Wednesday, December 31, 2008

Like Abusers: It's Time to End the Like

I can trace the improper use of the word "like" back to Shaggy on Scooby Doo or perhaps Sarah Jessica Parker in Square Pegs. Regardless of the source of the word, its misuse today as a language filler is incorrect, annoying, and even foolish.

If you don't know what I'm talking about, then listen to yourself talk. You, like, might be part of the problem.

This language phenomenon is most prevalent in people under 35 proven solely by my own observations. Given that I am 36, I think I missed it by 12 months. It crosses professions, gender, and age. I hear 30 somethings "liking" and I hear eleven year olds "liking." I have even seen writers quote people in the following manner: "That was like such a good game, you know, it like was like nothing I've ever seen before." Reality TV is filled with "like" abusers. "We like totally love our new house. It's like the most beautiful thing I've ever seen. Thanks like ABC."

I interviewed close to 15 candidates for a receptionist/office admin position about six months ago. Only three of them didn't use the word "like" excessively and improperly. I hired one. One of the candidates used the word like at least twice in every sentence, dragging the long i sound out: "Liiiiiiiiike, I really would like you know like a position like this because it would liiiiiiiiike be a Monday to Friday job rather than liiiiiike having to work at night." I suggested she keep her bar tending job.

I had two nannies, at two different times, taking care of my boys in our home. I had to have separate conversations with each of them to curtail use of the word "like." Both my husband and I went crazy hearing our 5 year old son saying "like" three to four times in each sentence. We are still deprogramming him. Good thing our 2 year old wasn't talking enough to pick up on that habit.

What is most impenetrable about this issue is that "like" abusers don't even realize they are doing it. It's not akin to a drug addiction where you have to go out and retrieve a substance. There are no support groups. People are not telling "like" abusers to stop. This bad habit just pours out of people's mouths, punching my inner peace with each sounding of the word "like."

If I had the magic wand for mankind, I would wave it high and fast and wish for the like-fest to end. Until then, I will publish this post and hope it gains traction among those "like" minded.

Thursday, December 4, 2008

Fractional Ownership -- owning a perfect piece of mountain property

What is Fractional Ownership?

The official definition of fractional ownership is a 1/15th share to a ¼ share of a property. Title is conveyed by a deed, the closing occurs at a title company, and the deed is recorded. Colorado boasts the largest concentration of fractional ownership, which isn't surprising. Resort properties have increased in value dramatically over the years and many people can no longer afford a full ownership mountain property.

According to Ragatz Associates, a market research firm specializing in fractional ownership, in 2007 fractional sales in developed properties equaled $2.3 billion.

Obviously fractional ownership is not a product that would work in a suburban housing subdivision, because people actually live there full time. But in Summit County Colorado, where I sell real estate, at least 50% of the properties here are vacant 75% of the time, presenting a perfect scenario to better utilize these vacation properties.

Why May Fractional Ownership Work for You?
1) Price.
The first reason people are drawn to fractional ownership is price. Buying ¼ of a property is financially feasible for some people who may not be able to afford full ownership.

2) Size
You may be able to afford a studio in Summit County but don't really feel like sharing the same room with all three of your children. For the price of a studio, you can own a fraction of a three bedroom residence.

3) Location
As we know in real estate, location, location, location is the key to buying right. Unfortunately, ski-in, ski-out properties sell for upwards of $1,000 a square foot here in Summit County. Fractional ownership units often times can be found in great locations such as at the base of a ski lift or on the river with fishing rights.

4) Taste in Finishes
Fractional ownership properties, as a general rule, are newer construction and outfitted with modern finishes and amenities.

5) Convenience
In addition to looking good, fractional ownership properties are furnished down to the silverware and washcloths. There is no need to go to Target or Wal-Mart and purchase kitchen utensils and towels. Also, there is usually a cleaning company that puts the place back together after you leave and the next owner arrives, so it makes your vacation stay even more convenient.

6) Investment
Fractional ownership appreciates like full ownership of real estate. Plus, if you are not using all your time, you can put your fraction into a rental pool and gain some income from your investment.

7) Efficient Use of Time
Aren't we all busy?? Most people use vacation property from 3-6 weeks per year. That leaves 48 weeks unused and wasted. Fractional ownership cuts down the amount of waste and allows people to rent the property when they are not using it.

8) Standards
Similar to Number 4, people want what they want. Fractional ownership allows for people to have their standards met in a real estate purchase and still stay within their budget.
Summit County has a large variety of fractional ownership opportunities available ranging from condos to single family homes. If you love the mountains and want to make the dream of mountain home ownership a reality, you owe it to yourself to give me a call!

Authored by Amy Nakos, JD, CLHMS, Owner/Managing Broker, Landmark Real Estate Group, LLC, 111 Main Street, Frisco, CO 80443, 970-668-1430 office, 970-389-8388 cell, anakos@landmarkregroup.com

Monday, December 1, 2008

Homemade Power Bar Recipe

I found this recipe in Backcountry Magazine and then tweaked it for high-altitude baking and added some extra ingredients. These healthy power bars are great for biking, hiking and skiing or for whatever it is you do! When people try these bars, they want the recipe. So I'm sharing it with the activerain community! Also, if you have kids or grandkids, you can call them "cookies" and they will love them! If you make these -- email me and let me know how you like them! Enjoy.

INGREDIENTS
10 T butter, melted
1/4 c Splenda, fructose or brown sugar
3/4 c white grape juice concentrate
2 large eggs
1/4 c peanut butter
1 tsp vanilla extract
2 1/2 c old fashioned rolled oats
1 c plus 2 T whole wheat flour
1/2 tsp baking soda
1 tsp ground cinnamon
2 T wheat germ, oat bran or ground flaxseed
1 c chopped walnuts or almonds
1 c raisins, or dried fruit
1/2 c chocolate chips
1/4 c coconut flakes

INSTRUCTIONS
1. Preheat oven to 375 degrees.
2. Place butter, Splenda (or brown sugar), grape juice concentrate, eggs, peanut butter, and vanilla in a mixing bowl and beat until well mixed.
3. Place oats, whole wheat flour, baking soda, cinnamon, and wheat germ in another bowl and mix. Add the oat mixture to the butter mixture and stir until thoroughly combined.
4. Fold in the nuts, dried fruit, chocolate chips and coconut until combined.
5. Spray a baking sheet with non stick spray. Shape heaping tablespoons of the batter into two by four inch bars with an inch or two of space in between. Bake the bars until the bottoms are brown and the tops are golden brown - about 13-15 minutes.
6. Let the bars cool before taking them off the baking sheet.
After cooling, we wrap the bars in plastic wrap and put them in the freezer. When it's time for a bike ride, hike or other outing, we grab a few to go!

