It is important for both buyers and sellers of real estate to understand the importance of an appraisal. Let’s face it, the real estate market has been nothing if not erratic over the last few years and knowing exactly what a home is valued at is trickier than ever. The clear answer to value is that a home is only worth what someone is willing to pay for it, but when you are trying to finance a home the bank will only lend based on what it sees the value of the home being.

Why is it important for sellers to have an appraisal done on their property? An appraisal will let a seller know realistically what he can expect to get for his home.

IS the appraisal always right?  I don’t think so.  The second home resort market seems to be a little more difficult to compare apples to apples.  The past few years, sales have been skewed by short sales and people who may be heading into foreclosure.  If these are the only properties that have sold in a particular neighborhood, then it is hard to get a true comparable if nothing else has sold in the neighborhood.  The banks rely on appraisals, so sometimes it is important to have some backup data to substantiate a higher price if there is a dispute on the appraisal.   If the property doesn’t appraise up to the purchase price, the Buyer and Seller have two choices: one-they can either lower the price to accommodate the appraisal or  two- the Seller may choose to bring money to the table.

Foreclosures and short sales have skewed the comps in many areas, which can make placing an appropriate value difficult. However, preparation is key when trying to sell real estate in today’s market, where knowing what your local fair market value is of the essence. An appraisal helps to avoid the what-ifs and place everyone involved in the real estate transaction exactly where they need to be, in reality.

For more information about property in Summit County, Colorado serving Breckenridge, Frisco, Keystone, Copper Mountain, Silverthorne or Dillon contact Leah Baxter www.leahbaxter.com or 970-389-6367.

 Sourced from: Kinetic Content Library

If you have been considering making changes to your home you may want to remember that when it comes to home tax credits the end of the year is almost here. The past few years have included a variety of energy tax credits for the home, credits that have reduced this year compared to last year, but a credit is a credit nonetheless.

Here is a sampling of what warrants a tax credit in 2011:

• Biomass stoves
• HVAC systems
• Water heaters (non-solar)
• Roof replacement
• Insulation
• Windows, doors, and skylights
• Storm windows and doors

The above items are capped at $500, and any credits taken in previous years count against the credit. Some home improvements actually cap out at $300. The amount of credit went down significantly from 2010 to 2011, who knows what will be offered next year. In today’s economy every penny counts, and if replacing a door can offer a credit come April it may be better to replace it now than next year when a credit could be less or non-existent.

Click here to visit the Energy Star website, which can help you understand how to apply for the credit and give you a full rundown of what the amount of credit can be for each home improvement item.

 Sourced from: Kinetic Content Library

This seems to be the popular question.  Our market is staying pretty strong.  We typically only have about 3 properties on average that actually go to foreclosure at the courthouse in Breckenridge.  The properties that end up in Foreclosure usually are purchased back from the banks.

Click here for the  latest update for Summit County.

Throughout Summit County, the average sold price is approximately 5% lower than last year at this time.  The properties that are under contract is up 5% throughout Summit County, so properties are selling.  The properties that have sold year to date are up 14% from last year at this time.

All indicators are predicting the market to begin to stabilize.  Interest rates are still extremely low 3-5%.  Prices have come down, so if you are thinking about buying, it is a great time to do so.  There are some great deals, however, keep in mind that the good deals get snatched up rather quickly.  So it is best to be pre-qualified and be in the position to react rapidly if you do want the best deal.

Contact Leah Baxter at ReMax Properties of the Summit for more information 970-389-6367.

Summit County  real estate buyers are looking for lifestyle when they are choosing homes and locations. The lifestyle in Summit County is pretty relaxed.  Noone seems to be in a hurry, which is great, you can leave all your cares behind.  There is so much to do in Summit County, bike riding, hiking, fishing, dirt biking, skiing, snowboarding, nordic skiing , sailing, wine tasting, dining, etc.  You get the idea, so what are you waiting for, now is the best time in history to buy that mountain property .  As you may or may not be aware interest rates are extremely low, some under 4%.  Most people are aware of the old adage  ”would’ve,could’ve, should’ve” That time to buy is now!

Summit County Real Estate is quite different than the typical real estate market.  Did you know that 65% of Summit County properties are second homes or investment properties? Since most of these properties are mostly vacation rental properties, the owners are able to generate income to help cover their ownership costs.

