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Summit County, CO: Mountain Living Real Estate Blog

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Summit County 2017 - Year in Review

by The Mountain Living Team

Another year is behind us.  That means it's time to look back and reflect on the previous year and then think about what the next year will look like.  In the Summit County real estate market 2017 was an active year and my initial thoughts are 2018 will continue with more of the same.  Let's take a deeper look into the 2017 numbers and see how we came to those conclusions.

2017 residential sales were up 5.4% over 2016 with 1984 sales in Summit County.  Monthly sales fluctuated with some months better than 2016 and others falling short.  Overall the increases won out.

2017 had $1,385,947,000 in residential sales.  That's up 23% from 2016's sales volume of $1,124,067,000. Some of that increase came from a 46.6% bump in the number of sales over $1million.  In 2016, sales at $1million or more only made up 11.8% of the total sales.  In 2017 that number jumped to 16.5%.  In fact, the 70 sales at $2million or more nearly doubled the 38 sales in 2016.  

Average residential sales price in 2017 was $698,562 That is a 17% increase from $596,006 in 2016.  The increase in higher end sales certainly impacted the average sales price but values increased across the board.

The number of cash buyers in the market is about the same year over year at just under one third of all buyers.  The low interest rates continue to make borrowing more attractive, even to those that have the means to pay cash.

59.8% of homes sold in the first 30 days in 2017.  Homes were still selling quickly in 2016 with 54.8% under contract within 30 days.

Summit County has been suffering with low inventory for a couple of years now.  We currently have just 319 homes on the market in the entire county.  That's only a 2 month supply on average.  A balanced market would see about a six month supply.  We are definitely in a strong Seller's Market.

Condos and townhomes made up 63.8% of the residential sales in the county.  Currently, they only make up 41.3% of the inventory.

Low inventory is going to be the strongest force driving the 2018 market.  If inventory levels continue in similar fashion in 2018, we can expect prices to continue to increase.  There is still demand, even now during a typically slower time of year.  There is no indication that demand will slow into the coming year.

Comfortable Ski Boots? Have you seen these boots by Apex?

by Meredith Adams

Comfortable Ski BootsJason & I had finished skiing for the day, sat down on a bench at the base area of Copper Mountain to put our cat tracks on our boots when we ran into another skier that was calling it a day.  He sat down next to Jason and proceeded to take his ski boots off.  It only required unhooking a couple of buckles and he stepped out of a ski boot frame but remained in boots that looked like snowboard boots.  He connected a strap to the ski boot frames and was ready to throw them over his shoulder and head out.  

It turns out the boots he was wearing were Apex ski boots.  The gentleman said he has type 2 diabetes and as a result has a lot of problems with his feet.  If it wasn't for these boots, he may have had to give up skiing.  He continued to tell us how comfortable and warm the boots are and that they are even easy to put on.  The outer frames connect to your skis just like any other boots so no special bindings are required.  That day he was trying out the high performance boots which run around $899.  Other versions of the boots are available as well.  He was definitely a raving fan of these boots.  

Apparently there is an Apex Demo Center in the Denver Metro area.  According to this skier, they offer a week long demo for $100.  You can then apply your demo money towards your purchase if you decide to buy.  

The thought of comfortable, warm ski boots that are easy to walk in before and after you ski is intriguing. These boots also make hike to terrain and back country options sound much better than hiking in my current ski boots or carrying ski boots as I snowshoe up the mountain.  When the time comes for new ski boots, these Apex boots are going to be on my list as an option to try.

Radon is a real concern, even in Summit County

by The Mountain Living Team

Radon gas is an invisible, odorless gas that is naturally occurring in our environment.  It dissipates in the air so, in general, it is harmless.  The danger occurs when it gets trapped in spaces like our home and builds up.  You and your family could be breathing in radon gas and you wouldn't even know it.  

In Summit County, the cost to mitigate a home can run around $1500-2000.  It is a relatively simple fix that just exhausts that trapped air & radon gas out into the air where it can dissipate.  A vapor barrier is typically installed in crawl spaces to try and limit the intrusion of the gas into the home as well.  

