Archives for October 2014

The State of the Market Still Improving… Despite Everything They Can Throw At It


The State of the Market is improving but still weak.  Just like after a prolonged illness; it takes time to regain your strength, and the Summit County real estate market is slowly getting stronger.  Very slowly.
Average price has been stuck in a narrow range between $450,000 and $500,000 since 2011. So far this year the average is just 5 percent above that of 2011.  Prices are going sideways.
It is hard to tell how much better sales would be this year if there were a normal inventory but the lack of property for sale must certainly be keeping a lid on volume.sold thru 3 qtrs web
It is encouraging that properly priced properties continue to sell in weeks or days and for prices that are at least slightly higher than the last sales.  But if there were a normal demand for an inventory this low, prices would be increasing a lot faster.
Through the first 3 Quarters of this year, nearly 1300 properties have sold, the highest number since 2007 when just under 2000 sold.
By contrast, two years later in 2009, only 678 had sold by the end of the 3rd Quarter.  1300 looks great compared to that…. [Read More]

We’ve Got Two Offers! OK…What do we do now??

In our current inventory deprived market, property is coming on the market one at a time and there are buyers waiting for the next one to appear.
A couple of hundred Realtors have created searches to automatically notify buyers when a new listing appears.  That’s why it’s not unusual to have an offer on a property in only a couple of days, often sight unseen by the buyer.
So the chance of having multiple offers is once again very good.  
As a seller receiving two offers or a buyer who made one of them, what are your rights and responsibilities?
The first thing all parties need to know is that it’s no longer a negotiation, it’s an auction.  offers web
Buyers: your broker should be aware that there is another offer unless the seller has told his broker not to reveal that information.  That rarely happens and there is really no good reason to keep multiple offers secret.  Transparency and disclosure is the best policy.  But the choice is the seller’s to make… in writing.
So as one of multiple buyers, you need to quickly decide how much you want this specific property.  If the answer is “a lot” your only real option is to immediately make the cleanest full price offer you can.  You probably won’t know if the other offer is clean and for cash or has contingencies for a loan or sale of another property, if it’s close to full price or way low.
If you’ve been waiting for a specific neighborhood and maybe have lost out on other properties, it’s time to do what it takes to get the property you want.  Or if it’s just too expensive and you aren’t that excited about buying anyway, it’s time to change your priorities…. [Read More]

How to Choose Your Summit County Location

One of the first questions I ask buyers before we go to see any property is where do you want to be in Summit County?  Often, they don’t know and their answers begin with “well, we like to…” (fill in the blank) ski, bike, hike, snowshoe, shop, look at views, have a clubhouse, and so on.
So what attracts people to different areas of the County?  
Some skiers like the convenience of walking to the lifts and being right in the heart of the ski village experience. Of course Keystone, Breckenridge, and Copper Mtn. make that easy, but not inexpensive. Moreover, if you are at the lifts, you are as far away from the other three ski areas as you can get in the county.  The summer and in-between season activity can be slow at Keystone and Copper.  Breckenridge, being a real town as well as being next to the lift combines a lot of attractions and prices reflect that by generally being the highest in the County.location
Other skiers like to be centrally located and all four Summit County ski areas are about the same distance from Wildernest, Frisco and Dillon.  Being in town in Dillon or Frisco gives non-skiers the convenience of walking to shops, restaurants and the post office and the feel of a real village, not a constructed one…. [Read More]

Land Is Still The Overlooked Bargain

Land sales continue to be few and far between.  Recently sales of vacant land have improved slightly, but the situation remains as it has been since 2009.  The only buyers are those paying cash, the only builders are those building with cash, and there is a ton of inventory on the market.
At the end of the 3rd Quarter, there were 373 lots for sale in Summit County.  32 were under contract and 91 had sold in 2014.
Even though nearly as many lots had sold in the first nine months of 2014 than in all of 2013, there was a four year supply of land for sale.… [Read More]

Rumor, Gossip… and Innuendo!

radioAfter decades of neglect, suddenly the State and CDOT have decided to fix all the roads at the same time… and started in September.  I70 is pretty much a one-lane affair from the Eisenhower Tunnel to the Twin Tunnels and if this keeps up there may be no lanes open at all at some point.  Maybe that would be better…

This has been the longest, most colorful and warmest autumn anyone can remember.  For the past several drought years the leaves would turn colors and fall off in a matter of days.  In late October there are still trees with green leaves in a few places.  It’s nice to have a normal fall, makes winter seem a little more reasonable.

Where’s Kim Jong Un???… Reliable sources report he’s been seen working at Lowes in Silverthorne on the swing shift re-stock crew.  Good news for North Korea, bad news for some local who’s job he took.

The annual Silverthorne Pumpkin Fest coincided with the first snowfall in the valley… so obviously making snowmen was more  interesting than pumpkins and munchkin snowball fights broke out all over.  Oh well… whatever keeps them occupied and off my lawn.

And finally… the Lake Dillon Theater Company, the Town of Dillon and the Town of Frisco once again brought tons of great music to the Dillon Amphitheater and Frisco Town Park every week through the summer.  It’s amazing the kind of shows they bring and all for free.  Nice work, guys.

The Final Word

Earlier this year I asked the question in my newsletter: “Is this it?  Are prices finally going up?”  
Well, not so much as I thought then, but in our fourth year after hitting bottom, the market has stabilized.  
Summit County has achieved a certain economic balance: not too hot, not too cold.  
This will change, but for now, it’s nice to not deal with the stress and drama of the past ten years or so.  
This is shaping up to be a good year and how bad is that?  The excitement will return soon enough.  
For now, enjoy the break.

Chuck Leathers, CRS

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