Thursday, December 6, 2012

Summit County Colorado Real Estate Deals December 2012

Good Deals December

 

December good deals feature Bank Owned, REO, Foreclosures and Short Sales along with Motivated Sellers! If you are looking for a great deal in Summit County, start here!


There are 20 good deals this month! Far less than just a year ago when the good deal list was at least 50 properties!



Merry Statistics - Ho Ho Ho! Summit County Colorado Macro Statistics 1990 to 2012

As you might suspect, I am very often asked how the market is doing. I provide these monthly reports to keep my clients up to date on real estate market trends in Summit County, but I can imagine that actually digesting the information each month is a bit much to remember. So this month, I'm providing more macro information so you can see longer term trends.


Last month, the owner of Your Castle Real Estate, Lon Welsh, a number cruncher and chart maker extraordinaire, used Summit County MLS data to analyze the trends we are seeing in the market. I'm excited to be able to provde them to you this month!


The takeaway from the market trends is that sales volume is down around 65% from the height in 2007 and average prices are down around 16%, more in some markets. The recovery is underway as prices stabilize and sales increase.


Merry Statistics!
 
 

Summit County Colorado Real Estate Statistics December 2012


Real Estate Statistics
 
 

Holy October!

Dollar volume up 54% and number of transactions up 43% from 2011.


October was the most positive month that Summit County has seen in quite some time! There were 230 total transactions with $104,706,100 in gross volume. This is the best month with transaction numbers since April 2007 and a better gross volume since September 2008. October showed solid volume from mostly residential sales. There were no HUGE sales that put Summit County in this place that would have skewed the figures this month. September 2012 had a total of 124 residential transactions with dollar volume at $77.6M and October’s residential volume was $93.1M with 190 transactions.  October dollar volume was almost 20% more than September.

 

While dollar volume and number of transactions are increasing, median pricing remains fairly flat.  The Median Single Family YTD indicates a 6% increase ( $619,000 from $583,750 in 2011), The Median Price of Multi- Family YTD shows a 4% increase from 2011 ($317,550 from $305,000 in 2011) and Median residential Vacant Land continues to increase with a 32% increase ($230,250 from $175,000 in 2011).  The price of Breckenridge residential vacant land has really skyrocketed this year.


October really kicked up the numbers for YTD 2012. YTD 2012, gross volume is now up 10% from YTD 2011. Gross monetary volume is up October 2012 by 54% from October 2011.  Number of transactions YTD 2012 vs. YTD 2011 are up by 10%. Number of transactions in October 2012 are up 43% vs. October 2011.

 

October’s strongest price point was the $200,000-$300,000 price range with 41 total sales.  The price point under $200,000 came in with 32 closings, $300,00-$400,000 had 31 closings, $400,000-$500,000 had 23 closings,  $500,000-$600,000 had 15 closings and $600,000-$700,000 had 14 closings. Average prices from 2006 to 2011 are as follows; 2012 numbers are year to date averages through October 2012:


Single Family Homes:

2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $734,262
2012 - $765,769

Multi Family:

2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $367,280
2012 - $352,392


Vacant Land:

2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $246,478
2012 - $317,000


As of November 30, 2012, there are 1,111 active residential listings in Summit County, down 66 from October.  The total dollar value of current inventory is $793M.  With the winter rental season upon us, Sellers who didn’t sell are putting their properties into rental pools.  As of the same date there are 383 land listings.


With respect to residential listings, average days on the market is 405; median days on the market is 237 – these numbers continue to creep up as inventory falls and no influx of new inventory comes on the market.


Our MLS is showing 198 residential properties currently Pending with a total dollar volume of $104M.  Pending sales are up slightly from the beginning of this month which should indicate strong November and December numbers.

 

According to Summit County assessor data there are 25,660 residential properties and 2,564 pieces of vacant land.  When looking at inventory for sale, 4.3% of residential properties are for sale and 14.9% of vacant land parcels are for sale.  Industry experts say that a healthy market has less than 10% inventory. 

 

Industry experts also say that more than 6 months of inventory is a sign of a weak or “buyers” market.  With 190 residential properties selling in October and inventory of 1,111, it will take around 5.84 months to sell the entire residential inventory.  This is the first time in YEARS that inventory has been at or around the 6 month mark – another sign of an improving real estate market.

 

Below are the total dollar amounts of sales in October from 2004 to 2012:

October 2004   $117.4M
October 2005   $152.6M
October 2006   $188.7M
October 2007   $146.5M
October 2008   $118.2M
October 2009   $92.7M
October 2010   $79.7M
October 2011   $67.8M
October 2012   $104.7M


Total Dollar Volume for 2004-2011 is as follows:

2004                            $1.12B
2005                            $1.47B
2006                            $1.63B
2007                            $1.63B
2008                            $1.06B
2009                            $683M
2010                            $698.4M
2011                            $684.2M

The year 2006 had the most dollar volume totaling $1,637,874,800.

 

Foreclosure actions are still dropping with only 26 actions filed in October, compared to 46 last October, a decrease of 43.47%.  Public Trustees deeds are being issued on about 41% of the NED filings on the year to date.  There have been 151 Public Trustees Deeds issued so far in 2012.   Of these, only 62 were for real property, the remaining 89 were for Timeshare units.


If you would like to see the statistics from Land Title that provides the source for this newsletter, here is a link: 


 

What does all of this mean to you?  


Buyers:  October numbers have proven that we are out of the bottom.  Price appreciation, while not noticeable yet, is showing signs in some sectors.  Absorption rate is below 6 months for the first time in years.  Vacant land costs have taken a jump and developers are building new product, feeling bullish that when their projects are done, demand will be in place to purchase the new units. As each day passes, you will see that prices will continue to increase and desirable, well priced product will be purchased quickly. 

Sellers:  I will repeat what I said last month:  Certain market segments are moving quickly and others are still stagnant.  If you purchased at the height, don’t expect to recoup your costs anytime soon.  If, however, you have been thinking about selling for some time, there is a chance that your property might be able to bring you a return.  If you can wait it out, improvements are happening and our market is on its way to a recovery.
 
Want more information?  anakos@yourcastle.org; 970-389-8388

 

Wednesday, November 14, 2012

The 3.8% Tax - News from the National Association of Realtors

What's This 3.8% Tax Anyway?

llctaxes.com - image credit

According to the National Association of Realtors, here are the top 10 Things You Need to Know About the 3.8% Tax 


*  When you add up all of your income from every possible source, and that total is less than $200,000 ($250,000 on a joint tax return), you will not be subject to this tax.

