Live Webinar on Summit County Real Estate Investment!

https://register.gotowebinar.com/register/1359813698196353283

On March 14, 2018 at 1:00 pm, join me for a LIVE webinar on all things Summit County (and Mountain Resort) real estate investment. Registration link is above and below!



Many people live in Denver for the mountain lifestyle but the reality of driving I-70 on a Saturday or Sunday can make day trips almost unbearable. If you have ever wondered about the realities of buying, owning, renting and selling a mountain property, then this episode is for you. Amy Nakos, a Summit County Real Estate professional for over 15 years, will discuss general considerations in mountain resort properties and then take the audience through two investment examples of actual properties in Summit County. Learn how you can own a piece of the dream, offset your expenses with rental income, and create memories with your friends your family . . . that don’t include sitting in stopped traffic! Specific topics we will cover are: - Mountain Market Trends - Considerations for purchasing a second home in a resort - Homeowner’s Associations - Short Term Rentals v Long Term Rentals - AirBNB/VRBO v. Property Management Companies - Buying and owning with friends - New Construction and Developments - Investment Property Operating Data x 2 Guest: Amy Nakos lives in Frisco, Colorado where she has been a real estate professional since 2003. She and her husband own and operate a mixed use commercial and residential property that they purchased out of foreclosure and have also developed a new construction four-plex. She is the managing broker of Your Castle Summit LLC, and is also a licensed Colorado attorney. She loves helping her clients build wealth through real estate and especially enjoys sharing her love for her community. She spends her free time with her husband Darren, her two sons Tyler and Max, and her dog, Chester and enjoys skiing, biking, hiking, fine wine, trying to golf and being outdoors.

Register: https://register.gotowebinar.com/register/1359813698196353283


This is the intro slide to the webinar! I chose some photos of the family, my dog, me skiing powder (actually just posing in powder), and of course the business shot against the blue wall!!

End of Year 2017 Real Estate Newsletter. And how you can Live Like a Local!

While most of you are in full swing for 2018, I still want to wish you a Happy New Year and give you my 2017 end of year real estate update for Summit County.

Amy's 2017 Year in Review Real Estate Newsletter!

For a quick synopsis, here is what you need to know if you are a Buyer or a Seller:

For Buyers: Our market is split.  For properties under $750K to $1m, inventory is tight and prices are climbing.  Days on market for properties over $750K are 129 whereas days on market for properties under $750K is 44.  Prices have climbed an average of 15% from last year on all properties.  If you have been waiting for the right time to purchase, get serious now about obtaining financing and start to shop. Prices will continue to climb as Denver's robust economy feeds the Summit County market.  The market is especially tight under $500K, and almost non-existent under $300K.

For Sellers: With record low inventory, putting your property on the market now, especially during the high rental season, will provide you with little competition from other listings.  If you have a property under $500K, expect a fast turnaround time provided you are within market pricing.  If you wait until spring, you will be in the crowd of new listings coming on the market.

If you would like to subscribe to my quarterly newsletter, please CLICK HERE!

RE-BROADCAST OF MOUNTAIN RESORT REAL ESTATE TRENDS PRESENTATION

I know that some of you were busy on Wednesday night and couldn't tune in to 2 hours of the most riveting real estate information of our time.  All joking aside, if you have any interest in tuning in to our re-broadcast of the December 6, Mountain Resort Real Estate Trends presentation, you can visit my facebook page and find the whole presentation there!

https://www.facebook.com/amynakosrealestate/

We also reference a trends booklet.  Here is your electronic version:

Electronic Version of 3Q 2017 Mountain Trends Booklet

We discussed various resort real estate topics including short v. long term rentals, Homeowner's Associations, new developments in our areas (most are still in planning commissions), and cash flow potential.  

Of course if you have any specific questions, just reach out to me instead of sorting through 2 hours of us talking!!