Authored by Amy Nakos, JD, CLHMS, Owner/Managing Broker, Landmark Real Estate Group, LLC, 111 Main Street, Frisco, CO 80443, 970-668-1430 office, 970-389-8388 cell, anakos@landmarkregroup.com.

Saturday, November 15, 2008

Pre-listing Real Estate Inspections -- Will they reduce the drama?

Yesterday, a broker in my office starts singing a song he made up: "My least favorite part of this job is dealing with inspections." It was a catchy tune, and he sang it with emotion. After all, he just received an inspection report with no less than 30 items that needed to be addressed. He had just completed the Inspection Notice, asking that every item be repaired or replaced for his Buyer client. On a deal that he closed a couple months ago, his Seller client had to pay over $10,000 in credits for inspection items that were revealed for the first time when the Buyer's inspector found them.

Can inspection drama be avoided? Well, maybe not avoided, but I'm convinced it can be reduced. A number of home inspectors I know suggest conducting a pre-listing home inspection. The Seller hires the inspector and then gets a report of items needing attention - the same report a Buyer would get if he/she hired the inspector. The Seller can then repair the items on the report before a Buyer even comes along.

What if you are the Buyer looking at a home and you know a pre-listing inspection was done and all the items were repaired. What would you think? "I want to see that report," is the first thought. The second might be, "this Seller really cared about having this property ready for sale." A more cynical thought might be, "I wonder if the Seller knew the home inspector and certain items were not included in the report." "I better get my own inspection."

The Buyer is certainly entitled to an inspection of his/her own, and as a listing agent, I would encourage they get their own inspection. It is up to the Seller whether to show the Buyer the pre-listing inspection report. I would suggest to my Seller clients that being open and honest is a good policy and share the report. I will venture to say that the Buyer's inspection report will have far less items than the Seller's original inspection report.

The challenge in getting a pre-listing inspection report will be convincing your Seller to pay for it. I have had a number of clients who refuse to pay $200-$500 to know the items that are wrong with their home. One of my clients even told me that he didn't want to know if there was something dramatically wrong with his property because then he would have to disclose it! I said, "Wouldn't you rather know now than when you have a pending contract and the Buyer's inspector finds it??!!"

It is my policy that my firm and I will not hire home inspectors. It is the responsibility of the Buyer or the Seller to engage the inspector. After the inspection, the report belongs to them. If you can't get your Seller to agree to a pre-listing inspection, you are going to have to wait until the Buyer's inspector comes along.

I believe the more information the better when it comes to real estate transactions. Sellers should find out as soon as possible whether their properties need any repairs. If they do, please fix them! It will make your client's property much more attractive to potential Buyers. When the perfect Buyer comes along, you can rest assured that on the day the inspection objections are due, you and your client will be drama-free.

Authored by Amy Nakos, JD, CLHMS, Owner/Managing Broker, Landmark Real Estate Group, LLC, 111 Main Street, Frisco, CO 80443, 970-668-1430 office, 970-389-8388 cell, anakos@landmarkregroup.com.

Thursday, September 4, 2008

Price Band Comparison of Frisco Colorado sold properties

Frisco Sold Transactions - Price Band Comparison


A number of people have been asking me whether homes in certain price ranges are selling better than others in Frisco. From an anecdotal perspective, I know that the townhomes I have listed at Fifth and Belford, in the $900's, have much fewer showings than similar properties I had listed last year.

I compared the number of sold transactions in different price bands from January 1 to August 25 (the day I'm writing this article) for the years 2007 and 2008. Here are the results:

Price Band 2007 2008 +/- transaction # from 2007 to 2008 % change
$0 - $500,000 63 46 -17 -27%
$500,000 - $750,000 43 15 -28 -65%
$750,000 - $1m 23 5 -18 -78%
$1m - $1.25m 2 3 +1 +33%
$1.25m - $1.5m 1 1 0 0

Sales of properties under $500,000 have been least affected by the market slowdown, showing a decrease in number of transactions of 27%. Properties over $500,000 to $1 million have seen a much greater percentage slowdown from 65 to 78% less sales than last year. Sales over $1 million in Frisco total four in each year, not making a great statistical analysis.

Some good news is that as of the date of this article, there are 19 pending properties in Frisco. Eleven are listed under $500,000, continuing to confirm that lower priced properties are continuing to move. Five pending listings have list prices between $500,000 and $750,000. Two are listed between $750,000 and $1,000,000 and one property is listed at $1,650,000. We also all know that September and October are huge months for closings, so hopefully the numbers will continue to increase.


Amy Nakos, Landmark Real Estate Group, LLC, Frisco, CO

Thursday, July 31, 2008

Now is the time to buy in Summit County Colorado

Why is now a good time to buy in Summit County Colorado?

Summer is high real estate season in Summit County. More than 70% of sales occur between June and October. This summer, compared to last summer, the amount of properties for sale in all Summit County communities is double to almost triple than it was a year ago on August 1, 2007.

This means that Buyers have more choices, along with better negotiating power, because Sellers want to SELL - not sit and wait for next summer!

A good indicator of the state of the market is the amount of available properties, or "inventory." The more inventory, the softer the market and better conditions for Buyers. The less inventory, the stronger the market and better conditions for Sellers.

With higher inventory, competition among inventory becomes fierce. Prices may begin to fall, although we haven't seen properties losing appreciation yet. If you have been thinking about buying a mountain home, now is a great time. If you are thinking of Selling, be sure your property is priced competitively to market rates and that your property is in great condition.

Breckenridge:
Inventory August 2007: 388
Inventory August 2008: 838
An increase of 116%.
Out of the 838 properties for sale, 270 have been price reduced.