*  The 3.8% tax will never be collected as a transfer tax on real estate of any type, so you'll never pay this tax at the time that you purchase a home or other investment property.

*  You'll never pay this tax at settlement when you sell your home or investment property. Any capital gain you realize at settlement is just one component of that year's gross income.

*  If you sell your principal residence, you will still receive the full benefit of the $250,000 (single tax return)/$500,000 (married filing joint tax return) exclusion on the sale of that home. If your capital gain is greater than these amounts, then you will include any gain above these amounts as income on your Form 1040 tax return. Even then, if your total income (including this taxable portion of gain on your residence) is less than the
$200,000/$250,000 amounts, you will not pay this tax. If your total income is more than these amounts, a formula will protect some portion of your investment.

*  The tax applies to other types of investment income, not just real estate. If your income is more than the $200,000/$250,000 amount, then the tax formula will be applied to capital gains, interest income, dividend income and net rents (i.e., rents after expenses).

*  The tax goes into effect in 2013. If you have investment income in 2013, you won't pay the 3.8% tax until you file your 2013 Form 1040 tax return in 2014. The 3.8% tax for any later year will be paid in the following calendar year when the tax returns are filed.

*  In any particular year, if you have no income from capital gains, rents, interest or dividends, you'll never pay this tax, even if you have millions of dollars of other types of income.

*  The formula that determines the amount of 3.8% tax due will always protect $200,000 ($250,000 on a joint return) of your income from any burden of the 3.8% tax. For example, if you are single and have a total of $201,000 income, the 3.8% tax would never be imposed on more than $1,000.
*  It's true that investment income from rents on an investment property could be subject to the 3.8% tax. But, the only rental income that would be included in your gross income and therefore possibly subject to the tax is net rental income: gross rents minus expenses like depreciation, interest, property tax, maintenance and utilities.

*  The tax was enacted along with the health care legislation in 2010. It was added to the package just hours before the final vote and without review. NAR strongly opposed the tax at the time, and remains hopeful that it will not go into effect. The tax will no doubt be debated during the upcoming tax reform debates in 2013.
If you think that your capital gains, rent, interest or dividend income will exceed the $200,000/$250,000 threshhold, it's probably a good time to be talking to your accountant to plan for the upcoming additional tax expenses.


November 2012 Summit County Colorado Good Deals

The good deals are disappearing.  For many months now I have been featuring good deals by pulling out of our MLS those listings that are bank owned, foreclosures, REO, short sales, along with those that have motivated sellers and say "bring all offers."  In the past I would have as many 75 properties in the search.  This month, there are 14.  While there still are good deals to pick up, it's like being 2 hours late to the Filene's Basement Annual Bridal Sale.  What's left are the ugly dresses or those that need a lot of work.

Click on the link below to see the good deals!

RES - Client Detail Report

www.123rf.com - photo credit.

Summit County Real Estate Notes

Breckenridge, CO 80424



With respect to the Summit County residential market, as I have been saying for months now, we are seeing a slow and steady climb out of the recession pit.  I am seeing well-priced properties moving and buyers who think they have plenty of time, may lose their top property picks to another buyer.  Also, buyers who try to "push the envelope" too far will not get the concessions they could have expected only a short time ago.  Noticeable price appreciation isn't happening just yet, but distressed properties are all but gone, and as sales continue, prices will climb.  With interest rates at all time lows, it's the "perfect storm" buying opportunity:  low interest rates, pre-appreciation pricing, and just out of the bottom timing.

Another sign of recovery is the fact that vacant land is the one sector where we are seeing price appreciation.  Builders and developers are feeling confident that the market is returning.  New construction is appearing in Summit County and when it is completed, developers are hopeful the market will have returned. 

Amy Nakos, JD, GRI
anakos@yourcastle.org
970-389-8388

Summit County Colorado Real Estate Market Statistics - November 2012


Real Estate Statistics
September 2012 best month of 2012.
Vacant land average price increase; higher priced residential sales increase.

August 2012 had a total of 129 residential improved transactions, with a total dollar volume of $61 million up from July’s 99 transactions and $51.7 million in dollar volume.  September 2012 had a total of 124 residential transactions with dollar volume at $77.6.  While there were less transactions in September than in August, the dollar volume was up $16M or a 27% increase.   
Dollar volume for all types of property was $68.8M in August, up from July’s $63.1M. August 2012 total dollar volume was up 4% from August 2011 dollar volume which came in at $65.9M – a steady increase, divergent from July’s increase of 77% over the previous year.  August’s total number of transactions came in at 159, up 33 from July’s 126.  September’s total for all real estate was $88.1M with a total of 158 transactions. September dollar volume year over year increased by 10% while the number of transactions year over year went down by 1 transaction, indicating that the average price for property sales are increasing.
October 2012 residential sales from our MLS indicate 135 residential properties sold with dollar volume at $73.3 million – a nice jump from June and July.  Most of the August closings fall within the $100K-$600K price range.
August’s strongest price point was the $200,000-$300,000 price range with 28 total sales.  The $400,000-$500,000 price point came in second with 21 sales and the $300,000-$400,000 price point had 20 sales.  With more higher priced properties closing, the $500,000-$600,000 price point closed August with 17 sales. 
September showed an interesting trend of 11 properties closing in the $1.0-$1.5M price range.  As usual, the leaders in sales volume was the $200,000-$300,000 price point at 24 sales, the $300,000-$400,000 price point at 21 sales, under $200,000 at 14 sales and the $600,000-$700,000 price point at 13 sales. 
Average prices from 2006 to 2011 are as follows; 2012 numbers are year to date averages through September 2012:

Single Family Homes:

2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $734,262
2012 - $758,340

Multi Family:

2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $367,280
2012 - $360,718

Vacant Land:

2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $246,478
2012 - $314,185

As of November 7, 2012, there are 1,177 active residential listings in Summit County, down 330 from September.  The total dollar value of current inventory is $823M.  With the winter rental season upon us, Sellers who didn’t sell are putting their properties into rental pools.  As of the same date there are 400 land listings.

With respect to residential listings, average days on the market is 397; median days on the market is 230 – these numbers jumped from September given the fact that many properties were taken off the market.

