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.

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

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

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.

“National Mortgage Realities and Colorado’s Proposed Solutions”

As Realtors, we know the importance of mortgages. It is the avenue through which most of our clients are able to purchase real estate. If you have watched the news lately, you know that the mortgage industry is having its challenges. These challenges have and will continue to translate into challenges for our industry.

According to a national study released September 13, 2007, and reported in the National Realty News, about 33% of home purchase closings of loans originated by mortgage brokers were canceled during August 2007. This study also found that 57% of brokers’ customers could not refinance adjustable rate mortgages (ARMs) that had resetting interest rates.
The survey of 1,744 brokers, conducted August 23-31, provides one of the first quantitative measures of the major disruptions in the mortgage originations market which started in early August. The survey was conducted by Campbell Communications of Washington.
The survey found that home purchase closings were more often canceled for homebuyers with subprime credit. Fifty-six percent of subprime homebuyers in August had canceled closings while 21% of homebuyers seeking prime conforming mortgages had canceled closings. In another survey of real estate agents taken by Campbell Communications back in 2004, respondents indicated that only 4% of home purchase closings failed in that timeframe for mortgage-related reasons.

The Colorado Legislature has its own solutions to mortgage woes and has squarely blamed the mortgage brokers of this state. Their solution: more regulations of mortgage brokers. Effective January 1, 2008, most mortgage brokers making loans in Colorado will be required to be licensed, have fingerprints on file and complete criminal background checks, carry E&O insurance, and complete continuing education. (SB 07-203).

Mortgage brokers will also be required to provide clients with closing documents at least one day prior to closing. (Read that sentence again please!) Clients will have a chance to review all loan documents at least the day before they have to sign them. It will be interesting to see how this requirement plays out in practice. Will lenders really have documents ready a day before closing? Without this delivery, will closings need to be delayed, thus putting the earnest money of the buyer at risk? As you might expect from a new law, it raises more questions than provides answers.

If you are a mortgage broker and unaware of these new rules, go to http://www.dora.state.co.us/real-estate/mortgagebrokerregistration.htm to learn more.

Signing out from Frisco – see you next month.

COPPER MOUNTAIN AND FRISCO: The highs and the lows.

Let’s start with the highs – residential properties over Two Million Dollars: In Frisco, two properties sold in 2006 over $2 million. According to the MLS, these are the only residential sales ever in Frisco over $2 million. Currently in Frisco, there are six active listings over $2 million. At Copper, one property has sold for over $2 million in the history of the MLS and it closed in 2006 also. One property listed at $2.7 is currently pending, and there are 11 active listings over $2 million.

Now the lows – In Frisco, only one deed restricted unit is active under $250,000. In Copper two studios are active under $250,000. In 2006, 30 properties under $250,000 closed in Frisco. In 2006, 51 properties under $250,000 closed at Copper. Thus far in 2007, only 9 properties in Frisco have closed under $250,000 and only 15 properties in Copper have closed under the same price. These statistics tell us what we already know – properties under $250,000 in Frisco and Copper are becoming a thing of the past. If you have clients wanting to purchase in this price range, you may need to discuss partial ownership or move to a different market. Happy September to everyone!

Amy Nakos is Named the Summit Association of Realtors Director for Copper Mountain and Frisco

With excitement and honor, I take the baton from Bonnie Arnold as your SAR Area Director for Frisco and Copper Mountain. One of my goals is to provide the SAR membership with interesting and relevant articles, perhaps with a bit of humor and fun.

On Thursday I found out that on Monday I needed to submit this, my first article. Good thing I was in Steamboat Springs for the 25th Annual Colorado Bar Association Real Estate Symposium, where I learned some new and relevant legal material that affects our lives as Summit County Realtors. Buckle up, here we go.

I. Forms Highlights

By now we are used to getting new Colorado Real Estate Commission (CREC) forms every January 1. The year 2008 will be no different. During the 2007 legislative session, our State legislators decided that the public, when buying a residential property or residential vacant land, must know where the water comes from. (House Bill 07-1156) Voila . . . A new disclosure called the Water Source Disclosure, where the Seller must disclosure whether the water source is a well, water provider, or other source of water. Listing agents will probably want to get this disclosure at the same time as the Square Footage Disclosure and the Seller’s Property Disclosure.

Speaking of Listing Agents, a new proposal for the forms is calling the listing agent the “Broker working with the Seller.” As you might imagine, the old “Selling Broker” would now be the “Broker working with the Buyer.”

Another proposal for the Contract to Buy and Sell Real Estate is changing the New Loan Contingency paragraph. No more filling in interest rate, amortization and monthly payments. The buyer will have the right to exercise this contingency if he or she does not get a loan in his or her “subjective discretion” by the loan conditions deadline.

II. Mortgage Brokers

Attention affiliate mortgage brokers!! Because of the drama and trauma of subprime loans, ARM’s, and other non-conventional mortgages going into foreclosure, especially in Colorado, our legislature has laid the blame on your profession. Their solution: pass laws regulating mortgage brokers. Effective January 1, 2008, most mortgage brokers making loans in Colorado will be required to be licensed, have fingerprints on file and complete criminal background checks, carry E&O insurance, and complete continuing education. (SB 07-203). Mortgage brokers will also be required to provide clients with closing documents at least one day prior to closing. (Read that sentence again please!) It will be interesting to see how this requirement plays out in practice. Will lenders really have documents ready a day before closing? Without this delivery, will closings need to be delayed, thus putting the earnest money of the buyer at risk? As you might expect from a new law, it raises more questions than provides answers. If you are a mortgage broker and unaware of this new rule, go to http://www.dora.state.co.us/real-estate/mortgagebrokerregistration.htm to learn more.
Signing out from Frisco – see you next month.