Copper Mountain
Inventory August 2007: 29
Inventory August 2008: 82
An increase of 183%
Out of the 82 properties for sale, 22 have been price reduced.

Dillon/Summit Cove
Inventory August 2007: 76
Inventory August 2008: 169
An increase of 122%
Out of the 169 properties for sale, 68 have been price reduced.

Frisco
Inventory August 2007 79
Inventory August 2008 167
An increase of 96%
Out of the 167 properties for sale, 68 have been price reduced.

Keystone
Inventory August 2007 79
Inventory August 2008 180
An increase of 128%
Out of the 180 properties for sale, 55 have been price reduced.

Wildernest/Silverthorne
Inventory August 2007 133
Inventory August 2008 285
An increase of 114%
Out of the 285 properties for sale, 84 have been price reduced.

Tuesday, July 29, 2008

Summit County Colorado Real Estate Appreciation

I would like to take this opportunity to alert the media that not all areas in the United States of America are experiencing a "severe real estate crisis", a "landslide of real estate values, or "a foreclosure epidemic." I just read the newly released Standard and Poor's/Case Schiller 20 city index, a home value index, dropped 15.8% in May compared to a year ago in May, which constitutes a record decline since the indexes' inception in 2000. The 10 city index dropped 16.9%, the biggest decline in 21 year history.

But let me tell you about my community. I am a real estate broker in Summit County, Colorado, located in the Rocky Mountains, just west of the Continental Divide. Single family home prices from all of 2007 to the first six months of 2008 INCREASED from an average of $798,889 to $830,462, a gain of almost 4%. Multi-family properties increased from 2007 to 2008 by 7.8%, from an average price of $406,529 to $440,948. Vacant land saw the largest increase from an average in 2007 of $391,587, to $517,252 in the first six months of 2008, an increase of 24.2%.

To Recap, from 2007 to the first six months of 2008

Single Family Home Values + 4%
Multi Family Home Values + 7.8%
Vacant Land Values + 24.2%

So, to the Associated Press, Standard and Poor's and whoever else is willing to listen - we are doing just fine in Summit County. Why don't you come out and visit and see why.

Wednesday, July 23, 2008

The Evolution of Frisco Colorado

I have lived in Summit County for five years. During this relatively short time, I have seen numerous changes to my hometown Frisco. As a real estate broker, I know that I should take the advice from Charles Darwin: "It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change." Here is my update on new Frisco multi-unit projects which will continue to change the landscape of the town.

A new commercial and residential condominium development called Latitude 39 will be built at the northwest corner of 4th and Granite Streets. There will be seven residential condos, two with elevators. A one bedroom is listed at $645,050 and a three bedroom is listed at $1,320,000.

Forty-three total units are slated for development at the old Frisco Crossroads location at the corner of Highway 9 and Granite Streets. The name will be Water Tower Place and it will built to LEED green standards. The first phase will include eleven market townhomes. The second phase will be condominiums/flats including penthouses and elevators.

Two new construction duplex projects are also in the works. Located at 2 Miners Creek Road, the Miners Creek Duplexes, four units total, are 3 bedroom 3.5 baths and almost 2,900 square feet. All are priced at $1,298,250. Another duplex project located at 414 and 416 Teller Street and 311 and 313 Fifth Avenue is called The Reserve at Teller. All four units are 3 bedroom, 3.5 bath, and range in size from around 2,172 to 2,562 square feet. Pricing ranges from $944,820 to $1,101,660.

A new triplex located at the Northeast corner of Seventh and Belford streets is also in the works. These units are all over 2,900 square feet and have 3 bedrooms, 3 full baths, and 2 powder baths. The official addresses of these units are 514 and 516 7th Avenue and 707 Belford.

The Mason Glen Towne Homes, located on Third Avenue and the Teller Alley are almost complete but not yet listed as of thee time this article was due. These are four townhome units, with both three and four bedrooms.

That puts my count up to 65 new units coming into Frisco in the next couple years. I also recognize that I am probably missing some new developments!! Hopefully this information will help you to evolve your real estate business and be on the cutting edge of new Frisco projects.

*Information regarding the featured properties were obtained from Summit MLS and from the respective listing brokers.
Authored by Amy Nakos, JD, CLHMS, Owner/Managing Broker, Landmark Real Estate Group, LLC, 111 Main Street, Frisco, CO 80443, 970-668-1430 office, 970-389-8388 cell, anakos@landmarkregroup.com.

Wednesday, July 2, 2008

June 2008 Statistics

At Landmark Real Estate Group, we watch the market closely. As national news of a real estate crisis looms, Summit County real estate continues to appreciate in value.

Signs that the national economy are affecting our market are decreased number of transactions, decreased gross dollar volume, and higher levels of inventory.

Using data from the Summit County MLS, I compared number of transactions and average sales prices from January 1 to June 15 in years 2007 and 2008.

SINGLE FAMILY HOME STATISTICS
Throughout Summit County, Single Family Home sales totaled 141 in 2008 so far compared to 217 from the same period last year. A decrease of 35% in number of single family transactions. The average price for a single family home in 2007 was $915,433 and in 2008 was $945,150, an increase of 3.2%.

TOWNHOME AND DUPLEX STATISTICS
Duplexes and townhomes sold in the first five and half months of 2008 totaled 109 compared to 181 sold in 2007 for the same time period. This is a decrease of 40% in number of transactions. The average sales price for townhomes and duplexes in 2008 was $643,357 compared to $562,225 in 2007 -- an increase of 12.6%.

CONDOMINIUM STATISTICS
Condominium sales in 2008 are 281 transactions compared to 446 last year. This is a decrease of 37%. Average price for a condo in 2008 is $398,417, compared to 2007's average price of $354,083. The average value of condos in Summit County increased 11%.

VACANT LAND
Vacant land values saw a dramatic increase in appreciation of 35.2% from average sales price in 2007 of $356,259 to an average sales price of $550,586 in 2008. As the saying goes, "they aren't making any more land." Total number of sales in 2008 were 68, compared to 161 in 2007, a large decrease of 57.7%.