A home buyer has an opportunity to test for radon during a home inspection and, if the levels are high, can request the seller pay for the radon mitigation.  A machine that takes hourly readings will be put in the home for about 48 hours.  It provides immediate data and  costs around $150.  If you already own your home and don't need a test that provides quick results, you can buy a test kit at the local hardware store and mail it off for the results.  If you prefer, Summit County will provide a free radon test kit to homeowners. You can pick one up at the Environmental Health Department in the  County Commons building on Peak One Drive in Frisco.

Remember, if you have tested for radon in your home, those results must be disclosed to potential buyers when it comes time to sell.  If your test results are above 4.0 pCi/L the EPA recommends mitigation.  A couple of companies in Summit County to mitigate radon are Summit Radon Solutions 970-470-3613 and Ace Radon 970-453-2435. They will provide you with a free estimate & a limited warranty on their work. 

Frisco Prime; a new restaurant in Frisco, Colorado

by Meredith Adams

The sign has gone up but the doors are still closed.  I haven't heard when the new restaurant will be open for business but I will be keeping an eye on it!

According to some history on OpenTable and the Summit Daily, the back bar of the Blue Spruce building was built in Brunswick, New York, around 1860 before being transported to Denver.  It was taken by wagon to Black Hawk where it was part of the Royal Flush Saloon.  At some point, it was dismantled, brought to Summit County and re-assembled.  The Blue Spruce Inn opened in 1940 near Farmer's Corner.  It moved to it's present location in 1974.  2017 brings yet another chapter to this decades long story when the Blue Spruce closed.  We are anticipating the opening of Frisco Prime in 2018.

Frisco Prime is rumored to have the same owner's as Vinny's, an Italian restaurant just down the street.  I don't know if that rumor is true but the V on the Frisco Prime sign makes me think it could be accurate.

#FriscoPrime #FriscoColorado

Renting your vacation home

by The Mountain Living Team

If you have a vacation home that you rent out, or are thinking about renting out, there are tax implications you may want to take into consideration.  For example, if you only rent it out once or twice a year, you may not have to pay taxes on the income.  Watch this quick video from the IRS for more information. 

Race of the Santas and more weekend fun in Summit County

by The Mountain Living Team

​​Running of the SantasAre you in need of some holiday spirit this season? If so, Breckenridge has the cure this Saturday. Join in a sea of Santas as they run down Main Street Saturday, December 3rd.  There are young Santas, old Santas, female Santas, thin Santas. You have never seen so many Santas!  The race starts at 4:30 but you'll find them roaming the streets at the holiday market that begins at noon, or maybe walking the dog that is dressed as a reindeer during the dog parade.

After the Race of the Santas, stick around for the Lighting of Breckenridge when the holiday lights are turned on and the town tree in Blue River Plaza lights up.
 
If you're still feeling festive, head to Frisco's Main Street for a taste of Wassail from local merchants during Wassail Days.  Wassail is a mulled cider that dates back to midieval times. Two traditions are connected with it.  One awakes the apple trees and ensures a good harvest next season, the other offers blessings in exchange for food and drink.  Recipes vary, some with alcohol, some without but It is typically served warm during the holidays.  Stroll along Main Street and try them all and then vote for your favorite.  Wassail Days runs from December 1 thru 10 so get out there and try this historic drink.

 

 

The song remains the same for Summit County Real Estate

by The Mountain Living Team

Can you see what the future holds?We're still telling the same story we were last year.  Inventory is low which is pushing prices higher, and inventory will continue to drop through the end of the year. 

As of November 18th we have just 355 residential properties on the market in Summit County.  That's 11% fewer properties than the same time last year.  We had 240 residential sales in October.  At that same pace, the inventory we have on the market won't last through the year.  Typically, sales slow around the holidays and through the first of the year and we'll continue to have properties come on the market but our inventory will likely be in the low to mid 200s before the end of the year.  200 may sound like a lot of properties to choose from but realize, that is residential properties anywhere in the county.  From south of Breckenridge to north of Silverthorne, from Keystone to Copper and Frisco and Dillon in between.  It's all price ranges too; studio condos to multi-million dollar homes.  To add to the scarcity, roughly half the residential properties on the market now are priced over one million dollars.  For most buyers, that fact alone takes half the inventory off the table.  For most buyers, there will be less than ten properties to choose from at any given time; even fewer as the purchase price goes lower.