Our MLS is showing 212 residential properties currently Pending with a total dollar volume of $98.9M. 

According to Summit County assessor data there are 25,660 residential properties and 2,564 pieces of vacant land.  When looking at inventory for sale, 4.5% of residential properties are for sale and 15.6% of vacant land parcels are for sale.  Industry experts say that a healthy market has less than 10% inventory. 

Industry experts also say that more than 6 months of inventory is a sign of a weak or “buyers” market.  With 124 residential properties selling in September and inventory of 1,177, it will take around 9.49 months to sell the entire residential inventory. 

Below are the total dollar amounts of sales in September from 2004 to 2012:

September 2004   $116.1M
September 2005   $161.3M
September 2006   $219.9M
September 2007   $168.7M
September 2008   $127.1M
September 2009   $81.0M
September 2010   $78.2M
September 2011   $79.8M
September 2012   $88.1M

Total Dollar Volume for 2004-2011 is as follows:

2004                            $1.12B
2005                            $1.47B
2006                            $1.63B
2007                            $1.63B
2008                            $1.06B
2009                            $683M
2010                            $698.4M
2011                            $684.2M

The year 2006 had the most dollar volume totaling $1,637,874,800.
If you would like to see the statistics from Land Title that provides the source for this newsletter, here is a link: 


What does all of this mean to you?  

Buyers:  Higher priced inventory is moving through the sales process as lower priced inventory continues to disappear.  Vacant land costs have taken a jump and developers are building new product, feeling bullish that when their projects are done, demand will be in place to purchase the new units. As each day passes, you will see that prices will continue to increase and desirable, well priced product will be purchased quickly. 
Sellers:  Certain market segments are moving quickly and others are still stagnant.  If you purchased at the height, don’t expect to recoup your costs anytime soon.  If, however, you have been thinking about selling for some time, there is a chance that your property might be able to bring you a return.

Tuesday, September 18, 2012

Summit County Real Estate Market - Slow and Steady Stabilization


Slow and Steady Stabilization

The aspens are changing color and the summer has come to an end.  Sure signs are that football season is here, the smell of burning wood is in the air, and my warm weather-loving dog doesn't want to go outside in the morning because it's cold. 

This spring, I noted that Summer 2012 would tell the story of whether the Summit County real estate market was in a recovery.  July numbers showed signs of improvement with July 2012 increasing 77% in dollar volume over July 2011.  August closings as shown in MLS will prove to increase over July.  It appears that our market is in a stabilization stage and that improvements are happening slowly.  For a Summit Daily news article discussing the current valuations of the Summit County real estate market according to the county assessor, click hereIf you are looking to get in on sale pricing for Summit County real estate, there aren't many more clearance sales. 

And as I mentioned last month, good deals, featuring bank owned, short sales, and motivated sellers, continue to shrink every month, indicating that our distressed inventory is whittling away.  I recall at one time having over 50 properties in the mix, but in September we are down to 26.  Once distressed properties are cleared out of the market, we will begin to see a recovery of market priced properties.


Good Deals September 2012 - Summit County Colorado Real Estate


September good deals feature Bank Owned, REO, Foreclosures and Short Sales along with Motivated Sellers!   If you are looking for a great deal in Summit County, start here!

As I mentioned above, the good deal list is SHRINKING!!!!  Act now or forever hold your peace.



RES - Client Detail Report



Summit County Colorado Real Estate Statistics September 2012




Real Estate Statistics

July 2012 dollar volume increases 77% from July 2011.
Pending Properties increase to over $150M.

July 2012 had a total of 99 residential improved transactions, with a total dollar volume of $51.7 million up from June’s 85 transactions and $47.5 million in dollar volume. 
Dollar volume for all types of property was $63.1M in July, up from June’s $52.1M – an increase of 21.1%. July 2012 total dollar volume was up 77% from July 2011 dollar volume which came in at $35.5M.  July’s total number of transactions came in at 126, up 17 from June’s 109. 
August 2012 residential sales from our MLS indicate 135 residential properties sold with dollar volume at $73.3 million – a nice jump from June and July.  Most of the August closings fall within the $100K-$600K price range.
July’s strongest price point was the $200,000-$300,000 price range with 21 total sales.  The $300,000-$400,000 price point had 15 sales, and the under $200,000, $400,000-$500,000, and $500,000-$600,000 price points all had 12 sales.. 
Average prices from 2006 to 2011 are as follows; 2012 numbers are year to date averages through June 2012:

Single Family Homes:

2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $734,262
2012 - $720,254

Multi Family:

2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $367,280
2012 - $364,389

Vacant Land:

2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $246,478
2012 - $291,947

As of September 10, 2012, there are 1,507 active residential listings in Summit County, down 65 from August.  The total dollar value of current inventory is $1.002 billion.  Inventory and dollar volume decreased slightly and will continue to decrease as the winter season approaches.  As of the same date there are 432 land listings, down 4 from last month.

With respect to residential listings, average days on the market is 368; median days on the market is 211 – these numbers dropped slightly from last month.

Our MLS is showing 259 residential properties currently Pending, up 30 from 229 last month, with a total dollar volume of $152.3 million, up from $129.2 million.  As can be expected, pending properties at the end of the summer selling season have increased.

According to Summit County assessor data there are 25,660 residential properties and 2,564 pieces of vacant land.  When looking at inventory for sale, 5.8% of residential properties are for sale and 16.8% of vacant land parcels are for sale.  Industry experts say that a healthy market has less than 10% inventory. 

Industry experts also say that more than 6 months of inventory is a sign of a weak or “buyers” market.  With 99 residential properties selling in July and inventory of 1,507, it will take around 15.2 months to sell the entire residential inventory. 

Below are the total dollar amounts of sales in July from 2004 to 2012:

July 2004   $89.3M
July 2005   $122.0M
July 2006   $122.1M
July 2007   $138.3M
July 2008   $80.6M
July 2009   $47.4M
July 2010   $38.6M
July 2011   $35.6M
July 2012   $63.0M

Total Dollar Volume for 2004-2011 is as follows:

2004                            $1.12B
2005                            $1.47B
2006                            $1.63B
2007                            $1.63B
2008                            $1.06B
2009                            $683M
2010                            $698.4M
2011                            $684.2M

The year 2006 had the most dollar volume totaling $1,637,874,800.
If you would like to see the statistics from Land Title that provides the source for this newsletter, here is a link: 

What does all of this mean to you?  