INVENTORY
As of June 15, 2008, Summit County has 1,665 residential and vacant land listings. Last year as of July 1, 2007, Summit County had a total of 1,260 listings. Inventory has increased by 24.3%. However, historical inventory numbers in 2000 to 2004 were in the 3,000 range, every year. From a historical perspective, 1,665 listings is still a low number of properties for sale.
While our market is slowing down, our real estate values have not decreased, but in fact, continue to increase.

If you have any questions or would like more specific information about your neighborhood, please contact Amy Nakos, JD, CLHMS at 970-389-8388 or anakos@landmarkregroup.com.
Authored by Amy Nakos, JD, CLHMS, Owner/Managing Broker, Landmark Real Estate Group, LLC, 111 Main Street, Frisco, CO 80443, 970-668-1430 office, 970-389-8388 cell, anakos@landmarkregroup.com.

Tuesday, July 1, 2008

Summit County Statistics - January to June 2008

In this edition of Amy's number crunching, I will break down residential real estate trends by community. The data below reflects sales from January through June for years 2005 through 2008. While sales activity has slowed in the first half of 2007 to 2008, most Summit County's properties continue to see increased appreciation from year to year.

BRECKENRIDGE
Average sales prices in January to June increased each year from 2005 to 2008. 2005 to 2006 saw an increase in average sales price of 16.5%, 2006 to 2007 an increase of 16% and 2007 to 2008 an increase of 9.5%. The number of sold transactions are down from 2007 to 2008 by 34% and total sales volume is down by 28%.

COPPER MOUNTAIN
Copper Mountain's average sale price from January to June jumped from 2006 to 2007 by 22%! The previous year the average price increased 14.9%. 2007 to 2008 saw a much more modest increase in average sold price of .5%. Both number of transactions and total sales volume are down 50% from January through June, 2007 to 2008.

DILLON/SUMMIT COVE
The Dillon area, including Summit Cove, saw steady appreciation in average sales price from January to June, 2005 to 2006 at 10% and the following year at 11%. 2007 to 2008 saw a more modest increase of average sales price at 2%. Both number of transactions and total sales volume are down 50% from January through June, 2007 to 2008.

FRISCO
Frisco saw large jumps in appreciation in average sales price from 2005 to 2007. From January through June, 2005 to 2006 the average sales price increased by 17.2%, and 16.2% from 2006 to 2007. The first half of this year saw a decrease of average sales price by 10.5%. From my experience and observations, the decrease in average sales price is not indicating depreciation in Frisco, but rather showing that more of the lower priced properties are selling and those in the higher priced brackets are not selling as quickly. Number of transactions is down from 2007 to 2008 by 37% and total sales volume is down by 43.6%.

KEYSTONE
Keystone properties saw an increase in average sales price from January through June 2006 to 2007 of 28.8%! Heather Wood, the Keystone expert in my office, attributes this increase to low inventory levels at Keystone during 2007. 2007 to 2008 saw an increase of 9%. Keystone residential properties experienced a decrease of 37% in number of transactions and a decrease of 30% in total sales volume.

SILVERTHORNE/WILDERNEST
Silverthorne and Wildernest have great appreciation in average sales price. The first half of 2006 from the first half of 2005 saw an increase of 16.2% in average sales price. The following year saw an increase of 21.6% and 2007 to 2008 saw an increase of 14.6%. Number of transactions from the first half of 2007 to 2008 are down only 19% and total sales volume is down 50%, again indicating that lower price properties continue to sell.

At Landmark Real Estate Group, LLC, we maintain this data in Excel spreadsheets. Please let us know if you would like a copy of the full set of data and it would be our pleasure to email it to you.
Authored by Amy Nakos, JD, CLHMS, Owner/Managing Broker, Landmark Real Estate Group, LLC, 111 Main Street, Frisco, CO 80443, 970-668-1430 office, 970-389-8388 cell, anakos@landmarkregroup.com.

Friday, June 20, 2008

Amy Nakos Recognized for Million-Dollar Successes


Amy Nakos of Landmark Real Estate Group Earns Membership in Prestigious Million Dollar Guild

(Frisco, CO, June 18, 2008) Amy Nakos, Owner and Managing Broker of Landmark Real Estate Group, LLC, has been recognized by the prestigious Institute for Luxury Home Marketing for her performance in the million-dollar and above luxury home market within Summit County.

“Real Estate professionals who have earned admittance to The Institute’s Million Dollar Guild not only have specific upper-tier market knowledge, but they also understand the unique needs of affluent buyers and sellers and recognize the importance of being discreet,” said Institute President Laurie Moore-Moore. “Whether you’re buying or selling a multi-million dollar property, you can depend upon The Institute’s Million Dollar Guild members to have the competencies necessary to help you meet your objectives.”

Members of the Million Dollar Guild are Certified Luxury Home Marketing Specialists (CLHMS) who have documented their success in assisting affluent buyers and sellers with million-dollar properties. The recognition is awarded by the Institute for Luxury Home Marketing which trains real estate agents in the luxury home market and awards international designations to those who meet stringent performance standards.

Nakos has been in the local real estate market since 2004 and specializes in new construction, luxury properties, and ski-in/ski-out resort properties. Nakos is on the Board of Directors of the Summit Association of Realtors for the Frisco Area and also serves on the MLS/Technology Committee. Nakos is a licensed attorney in the state of Colorado and has 11 years legal experience. Landmark Real Estate Group, LLC is located at 111 Main Street in Frisco.

Exemption for Transfer Tax in Frisco Colorado for Local Citizens


A Little Help for Our Locals

Did you know that the Town of Frisco has exemptions from the 1% real estate transfer fee for locals? While the qualifications are somewhat stringent, if you are working with a local client who meets the criteria, this can be a helpful savings at closing.

In order to qualify for the exemption, the candidate(s) must meet the following criteria:

1. A Frisco resident or worked in Frisco for the past 12 months.
2. Must work a minimum of 30 hours a week.
3. Assets cannot exceed $10,000 (does not include clothing, furnishings, autos, or retirement accounts).
4. Cannot hold title to any other residential property, nor can anyone else in the household.
5. Purchaser’s household cannot earn more than 120% of the median income in Summit County.
6. Homebuyer must apply for the exemption and supply all documentation for the purpose of qualification at least 15 business days prior to closing.

