Summit County Real Estate Blog

Sales Comparions in Detail 2008 vrs 2007 3rd Quarter YTD

If you are thinking of getting involved in Summit County real estate (Breckenridge, Frisco, Copper, Keystone, Silverthorne, Dillon) now may be a much better time than waiting until as activity is picking up. The inventory is good and not nearly at record levels we have seen in the past allowing a buyer the abilitiy to pick the property they really want - without worrying too much that someone will buy it out from under them while they consider purchasing. Although I am starting to see that happen now on select properties.

And, here is a graph of what could happen based upon current stats, historic stats and historic trends in our future market - have a look here. 

Questions. Need more detail. Have a referral. Contact Jeff via email at Mail@JeffAngell.com.

Thank you,

Jeff Angell
Broker/Owner
RE/MAX Properties of the Summit/Frisco
*All data obtained from SAR Data. **The information in this publication was derived from sources believed to be accurate, but has not been verified. ***Future Projections that are based upon historic trends that provide a possibility for future real estate sales volume for sold properties in Summit County. Please, keep in mind that we cannot predict the future and that this representation is only an example of one possibility.

P.S. Oh, by the way…don’t forget to refer anyone you know that may be interested in buying or selling real estate in my area to me. I like to work with referred clients and I am never too busy to take care of your referrals.

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Making the news yet again in Summit County (recently in the Summit Daily News based out of Frisco, Colorado) is the potential Peak 6 expansion at the Breckenridge Ski Resort which may benefit the new base area businesses as well as condominiums located on Peak 7. Certainly some owners of homes and townhomes and other mountain real estate in the Peak 7 subdivision may enjoy the added ski terrain close to their Summit County Property as well. Yet many other property owners, locals and prospective purchasers of real estate through Breckenridge, even Frisco Co and the rest of Summit County are concerned about various social issues as well as the effect upon the local wildlife.

Currently the Peak 6 area is popular for backcountry skiers as it is easy to get to from either Breckenridge or Frisco for locals and is in a relatively gentle terrain area – very suitable for Summit County locals to enjoy the backcountry. The type of terrain coupled with its close proximity to the base area on Peak 7 and the newer mountain real estate development consisting of upscale condominiums could be one of the driving forces for the decision to expand into Peak 6. Although others may enjoy the new terrain due to it being close by and easy to access such as those with property and homes on Peak 8 in Breckenridge.

Even down valley in Frisco Colorado there are those that are very interested in the outcome of the Peak 6 expansion due to their usage of that area and their close proximity from their Frisco Homes and condos to Breckenridge. In fact, there is now a task force in place to meet and discuss the social and environmental issues of concern to Summit County citizens; even those as far away from Breckenridge as Frisco locals and Dillon town members too.

These plans are nothing new and have been in the works for some time and only recently have been brought up in detail. In fact, in 2002 the Peak 6 area was already allocated to become a lift-served resort for skiing! It is just now that the local population in Summit County (Breckenridge, Frisco, Dillon and the rest) have become more interested due to a higher interest to expand into the Peak 6 area to help offer amenities to the new real estate base area on Peak 7.

Some of the plans for the expansion include a new lift as well as hike to skiing, a ski patrol hut and a base area warming hut/restaurant. All on Peak 6 and all encompassing about 450 acres that will contain about 6 trails with around 67 acres of clear cut below timberline to create the new trails with much of the expert skiing and hike to skiing being above timberline.

No matter what your interest are or questions are, we can help. I have been enjoying all the Summit County area has to offer for over 20 years now and active in local mountain real estate for over 14 of those 20 years - feel free to put my experience and knowledge to work for you. When you need anything I am a quick email away at Mail@JeffAngell.com or use our online contact form.

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From just about any home in Summit County or any Frisco Condo or practically any mountain real estate one cannot avoid noticing all the vast swaths of auburn/rust color spreading as far as the eye can see. Even from the shores of Lake Dillon, looking towards Frisco Colorado and taking in the hills that lead up to Peak One and then from Frisco all the way up the Ten Mile range itself the rust colored and now dead lodgepole pine trees are ever more obvious.

For those locals that live in their Frisco home or their Dillon Condo along the lake this view has become commonplace and goes virtually unnoticed today as it is now a very real part of our mountain vistas. For most of the locals and people that visit Summit County or have recently purchase real estate here often they have adapted and are no longer astonished when gazing out of their Frisco property or other Colorado Mountain Real Estate in Summit County – often it takes comparing an old photo of, say, Peak One towering over the Town of Frisco from the other side of the Lake in Dillon and comparing it to what the view is today. A few years ago that view was full of live green lodgepole pine trees and today, well it is something completely different.

Visitors that seldom make it to the mountains see the pine beetle kill as something all together different. It is the first thing that catches their eye and they are astonished as they gaze upon all the brown, rust and dried brittle looking dead lodgepole pine trees throughout Summit County.  It is hard to believe that this pine beetle epidemic could spread so fast and cover such a vast area of the Rocky Mountains. Originally it was thought that a deeply cold winter would stop the onslaught, but we just haven’t seen brutally cold winters where the temperatures sunk to negative 30 and stayed. Overall we have been relatively warmer over the winter in Frisco, Colorado.