Buyers:  Have you missed the summer buyer season?  There is still time in September to take advantage of properties on the market before the winter rental season approaches and sellers take their properties off the market.  We have seen an uptick in sold properties in July, and pending properties as of early September.  This summer has seen some improvements since the recession and if the trend continues, the winter months will hold strong with steadily increasing sales.  This summer may be the last summer to take advantage of the softening market created by the recession.
In this article, I have provided an expert’s analysis of the Denver metro market from Charles Roberts, managing broker of Your Castle Real Estate in Denver. Your Castle Real Estate conducts extensive statistical market research in the Denver market and provides timely analysis on the Denver metro marketplace. Understanding that the Summit County resort market historically lags behind the Denver market by 12-18 months, and with the Denver market being “red hot,” it may be the right time to consider purchasing a Summit County property.  Next summer you might be said, “Shoulda, coulda, woulda.” 

Sellers:  I just got off the phone with a broker whom I respect and enjoy speaking with and she said the funniest thing:  “Good sellers make good sellers because they want to be good bye-ers.”  I could not have said it better myself!  Today I saw a new listing come across my desk and two years ago it was listed for $339,000 and today it came on the market for $249,000.  That’s right, a decrease of $90,000 or almost 27%.  If you are a seller who wants to be a good bye-er, you need to have the same mindset.  We are seeing more transactions taking place, but we still have over 15 months of inventory, which means your property has a one in 15 chance of selling each month.  If you can wait it out, and don’t need to be a good-bye-er, trends indicate that the market is improving, and you may be able to get a higher price for your property next summer.  As always, I continue to see beautifully remodeled properties, that aren’t inflated too radically because of the remodel, sell first.  Buyers don’t want a project when they are buying their second home – they want to move in, and head to the slopes.
As always, thank you to Land Title Guaranty Company and Brooke Roberts for these amazing statistics!  www.ltgc.com.



Monday, August 13, 2012

Good Deals - August 2012 - Summit County Colorado Real Estate Deals

I have been featuring short sales, foreclosures, bank owned, and motivated sellers for many months now.  The number of properties in this search continue to dwindle as time wears on, indicating that the distressed properties in Summit are being absorbed into the inventory. 

August 2012 Good Deals

image from askdeb.com

Summit County Colorado Real Estate Statistics - August 2012

Real Estate Statistics




June numbers drop back to April levels.

Pending properties increase by 40% over last month.



June 2012 had a total of 85 residential improved transactions, with a total dollar volume of $47.5 million.

Dollar volume for all types of property was $52.1M in June, down from May’s $68.5M – a decrease of 24% month over month. June 2012 total dollar volume was off by 21% from June 2011 which was $65.7M. May’s increase over April of 22% in dollar volume was effectively wiped out with June’s decrease of 24%. Number of transactions also dropped from 108 to 85, a decrease of 21%.

July 2012 residential sales from our MLS indicate 96 residential properties sold with dollar volume at $46.9 million – very similar to the MLS report from June. Expect official July numbers to be very similar to June’s numbers above. Out of the 96 properties sold, 52 were priced under $400,000.

June’s strongest price point was the $200,000-$300,000 price range with 16 total sales. The $300,000-$400,000 price point had 14 sales and the $400,000-$500,000 and the $600,000-$700,000 sectors both had 10 sales. Under $200,000 had 9 sales and $500,000-$600,000 had 7 sales. This month saw a return back to the popularity of the lower price points.

Average prices from 2006 to 2011 are as follows; 2012 numbers are year to date averages through June 2012:



Single Family Homes:



2006 - $737,253

2007 - $798,889

2008 - $835,803

2009 - $905,030

2010 - $770,797

2011 - $734,262

2012 - $715,457



Multi Family:



2006 - $333,501

2007 - $406,529

2008 - $463,633

2009 - $398,051

2010 - $425,080

2011 - $367,280

2012 - $366,838



Vacant Land:



2006 - $311,951

2007 - $391,587

2008 - $470,260

2009 - $399,025

2010 - $336,625

2011 - $246,478

2012 - $283,283



As of August 10, 2012, there are 1,572 active residential listings in Summit County, up 32 from early July. The total dollar value of current inventory is $1.062 billion. Both listing inventory and dollar volume remain stable from July to August. This is the second month in 2012 that inventory has reached the billion dollar mark. As of the same date there are 436 land listings, up 21 from last month.



With respect to residential listings, average days on the market is 375; median days on the market is 229 – again, the numbers remain steady from last month.



Our MLS is showing 229 residential properties currently Pending, up from 188 last month, with a total dollar volume of $129.2 million. This is an increase from July’s $92.25 million of 40%.



Year to date (YTD) Gross Volume is down 7% from YTD 2011. We are pacing above 2009 and comparable to 2010’s dollar volume at 6 months into 2012. Transactions are up YTD 3% from 2011 and are the highest since 2008 with 612 transactions.





According to Summit County assessor data there are 25,660 residential properties and 2,564 pieces of vacant land. When looking at inventory for sale, 6.1% of residential properties are for sale and 17% of vacant land parcels are for sale. Industry experts say that a healthy market has less than 10% inventory.



Industry experts also say that more than 6 months of inventory is a sign of a weak or “buyers” market. With 85 residential properties selling in June and inventory of 1,572, it will take around 18.5 months to sell the entire residential inventory.



Below are the total dollar amounts of sales in June from 2004 to 2012:



June 2004 $111.7M

June 2005 $112.2M

June 2006 $162.7M

June 2007 $141.8M

June 2008 $92.5M

June 2009 $34.0M

June 2010 $83.8M

June 2011 $65.7M

June 2012 $52.1M



Total Dollar Volume for 2004-2011 is as follows:



2004 $1.12B

2005 $1.47B

2006 $1.63B

2007 $1.63B

2008 $1.06B

2009 $683M

2010 $698.4M

2011 $684.2M



The year 2006 had the most dollar volume totaling $1,637,874,800.

If you would like to see the statistics from Land Title that provides the source for this newsletter, here is a link:

http://www.ltgc.com/files/breckenridge-marketstats/JUNE2012SUMMIT.pdf

What does all of this mean to you?



Last month I reported a strong May but June brought us back to April’s numbers. Pending sales in the MLS for August were up 40% so we can expect to see some increases in dollar volume and transactions and the end of the summer approaches and summer sales begin to close.