To get an idea of Median income amounts, a two person household earning $95,560 would qualify for 120% of Median. A two person household earning $90,900 would qualify for 100% of Median. A two person household earning $70,400 would qualify for 80% of Median. Depending on the applicant’s income, an amount of the purchase price will not be subject to the 1% real estate transfer tax. The exemption amounts are as follows:

Household Income Relative to Summit County Median
Exemption Amount
Less than 80% of Median
$200,000 of purchase price


80-100% of Median
$175,000 of purchase price


100-120% of Median
$100,000 of purchase price

Greater than 120% of Median
None

So a couple with a household income of $85,000 (in the 100-120% of Median), purchasing a $300,000 home would only pay the transfer tax on $200,000. Therefore, they would pay $2,000, rather than $3,000, saving $1,000.

Keep this in the back of your head (I’m sure already filled with important information), for the next time you are working with a local buyer buying in Frisco.

Frisco Colorado Market Conditions. Comparison 2005 to 2008


Every time I open my home page (Yahoo), I can usually find an article that highlights the doom and gloom of the real estate market. Just today I read an article that some markets across the nation, like Phoenix, Las Vegas and Sacramento, can expect real estate prices to fall to 50% of their highest value. While I know that Summit County, and in particular Frisco, have not seen these numbers, I do recognize that we are experiencing a slow down. So, I crunched some numbers . . .


I compared sales from January through May for the last four years. Given the fact that the real estate market in many areas across the nation experienced dramatic decreases recently, I wanted to see if Frisco saw the same decrease. While Frisco has seen some decrease in the sales volume and number of transactions, the good news is that Frisco's market is holding up.


From January through May 2005, 73 residential transactions in Frisco totaled $28.9 million in sales. In 2006, the first five months of the year resulted in $35 million in sales and 73 transactions. In the first five months of 2007, $38.4 million in residential sales occurred with a total of 68 transactions. Finally, in 2008, $24.6 million in real estate sold with a total of 47 transactions.


Dollar volume in the first five months of 2008 is very comparable to the first five months of 2005. The number of transactions has decreased 30% from 2007 to 2008, from 68 to 47, the dollar amount decreased 36%. Frisco currently has 96 active residential listings and 9 pending. On June 1, 2007, Frisco had 108 active residential listings and 19 pending listings. The good news is that our inventory is low and properties are still selling.


If you are a Seller, be sure to talk to a Realtor you trust. Pricing correctly will be the key to selling your property this summer. If you are Buyer, there are no steals here, but Summit County has plenty of types of properties - one will be sure to fit your needs perfectly.


Wednesday, March 26, 2008

Tuesday, March 25, 2008

Tuesday, March 18, 2008

Frisco, Colorado Main Street 2007 Market Update

Frisco Main Street 2007 Market Update

Frisco North Side Main Street Properties
Frisco Market Place, Unit 201
$649,000
2 bed
1500 sq.ft.

Mt Victoria Lodge, A
$594,500
2 bed
1651 sq.ft.

Mt Victoria Lodge, B
$674,900
3 bed
1869 sq.ft.

Mt Victoria Lodge, C
$560,000
3 bed
1747 sq.ft.

Mt Victoria Lodge, C
$645,000
3 bed
1864 sq.ft.

Mt Victoria Lodge, E
$581,300
2 bed
1489 sq.ft.

Mt Victoria Lodge, G
$585,700
2 bed
1596 sq.ft.

Mt Victoria Lodge, H
$695,000
2 bed
1572 sq.ft.

Mt Victoria Lodge, I
$678,000
3 bed
1527 sq.ft.

Mt Victoria Lodge, J
$696,200
2 bed
1833 sq.ft.

Olde Main Street Condo, Unit 7
$950,000
3 bed
2238 sq.ft.

Olde Main Street Condo, Unit 8
$363,000
1 bed
772 sq.ft.

Woodbridge Inn, #303
$316,000
2bed
940 sq.ft.

Frisco South Side Main Street Properties
Creek Court Condo, Unit A
$414,000
3 bed
1370 sq.ft.

Creek Court Condo, Unit B
$491,000
2 bed
1175 sq.ft.

Frisco Main St Commons Unit 305
$475,000
2 bed
1191 sq.ft.

Frisco Main St Commons Unit 306
$585,000
2 bed
1364 sq.ft.

Lodge At Riverbend Condo, 109
$489,500
2 bed
1053 sq.ft.

Marina Park Condo, Unit 13
$630,400
2 bed
1537 sq.ft.

River Glen Condo, Unit 204
$490,000
1 bed
1020 sq.ft.

River Glen Condo, Unit 201
$649,900
2 bed
1334 sq.ft.

Sun Gate Condo, Unit 4
$345,000
2 bed
823 sq.ft.

Ten Mile Island Condo, Unit 312
$353,500
2 bed
767 sq.ft.

Ten Mile Island Condo, Unit 208
$359,500
2 bed
764 sq.ft.

Ten Mile Island Condo, Unit 117
$475,000
4 bed
1372 sq.ft.

Ten Mile Island Condo, Unit 214
$325,000
3 bed
942 sq.ft.

Ten Mile Island Condo, Unit 313
$299,000
3 bed
940 sq.ft.

Friday, March 14, 2008

Summit County FHA and Conforming Loan Limits raised to $729,750

Summit County FHA and Conforming Loan Limits Raised to $729,750

On March 7, 2008 the U.S. Department of Housing and Urban Development raised FHA insured and Conforming loan limits in Summit County to $729,750, from $417,000. This, in theory, means that loans in Summit County, up to $729,750, qualify for conforming interest rates as opposed to “jumbo” mortgage rates.

While the limit amounts are determined, the guidelines to qualify for these loans have not yet been released. The guidelines will determine who, where and perhaps even what types of properties will qualify for these new loan limits. We anticipate the guidelines to be released in the next week or two.

Assuming the guidelines are broad and can apply to all properties in all of Summit County, what does this mean for Summit County real estate owners and potential buyers?

First, buyers purchasing property in Summit County may be able to obtain a loan for up to $729,750, which is $312,000 higher than previously, without having to pay higher jumbo loan rates. With 20% down, a buyer can purchase a property just over $912,000 and be able to secure a Conforming mortgage. We anticipate that this will increase the amount of ready and willing buyers in Summit County.

