Something exciting is happening here in Summit County. A new single family development just north of Silverthorne called Summit Sky Ranch. Situated on 416 acres of breathtaking beauty the vision of Summit Sky Ranch is to create a vibrant community and 360 degree outdoor lifestyle for people that share common values. Here are some of the features that will make Summit Sky Ranch a one of a kind community in Summit County. The Aspen House will serve as the social and recreational centerpiece of the community. It will host small outdoor concerts on the Great Lawn and feature outdoor fire pits for gathering with friends and family. It will have its own observatory for star gazing at night and several walking trails to enjoy during the day. There will also be an outdoor pool and hot tubs, a wellness and fitness center. It will have a 10 acre lake with a large beach area, and a lush green park. The lake will have a boat house and be a great place for water sports. Summit Sky Ranch has its own Private Fishing access to the Blue River, which has been awarded a Gold Medal rating. The first offering will be 47 properties including cabins, larger single family homes and lots to create your own dream home. Residences are starting from $595,000 for a 1,550 square foot cabin and from $795,000 for larger homes. Currently they are accepting reservations with a $5000 refundable deposit. Don’t miss your opportunity to take part in this exciting new development. For more information and to get your reservation in today contact the Mountain Living Team.
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As we head into summer, it is typical for the number of properties on the market to increase. The ski areas have closed, seasonal rentals are done so it’s time for those interested in selling to get their properties ready and put them on the market. This year is no different in that respect.
Since mid-April, when most ski areas closed, we have had 364 properties come on the market. But with properties going under contract and selling, only 108 properties were added to our inventory. Last year new listings were close to the same amount, 370 properties. However, that increase added 192 more listings our total inventory. Even though the number of properties coming on the market was about the same, they weren’t being absorbed as quickly.
This year inventory levels are down 27% from the same time in 2014 and a whopping 56% below 2009 numbers. It’s the same old story around Summit County; decreasing inventory and increasing sales. We are just now coming to the point where this combination is having a significant impact on property pricing. Some areas in the county are poised to surpass the prices we saw during the peak of our market during this year’s selling season.
The graph shows the correlation between properties on the market and those under contract. The improving market can be seen by the narrowing gap between the pending and active properties.
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.
7am 10k trail run
9:30am Firecracker 50 bike race
12:30pm Viper car show
1pm Kids water fight
2pm Live music
8pm NRO at Riverwalk
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
The old Steak & Rib restaurant is now The Canteen Tap House & Tavern. Recently, a dinner out with our friends meant an opportunity to give the new, Breckenridge restaurant a try. We suggest you stop in when you get a chance too.
Our dinner consisted of a variety of drinks, appetizers and entrees. The drink menu was extensive. The margaritas and dark & stormy were served in tin cups that looked like something you would use to scoop your water out of the well with back in the day. Both the ahi tuna and BBQ flatbread appetizers were hits at our table and disappeared in no time. The tuna was served on a bed of guacamole ready to be scooped up with the tortilla chips served with it. Our entrees were the southwest chicken salad, ribs, a burger topped with chiles and cream cheese and a Reuben. Jason is a Reuben guy and can be pretty particular about them. This one was a big hit with him resulting in the best compliment that can be given; that it will be ordered again. The burger was equally as good resulting in more rave reviews. The salad was pretty good, I mean it is a salad afterall, although it was served in a bowl that was a little small making it hard to eat without it spilling over the sides. The ribs were reported to have a hint of spice in the sauce and rub.
The service we received in the bar was also good. We even had a visit by one of the owners, Mike Steger. He chatted with us for a while even though I'm sure he had to be very busy. He even went out of his way to provide 4th of July event information to our friends that just moved to Colorado.
If you haven't had the opportunity to stop in to The Canteen yet, make it a point to do so. Now that they are also open for lunch, it's even easier to give it a try.
The amphitheater was packed as the opening band took the stage. John Trucelli said the crowd was 10 times bigger than what they're used to playing for. They are a local band and play venues all over Summit County. They played a good set, introducing their new album to the crowd.
Then it was time for the main event. Robert Randolph and the Family Band took the stage. The crowd roared and the floor in front of the stage was full in no time as everyone got up to dance. Robert Randolph is ranked as one of the 100 best guitarists by Rolling Stone. His music is very high energy, funky & soulful. Many in the crowd were wearing ear plugs because it was so loud. I think that must have chased off a few of the younger and older listeners as the evening progressed. Those that remained had a fantastic time jamming to some great music as the band put on an awesome performance. Robert engaged with the crowd, inviting the ladies in the crowd on stage to dance, bringing up a fan to play guitar with him and another to sing.
Robert Randolph & the Family Band was a fantastic way to kick off the summer season at the Dillon Amphitheater. All shows are free at the amphitheater. Concerts will be happening every Friday and Saturday nights all summer long with performances by a variety of artists. It's a great way to spend an evening under the stars in Dillon, Colorado.