Just because a property is for sale doesn’t necessarily mean the owner is desperate to sell. There are several circumstances that may motivate Sellers.  They may be wanting to take advantage of the lower prices and trade up to something bigger, they may want to cash out and move on to other things in their lives, or they may have some pressing financial issues that they need to address.

As a buyer, it’s important to take many aspects of a property into consideration before determining how much to offer. Offering an arbitrary percentage off of the asking price or some specific price per square foot is simple, but can often cause animosity with the seller and can result in an outright rejection of your offer and/or an unwillingness to negotiate with you.

Do your homework…or better yet, have a local Realtor do the homework for you. If you have a solid, fact based rationale for your offer, sellers are much more likely to enter into negotiations based on the facts. Here are some things to consider when determining your offer price:

• Look at all of the comparable sales in the neighborhood and the condition of those properties vs. the property you are considering.
• Compare and adjust for the age and style of the properties…compare apples to apples.
• How is it furnished? Is it up to date or will you have to remodel to get it to the comparable standards
• Is it the highest or lowest priced property in the neighborhood? Based on price per square foot,  is it already a great deal?
• Is it the right location for you?  Remember the old rule of “location, location, location” still holds true.
• Have there been numerous price reductions and is it now priced to sell?
• What is the county assessed value? Are you starting off with immediate gain, loss or are you breaking even?

If this is the right property for you and your family to create many memories in, whether full-time or part-time, then make an offer. Overall today’s home buyer wants to find a home in a location where he can feel a part of the community and take advantage of all that a community has to offer.

The highs and lows of the economy have many people revisiting their priorities. Family and quality of life is skyrocketing to the top of most people’s lists. What is important to you? If you are a homebuyer, this is a great time to sit down and capture your priorities. Sharing your list with a local Realtor can help assure that the homes you look at meet or exceed your criteria.

Sellers of real estate can grab onto the fact that homebuyers are looking for lifestyle and promote those aspects of what their homes have to offer. Emphasizing the lifestyle aspect of your neighborhood and all that it has to offer can open a buyer’s eyes to your unique community.

Click here to read “Homebuyers Make Lifestyle Options Priority” from Realty Times.

Sourced from: Kinetic Content Library

Leah Baxter, Realtor at ReMax Properties of the Summit

Frisco, Co

970-389-6367

leah@leahbaxter.com

www.leahbaxter.com

We used to own a property at Foxpine Inn, and loved it!  It is so convenient and great for families with little ones, because the husband and wife can actually take turns skiing without the inconvenience of waiting in the lodge. Copper Mountain is a great ski area and doesn’t get as crowded as a lot of other ski areas.  It is easy to get to right from I-70 .

If you know anyone that might be interested in this condo, the Seller wants it sold!

For more information on this condo or other properties in Summit County, please contact Leah Baxter at 970-389-6367 or email leah@leahbaxter.com.

www.leahbaxter.com

Do you realize how expensive it is to rent in Summit County Colorado? For example, while searching in the Summit County Daily Classifieds for rentals, Frisco‘s average price for a 2bd/1ba condo rents between $1300 to over $2000 a month and typically does not include utilities.  Also, that little four legged friend you love can’t go with you, either.  What does someone do in this situation?  They end up sharing a space with roommates and other pets.  This may be acceptable for a short time, but eventually if you are planning on staying up here for a minimum of 5 years, it would be wise to acquire your own property.

The problem is coming up with the cash for the down payment.  If you get creative, start saving now, or if you have other investments that are just stagnant, maybe you could cash those in for your down payment. Buying a property vs. renting enables you to build equity for your future and have a tax write off.  When you rent, there aren’t any financial benefits to you for your future.

I have met several people who are long term locals that live in Summit county and spend anywhere between $400-$1000 in rent.  I think the biggest fear is the commitment to have a mortgage, they fear of losing their property, but guess what, you have to have a place to live.  Wouldn’t it make sense to own something and have someone pay you to share half the expenses?

If you are a person who travels to Summit County, Breckenridge, Frisco, Keystone, Copper on a regular basis and rent every year, just think what it would take to buy a property and rent it out when you are not using it.  There seems to be several people who look for seasonal rentals every year, this can be quite a profitable business for those who own property.  You not only have a place to stay when you want it, but there are people looking for that place to rent from you.  Wouldn’t it be a better investment to own your own place and be the one in control of renting it, than vice verse?

