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.

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

The Snow has arrived in Summit County, Colorado. A-Basin opened two days ago and received 22″ of snow and Loveland opened the day before. Copper Mountain and Keystone are slated to open on November 5, Breckenridge is scheduled to open November 12, and Vail is scheduled to open November 19, 2010. According to the Farmer’s Almanac it is going to be a great year for Snow sports in the high country!
So, are you tired of driving on I-70 in the traffic to go skiing? Interest rates are at an all-time low and Seller’s are ready to sell. If you have been waiting to buy that dream property in the mountains, now is the time! To look at properties available just click on my MLS and you can search for any type of property in Breckenridge, Keystone, Copper, Frisco, Silverthorne or Dillon. Give me a call 970-389-6367. Hope to see you on the slopes!

buzz.com/files/2010/05/owning-Property-in-Summit-County-e1274142814592.jpg”>

BRECKENRIDGE- The average price of a SF home sold  in Breckenridge was $1.34 million, price per sq. ft. was $327sq ft.  The avg. Sales price for a duplex was $956k  or $325 per sq. ft.. The avg. price of a condo sold was $576k  or $431 per sq. ft.   The avg. price of a Town home was $300k or $409 per sq ft. 

COPPER MOUNTAIN- The average price of  a SF home sold  was $1.5 million or $276 per sq. ft.   The average price of a condo was $504k or $365 per sq. ft. 

FRISCO- The average price of a SF home was $929k or $273 per sq. ft.  The average price of a Duplex was $769k or $248 per sq. ft. The average price of a condo was $448k or $289 a sq. ft.  The average price of a Town home was $1 million or $471 a sq. ft.

KEYSTONE- The average price of  SF home sold was $1.5 million or $352 per sq. ft. The average price for a condo was $500k or $346 per sq. ft.  The avg. price of a Townhome was $1.29 million or $268 per sq. ft. 

SILVERTHORNE/DILLON- The average price of a Single family home sold for $967k or $252 per sq. ft. The average price for a duplex was $638k  or $229 per sq. ft.  The average price of a condo was $332k or $289 per sq. ft.  The average price of a townhouse was $527k or $241 per sq. ft. 
The change of the average sales price from 09 vs 08 are as follows: Breckenridge was -3.2% , Frisco was -5.3%, Copper MT. was +2.8% , Keystone was +5.0% Dillon was -5.1%, Silverthorne and Wildernest were +0.5%.
These statistics were obtained from SAR’s MLS Database.  This information is believed to be accurate, but has not been verified.  Buyers and Sellers are cautioned to verify all information to their own satisfaction. 

If you would like a free Comparable Market Analysis of your property, please email me at leah@leahbaxter.com or call 970-389-6367.

Bad weather and holiday crowds created the perfect storm of awful traffic Sunday. Here, cars try to merge onto a packed I-70 in Silverthorne. Special to the Summit Daily/Thomas Zieba

Winter has officially arrived in Summit County Colorado this past Saturday and Sunday.   It turned out to be quite the adventure on I-70, especially on Sunday, the end of a Holiday weekend.

I don’t understand why people don’t plan on spending the night on Sunday or leave a day earlier, or plan to come a day earlier.  Why not take that extra vacation day and save your sanity and be safe?  Why not plan to leave on Monday morning early?  I realize people have to work on Monday or go to school, but it is only an hour drive to the West side of Denver when there is no traffic or weather.  Combine traffic, weather, and a Holiday and it spells wasted time on I-70.  Now you are talking a 5-7 hour drive to get back to Denver.    Even if it doesn’t snow, just plan on spending the night or leave at 8am on Sunday.    A regular commute back to Denver on a  Sunday night could take you 2-4 hours without any weather related problems or a Holiday. The reason traffic is so congested is that everyone leaves the various ski areas at the same time, Vail, Breckenridge, Keystone, Copper Mtn. Loveland, Winter Park.  All of these ski areas funnel into I-70.

I-70 did end up closing until 10pm on Sunday night and several of the stranded motorist ended up camping out at the Silverthorne Rec center, which seems to be acting as a Holiday Inn more times that it should. 

 We had quite a winter last year, and even though it seems to be clear in Denver, it is another story in the mountains once the weather moves in.  Combine that with people that have front-wheel drive cars or who have never driven in snow and you end up with multiple accidents.  I don’t know about you, but I sure don’t like to end up in traffic for hours on end after a wonderful weekend in the mountains. 

 I did end up driving to Denver on Monday morning for some appointments and it only took me 1 hr 30 min. This was with snow packed roads and some traffic . So what is the solution?  Why not purchase that mountain condo as an investment, or a rental and a place your family can enjoy.  It will be a better investment than the stock market.  Our prices are stable right now.  Rest assured you won’t be one of the thousands of stranded motorist on I-70. 

 The interest rates are below 6% now.  Why not enjoy life, come to the mountains and have fun, and relax!  Check out my website www.leahbaxter.com or call me 970-389-6367.

Keystone Mountain will be kicking off their concert series beginning on November 22.  Here is the official line-up for November 22. Clap Your Hands Say Yeah

4-6p Official Pre-Party with KSMT at the Wolf Rock Brewing CO
6-8p Live DJ and Giveaways on the Main Stage in Hunky Dori Lot
6-9p Sponsor Village Open
8pm Free Concert with Clap Your Hands Say Yeah

Do you dream about having your own special place at the ski area, but don’t think you can afford it?  Well there are some options out there for you to consider :

For example there is a great studio at a complex right at the outskirts of River Run listed at $189,900.  Ski slope views from nicely furnished condo that sleeps 4.  This is a great complex with a pool, hot tub, elevators and excercise room.  There is even an Aveda spa in the complex.  So what are you waiting for?  Give Leah Baxter a call today 970-389-6367 or email me at leah@leahbaxter.com. 

Also, there are several 1/4 shares available. If you want to be situated right in River Run, there is an adorable one bedroom condo available for $89,000 (1/4 share). 

Even though the rest of the country seems to be in Foreclosure mode, it is not true in the resort areas.  Everyone wants a deal, but noone wants to pay market value right now.  So what is the solution? 

Have you considered a quarter share or a 1/10 of a share.  This is not a time share, you actually own a deeded share  buyers experience all the joys and rewards of owning a second home property but at a fraction of the normal cost and with few of the normal concerns.

For example you could own a 1 bedroom condo 1/4 share in River Run for $89,000.  This will give you the use of it it for 1 week a month.  For more information on quarter shares, 1/10 shares please call Leah Baxter at 970-389-6367 or leah@leahbaxter.com.  Feel free to see current listings at www.leahbaxter.com.

The new gondola is scheduled to open on November 7, just around the corner. This gondola runs from the River Run base area and it is supposed to double the uphill capacity, which is quite impressive, since it seemed to get people up the mountain rather quickly before.

Some of the future plans for Keystone are adding a new lift from the Ski Tip area up to the east side of the mountain. There are currently cat-skiing operations in the Bergmann and Independence Bowls and this is going to be replaced with some new lifts. I’m not sure if that is a good thing, for the powder adventurist.

The Wayback chair is scheduled to be replaced and new trails are going to be formed on the front side, North Peak and the Outback.

Keystone is a great family friendly mountain as well as some extreme skiing in the outback areas. It is scheduled to open on November 7, weather permitting. We are expecting a snowstorm today!  The  Market snapshot will give you information on current market trends, current up to the date MLS listings in Summit County, including Keystone, Breckenridge, Copper, Dillon, Silverthorne and Frisco . Call Leah at 970-389-6367 or visit my website leahbaxter.com.