One only needs to take hike up from Dillon on the Tenderfoot trail or up from Silverthorne on Ptarmigan Mountain to take advantage of the tremendous views towards Frisco, Colorado and Breckenridge. And while taking in those Summit County vistas one can clearly see the beetle kill. You can also see recent clear cut areas with young pines that have not been damaged by the beetle as they shine with a bright green!

On the other hand this is nothing new as in the 1980’s there was a pine beetle outbreak in Summit County and close to Breckenridge, Colorado. The only difference is that back then it was colder and a few severe winters with deep freezes took care of the pine beetle’s outbreak.  Besides warmer weather other things have contributed to this recent epidemic; such as most of the trees being around the same age due to massive logging and clear cutting in the late 1800’s and early 1900’s: creating vast stands of lodgepole pines of the same type and same age. Couple that with a century of fire suppression in our national forest and you have an older population of trees nearing their normal life cycle end that are very susceptible to the pine beetle.

What the future holds for the pine beetle remains to be seen. But, currently we are hearing that the spreading is continuing and even moving from these specific lodgepole pines to other trees throughout the state. Some are using the beetle kill pine to create art, building materials and even furniture. For example in my office on Frisco’s main street we had a custom desk made entirely from local beetle kill pine.

No matter what your interest are or questions are, we can help. I have been enjoying all the Summit County area has to offer for over 20 years now and active in local mountain real estate for over 14 of those 20 years - feel free to put my experience and knowledge to work for you. When you need anything I am a quick email away at Mail@JeffAngell.com or use our online contact form.

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Change. Today we have witnessed a dramatic decline in the number of properties selling throughout the county as well as sharp increase in the number of available properties to purchase. And at the same time the average sold price keeps going up and the number of days it takes to sell is going down – mostly anyway!

Through the end of August there were 790 residential sales in Summit County (not including land or partial ownership); which is about 43% less than what we had in 2007 (In 2007 we had 1384). The average sale price for the 1384 properties that sold last year was $539,779 and this year’s 790 properties came in at $587,061!

Analyzing in a little more detail and comparing each town’s sales and average prices of the sold properties this year through August as compared to last year coupled with the number of properties over 1mil that sold during that timeframe shows more interesting information. You will find this information on the below - I hope you enjoy it.

If you are thinking of getting involved, or have a referral to send our way, in Summit County real estate (Breckenridge, Frisco, Copper, Keystone, Silverthorne, Dillon) now may be a much better time than waiting until later this year as activity is picking up.

No matter what your interest are or questions are, we can help. I have been enjoying all the Summit County area has to offer for over 20 years now and active in local mountain real estate for over 14 of those 20 years - feel free to put my experience and knowledge to work for you. When you need anything I am a quick email away at Mail@JeffAngell.com or use our online contact form.

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Hope your winter is going well…we are having some of the best skiing we have had in years. The snow is terrific!

After putting together more statistics, I found it very interesting looking back over our ‘real estate’ sales shoulder at what has been happening in our market over the past five years. Here are some interesting tidbits….

If one would of purchased an average priced property in Summit County in 2003 they would of realized an average gain of $198,495! By town that average gain would look like this: Breckenridge - $272,639, Frisco - $215,356, Silverthorne - $179,915, Dillon - $85,644, Copper $124,640 and Keystone $146,668.

In Summit County that comes to an average of $40,000 a year for five years one gained simply by owning an average property in Summit County that five years period. That is more than most people make in a year and has been gained or reaped simply by taking on the risk of ownership in our little neck of the woods.

You will find the above as well as much more detail in the statistics online at www.ColoradoMtnRealEstate.com .  Let me know if I can do anything further for you at this point in time. And be sure to contact me when you are ready to buy or sell in this area, or if you know someone who is…

Have a wonderful day.

Jeff Angell
Broker/Owner
RE/MAX Properties of the Summit/Frisco

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The number of days it takes to sell a piece of real estate in Summit County has decreased and the average sale price has increased!

The highest average days to sell decrease occurred in Copper Mountain where the average number of days went down 42% while the highest sale price increase occurred in Silverthorne at 11.84%. There are two exceptions to this though, in Breckenridge it now takes 14% longer to sell and in Frisco the average sold price is actually down 8.59% through June 15^th. To View the stats online click here.

The number of properties closed did decrease a substantial percent - 37% for all of Summit County. Within the various MLS areas Dillon & Copper Mountain tie for the lead with a 50% decrease with Frisco coming in second with a 40% decrease and Keystone third with a 36% decrease. The numbers above are all based upon closings that occurred Jan 1 - June 15 08 vrs 07.

Speaking of sales, where are all the sales YTD through 6/20/08.

Eighty percent of the sales in Frisco, Keystone, Copper Mountain, Silverthorne are generally under $750,000. While in Breckenridge 80% of the sales are below $1,000,000 and in Dillon 80% of the sales are below $500,000. To view these stats online click here.

How does that same 80% sold level compare with what is currently on the market?