Second, property owners who currently have a jumbo loan may be able to refinance with a conforming loan, cutting interest rate points and saving on their monthly mortgage payments.

Third, anyone thinking of upgrading to a more expensive property than they currently own may have an opportunity to lock in a lower conforming interest rate than they previously could have.

What’s the catch? 1) We don’t yet know the guideline requirements so some people and some properties may not qualify; 2) This loan limit is only good until December 31, 2008. Look for future updates from Landmark Real Estate Group, LLC when we receive more information on the loan guidelines. If you are looking to take advantage of the higher conforming loan limits in Summit County, please call Landmark Real Estate Group today for a free personalized real estate consultation.

For a table of conforming loan limits across the nation, go to https://entp.hud.gov/idapp/html/hicostlook.cfm.

Wednesday, February 20, 2008

Your Dream House Delivered!!!

[569 gold run road]

breckenridge, CO 80424



Your dream house delivered! The graceful wooden arched beams adorning the great room set the theme for this remarkable home. A huge main level master suite features a his and her walk-in closet and spa-like master bath. The gourmet kitchen is a chef's delight. The eye-catching exterior will "wow" everyone driving on Gold Run Road. Completion is scheduled for Summer/Fall of 2008.



property highlights:



3 levels



5 bedrooms



4 full baths and 2 half baths



3 fireplaces



2 laundry rooms



main level master bedroom



new construction



private location



gourmet kitchen



MLS# S360033



$2,499,000



Amy L. Nakos, JD, CLHMS anakos@landmarkregroup.com

(970)-389-8388-cell

(970)-668-1430-office

866-210-0465-fax

111 Main Street PO Box 630

Frisco, CO 80443

landmarkregroup.com

Monday, February 18, 2008

Heather Wood, of Landmark Real Estate Group, shares another listing with us!!



723 Eveningstar, Silverthorne, Colorado

Find yourself at home in this fabulous custom home in Willow Creek Highlands. This new home has just been completed. Find spectacular mountain views from throughout this well situated home. The home is positioned perfectly to maximize privacy, sun exposure and views. Fine finishes are found throughout this well planned home; including beautiful slab granite, wood and stone floors, vaulted ceilings, custom cabinets and solid wood doors.
The spacious floor plan offers two master suites, a study, gourmet kitchen, great room, family/entertainment room, wine room, two additional bedrooms and a three car garage. An elevator shaft is built into the home, currently as spacious closets, to easily add an elevator if desired.

property highlights

4 bedroom home

4 and 2 half baths

second living area

2 master suites

2 fireplaces

3 car garage

spectacular views

granite counters

wood & stone floors

new construction

fine finishes

private location

trex decks

gourmet kitchen


MLS# S359238



$1,250,000


Heather Wood, CLHMS


(970)-485-0826


(970)-668-1430


111 Main Street


PO Box 630


Frisco, CO 80443

Saturday, February 16, 2008

Schedule a Showing this President's Day Weekend!



[565 two cabins, silverthorne, colorado]

This thoughtfully designed home offers spacious and open living complimented by fine finishes throughout. Finishes include slab granite counters, stone and wood floors, in floor radiant heat, custom cabinetry and solid wood doors. Exterior finishes include cedar siding finished with dry stacked moss rock. One level living is possible with a main floor master. The master suite includes a fire place, luxurious master bath and spacious walk in closet. Upstairs are two additional bedrooms as well as a spacious lofted living area with room for a study plus an entertainment area. Located on a quiet cul-de-sac street this home is the perfect mountain get away. Located in Three Peaks this home is close to spectacular hiking, biking, fishing, downhill and Nordic skiing and golfing!

property highlights

3 bedroom home

3.5 elegant baths

second living area

main floor master

2 fireplaces

2 car garage

spectacular views

granite counters

wood & stone floors

new construction

fine finishes

private location

trex decks

gourmet kitchen


MLS# S359237

$1,150,000

Heather Wood, CLHMS

(970)-485-0826-cell
(970)-668-1430-office
111 Main Street
PO Box 630
Frisco, CO 80443




Thursday, February 14, 2008

Heather Wood, of Landmark Real Estate Group, shares her listing with us!!






[555 two cabins, silverthorne, colorado]

Move to the country club in the Mountains, luxurious living and amenities offered at Three Peaks in this just completed custom home in a quiet private cul-de-sac setting. Thoughtfully designed, with a spacious living and kitchen area, main floor master and second living area/study upstairs. The gracious great room features a moss rock fire place, vaulted ceilings and an open flow. Fine finishes are found throughout this home including slab granite counters, stone and wood floors, in floor radiant heat, custom cabinetry and solid wood doors. This home is perfectly situated to maximize the spectacular views. Enjoy all day sunshine and views from the Williams Fork Range to Keystone Mountain.


property highlights

3 bedroom home

3.5 elegant baths

second living area

main floor master

2 fireplaces

2 car garage

spectacular views

granite counters

wood & stone floors

new construction

fine finishes

private location

trex decks

gourmet kitchen

MLS #S359236
$1,175,000



Heather Wood, CLHMS



111 Main St.

PO BOX 630

Frisco, CO 80443

(970)-485-0826

(970)-668-1430

Wednesday, February 13, 2008

"What Can I Get For My Money?" Continued

Recently we posted a blog entitled "What Can I Get For My Money?", in response to the question "How much does it cost to live in Summit County?". This is the second half of the document including the towns of Frisco, Keystone and Silverthorne.



What can I get for my Money?