I am seeing well priced properties under the $400,000 mark, with at least two bedrooms (and a garage is helpful), moving better than others. The best properties under $250,000 sell within days, not months.



Buyers: If you are looking to buy, it is still a good time to take advantage of the price softening resulting from the recession; however, time is running out to grab these good deals. As I mentioned in the opening paragraph, the number of good deals (bank owned, foreclosure, short sales), are lessening, indicating that distressed properties are being sold leaving only market rate properties available to purchase. Second, prices are stabilizing, proven by the Summit County Assessor’s statistics. Click here for an article re: Summit County Real Estate Price Stabilization. Prices from July 1, 2010 to June 30, 2012 decreased by 5%. Previously, prices from July 1, 2009 to June 30, 2011 decreased 16% and prices from July 1, 2007 to June 30, 2009 decreased 26%.



Sellers: If you are a seller, you still must be competitive in your pricing and condition. While pricing is stabilizing, it isn’t increasing yet. If you are pegging your value based upon 2007 pricing, then as you can see, your value has declined an average of 37% from 2007 to 2011 with even a slight decline from 2011 to 2012. While each property type is different and some have suffered greater depreciation than others, a realistic outlook of your sale price and where your property sits in the marketplace, will be the key to being the next property sold. Absorption is 18.5 months for June so if your property is on the market, you have a one in 18.5 chance of selling each month.



As always, thank you to Land Title Guaranty Company and Brooke Roberts for these amazing statistics! www.ltgc.com.



Monday, July 2, 2012

Summit County Colorado Real Estate Good Deals - July 2012

We all love good deals don't we?  For this month's good deals featuring short sales, foreclosures, and motivated sellers, click here:  July 2012 Good Deals - Summit County Real Estate.


compliments of http://www.prosperityforlife.net/

Amy Nakos, JD, GRI
Your Castle Summit, LLC
anakos@yourcastle.org
970-389-8388

Summit County Colorado Real Estate Market Report - July 2012



May 2012 best month of 2012 so far!


Vacant land making a comeback.

Compliments of bighornrentals.com

May 2012 had a total of 108 residential improved transactions, with a total dollar volume of $50.6 million.

Dollar volume for all types of property was $68.5M in May, up from April’s $52.7M. The month of May 2012 indicated a large increase from May 2011 with dollar volume up 22% (May 2011: $56,1M v. May 2012: $68,5M). Transactions in May 2012 were up 25% from May 2011 (May 2011: 107 v May 2012: 134).

June 2012 residential sales from our MLS indicate 90 residential properties sold with dollar volume at $45.9 million.

May’s strongest price point was the $400,000-$500,000 with 25 total sales which shows a marked change from previous months in 2012. Usually lower price points have the most volume. Other price points were $300-400K with 19 sales and under $200,000 with 16 sales.

Average prices from 2006 to 2011 are as follows; 2012 numbers are year to date averages through May 2012:

Single Family Homes:

2006 - $737,253

2007 - $798,889

2008 - $835,803

2009 - $905,030

2010 - $770,797

2011 - $734,262

2012 - $702,783



Multi Family:
2006 - $333,501

2007 - $406,529

2008 - $463,633

2009 - $398,051

2010 - $425,080

2011 - $367,280

2012 - $358,389
Vacant Land:

2006 - $311,951

2007 - $391,587

2008 - $470,260

2009 - $399,025

2010 - $336,625

2011 - $246,478

2012 - $282,593

As of July 2, 2012, there are 1,540 active residential listings in Summit County. The number continues to increase slowly as we approach mid summer. The total dollar value of current inventory is $1.056 billion. This is the first time in 2012 that inventory has reached the billion dollar mark. As of the same date there are 415 land listings, up 14 from last month.

We are seeing vacant land picking up with an average value increase of 15% and a median increase of 28% so far in 2012, over the year 2011. Signs of a vacant land recovery mean that the overall market is improving as people are ready and willing to build new construction.

With respect to residential listings, average days on the market is 373; median days on the market is 246.

Our MLS is showing 188 residential properties currently Pending with a total dollar volume of $92.25 million. Pending properties remain steady from last month.

According to Summit County assessor data there are 25,660 residential properties and 2,564 pieces of vacant land. When looking at inventory for sale, 6% of residential properties are for sale and 16% of vacant land parcels are for sale. Industry experts say that a healthy market has less than 10% inventory.


Industry experts also say that more than 6 months of inventory is a sign of a weak or “buyers” market. With 108 residential properties selling in May and inventory of 1,540, it will take around 14.2 months to sell the entire residential inventory.


Below are the total dollar amounts of sales in March and April from 2004 to 2012:

May 2004 $88.2M

May 2005 $104.8M

May 2006 $137.1M

May 2007 $158.7M

May 2008 $95.7M

May 2009 $63.7M

May 2010 $63.0M

May 2011 $56.2M

May 2012 $68.5M (up 22% from 2011)


Total Dollar Volume for 2004-2011 is as follows:


2004 $1.12B

2005 $1.47B

2006 $1.63B

2007 $1.63B

2008 $1.06B

2009 $683M

2010 $698.4M

2011 $684.2M

The year 2006 had the most dollar volume totaling $1,637,874,800.

If you would like to see the statistics from Land Title that provides the source for this newsletter, here is a link:

http://www.ltgc.com/files/breckenridge-marketstats/MAY2012SUMMIT.pdf



What does all of this mean to you?



May has proven to be the best month so far in 2012 for dollar volume and number of transactions. With closings being 30-45 days from contract, this would mean that March and April were strong months for contracts which show signs of improvement for our real estate market.

With early season activity as proven by strong May numbers, it appears that summer is going to be an improvement since the recession. If you are interested in buying, we seem to climbing out of the bottom so it is a good time to take advantage of current pricing before demand brings prices up. If you are a seller, you will still need to be priced competitively within other inventory because buyers are sophisticated and educated and we still have an absorption time of around 14-15 months. That means that your property has a one in fifteen chance of selling each month.

As always, thank you to Land Title Guaranty Company and Brooke Roberts for these amazing statistics! http://www.ltgc.com/.

For more information on Summit County Colorado Real Estate and Market Conditions, or for specialized reports, please contact Amy Nakos, JD, GRI, anakos@yourcastle.org, 970-389-8388.

Summit County Colorado Market Report - May/June 2012

Slow and steady signs of improvement from winter to spring.