Interesting to note that in each area the 80% on the market approximately pushes the price level up as follows: Frisco, Silverthorne and Copper Mountain have 80% of their active listings priced under $1,000,000 while Dillon’s are priced under $750,000 and Breckenridge and Keystone have 80% of their listings priced under $1,500,000.

If we now look at the number of properties on the market compared to what has closed through 6/20/2008 and then speculating that we have around 2/3’s of the year’s sales left to go during the summer and fall (our busiest time of year) we come across some more interesting numbers.

Frisco had 52 sales with 117 currently on the market and using that 1/3 - 2/3 method shows that Frisco will have 104 more closings yet this year - which pretty much uses up the current supply of listings. In other words, we (Frisco) have just enough listings to get us through the rest of the year - it looks like we need more listings! What are the other areas like? Frisco, Silverthorne and Dillon are all in the same boat with practically the exact same ratio as Frisco and Keystone doesn’t have enough to make it through the year! Breckenridge and Copper Mountain are looking at a substantial surplus of listings for sale with about 50% extra.

Of course all these are simply numbers. Facts for what has happened and good basis for predicting what may happen in the future - but, a prediction none the less. Overall the numbers simply say that the sales are there, the market is there and all in all our real estate summer sales season is looking very strong.

Remember to view the June 23rd Stats Click Here and to view the June 15th Stats Click Here.

Enjoy your summer and if you are thinking of getting involved in Summit County real estate (Breckenridge, Frisco, Copper, Keystone, Silverthorne, Dillon) now may be a much better time than waiting until later this year.

Questions. Need more detail. Have a referral. Contact Jeff via email at Mail@JeffAngell.com. And if you like you can read this article on line at http://www.coloradomtnrealestate.com/artman/publish/summit-county-stats-june08.html .

Thank you,

Interested in more resort information or statistics? Want to know a little more detail or something specific…simply contact The Angells and we will provide you with the information you desire on Summit County: Breckenridge, Frisco, Keystone, Copper Mountain, Dillon and Silverthorne.

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I just started putting some other stats together and it looks like the average Summit County Single Family Home sales price in 2007 was $927,315; which is a 17% increase over 2006! Condominiums for Summit County averaged $384,831 for a 31% increase over 2006!

I’ll get more detailed information out later in January. Of course, if you want something specific right now, just send me an email with your request.

Happy 2008 and have a great rest of the day.

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Convenience is what home buyers want.

The majority of home buyers polled agreed that one stop shopping would make the home buying process easier and that same group also agreed that they would consider using one stop shopping when purchasing a home. In fact, a lot of home buyers don’t know that some real estate companies offer various forms of one stop shopping such as home mortgage services. The same home buyers agreed that when they learned the option was available they wanted to utilize the service (from a recent survey conducted in 2008 by the National Association of Realtors).

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First Resort Lending, a local lender with in depth knowledge of loans and lending in Summit County coupled with one-on-one service provides the buyer with a very unique lending opportunity. Offering lending options, refinancing and stellar service in all of Summit County and the surrounding areas including Breckenridge, Frisco, Copper Mountain, Keystone, Dillon and Silverthorne.

First Resort Lending is a joint venture between Firstbank of Colorado (Colorado’s largest locally owned banking organization) and RE/MAX Properties of the Summit (Summit County’s leading real estate firm). Firstbank has been providing full service banking for over 40 years and RE/MAX Properties of the Summit just celebrated their 20th anniversary in the spring of 2007!

This is a fantastic opportunity to provide a better service and true “One Stop Shopping” and who better to do that than RE/MAX (us) and First Bank: both extremely respected service oriented companies with above board business philosophies that have grown along with the community over the past 20 years! In fact, both RE/MAX and First Bank have had their positive presence in Summit County for about the same amount of time - since the 80’s.

With the backing of Firstbank in Colorado, First Resort Lending is capable of offering a variety of products to meet borrowers needs - a full service bank with local personnel, local decisions and outstanding service.

Some benefits to buyers include:

• Personal, timely, reputable, up-front counseling eliminating costly surprises.
• Experienced mortgage consultant capable of finding the right mortgage for a buyer’s specific needs.
• Fast, friendly, one-on-one local service, local decisions; giving you a faster response, direct feedback and a better understanding of the local overall mortgage process.
• Local knowledge and the ability to perform on loans and properties locally as well as the proven history of performance - no delays or not being able to lend at the last moment due to the property.
• Work with local appraisers that are aware of the local real estate values and the fact that they are on the rise; coupled with the knowledge of what added value location, views and amenities means in today resort real estate market. Not working with someone that has local knowledge can and has caused poor appraisals that in turn can cause delays or even contract termination.

Being comfortable in the fact First Resort Lending has the proven capability, local knowledge, is operated with integrity and performs at an outstanding business level; while at the same time has just about any loan program available as well as the ability to get the loan done that the buyer needs is extremely important. Be sure to ask about the opportunity to take advantage of this special and very unique service in Summit County.

With the majority of RE/MAX’s business coming from repeat and referral it is very important that the entire purchase process go as smoothly as possible and selecting the right lender that can complete the transaction with relative ease is a key element to a successful purchase.

Your successful purchase is important to us.

Learn more about rates.

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