Frisco
2 Bedroom Condo
712 Sq. Ft.
160 Creekside Dr. Bldg B #10 B
$299,000

2 Bedroom Condo
1,388 Sq. Ft.
539 Granite St. Bldg B Unit #11
$475,000

3 Bedroom Town Home
2562 Sq. Ft.
495 Waterdance Unit #496 B
$639,500

4 Bedroom Town Home
2,884 Sq. Ft.
597 South 5th Avenue Unit A
$999,000


Keystone
1 Bedroom Condo
470 Sq. Ft
23110 Hwy 6 Unit #5063
$194,000

2 Bedroom Condo
1,211 Sq. Ft.
22320 Highway 6 Unit #1766
Montezuma Condos
$369,000

3 Bedroom Town Home
1,745 Sq. Ft.
502 North Star Bldg #502 Unit #1946
$629,000

4 Bedroom Single Family Home
3,400 Sq. Ft.
233 Penstemen Dr.
$1,150,000


Silverthorne
Studio
370 Sq. Ft.
89410 Ryan Gulch Bldg DD Unit #303E
Buffalo Ridge Condo
$185,000

2 Bedroom Condo
903 Sq. Ft.
95111 Ryan Gulch Rd.
Bldg A Unit# 122
$358,000

3 Bedroom Town Home
1,701 Sq. Ft.
114 Robin Rd. Ponds at Blue
River Condos
$579,900

4 Bedroom Single Family Home
4300 Sq. Ft.
723 Eveningstar Ct.
$1,250,000

Data obtained from www.summitmlxchange.com
Listings may not be current

Tuesday, February 12, 2008

"How is 'the market' doing!?"

I am often asked, "How is 'the market' doing!?" with the questioner wondering whether they should be ready for a barrage of complaints to stream out of my mouth. However, I always respond: "Great!" -- and I'm being honest. The media has represented, in very broad strokes, a nationwide real estate market crisis. Luckily, it has not applied to us.

How is it that Summit County and other ski resort real estate markets like Vail and Steamboat, have remained virtually immune from the real estate problems facing most of the rest of the country? I have a few theories:

First, almost 70% of home owners in Summit County are second homeowners. Second (or subsequent) homeowners' purchases of real estate are discretionary, which means that they normally have the financial resources to complete the sale. We have not seen the volume of sub-prime loans that other communities have experienced given the demographics of our buyers. Therefore, we have very few foreclosures compared to areas where sub-prime loans were more prevalent.

Second, land is at a minimum. In most ski resort communities, the terrain is heavily forested with steep mountain pitches. What is buildable is often already built out or owned by government agencies like the Forest Service. Further, mountain planning commissions are very careful as to what is allowed to be built. So, developers cannot come into mountain communities, buy up land, and build numerous huge condo developments, as happened in Florida, for example. During the housing boom, development units were purchased heavily by speculators who wanted to "flip" the units when the project was complete. After the real estate market slowed, there were not enough buyers to absorb the speculators' purchases. Consequently, developments have stopped and speculators purchased units for more money than they are worth today.

Finally, our inventory is low compared to the number of units available in Summit County. From a simple supply and demand approach, we have more than enough buyers who want a piece of paradise to consume the available properties for sale.

So, in closing, if you are thinking of buying a first or second home in Summit County, don't be afraid of "the market." But, also don't expect to get a bargain because of "the market."

Amy Nakos, JD, CLHMS

Saturday, February 9, 2008

Who is Landmark Real Estate Group, LLC?



Who is Landmark?

Landmark Real Estate Group, LLC is a boutique real estate firm with only experienced and knowledgeable brokers. We offer individualized attention, extensive knowledge of the market, and expert negotiation skills. Our special areas of expertise include luxury homes, new construction, and resort investment properties. However, we can assist you in all aspects of buying and selling all types of residential and commercial real estate in Summit County Colorado.



Why Choose Landmark?

Landmark was created to offer Summit County real estate buyers and sellers the highest level of customer service with the most experienced and highly trained real estate brokers. We pride ourselves on creative solutions and “out of the box” thinking to ensure no sale is lost due to issues that can be resolved. We utilize the most up to date technology to market your home including a proprietary real estate data base which contains all Summit County property data. We have a combined __ years of experience rounded out with additional experience in residential development, real estate law, and syndication.

Landmark Support Systems

· Our modern and beautiful office is centrally located in Frisco, Colorado. We are open 6 days a week and by appointment on Sundays.
· A full time office administrator is available during office hours to set up showings and facilitate communication.
· A professional graphic designer and advertising image consultant implements fresh, modern, and effective marketing featuring your listing.
· Up to date software and technology keep our office running smoothly and efficiently.

Friday, February 8, 2008

What Can I Get for My Money in Summit County?

Summit County is a ski resort community that draws around 4 million visitors a year. Often, we are asked "How much does it cost to buy a place here?". So, we created this document called "What Can I Get For My Money?". We thought you might find this interesting and perhaps useful.

What can I get for my Money?

Breckenridge
-1 Bedroom Condo
561 Sq. Ft.
1140 Ski Hill Dr. Bldg D Unit #27
$299,900

-2 Bedroom Condo
1,242 Sq. Ft.
227 Fuller Placer Dr Bldg 1 Unit #6
$369,900


-3 Bedroom Town Home
1,604 Sq. Ft.
1128 Baldy Rd.
$429,000


-4 Bedroom Single Family Home
3,818 Sq. Ft.
26 Forest Circle
$1,450,000


Copper Mountain

-Studio
484 Sq. Ft.
Telemark Lodge Condo Unit #212
$225,000

-2 Bedroom Condo
900 Sq. Ft.
Passage Point Unit# 602
$509,000

-3 Bedroom Town Home
1,516 Sq. Ft.
78 Golf Course Rd. Unit #17
$795,000

-4 Bedroom Town Home
2,667 Sq. Ft
39 Union Creek Rd. Bldg 2 Unit #39
Union Creek Townhomes West Condo
$1,436,900


Dillon
-2 Bedroom Condo
762 Sq. Ft.
923 Straight Creek Dr. Bldg T Unit # T102
$215,000

-2 Bedroom Condo
1017 Sq. Ft.
103 La Bonte Bldg E Unit #304
Lake Cliff Condo
$427,000

-3 Bedroom Town Home
1,914 Sq. Ft
1759 Skyline Dr.
Lookout Ridge Townhomes
$539,000

-4 Bedroom Single Family Home
3,471 Sq. Ft.
24 Brushwood Dr.
Whispering Pines Ranch
$950,000

Data obtained from www.summit.mlxchange.com
Listings may not be current
For more information: Landmark Real Estate Group,LLC
111 Main St. PO Box 630
Frisco, CO 80443
(970)-668-1430 www.landmarkregroup.com

Thursday, February 7, 2008

Landmark Real Estate Group, LLC Listings of the Month!