March and April 2012 drop from 2011.



March 2012 had a total of 66 residential improved transactions, up 5 from February’s 61 and April showed marked improvement with a total of 92 residential transactions. Total residential dollar volume in March was $33.8M and April was $45.5M. February fell in the middle with $37.7M. Dollar volume for all types of property was $37.4M in March, down from $43.1M in February.

Again, April showed improvement with $52.7M in all types of real estate transactions. May 2012 residential sales from our MLS indicate 98 residential properties sold with dollar volume at $48.2 million.

Spring months are showing slow signs of improvement and as we hit late summer, we will be able to see how the market is faring. March’s strongest price points were properties between $200,000-$400,000. April showed strong sales in price points under $600,000, and had 20 transactions between $200,000-$300,000.

Average prices from 2006 to 2011 are as follows; 2012 numbers are year to date averages through April 2012:

Single Family Homes:
2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $734,262
2012 - $735,008

Multi Family:
2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $367,280
2012 - $361,315

Vacant Land:
2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $246,478
2012 - $236,082

As of May 31, 2012, there are 1,387 active residential listings in Summit County. The number continues to increase slowly as we get closer to the high summer selling season. The total dollar value of current inventory is $965 million. As of the same date there are 401 land listings, an increase by around 10% from earlier this year.

With respect to residential listings, average days on the market is 381; median days on the market is 272.

Our MLS is showing 178 residential properties currently Pending with a total dollar volume of $97 million. Pending properties have dropped slightly since earlier this year, but only by about 10 properties. Again, expect to see these numbers increasing as summer progresses.

According to Summit County assessor data there are 25,660 residential properties and 2,564 pieces of vacant land. When looking at inventory for sale, 5.4% of residential properties are for sale and 15.6% of vacant land parcels are for sale. Industry experts say that a healthy market has less than 10% inventory. Industry experts also say that more than 6 months of inventory is a sign of a weak or “buyers” market. With 92 residential properties selling in April and inventory of 1,387, it will take around 15 months to sell the entire residential inventory.

Below are the total dollar amounts of sales in March and April from 2004 to 2012:

March 2004 $69.1M
March 2005 $90.2M
March 2006 $108M
March 2007 $92.6M
March 2008 $95.4M
March 2009 $37.9M
March 2010 $37.4M
March 2011 $44.9M
March 2012 $37.4M (down 17% from 2011)

April 2004 $77.4M
April 2005 $94.4M
April 2006 $111M
April 2007 $133.9M
April 2008 $94.2M
April 2009 $37.8M
April 2010 $40.8M
April 2011 $66.3M
April 2012 $52.8M (down 20% from 2011)

Total Dollar Volume for 2004-2011 is as follows:
2004 $1.12B
2005 $1.47B
2006 $1.63B
2007 $1.63B
2008 $1.06B
2009 $683M
2010 $698.4M
2011 $684.2M

The year 2006 had the most dollar volume totaling $1,637,874,800.

If you would like to see the statistics from Land Title that provides the source for this newsletter, here is a link:
April: http://ltgc.com/files/breckenridge-marketstats/APRIL2012SUMMIT.pdf
March: http://ltgc.com/files/breckenridge-marketstats/MARCH2012SUMMIT.pdf

What does all of this mean to you?

April has shown continued signs of improvement for the Summit County Real Estate market and May MLS data shows another increase. Generally we expect an increase in sales in the summer but spring months showing signs of improvement is a good sign pointing toward a recovering market. Year over year, spring 2012 worsened from spring 2011. With early season activity (both in terms of showings, contracts and buyers), it appears that summer is going to be an improvement since the recession.

If you are interested in buying, we seem to climbing out of the bottom. If you are a seller, you will need to be priced competitively within other inventory because buyers are sophisticated and educated. Denver is showing strong signs of recovery and Summit County tends to lag 12-18 months behind. If this historical trend holds true, you have one year to smartly buy a Summit County property!

Thursday, April 5, 2012

Good Deals - Summit County Real Estate April 2012




Here is a link the monthly good deals in real estate located in Summit County Colorado. Each month I feature properties in Summit County that are bank owned, short sales, or owned by motivated sellers.



Amy Nakos, JD, GRI
anakos@yourcastle.org

Summit County Colorado Real Estate Market Conditions - April 2012 Update

First time since pre-recession: dollar volume steady; number of transactions decline showing price stabilization.

Have We Hit the Bottom? Probably



February 2012 had a total of 61 residential improved transactions, down 18 from January’s 79 – a decrease of almost 23%. From December to January, number of tranasactions dropped 31%. Total residential dollar volume in February was $37.7M down $.1M from January’s $37.8M. With 23% less transactions and the same dollar volume, trends indicate that prices are leveling out. If you were one of those people who I told I would warn you when we hit bottom – here is your warning: “It seems we may have hit the bottom.”

Dollar volume for all types of property was $43.1 M in February an increase of 7.4% from January’s $40.1M. Total number of transactions in February for all types of real estate was 79 down 17 from January’s 96 – a decrease of 17.7%%. February 2012 dollar volume was up 12% from February 2011 which posted $38.3M in sales.

The analysis from Land Title, who reports these statistics, is as follows:

Market Analysis % Change showing years 2004-YTD 2012: Monetary Volume in February 2012 is up 12% from February 2011 with 2011=$38,351,800 and 2012=$43,118,700). Transactions in February 2012 were down 11% from February 2011 ( 2011=89 and 2012=79). With the Sales transactions taking a little dip, and volume holding this month indicates that the average prices are stabilizing. This is the strongest showing since pre- recession in 2008. YTD- Gross Volume is up 2% and Transaction Volume is only down 1%.


March 2012 residential sales from our MLS indicate 69 residential properties sold with dollar volume at $37.6 million – No great improvement, but no drop either for a historically slower month.

The price point with the most activity in February 2012 is the $200,000-$300,000 and for the first time I can remember, the $500,000-$600,000 category with 11 sales each. An increase in sales in the $500K-$600K range helps to explain why dollar volume remained steady but number of transactions decreased. In second place is the $300,000 - $400,000 price point with 10 sales and the under $200,000 category, which usually has numerous sales, only has 3.
Average prices from 2006 to 2011 are as follows; 2012 numbers are year to date averages:

Single Family Homes:

2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $734,262
2012 - $790,140* ($665,421 – January)

Multi Family:

2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $367,280
2012 - $362,211 ($337,853 – January)

Vacant Land:

2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $246,478
2012 - $208,020 ($131,500 – January)

*In February the sale of $3.225M new construction home in Shock Hill in Breckenridge is the reason the average single family home price jumped by almost 19%. As the year progresses and more data of sold single family homes are included, I would expect this number to go down.
As of April 4, 2012, there are 1,214 active residential listings in Summit County, up 26 from the beginning of March. The total dollar value of current inventory is $871 million. As of the same date there are 367 land listings, down 3 from March.