Here's a quick snapshot showing what has been going on with our Summit County residential real estate market over the last 7 days.
With 58 new listings and 43 new under contracts, we added 15 additional properties to our inventory this week bringing our current inventory to 893.
Even with an improving market, price reductions are still happening. Six of the price reductions happened on condos. The other 34 were all single family homes. Ten price reductions were on properties priced over $1,000,000.
NAR, the National Association of Realtors, recently released a "Danger Report" that states the largest threat to today's real estate agent is other real estate agents. When an organization that is out there to protect and propel the image of Realtors is publicly skeptical about real estate agents, there must be a big problem. The competence of agents is a big concern mentioned in the report. Because real estate is a commission only job, it's not uncommon for agents to have a full time job that pays the bills and be a real estate agent part time for supplemental income. Many agents are unskilled, lacking the ability to coach buyers and sellers in one of the largest purchases or sales they will ever be a part of. As a consumer, how do you make sure your agent is competent and ethical? How do you protect yourself from agents that are marginal?
During your home purchase or sale, you rely on your agent for not only market information but opinions on how to handle different situations that crop up, resale value and negotiation tactics. An agent that has years in the business may sound like someone you can rely on but if they are a part time agent, that may not be the case. A better measure of the experience of real estate agents is the number of sales they have handled. According to NAR, agents on average close just 12 transactions a year. In 2014 Jason & I closed 39 transactions. We are both full time real estate agents and our standard of living relies on our ability to provide an excellent service to both buyers and sellers. We pride ourselves on the care we take of our clients; looking out for their best interests while maintaining a high ethical standard. We ensure our clients' earnest money is never at risk, that deadlines are not overlooked, and that their motivations and bottom lines are closely guarded and never exploited. We provide factual information to help our buyers and sellers decide their best course of action. We will never push a client into a decision! Road blocks that may hinder a transaction are anticipated and preempted. We work hard for every client whether they are buying a small condo or a multi-million dollar home. We believe there is no better compliment from a client than coming back to us for another purchase or sale or referring a friend or family member to us for their real estate needs. It is our goal to provide service worthy of exactly that.
The easy answer to hiring a great real estate agent is to work with The Mountain Living Team for your Summit County real estate needs. If you're buying or selling outside of Summit County, we may have a great agent to refer you to, check with us first. One additional tip, make sure your real estate agent is really representing you. Every state has its own rules but no matter where you are your real estate agent should be able to tell you about their obligations to you.
Additional questions? Just ask, we're happy to help.
If you've visited our website before you may be noticing it looks a little different since you last visited. You're right. We've been updating our website for about six months now. It's still a work in progress but it's up and running and we think it's a big improvement. There are still improvements we are making, it's not done yet, but getting better. If there's something we've overlooked, let us know. It's our goal to make this website exactly what you want and sometimes we don't always see everything you need.
If you haven't been here before, we hope you like what you find. We've compiled valuable area information with current property listings and helpful tips in the hopes of educating you about the various aspects of our real estate market. We want our website to be an asset for you in your Summit County property search. Our property search doesn't require a sign in, look all you want with no obligation. You're welcome to sign up and set up a saved search if you like, but that's on your terms, not ours. And, of course, when you are ready, we hope you choose to let us help you find just the right Summit County home for you.
If you prefer, set up an RSS feed and be notified when we publish a new blog post. Or sign up for our monthly e-newsletter. If you don't like a bunch of emails, just bookmark our site and come back whenever you like. It's our goal to get you what you need, and in the process, make a living doing what we enjoy.
After the owner of a Mesa Cortina home was recently convicted of theft and sentenced to prison time, the Summit Daily reported that house payments were no longer being made and the property will likely go into foreclosure. It’s still possible that the home could be sold and any equity could pay back the victim of the theft. That would, of course, have to be initiated by the home owner or the courts and I’m not sure either will be happening. The homeowner’s arrest happened in December, so there could already be five months of missed mortgage payments. I would expect we’ll know in the near future if the foreclosure process has begun. If the property goes into foreclosure, additional steps must be followed so it will take some time before the property is up for sale. If no one buys the home on the courthouse steps, the bank will take possession and it should be listed for sale shortly afterwards.
There are a lot of unknowns and assumptions being made here so we’ll have to keep watching to see how this plays out.
Speaking of foreclosures, the Red Mountain Grill is also facing foreclosure on their building. That's another one we'll be keeping an eye on.
With all this foreclosure talk I don't want you to start thinking there are a lot of foreclosures happening in Summit County. Only 15 properties have begun the foreclosure process so far this year. In 2014, 82 Summit County properties started foreclosure proceedings and 136 in 2013. Of course the number of properties that are actually foreclosed on each year is substantially smaller.
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- Summit County Vacation Homes (34)