If you are considering buying at all for investment, recreational use, or a place to live on a full time basis, this is the best time in years to buy that property. Interest rates are low, Sellers are more flexible on their position of selling, and there is a lot of inventory.  Why risk it in the stock market , Summit County is still a strong investment for the future.

For more information on investment properties or an option to buy as opposed to renting please contact Leah Baxter at ReMax Properties of the Summit, 970-389-6367. www.leahbaxter.com or email  leah@leahbaxter.com.

Ski Season will soon be among us.  The slopes are calling out to us.  Have you envisioned what it might be like to own the most luxurious ski-in/ski-out home in Breckenridge?

You don’t have to wait any longer.  This 9536 square foot home features 7 bedrooms, 8.5 baths, 5 fireplaces, ski room, theater room and an elevator. The home is fully furnished with only the most exquisite furnishings.  The property is located in one of the most desirable neighborhoods in Breckenridge  Timber Trail Estates at the end of a cul-du-sac.  The 4′oclock ski run is your backyard.

Other than a ski-in/ski-out home other benefits include use of  all of the amenities at One Ski Hill Place, ( bowling alley, spa, fitness room, swimming pool, etc.). Enjoy the amazing views from every window throughout the home.  If you are looking for that fabulous ski home to accomodate a large group of people, this is the place for you.  This home will accomodate up to 24 people. The bedrooms include three master suites with fireplaces in each room, two junior suites and two large bunk rooms.

There is a fabulous recreation room for entertaining which includes a beautiful bar with Juparana Victoria granite.  If you are a wine connoisseur, you will enjoy the fabulous geothermal wine cellar which features mahogany wood and vintage metal racks.  If you are up for a game of pool, there is a special billiard room to enjoy playing a round of pool.  When you are ready to relax, just walk out to your fire pit or hot tub with your glass of wine. Also, don’t forget about the awesome theater room that features 8 leather recliner lounge chairs to view your favorite movies or sporting events on the 110″ projection screen with 7 point surround sound.

You will enjoy cooking in the fantastic gourmet kitchen which includes a butler’s panty. The kitchen features a 48″ dual fuel Wolf range, wall mounted oven, warming drawer and microwave.  Also, there are two double drawer Bosch Dishwashers.

The floors throughout the home are Teak floors with mahogany trim and each room has In-floor radiant heat with individual thermostats.

There are so many features to mention, you must come and see this 2009 Parade of homes winner.  If you would like , come

457 Timber Trail Estates

by on Sunday, September 4, for an Open House, 1-5pm.  From Main St. in Breckenridge, turn right on  Ski Hill Rd and turn left on 4-clock run and follow the signs to Timber Trail.  Hope to see you then.  Check out the virtual tour www.tourbuzz.net/14777. For more information contact Leah Baxter, 970-389-6367.

Leah Baxter,

GRI, CRS.

leah@leahbaxter.com

Associate Broker

ReMax Properties of the Summit in Frisco.

970-389-6367

If you a fan of Copper Mountain., and would like to take advantage of the new beautiful homes that are built right next to the mountain, Lewis Ranch is the place for you.  It is a private small gated community with  19 high end custom homes.  It is actually quite reasonable compared to Vail.  For example, a 7 bed/8 bath home near the ski slopes in Vail will  cost you  $11,900.00 and that is not new construction.  Currently, there is a 7 bed/8 bath home, 5742 square feet available at Lewis Ranch right on the ski slope for $3,495,000.  This is a contemporary designed home that has amazing natural light.  For a virtual tour click on the link above.

Currently at Lewis Ranch,  13 luxury homes and duplexes are on the market.  The duplexes start at $1,590,000 , the duplex that is currently listed at this price is a 4 bed/4 bath 3,336 square foot custom built home, and of course, right on the slopes.  So if you are looking for a private secluded exclusive community, Lewis Ranch is it!  For more information on these properties or any other properties in Summit County, contact Leah Baxter 970-389-6367.

The latest statistics are in from the U.S. Census 2010.  I was always under the impression that Breckenridge had the largest population in Summit County. The truth is Silverthorne has 3870 people vs 3340 people in Breckenridge. In spite of these statistcs, Breckenridge has experienced a 38% increase in population from 2,408 to 3,340 people.