With respect to residential listings, average days on the market is 426; median days on the market is 293.

Our MLS is showing 187 residential properties currently Pending, up 30 from March. Total dollar volume of pending properties per list price is $103.8M. Pending properties have increased which means that number of transactions and dollar volume will improve in the next few months.

According to Summit County assessor data there are 25,660 residential properties and 2,564 pieces of vacant land. When looking at inventory for sale, 4.7% of residential properties are for sale and 14.3% of vacant land parcels are for sale. Industry experts say that a healthy market has less than 10% inventory.

Industry experts also say that more than 6 months of inventory is a sign of a weak or “buyers” market. With 61 residential properties selling in February and inventory of 1,214, it will take almost 20 months to sell the entire residential inventory.

Below are the total dollar amounts of sales in February from 2004 to 2011:

February 2004 $62.7M
February 2005 $72.1M
February 2006 $76.6M
February 2007 $88.3M
February 2008 $64.5M
February 2009 $27.2M
February 2010 $36.0M
February 2011 $38.3M
February 2012 $43.1M

Total Dollar Volume for 2004-2011 is as follows:

2004 $1.12B
2005 $1.47B
2006 $1.63B
2007 $1.63B
2008 $1.06B
2009 $683M
2010 $698.4M
2011 $684.2M

The year 2006 had the most dollar volume totaling $1,637,874,800.

What does all of this mean to you?

This month presents a new trend that we haven’t seen since pre-recession 2008 – a decrease in number of transaction, yet an increase in dollar volume. While there was the sale of $3.2M single family home which may have skewed statistics a bit, the number that most surprised me was the increase in sales in the $500-600K range. Given this trend, I peeked into March sales in our MLS where almost half of the residential sales fall between $100,000 and $400,000, showing me that this trend may be an anomaly. However, it could also signal the start of a price recovery in Summit County Real Estate. In any event, this trend along with my personal experience of working with more buyers and witnessing more properties going under contract, does signal to me that we have hit the bottom and are in a state of recovery – even though it may be a slow recovery.

If you are a buyer on the fence, it may be time to get more serious, especially as new listings begin to hit the market and with more buyer competition, the best properties will be swiped up faster than the last few years. If you are a Seller, you still need to be priced right so don’t think this bit of good news is a reason to increase your asking price by 10%.

Summit County Foreclosure Update for February 2012

Summit County Colorado Foreclosure Statistics - Reported April 2012 for the month February 2012.




In February 2012 there have been 60 foreclosure actions; 49 with fee simple (100%) ownership, 10 for timeshares, and one unknown. In February the Summit County Treasurer’s Office issued 11 Public Trustee’s Deeds - 8 for fee simple ownership, and 3 for timeshares.

The breakdown of the type of foreclosure actions for February 2012 is as follows. There have been 39 Notice of Election and Demands which is the first step in the foreclosure process. This starts the foreclosure timeline and is not yet a sale of the property. There have been 0 Certificate of Purchase actions which is where the Public Trustee offers the property at public auction. Any purchaser must pay more than the debt itself owed to the lien holder filing the foreclosure action plus any fees. The purchaser has the duty to research whether there are any other outstanding liens on the property. There have been 21 Public Trustee's Deeds in February 2012. This is the stage of the process where the holder of the Certificate of Purchase obtains ownership of the entity.

In terms of property types, 27 single family homes, 21 multifamily units, 0 parcels of vacant land, 1 developments, 0 commercial properties, 1 unknown actions, and 10 timeshares in Summit County had foreclosure actions filed against them in February 2012. Twenty-four are in Breckenridge, (but note, that all timeshares are in Breckenridge); 5 each in Blue River, Farmer’s Corner and Frisco; and 4 each in Keystone and Silverthorne.

In looking back at foreclosure statistics in Summit County, 2009 had 300 NED’s, and 86 Public Trustee Deeds issued. The year 2010 had 367 NED’s and 148 Public Trustee Deeds issued. 2011 rounds out with 326 NED’s and 227 Public Trustee Deeds.

If you have any questions about short sales, bank-owned properties, or foreclosures in Summit County, Colorado, please email me at anakos@yourcastle.org, or call me at 970-389-8388.

Tuesday, March 13, 2012

Summit County Real Estate DEALS for March 2012

Bargain hunters - I know you want a good deal. In Summit County real estate, here are the good deals for March 2012.

Click Here for Good Deals

Summit County Colorado Foreclosure Statistics - March 2012 (reporting January 2012 numbers)

Summit County Foreclosure Update for January 2012


In January 2012 there have been 26 foreclosure actions; 18 with fee simple (100%) ownership, and 7 for timeshares. In January the Summit County Treasurer’s Office issued 10 Public Trustee’s Deeds - 5 for fee simple ownership, and 5 for timeshares.




The breakdown of the type of foreclosure actions for January 2012 is as follows. There have been 16 Notice of Election and Demands which is the first step in the foreclosure process. This starts the foreclosure timeline and is not yet a sale of the property. There have been 0 Certificate of Purchase actions which is where the Public Trustee offers the property at public auction. Any purchaser must pay more than the debt itself owed to the lien holder filing the foreclosure action plus any fees. The purchaser has the duty to research whether there are any other outstanding liens on the property. There have been 10 Public Trustee's Deeds in January 2012. This is the stage of the process where the holder of the Certificate of Purchase obtains ownership of the entity.

In terms of property types, 9 single family homes, 9 multifamily units, 0 parcels of vacant land, 0 developments, 0 commercial properties, 1 unknown actions, and 7 timeshares in Summit County had foreclosure actions filed against them in January 2012. Thirteen are in Breckenridge, (but note, that all timeshares are in Breckenridge); and 2 each in Blue River, Dillon Valley, Keystone, Silverthorne and Wildernest.

