Looking down from the 4th floor West Lake sits right below you.  You watch the small boats chase each other around the lake as the sounds of laughter float through the air.  The Ten Mile Range is the perfect backdrop leading your eye up to the beautiful Colorado blue sky.  People are abundant around Center Village during the many summer festivities like Guitar Town, the Courage Classic or Copper’s 3 Ring Circus.  Winter is even more spectacular as the views from this condo turn to ice skaters sliding across the lake.  Snow covers the mountains defining the SKY chutes in the distance.  The sky seems especially blue against the contrasting mountaintops.  It’s easy to enjoy your morning coffee here knowing it will be an equally spectacular day on the slopes.  Off to the right you can catch a glimpse of the runs near the top of the mountain.  The Eagle and Flyer lifts are just yards away.  This convenient location will make your ski day so much easier.

This 1 bedroom condo has a nice pull out sofa in the living room allowing 2 additional guests to sleep in front of the fire and watch tv on the flat screen above the fireplace.  566 square feet of space is roomy enough for four adults allowing for a dining area, full kitchen, private bedroom and 1 full bathroom.  Just a few upgrades in the furnishings give this condo an added edge over the competition.  Being sold fully furnished including all of the appliances, cookware and dishes, and pillows and such so you can stay there immediately after closing.  When you’re not using it, it makes a great rental.  With multiple management options available you can easily handle the rentals yourself, go through Copper Mountain, or choose another company. 

Located in Taylor’s Crossing in Center Village.  This complex was built in 1999.  It has a secure entry with an elevator and underground parking beneath the building.  Ski lockers, fitness room and steam room are located on the 1st floor as is the outdoor hot tub.  Laundry facilities are just across the hall from this condo which is conveniently located near the elevators.  With retail space in the first floor, Taylor’s crossing is in a high traffic area near Burning Stones Plaza (the location of most concerts and events) and the ski lifts.  It’s location above the lake make it a more quiet and serene setting allowing you to choose to be a part of the action. 

September sales last year were 116, and in the first half of August, 72 properties have gone pending.  In order to have another 20% increase in September, we would need to have 139 sales, and that may be unlikely at this point.  But, we should be able to at least equal last year or have a small increase. 

We are now in the third year of a very strong downturn in our market.  There is good Buyer activity, but they have no urgency to act, as Buyers know that the longer they wait, the lower the prices will be.   The hope of bottoming out this summer doesn’t seem to be possible, but we are seeing some signs of improvement, and perhaps we are close.  Last week I called to set up six properties to show to a client, and two had just gone under contract.  When that happens more often, perhaps we will find we have already been there and are on our way up.  Another signal to watch is inventory levels.  Over the last two weeks that number decreased by about 26, so we peaked at the end of July.   It is normal for our inventory to decrease in the fall, as people take properties off the market and rent them for the winter.  If the inventory levels drop more sharply than usual, that will be another good sign.   The chart in this post is of inventory levels since November 2002, and you can clearly see the seasonal fluctuations.  The number of homes for sale is the same it was in 2004 and is twice what it was in the summer of 2006.   Technology limitations don’t allow this chart to be very big.  If you would like a larger version, email me at joanne@colorado.net and I will be happy to send it to you. 

What makes me think we may be close to the bottom?  Our buying season is summertime, and by next spring, the economy will have improved more and buyers will be less cautious.  Over this winter we could see a bottom in prices, but there will be fewer properties from which to choose.  Now is the best time for selection, and it is the best time in years for interest rates, at close to 4%.  If Buyers and Sellers can agree on price this fall, it will be a good time to make your selection, locking in a low price and a low interest rate both at the same time, while there is still a great selection of properties. 

Plans are for three luxury townhomes of 2,289 +/- square feet each.  Each are 3 bedrooms, 2.5 baths with an attached 2 car garage.  Pricing for each of the newly constructed townhomes could range from $650,000 to $850,000 or more.

Part of the Lagoon Town Home subdivision, these luxury townhomes will be a part of a great, affordable homeowner’s association.  Community amenities include an indoor swimming pool, hot tub, tennis courts, racquetball court and fitness room.  Once built, the land will be turned over to the HOA and all exterior maintenance will be the responsibility of the association just as it is on the existing townhomes.   

Pre-sales for new construction are still happening, even in today’s economy.  Don’t delay and miss out on your opportunity to get a great price on a nice piece of land that’s ready to develop.