723 Eveningstar Court, Silverthorne

Highlights:
-new construction
-4 bedroom, 4 full, 2 half baths
-offered at $1,250,000
Contact:
Heather Wood, CLHMS
(970)-485-0826


597 South Fifth Avenue Units A, B, and C, Frisco

Highlights:
-new construction
-4 bedroom, 4.5 bath
-offered at $969,000-$999,000
Contact:
Amy L. Nakos
(970)-389-8388




Landmark Real Estate Group, LLC (970)-668-1430 111 Main Street Frisco, CO www.landmarkregroup.com










Wednesday, February 6, 2008

Frisco Addresses the Need for Affordable Housing

Frisco Addresses the Need for Affordable Housing

A few months ago, I was asked to participate in a citizens’ discussion group about the future of a parcel of land in Frisco. This triangular parcel is 12.8 acres and is named the Peak One Parcel. It is located along the bike path in Frisco and bordered by Fifth Avenue and Belford Streets.

The Town of Frisco has engaged Perry-Rose, a Denver planning, development and advisory firm, to work with the town and its citizens to create a socially and environmentally responsible mixed income housing community on this parcel. The Town of Frisco is sensitive to the fact that housing prices in Frisco have made home ownership for its local workers almost impossible.

In meetings and discussions with town planners and Perry-Rose, most comments and concerns were about density, ensuring that the design of the housing compliments the location, preserving the trails and wetlands, and building environmentally responsibly. In October, an open town meeting was held where citizens met with Perry Rose to further discuss visions for this parcel of land. On November 29, another meeting was held where citizens provided comments on alternate site plan concepts designed by Perry-Rose.

Regardless of your opinion on attainable housing, these facts may come as a surprise to you.
65 percent of Frisco residences are second homes.
Between 1990 and 2000, Frisco saw a decrease in residents of ages 0-4 and 35-39. The 5-9 and 30-34 age-groups stayed about the same, but the 50-64 group more than doubled. And the 65-79 age-group more than quadrupled.
In the 2006 Frisco Community Survey, only 27 percent of business owners surveyed reported that they have employees who live in Frisco.
Frisco Elementary School has seen a decline in enrollment by Frisco children. In 2006 the school’s total enrollment was almost 10 percent lower than it was the previous year. Many Frisco students do not live in town.
In the 2006 Frisco Community Survey, 67% of Frisco businesses indicated that employee retention/recruitment and lack of affordable housing were the great challenges they faced.
In 1990 the gap between median home price and one person median income was three times higher than income, and in 2007 the gap is 14 times higher than income.
A January 2005 study commissioned by the Summit County Housing Authority concluded that about 3,150 affordable homes will be needed county wide by 2010.
A 2005 study by the Rural Resort Region evaluated the cost of housing in Colorado’s mountain counties. Compared to the U.S. Standard for a family with median household income, the study found Summit County housing to be 283 percent higher than the national average.

For more information on the Peak One Parcel, please visit www.townoffrisco.com.

Tuesday, February 5, 2008

Lowest Priced two bedroom at Copper Mountain

Passage Point Unit #602
910 Copper Road
Copper Mountain
$509,000
MLS # S359718























Amy L. Nakos, JD
Landmark Real Estate Group, LLC
(970)-668-1430-office
(970)-389-8388-cell
anakos@landmarkregroup.com
http://www.landmarkregroup.com/

your dreams, our expertise

2 bedroom
2 bath
900 square feet
offers 3 hot tubs, fitness center,
Starbucks, and fine dining in the building
second bedroom outfitted with two bunk beds so unit sleeps 8


Saturday, February 2, 2008

Beautiful Townhomes in the heart of Frisco, Colorado

597 S 5th Avenue Triplex

$969,000-$999,000

Belford Townhomes

· 4 Bedroom, 3.5 Bath

· 2,884 to 2,913 Square Feet

· High End Finishes Include:
5” Red Oak Hardwood Floors
Hickory Cabinets and Vanities
Natural Stone Flooring
Moss Rock Fireplace
Large Pella Window Plans
Full Slab Labordite Granite in Kitchen
GE Profile Stainless Steel Appliances Two Car Garage

· Location Features:
Expansive Views of Peak One,
Buffalo Mountain, and the
Continental Divide
Sunny Lot
Steps from Bike Path and Hiking Trails
Walking Distance to Main Street
- MLS: S357867, S357869, S357871

Friday, February 1, 2008

Copper Mountain Offers Ski-In, Ski-Out Living

Copper Mountain/Frisco, Amy Nakos

In this month’s column, I wanted to focus on real estate opportunities and proposals for change at Copper Mountain. As Summit County Brokers, I urge you to consider showing Copper Mountain to your buyers who are looking for a resort experience along with a great ski mountain.

Real Estate Opportunities

Do you have clients in the luxury market who are looking for ski-in, ski-out living? Then you should take a look at Lewis Ranch. Lewis Ranch, a gated community, is located on the west side of Copper Mountain, just past the Union Creek ski areas. The homes are located on the ski run, or so close that it hardly feels like an inconvenience to walk a few steps to the runs. Currently there are three single family homes listed from $3,995,000 to $4,100,000, and are all over 5,000 square feet. One is available for occupancy; the other two are planned for or under construction.

A number of ski-in, ski-out duplexes are also available in Lewis Ranch, ranging in price from $1,895,000 to $3,097,000. They range in size from 2,700 square feet to over 4,200 square feet.

Maybe your client wants to build? There are 12 lots available for purchase in the Lewis Ranch neighborhood ranging in price from $989,000 to $1,350,000.

Copper Mountain also has a wide variety of condos to choose from located in the East and Center Villages ranging in price from $295,000 to $1,199,000.

Proposed Changes at Copper Mountain

For the past few years, Copper Mountain has been working on getting a Planned Unit Development approved through the Ten Mile Planning Commission and The Board of County Commissioners. The last work session was December 4, 2007 and another work session is planned for December 18, 2007.

At the December 4 work session, Copper Mountain proposed concentrating density in the core of the resort including preliminary plans for a 10-story hotel on the site of the existing Chapel parking lot. Copper is also proposing a new neighborhood near the Alpine (“A-lift”) area and added density near the Copper Valley Condo.For more information on the Summit County planning department and about Copper's PUD application go to http://www.co.summit.co.us/Planning - under current projects.