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!

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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.

Inventory levels have increased since the winter in Summit County.  The market here is becoming a little more neutral than a full on Seller’s market.  Now is a good time to buy in Summit County because of the choices.  Some properties have been on the market for more than a few months and perhaps the seller may be a little more negotiable than in prior years when there are not a lot of choice. 

Our market has never experienced a bubble like other areas in the nation.  WE have been consistently growing anywhere between 10-25% appreciation a year.  It has stabilized a little this year due to the economist portraying doom and gloom everywhere.  However, we are not experiencing a decline in prices or do we experience foreclosures here.  Generally if a property is going to foreclosure, it is usually sold or rectified before that even happens.

If you are interested in new projects that are in the planning phase, click here.The following are inventory levels in each town which include condos, duplexes, town homes and single family homes:

Frisco-current inventory 110 properties

Copper Mtn. -current inventory 61 properties

Breckenridge-current inventory 653 properties

Wildernest/Silverthorne- 214 properties

Dillon-130 properties

Keystone-142 properties.

Feel free to contact Leah at 970-389-6367 to help you with your property needs.  www.leahbaxter.com

Are you looking for a luxury parcel of land to build your ranch on?  Well, there is a new development called  The Daley Ranch in Silverthorne, Colorado.  This is a 289-acre natural sanctuary of forests, meadows, ponds, and trails.  The acreage is broken down to 35 acre parcels and sells for 2.5-3.5 million dollars. 

It is located by 4 world-class ski resorts and will have a 3200 acre lake within 31 miles.

The views are spectacular and you can see Copper MT., Keystone, the Ten-Mile Range.There will be a pasture area with Hay Meadows for feeding the horses, x-country ski trails and snowmobiling trails.  Also a Nordic Hut to warm up as well as a Ranch house and Caretakers cabin.   More amenities will emerge as the new owners partake in the decision making process.

This is a Equilibrium resort development.

If you would like more information, please contact Leah Baxter at leah@leahbaxter.com or www.leahbaxter.com.

Now is a great time to buy in Summit County .  I know the news media is portraying doom and gloom for the housing market, however, they are basing their information on major cities.  We are not a major city.  We are a resort community.  People love the mountains to relax and play.  Our economy is not based on the national economy.  People choose to come in for fun or because they want to live in the mountains.

Interest rates are low,our prices are not going down, so don’t wait, because we are not in a housing bubble.  Our market continues to be strong and the sales prices continue to rise slowly, but steady. 

Source:  National Association of Realtors via Associated press:msnbc.msn.com & data research Associates. Believed to be accurate but not guaranteed.

Contact Leah Baxter at leah@leahbaxter.com or www.leahbaxter.com for more information on purchasing in summit county.  Search the Summit County MLS  free.