In looking back at foreclosure statistics in Summit County, 2009 had 300 NED’s, and 86 Public Trustee Deeds issued. The year 2010 had 367 NED’s and 148 Public Trustee Deeds issued. 2011 rounds out with 326 NED’s and 227 Public Trustee Deeds.

If you have any questions about short sales, bank-owned properties, or foreclosures in Summit County, Colorado, please email me at anakos@yourcastle.org, or call me at 970-389-8388.

Summit County Colorado Real Estate Market Conditions - March 2012 Update

Real Estate Statistics

January 2012 numbers down by one-third from December 2011.
Absorption of residential properties at 15 months with median days on the market at 287.




January 2012 had a total of 79 residential improved transactions, down 36 from December’s 115 – a decrease of 31%. Total residential dollar volume in January was $37.8M down $17.1M from December’s $54.9M a decrease of 31%.

Dollar volume for all types of property was $40.1M in January a decrease of 35% from December’s $61.6M. Total number of transactions in January for all types of real estate was 96 down 44 from December’s 140 – a decrease of 31%. January 2012 dollar volume was down 8% from January 2011 which posted $43.5M in sales.

February 2012 residential sales from our MLS indicate 62 residential properties sold with dollar volume at $36.7 million – not showing any dramatic increase from a paltry January.

The price point with the most activity in January 2012 is the $300,000-$400,000 and $400,000-$500,000 with 16 sales each. In second place is the under $200,000 price point with 12 sales and $200,000-$300,000 has 11 sales.

Average prices from 2006 to 2011 are as follows; 2012 numbers are year to date averages:

Single Family Homes:

2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $734,262
2012 - $665,421

Multi Family:

2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $367,280
2012 - $337,853

Vacant Land:

2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $246,478
2012 - $131,500

As of March 1, 2012, there are 1,188 active residential listings in Summit County, up 16 from the beginning of February. The total dollar value of current inventory is $864 million. As of the same date there are 370 land listings, up 15 from February.

With respect to residential listings, average days on the market is 424; median days on the market is 287.

Our MLS is showing 154 residential properties currently Pending, up 20 from February. Total dollar volume of pending properties per list price is $82.4 million. Pending properties increased over last month which will show a slight upward trend in closings in the next 30-60 days.

According to Summit County assessor data there are 25,660 residential properties and 2,564 pieces of vacant land. When looking at inventory for sale, 4.6% of residential properties are for sale and 14.4% of vacant land parcels are for sale. Industry experts say that a healthy market has less than 10% inventory.

Industry experts also say that more than 6 months of inventory is a sign of a weak or “buyers” market. With 79 residential properties selling in January and inventory of 1,188, it will take 15 months to sell the entire residential inventory.

Below are the total dollar amounts of sales in January from 2004 to 2011:

January 2004 $41.8M
January 2005 $80.7M
January 2006 $85.7M
January 2007 $82.9M
January 2008 $85.4M
January 2009 $32.8M
January 2010 $30.0M
January 2011 $43.5M
January 2012 $40.1M

Total Dollar Volume for 2004-2011 is as follows:

2004 $1.12B
2005 $1.47B
2006 $1.63B
2007 $1.63B
2008 $1.06B
2009 $683M
2010 $698.4M
2011 $684.2M

The year 2006 had the most dollar volume totaling $1,637,874,800.

What does all of this mean to you?

January numbers did not impress compared to the previous two years, but the good news is that January 2012 was better than January 2009 and January 2010 at the height of the recession. Property types that are selling the best are multi-family units under the $400,000 price point. Since the recession began, the most attractive properties are of course those that are priced under market and are obvious good values in the marketplace. For Sellers who are aren’t willing to price slightly under market, you will be holding onto your properties for awhile.

As I mentioned last month, I am hearing from my colleagues in Denver that there is a lack of inventory in the market for single family homes under $300,000. In fact, new listings in this sector have multiple offers on them. Primary home owners are looking to buy now. This trend will have a ripple effect and as consumer confidence increases, second home owners will look to Summit County for investment and enjoyment potential. Historically, our market lags around 12 months behind Denver. Expect the market to continue to improve slowly unless we experience some catastrophic event in the economy.

Tuesday, February 14, 2012

Good Deals - Summit County Real Estate February 2012

Hello Summit County fans! If you haven't been up here for great skiing and riding, you better make plans - resorts close in a couple months!

If you want to browse the good deals in real estate in Breckenridge, Frisco, Copper Mountain, Keystone, Dillon, Silverthorne and Blue River, Click here for great deals - Feb 2011.

Summit County Colorado Foreclosure Statistics - December 2011 and 2011 Year End

Summit County Foreclosure Update for December 2011




In December 2011 there have been 42 foreclosure actions; 27 with fee simple (100%) ownership, and 15 for timeshares. In December the Summit County Treasurer’s Office issued 18 Public Trustee’s Deeds - 9 for fee simple ownership, and 9 for timeshares.

The breakdown of the type of foreclosure actions for 2011 is as follows. There have been 326 Notice of Election and Demands which is the first step in the foreclosure process. This starts the foreclosure timeline and is not yet a sale of the property. There have been 12 Certificate of Purchase actions which is where the Public Trustee offers the property at public auction. Any purchaser must pay more than the debt itself owed to the lien holder filing the foreclosure action plus any fees. The purchaser has the duty to research whether there are any other outstanding liens on the property. There have been 227 Public Trustee's Deeds in 2011. This is the stage of the process where the holder of the Certificate of Purchase obtains ownership of the entity.

In terms of property types, 161 single family homes, 145 multifamily units, 16 parcels of vacant land, 7 developments, 7 commercial properties, 47 unknown actions, and 182 timeshares in Summit County had foreclosure actions filed against them in 2011. Two hundred and forty-six are in Breckenridge (but note, that all timeshares are in Breckenridge) – only 64 of those were fee simple actions. Forty-three are in Blue River, 42 in Silverthorne, 28 each in Keystone and Wildernest, 27 in Dillon Valley, and 26 in Frisco

In looking back at foreclosure statistics in Summit County, 2009 had 300 NED’s, and 86 Public Trustee Deeds issued. The year 2010 had 367 NED’s and 148 Public Trustee Deeds issued. 2011 rounds out with 326 NED’s and 227 Public Trustee Deeds.


If you have any questions about short sales, bank-owned properties, or foreclosures in Summit County, Colorado, please email me at anakos@yourcastle.org, or call me at 970-389-8388.