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

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.