July 2010 the number of transactions was only 50!  The only month with fewer sales this year was January, always a slow time, and before that, a year ago, in June 2009.   The economic news was not good in May and June, with talk of a double dip, and it affected July closings.   That seems to have eased off now, and the good news is that we already have had 100 properties go under contract since July 1, so sales for August should be much better.  When I called to set up showings of  six properties yesterday, I found that two of them had just gone under contract.  That felt like the old days!   To match last year, we need 85 sales, but in September and October we have 133 and 110 to do.  We are seeing good activity, as Buyers realize that with prices down to 2006 levels in most areas, and interest rates at all time lows, now might be a good time to buy that second home they have always wanted.  Sellers are much more cooperative in adjusting prices, given the number of properties on the market. Buyers  have lots of choices and will not buy today if they don’t get a good value. 

So July was down 37% and year to date we are up by only 24%.  I am now revising my hoped for sales for this year from 1200 to 1100, which would be an increase of only 20% for the year, and still below 2008 levels when we had sales of 1210.   

What does the future hold?  August 2009 had 85 sales, and it is possible, with what is currently under contract, that we will match August.  However, September through December last year had well over 100 sales every month, and unless our business picks up considerably, I don’t see us making those numbers. 

I did a little digging into the past.  Our computerized records only go back to 1993 and before that I have to go and search through statistics in the back of old MLS books.  Those were the days!  I remember judging how much inventory we had to sell by how thick the book was.  We had six listings per page.  A very thick book meant it was a Buyer’s market and a very thin one meant that Sellers could get the price they wanted easily.  We had to check that book for new listings the moment it came out each week so that we could have first dibs on them.  A savvy listing broker would fax around the new listing to the real estate offices before the book came out  and the smart Buyer’s broker checked the faxes every day to get the very latest listings before they came out in the book. 

1993 to 1997, there were between 1342 and 1585 closings every year in Summit County.  By 1999 we were up to 1844 and the high point for sales came in 2006 with 2499 units sold.  2008 we dropped 1210, and 2009 saw a further drop to 917.  I am curious as to when the last time we had less than 1000 sales in Summit County.  I know it was before 1993, more than 17 years ago.  I have to go to our MLS office to the archived library to find out and I will let you know in a future post.  At this point, it is looking very likely that we will have around 1000 sales this year.  I was hoping to be back up to 1200 again, but it is looking doubtful, at least at this point in time.  Even with interest rates under 5%, there still is just not enough consumer confidence to give people the comfort level they need to buy a second home.   Check the poll I have in the column to the right.  Most people who have answered it are between 4 and 6 on a scale of 1 to 10, with 10 being high.

Are the numbers we have this year the new normal?  I think we are close to it.  Give us another year or two, and perhaps we will be back to the numbers of transactions we had in the mid 1990s.  Buyers, this great news for you!  Sellers, you might want to consider another price reduction if you really want to get your property sold this year.  Currently, pricing is at 2006 levels in most areas and I don’t see it coming up any time soon.

Now is a great time to jump into the Summit County market and what better place to be than Keystone.  Be ready for ski season with a cute condo just steps from the shuttle stop that takes you right to the base of the mountain.  This 2 bedroom condo will comfortably sleep 6, makes a great rental and is a peaceful second home.  Enter the condo from the 2nd floor of the Flying Dutchman complex.  Ski lockers on the first floor keep you from having to drag your equipment up a flight of stairs to the condo.  The condo opens to a large living room.  The kitchen is to the right; galley style with an bar top opening the kitchen to the dining room.  The dining room has two walls of windows and is open to the living room keeping the living area large and open feeling.  The vaulted ceilings also enhance the open space.  There is plenty of space for everyone in the large living room.  A fireplace sits on the far wall, currently a wood buring fireplace but stubbed in for gas if you prefer the clean and efficient operation gas provides.  It’s easy to imagine yourself here, comfortably lounging in front of the fire after a exhilerating day on the slopes.  Laughing with your friends and telling stories about the day’s adventures as dinner is prepared.  The deck off the living room is the perfect spot to grill a couple of steaks or burgers while watching the snow fall quietly onto the treetops and the lawn below.  Occasionally another owner or guest is spotted heading down the sidewalk to the swimming pool and hot tub located in the adjacent building.  As you head back inside you smile to yourself as you realize you have found paradise.  This fantasy can now be reality.  The steady appreciation seen over the years in Summit County has stumbled.  It’s a great time to take advantage of a down market and begin to enjoy the casual pace of life Summit County so beautifully provides.

Off the spacious living room is a full bathroom and the main level bedroom.  The bedroom is large with ample closet space and a sliding glass door leading to the deck also accessed from the living room.  You have just found the perfect spot to enjoy your morning coffee in the brisk mountain air.  A spiral staircase leads from the living room up to the second bedroom and bathroom.  Creative design allows for more room than you would expect for this bedroom and large 3/4 bath.  This upstairs bedroom could become your private, master suite or if you prefer a main floor bedroom, this area could easily give your guests ample privacy whenever they visit.