Amy

Reading the Tea Leaves of the Denver Metro Real Estate Market

Your Castle's Denver Real Estate Prediction Blog:

http://yourcastle.org/denver-residential-real-estate-forecast-2017/

If you are interested in learning more about the future of the Denver Real Estate Market, this is the blog post for you!  Charles Roberts, the President of Your Castle Real Estate, explains in detail, with charts, his prediction for the future of the Denver real estate market.

Why is this important to Summit County?

The Denver real estate market and economy in large part fuels the Summit County market.  With a healthy real estate market predicted in Denver for the next 3-5 years, Summit will follow.

If you are sitting on the sidelines wondering whether or not to buy in Summit County, now is a great time to get into the market!

www.amynakos.com

970-389-8388

Luxury Frisco Colorado Home - A Builder's Own

Have you ever wondered how a builder would build his own home?  With this exquisite home at 216 Chiming Bells Lane in Frisco, Colorado, you can find out.

Click the following link to enjoy a virtual walk through of this home.
https://my.matterport.com/show/?m=3zQ8h8BV29o&lp=1'

This home is 3,705 square feet, four bedrooms, four and half baths, with two living areas and an extra bonus office.  It sits at the end of a cul-de-sac in the exclusive neighborhood called The Reserve.  It features exposed wood beam construction, hand scraped cherry hardwood floors, a gourmet kitchen with a giant island, a walk in pantry, and tons of storage.  The Master Suite features a walk in closet and fully glazed shower that can be converted to a steam shower.  Each bedroom has it's own ensuite bathroom and there is a powder bath on the main level.  Need storage?  This home has large closets in the bedrooms and extra closet space throughout.  It also has attic storage with a ladder to stash your seasonal decorations.

But the best part is what you can't see.  Remember, a builder built this house and it is located in Frisco, Colorado which sits at 9,100 feet elevation.  The exterior of this home was built with an extra layer and then spray foam insulation was sprayed to create an "R" factor that is high and above any building requirements.  This allows the home to be very energy efficient and quiet.

The interior and exterior of the home have been repainted and this home is being sold mostly furnished.  It also comes with the hot tub which is a welcome retreat after a long day on the slopes.  What that means for you and your family is that it is ready to move into!

If you are interested in purchasing this as your second home, you can rent out this home when you aren't using it to offset some of the costs.  A local property management company, Summit Mountain Rentals, projects that this home would gross around $75,000 in rental income annually.  This home is located in Summit County near Copper Mountain, Breckenridge, Keystone and A-Basin ski resorts.  It is also conveniently located near I-70 so you can get to Vail in 30 minutes and Beaver Creek in 40 minutes.

Fly over Drone Video:  https://www.youtube.com/watch?v=tSJmc5kTOSI&feature=youtu.be

For more information, please contact me today!

Amy Nakos, JD, GRI, RSPS

www.amynakos.com

970-389-8388

Your Castle Summit

The Size of Your Property Depends on Who You Ask - The Square Footage Question

I sell real estate.  But when buying a residential property, the question of “How much real estate am I buying?” is answered with square footage.  Surprisingly, square footage isn’t a hard and fast measurement.  In fact, measurements can vary depending on the source of the measurement and what is included in the measurement. And, invariably, if you have three different people measure the same property, you will have three different measurements.

In our market, most real estate brokers pull the County Assessor square footage measurement. With new construction, the square footage measurement comes from the builder.  Builders’ measurements, in our market, are usually bigger than the County Assessor’s measurement.   Finally, appraisers often measure properties when doing an appraisal, and brokers can use this measurement as the square footage source. 

I talked with an appraiser at our local Assessor’s office and was told that for single family homes and townhomes, the Assessor’s office looks at the plans for new builds and they physically measure the house.  These measurements are from the exterior walls.  With condos, the frame of the unit is measured and the calculation comes from the interior of the unit.  If there is an addition, the Assessor’s office will do the same as a new build – look at the plans and measure the space. 

So what are you to do if you have concerns about the square footage of the property you are buying?  My first bit of advice is, if the property works for you, then don’t worry too much about the square footage measurement.  If you feel like you are paying a fair price for the property, enjoy it for years to come.  If, however, you are paying a premium for the property, and the difference in square footage can make a substantial difference in pricing, you may have concerns that you are overpaying. 

