, it will just sit there. If improvements can be done to make the home show better it will appeal to more buyers and create more demand. Sellers should always consider the return on those improvements first to ensure it’s the right course of action. The tourists return to Summit County in mid-June, in time for Frisco’s BBQ Challenge. Hiking, biking, golf and sailing break into full swing. Summer is underway and buyers are once again looking for just the right property for them. We can’t be sure what summer will hold for our real estate market. We are seeing signs pointing us in the direction of a hot market with multiple offers and a short supply of properties. Buyers and sellers should take action now to make sure they aren’t left standing on the sidelines watching all the action

Displaying blog entries 1-10 of 29

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Photo of Jason & Meredith Adams Real Estate
Jason & Meredith Adams
Mountain Living Real Estate
PO Box 4115
Frisco CO 80443
888-666-0844