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Thinking About Using Tax Credit Toward Buying a Home in Summit County, Colorado? Act Fast!

lbaxter — Tue, 30 Mar 2010 23:34:34 +0000

"Great home for the first time home Buyer"

If you are thinking about using the extended and expanded home buyer tax credit to purchase a home this year you better act fast. Now is the perfect time to get a great deal on a home in Summit County or surrounding areas. The tax credit can be used on homes purchased by July 1, 2010, but the homes must be under contract by April 30, 2010. The prices of Single Family homes and other types of properties (i.e. Condo’s, Duplexes, Town homes) have come back down to price points we were seeing in 2006. You have a little more than a month to locate your new home. Check out the MLS on current listings in Breckenridge, Keystone, Copper Mountain, Frisco, Silverthorne or Dillon.

What does this mean? The tax credit is for two types of buyers, first time home buyers (home buyers who have not owned a home in the past 3 years) or home owners who have lived in their home for 5 of the past 8 years and want to purchase a new primary residence.
Important aspects of the tax credit include:

Homes must be closed by July 1, 2010, under contract by April 30, 2010.
Homes must have a value of $800,000 or less and must be the buyer’s primary residence.
There are income restrictions, $125,000 for singles, $225,000 for couples.
The credit is also affected by being single or married. Married couples who file together are entitled for up to $8,000 for a first home buyer, up to $6,500 for current homeowners. Single people are entitled for up to $4,000 for a first time home buyer and $3,250 for a current homeowner.
The credit will need to be repaid if you sell your home within a time period of 36 months.

Leadville is only 30 minutes to Summit County and there is a perfect 3bd/2ba home for Sale for $230,000. The Summit Stage runs between Copper Mtn. and Leadville for $5, so you don’t have to even worry about the commute. What are you waiting for now is the time and it is running out! Contact Leah Baxter, or email leah@leahbaxter.com at ReMax in Frisco to start looking for your new home if you intend on using the tax credit.

Phone direct-970-389-6367

Should I buy a Duplex, Town home, or Condo in Summit County, Colorado

lbaxter — Thu, 05 Feb 2009 01:38:07 +0000

If you are considering a second home in Summit County, but don’t want to own a Single Family home what are your options? Well, your choices are a Condo, Duplex or Town home.

Condo is a property that shares interior hallways and sometimes has a common exterior door. The property that you own is inside your front door. The common areas (which are considered the exterior, grounds, etc.) are typically for the use of everyone and these areas are maintained by a homeowner association. The association dues are what you pay for this exterior maintenance, ( i.e. trash removal , water, sewer, grounds, exterior insurance, snow removal, and usually cable TV is included). As an added bonus, sometimes the heat and gas may also be included in the association fees. Several of the condos do have various amenities which may include a clubhouse, pool, hot tub, fitness area, tennis courts. The fees are pro-rated according to the square footage of the condo that you own. Also, the more amenities and maintenance that is required, the fees may be higher. If you don’t want to worry about anything as far as maintenance is concerned, this is probably a great option for you. Here is an example of a condo listed in Frisco.

Town home- Typically have their own exterior maintenance and there may be only 3 units attached to each other. These units usually have a garage, in most cases, and you usually do not share hallways. The association fees typically operate the same as a condo complex, however, generally speaking, the heat and gas are usually not included. These units are usually larger than condos, and typically have rooms upstairs and downstairs which makes it feel more roomy than a condo. Example of a town home listed in Frisco.

Duplex- This is the closest that you will come to a single family home. A duplex typically has some land with it (your own yard) or space. There is only one other property attached to this. In Summit County, several duplexes are attached at the garage area, so you may not even notice your neighbors. The advantage of a duplex is that they can be as large as a single family home, if not even larger. The price is usually not as high as a single family home. Most duplexes have some type of association agreement, but usually you are responsible for maintenance and upkeep of your own property including water, sewer, heat,cable etc. The fees are much lower on a duplex. This is a great option for an owner to occupy full-time or as a second home.

This is an example of a duplex listed in Frisco.

For more information on listings in Summit County check on the MLS.

Contact Leah Baxter at Leah@leahbaxter.com or 970-389-6367 for more information.

Highlights of Summit County Real Estate Sales for 2008

lbaxter — Sun, 01 Feb 2009 18:27:32 +0000

The market in Summit County, Colorado which consists of Breckenridge, Keystone, Copper Mtn., Frisco, Dillon and Silverthorne ended up pretty well last year.

The most expensive condo to sell in Summit County was $2.4 million. The Most expensive single family home sold for $5.5 million . There were 646 condominiums sold in Summit County with the lowest price of $122,500.

The lowest priced non-modular home Single family home sold for $300,000. A total of 324 Single Family homes sold in Summit County. The average Sold price was $950,000 and the Median Sold Price was $755,000. The percentage of Asking price was 95.7%.

The total number of residences sold was 1199. The average sales price was $463,000 and the percentage of asking price was 96.5%.

Please visit my website www.leahbaxter.com or simple go to the MLS and search all properties available in Summit County. Leah Baxter can be reached at 970-389-6367 for more information.