First, ask for the source of the square footage measurement.  In Colorado, when a broker lists the square footage source, we are supposed to have a document backing up that measurement.  I personally have had sellers tell me that their properties are larger than the measurement I pull from the Assessor’s office.  If they can provide me with a document in writing – builder’s measurements from plans or an appraisal -- then I can use that square footage measurement.  This disclosure is just that – a disclosure.  It is in no way a “guarantee” that the square footage number is perfect.  It is the closest and best measurement, backed up with a document, that the seller can produce. 

Sometimes discrepancies are caused by what is included in the measurement.  For instance, one measurement may include the garage, and one may not.  Or, in some markets, outdoor square footage such as patios or enclosed lanais are included in the measurement.   Ask your Realtor to pull comparable properties from the MLS and compare the measurements to make sure you are comparing apples to apples. 

Second, you could hire someone to measure the property for you to get your own measurement.  Appraisers will do this service.  You can then see whether your measurement is close, or close enough, to the disclosure to make you feel comfortable.  Remember, that square footage isn’t an exact science so you will likely not have the exact same measurement as the disclosure.

Finally, if you think there is a huge discrepancy between the square footage amount disclosed and the square footage you measured, it might be time to put the brakes on the contract and do more investigation.  If you can’t justify the price for the square footage, then look for a new property.

Should You Buy a Summit County Ski Investment Property With Friends?

In recent years, I have represented a number of buyer clients who are groups of friends or couples who are friends.  They have pooled their resources together to buy a vacation ski condo in Summit County.  Here are my tips if you are thinking about doing the same!

For Denver Front Rangers who love to ski or ride in the mountains, you are fully aware of the I-70 traffic woes that lie between your home and a great day on the hill. The reality of day tripping to the mountains on weekends is hindered by the fact that you will be with tens of thousands of others on I-70 both on your way to the mountains and home.  And that makes the commute almost unbearable to the point of not even leaving your house.  And affording a place to stay in the mountains can be expensive.  So, what are mountain lovers to do?

Many people ask me whether it’s a good idea to purchase a mountain property with friends.  This seems like a great solution to have access to a mountain property for the weekends, avoid I-70 traffic, and to generate some income with short term rentals while it’s not being used by the owners.  Here are some pros and cons associated with this plan:

Pros:

• Buying with others increases your purchasing power and reduces your monthly costs.
• You can afford a property you might not otherwise be able to afford.
• You have a weekend place to stay when skiing/riding in the mountains.
• You can offset some of the costs with short term rentals.

Cons:

• You will need to coordinate with your co-owners for use, scheduling, cleaning, etc.
• Your friends will now be your roommates – that could be good or bad.
• People’s plans change in the future and ideal timing for the sale of the property will never be the same for all the owners.

My best advice for people considering buying a property with friends is to over communicate expectations before purchasing the property.  Once the property is under contract, a legal agreement should be created that addresses sales and buy outs at a minimum.  Other items that owners will need to address is ownership structure (LLC, partnership, etc), short term rental management, cleaning, pets, bedroom assignments (if applicable) and guests, to name a few. 

If you are interested in learning more about purchasing vacation property with others, please feel free to reach out to me!

Amy Nakos, JD, GRI, RSPS

anakos@yourcastle.org

970-389-8388

www.amynakos.com

Is a Summit County Ski Property a Good Short Term Rental Investment?

I get asked all the time whether owning a property in Summit County is a "good investment?"  In this detailed video, I will walk you through a spreadsheet with actual costs and benefits of owning 4 different mountain properties in Summit County, Colorado.  These numbers are from MLS information and reported actual rental numbers.  

Spoiler alert - taking into consideration appreciation and tax benefits, you can make 7-13% annually on your inital cash investment.  (And you can ski and avoid I-70 traffic on Sunday afternoons!)

As part of my ongoing client services, I often prepare these spreadsheets for buyers.  While inventory is moving fast, I'm happy to share my existing spreadsheets with potential buyers.  Just ask!