Archive for the 'Summit County Colorado Vacation homes' Category

Sales taxes must be collected when you rent your condo yourself.  Many towns, strapped for cash to provide services for their citizens, are looking for owners who rent their homes and condos but don’t collect or report sales tax.  A recent article in the Denver Post highlighted the problem in Crested Butte and other resort towns, including Breckenridge. 

Under-the-radar renters […]

Many who buy Summit County homes and condos use them as rental properties when they are not occupying them as their own vacation homes.  Rentals have been more difficult to get since the recession started and only the best properties are having good occupancy rates.  That means to get the greatest amount of rental income, your vacation home should been […]

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 …….

The new tax bill is designed to help first time home buyers buy a home and should help to improve the real estate market by giving them tax credits when they buy their first home. For more details on the bill go to http://dontmesswithtaxes.typepad.com/dont_mess_with_taxes/. She has a very complete description of its provisions.

However, there is always payback. When Uncle Sam offers one group of people a tax break, someone has to pay for it, and in this case, the second home owner will be part of it. There used to be a big loophole in the tax law that allowed people doing a 1031 tax deferred exchange out of an investment property to buy a property that they might like to live in permanently, rent it for a while, and then turn it into their permanent primary residence when they retired. That loophole was tightened up recently

Condos in Frisco, Colorado, have been very popular and have become more expensive.
With the slowdown in the market in the last few months, come some opportunities. We have four condominiums in Frisco recently listed, all priced under $400,000. All four are very different from each other, so here is a quick rundown of the highlights of each of them.

204 Meadow Creek Villa, $350,000.
205B Ten Mile Island, $369,000
418F, Frisco Bay Townhomes $383,000
730B Lagoon condominiums $309,900