The Flying Dutchman complex is conveniently located off Soda Ridge Road in Keystone.  Nestled in the trees you feel like you’re in a secluded mountain setting but you are just minutes away from the ski slopes.  National Forest is nearby as is Keystone’s golf course, Lake Dillon and a variety of other recreational opportunities.  No matter what brings you to Summit County, this affordable Keystone 2 bedroom condo is a great place to be.

Buffalo Mountain Gallery

The original painting will be framed and sold at the gala that the Music Festival puts on every year as part of their fund raising efforts.  This year the gala will be July 30th at Beaver Run Resort.

The numbers show us to be right on target so far, but my concern is not for the numbers, but for people with properties to sell. 33 of the properties sold so far are some that have been under contract for a year or two, in the large new buildings at the base of Peak Seven in Breckenridge. 26 more are under contract. They have closed at 100% of list price, so those who look at statistics are looking at numbers skewed by these closings. Deduct those out, and in actual fact, the 50% increase we have seen in sales the last two months becomes a 22% increase. The average price of a sold property in Summit County goes from $723,804 to $562,047. Sold price per square foot changes from $299 to $267 and the average amount the Seller negotiates down from list price goes from 5.4% to 6.6%. It just shows how important it is to have all the facts before looking at the statistics and judging how our market is doing.

One way I keep track of how the sales are doing is to look at how many have gone under contract in the last month, as closings usually occur four to six weeks after a contract is accepted. Properties that went under contract in June will probably close in July. As of today, July 2, 2010, 66 properties are pending that went under contract on June 1 or later. In order to match what we had this time last year, we need 79 sales this year, and to have a 30% increase we need just over 100 sales. Unless a good number of the 26 One Ski Hill Place condos close, we may have trouble increasing as much as we should to continue the upward trend. It is possible that a few contracts where there is a cash buyer might be able to close before the end of the month, but they probably wont’ be enough to make that much of a difference.

We did not see the activity in June that we thought we should have, and if talk of the economy not rebounding as quickly as expected continues, it could dampen people’s enthusiasm to buy a second home. Sellers who are aware of the true statistics will continue to be realistic in pricing and may agree to further price reductions, but those who look at the big picture without knowing the facts may think we are doing ok. The good news for Buyers is that there is a lot on the market, and if an offer is not responded to positively, you can move on to another one that perhaps, has a more motivated Seller. Additionally, interest rates are now below 5% and loans are a little easier to get. This is a Buyer’s market!

This ideal location puts you within easy access of Main Street activities that include the Barbeque Challenge, Beetlefest and Frisco’s Easter egg hunt.  When you don’t want to join the crowds, retreat just a block away to your personal sanctuary and relax in the peace and quiet you will find in your Ten Mile Creek Condo.  If you are looking for a change of scenery several buses leave from Main Street ready to take you nearly anywhere in the county.  I-70 is also nearby providing easy access to the front range, Copper Mountain, Vail and destinations beyond.  Centrally located in Summit County, the available activities branch out in every direction.  Six ski resorts, five golf courses, two lakes, thousands of miles of hiking trails, a paved recreation path and more are all within 30 minutes of this convenient condo.

 Add a versatile floor plan to the convenience of this condo in Frisco, CO and you can’t go wrong.

A ground floor entry takes you down a quick hall and into the kitchen.  The kitchen has been tastefully updated with hickory cabinets and tile flooring.  It’s an eat in kitchen so it’s large and open.  Beyond the kitchen in the living room.  An accordian wall divides the living room from the third bedroom.  Open the wall and rearrange the furniture and you have a spacious living room that will easily accomodate an army.  A gas fireplace is in the corner of the living room next to the sliding glass door.  That door takes you out onto a large patio.  Several trees give you privacy from the road and ample shade when it gets its hottest.  You’ll enjoy private barbeques and social gatherings throughout the summer months with a patio like this.  If you have a dog, the fenced patio is ideal, letting them safely get some fresh air no matter what your plans entail.  There’s also a gate conveniently letting you go in or out of the patio enclosure. 

This condo in Frisco, CO also has two additional private bedrooms, one is the master with it’s own sink and vanity.  The full bathroom is located between the bedrooms and is shared by them.  Comfortably able to sleep 8, this condo will also let those 8 people, plus more, comfortably congregate in the living area+ as well.  Why settle for a condo that dictates how you live?  Buy a condo that will change to accomodate your needs. 

Enjoy nice amenities at Ten Mile Creek Condos in Frisco, CO.

With dues of just over $400 a month, you can enjoy an indoor swimming pool and hot tub and a large clubhouse with a full kitchen.  Most utilities are included in your HOA dues.