The housing units have increased from 4270 to 5565 .  The median value of the homes have increased from $580,000 to $676,000

Second homeowners account for owning 75% of the homes in Breckenridge, which holds true from 2000.

Prices are holding strong and reflect 2005-2006 price points.  So, if you are thinking of a home for yourself or as an investment, this is a fantastic time to buy! Interest rates are low, seller’s are motivated and there are some excellent values, especially in the high end market. For any questions or help in finding an investment property contact Leah Baxter 970-389-6367 or email leah@leahbaxter.com

Did you know that according to the latest 2010 Census Bureau statistics, the population in Frisco is currently 2612. The population in Summit County is currently 27,239. The towns that comprise Summit County, Colorado consist of Breckenridge, Dillon, Keystone, Silverthorne, Copper Mountain .
There are approximately 3023 housing units, which include single family, duplex’s, town-homes, condos, and mobile homes. Out of the 3023 properties, only 972 are occupied, which means that 68% of our properties are not owner occupied. A majority of the these homes are owned by Second homeowners from all over the country.

The median household income for Frisco is $78,512, (the US is $62,363). One may think that property values are moderate, however, it is quite the contrary. The median value of a home in Frisco is $504,200 compared to the median value of a home in the U.S., which is $185, 400.
Our home values are 2.7 times higher than the national median value of a home.
The good news is our property values have not dropped. They have increased over the past 10 years and are remaining stable right now. For example, the median price of a home in Frisco in 2000 was $298,800. In a span of 10 years that is over a $200,000 gain. Have your stocks and other investments produced that? Now is a great time to buy, interest rates are low, prices have come down to 2005-2006 price points, and a lot of Seller’s are motivated! The following statistics are taken from the actual data of the Census Bureau 2010

OCCUPIED HOUSING UNIT CHARACTERISTICS: In 2005-2009, Frisco town had 970 occupied housing units – 610 (63 percent) owner occupied and 360 (37 percent) renter occupied. One percent of the households did not have telephone service and less than 0.5 percent of the households did not have access to a car, truck, or van for private use. Multi Vehicle households were not rare. Fifty-seven percent had two vehicles and another 22 percent had three or more.
HOUSING CHARACTERISTICS: In 2005-2009, Frisco town had a total of 3,000 housing units, 68 percent of which were second homeowners. Of the total housing units, 42 percent was in single-unit structures, 57 percent was in multi-unit structures, and 1 percent was mobile homes. Forty percent of the housing units were built since 1990.

The Types of Housing Units in Frisco town, Colorado in 2005-2009
Single-unit structures 42%
In multi-unit structures 57%
Mobile homes 1%
OCCUPIED HOUSING UNIT CHARACTERISTICS: In 2005-2009, Frisco town had 970 occupied housing units – 610 (63 percent) owner occupied and 360 (37 percent) renter occupied. One percent of the households did not have telephone service and less than 0.5 percent of the households did not have access to a car, truck, or van for private use. Multi Vehicle households were not rare. Fifty-seven percent had two vehicles and another 22 percent had three or more.

HOUSING COSTS: The median monthly housing costs for mortgaged owners was $1,777, nonmortgaged owners $550, and renters $1,361. Thirty-seven percent of owners with mortgages, less than 0.5 percent of owners without mortgages, and 35 percent of renters in Frisco town spent 30 percent or more of household income on housing.

Occupants with a Housing Cost Burden in Frisco town, Colorado in 2005-2009
Owners with mortgage 37%
Owners without mortgage 0%
Renters 35%

Percent paying 30 percent or more of income for housing
Source: American Community Survey, 2005-2009

COSTS: The median monthly housing costs for mortgaged owners was $1,777, nonmortgaged owners $550, and renters $1,361. Thirty-seven percent of owners with mortgages, less than 0.5 percent of owners without mortgages, and 35 percent of renters in Frisco town spent 30 percent or more of household income on housing.

Occupants with a Housing Cost Burden in Frisco town, Colorado in 2005-2009
Owners with mortgage 37%
Owners without mortgage 0%
Renters 35%

Percent paying 30 percent or more of income for housing
Source: American Community Survey, 2005-2009