Summit County Colorado Real  EstateThe low inventory often makes buyers ask if they should wait.  If the current trend continues, next summer when we have more properties on the market, prices will be even higher.  If the property you want is out there, I suggest you act now.

The Summit Daily, our local paper, just printed an article about the current real estate market.  Take a look at it by clicking here.

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.  

$20 will get you a Parade in Summit County the next 2 weekends!

by The Mountain Living Team

Parade of Homes 2017 in Summit County ColoradoThe Summit County Parade of Homes runs this weekend, September 23rd & 24th, and next weekend, September 30th & October 1st.  For just $20 you can tour 17 amazing homes across the county.  I’m sure the homes will impress but if they don’t you certainly won’t be disappointed by the changing aspen leaves. 

The county is a glistening gold with a little orange and red scattered in right now.  Many trees are still green but they will be changing in time for the Parade.  It will be a fantastic time to visit 4 homes in Silverthorne, 1 in Dillon, 2 in Keystone, 2 in Copper and 8 more in Breckenridge.

Tickets are available at some local merchants and at just 5 of the homes on the tour.  Be sure and get your wristband to give you access or make sure your first stop is one of the 5 homes selling tickets.  Those 5 homes are:

#1 260 High Park Ct in Silverthorne
#5 111 Centennial Ct in Dillon
#8 1062 Beeler Place at Copper
#10 181 Shores Lane in Breckenridge
#16 112 S Harris St in Breckenridge

This year’s Parade includes a couple of remodels, some newly constructed townhomes and, of course, some amazing single family homes.  Several of the properties on the tour are available for sale.  If you fall in love and don’t want to go home empty handed, we’re ready to emphatically represent you during your purchase.  If the homes on the Parade aren’t right for you, but you want a place in Summit County, we will still represent you with the same vigor.  Of course, there’s no obligation to buy anything.  You are welcome to steal decorating ideas, see what the latest trends are, find out about local builders and companies that can supply you with the products to make your home feel like a Parade home, or just simply look.

The 2017 Summit County Parade of Homes is a great opportunity to spend a weekend, or two, in the mountains and check out some fantastic scenery, both natural and man-made.

View the Parade of Homes Magazine online or pick one up when you buy your tickets.  More information is available on the Summit County Builders website.

Don't become a victim of wire fraud

by The Mountain Living Team

Internet fraudCybercriminals targeting home buyers and sellers nationwide. Tips on how to protect yourself from the Colorado Division of Real Estate.

 

This past February, a Colorado seller lost over $80,000 from the sale of their property to one of these scams.

How do the scams work? Often the computer hackers monitor email exchanges between the parties of a real estate transaction and gain specific information, such as the buyer and seller names, subject property address and file numbers. As the closing date approaches and arrangements are made to wire the money to the closing company, or wire the proceeds from the sale of the house to the sellers, the scammer will send a last-minute email from a hijacked account or similar looking email address updating the wiring instructions to request the money be transferred into a fraudulent bank account. The email looks legitimate and often contains the transaction specific information the hackers obtained in the body of the email or as an attachment.

Buyers and sellers can take just five minutes by reading the below tips to protect themselves from becoming a victim of wire fraud:

  • Verbally contact your title company closer: Prior to wiring any money, you should always verbally contact your real estate broker to confirm that the wiring information is accurate. Do not rely on telephone numbers or website addresses provided within an unverified email.

  • Do not email financial information: Emails and texts are not secure methods to transmit financial information.

  • Keep a record of websites that hold your financial information: Before providing that information, confirm that the websites in which you input financial information are secure. Look for the URL to start HTTPS, the “S” stands for secure.

  • Don’t click on links: Don’t use links to get to websites. Instead, search and find the company and directly link to their website from your search.

  • Update your computer: Keep your operating system, browser and security software up-to-date.

​​This information is from the Colorado Division of Real Estate.

Displaying blog entries 1-10 of 281

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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