Think you can’t buy a Summit County home? Maybe you can!
Loans are still possible to get, although it is not as easy as it was, and prices are more reasonable than they were last year. Interest rates are at historic lows. We also have more properties on the market from which to choose and many Sellers are a little more flexible on their pricing. This isn’t the usual over optimistic, “glass is half full” story; it is actually true, but only for part of the market. Single family homes and duplexes without homes associations are the easiest types of properties to get loans for. Condos can be difficult to finance as the lenders are much more rigid with their underwriting requirements, and it seems that the number of rental units we have in our resort market can be an issue for some of them. I have been talking to many lenders in the last few days and have found that one must now be very dilligent in selecting a lender to work with. Using someone local is important, especially with a condo or townhome, because each lender has to get the entire condo complex approved and it is not always an easy thing to do. When red flags pop up to the underwriter, a local person is more likely to be able to explain and help the underwriter understand what the real situation is. Sometimes the easiest thing is to get a home equity loan and pay cash, if you are able to do that.
So for a while, perhaps you should consider buying a duplex or single family home. The only issue with them is that they are not available in lower price ranges, but if you can spend around $550,000 on your Summit County home, there are some good options available. We have a very nice half duplex listed on Pitkin Street in Frisco for $550,000. It was built in 1989 and has recently been upgraded with granite countertops, stainless appliances and new wood floors. It is a few blocks from downtown Frisco, which is a wonderful, central location for all the ski areas. It has three bedrooms and two and a half baths, custom closets, great views, and a sunny, south-facing deck.
$499,900 will buy another duplex just a few blocks from there on McKees Way. This one has two bedrooms and two and a half baths, but very flexible living spaces for multiple types of uses. The bathrooms and kitchen have seen some upgrades and it has a one car garage. It is also sunny and south facing.
In the same price range, at $558,000, is a single family home in Silverthorne. It sits on a gentle hillside with awesome south and east views of the Continental Divide and Lake Dillon. This home has a two car garage, a wood burning fireplace and a huge deck off both the dining area and the living room. At almost 1900 sq ft, not counting the unfinished basement, it is a great value.
A larger, almost 2400 square foot Frisco duplex is available at $625,000. This one has a family room that the others don’t have and a recently remodeled kitchen. It is a block to Main St and it is easy to catch the bus to Copper Mountain or Breckenridge from this home. A hot tub sits on the deck for apres ski relaxation.
These are just a few good choices of Summit County vacation homes. Click the button in the upper right hand corner to view more listings from our Multiple List Service.
April 10th, 2009 at 8:41 am
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