The Question of a Recession

The Question of a Recession 

I often get asked if we are facing a recession.  And even if my clients don't use the word "Recession," they ask whether we can expect any price softening in the Summit County Real Estate Market.

While I don't have the crystal ball of what is going to happen in our market, I can tell you that in 4 of the last 5 recessions, the Denver market didn't see housing prices drop.  In fact, it was only the recession of 2007 where Denver saw a 16.3% decline in real estate pricing.  Summit County saw an 18% drop during that recession.  In all other recessions, the Denver market saw an INCREASE in housing appreciation.

We have since recovered the 2007 recession losses in Summit County and Denver and our values have exceeded the pre-recession highs.  

With ever increasing population growth in the Denver/Front Range area, the demand for mountain resort and second homes will remain high.  If you are interested in learning more about ski resort real estate in Summit County, please reach out!

Are We in a Recession? If you have buyers who believe we are going through a recession, please inform them that it is NOT TRUE. If there is a natural recession, home prices would have started to decrease. In fact, CoreLogic found that homes all across the U.S. have appreciated in three of the last five recessions. We conducted the same research on Denver Homes and prices have appreciated in four of the last five recessions. What does this mean? Recession does NOT equate to a Housing Crisis! Housing appreciation rates during recessions

Amy Nakos, JD, GRI, RSPS, CLHMS

970-389-8388

anakos@yourcastle,org

amynakos.com

Showing Property with Kids - Through the Eyes of a Child

Showing Property with Kids
Through the Eyes of a Child

I have been showing people property for 15 years.  Some of my favorite experiences have been families with kids.  And some of my least favorite experiences have been families with kids.  

Now, I have kids of my own, so I have seen every form of bad behavior.  I understand temper tantrums, snack breaks, wetting pants, falling and crying, wanting to jump in the pool, climbing on and in bunk beds, and touching everything in someone else’s home . . . sometimes with dirty hands.  I once had a little boy break some figurine on a shelf as he slid his arm across the entire table.  Oops. 

But the youthful energy and the innocent questions make me love working with kids.

Kids get bored looking at properties.  It’s a long day of getting in and out of the car, listening to some real estate person talk about short term rental income, earnest money, furniture, garages, radon, blah, blah, blah.  They want to know if there is a park, pool, or ski run nearby.  They want to run.  They want to play.  They also usually want a snack.  

I’ve often wondered what a day of real estate showings is like for a kid. Recently, I got to work with a family with two little boys, ages 7 and 8.  I personally am partial to little boys.  I have two boys so I feel like I understand them.  These little men have a great mom who came prepared.  She gave them the “job” of taking photos to remember the places and to show their dad who was at work on the day we looked. I asked her whether it would be OK if I shared some of their photos.  These are the choice picks from the 8 year old.   

Now you get to see what a day of real estate showings looks like to an 8 year old boy.

We don’t know whose car this is.

But it feels kind of "spy like" as he shoots the photo through the blinds of the upstairs bedroom.

The listing broker did not think to feature the bear soap dispenser.  

Little boys like bunk beds. Period.

This is actually me. I think he thought he was getting my good side.   Haha.

This is a stuffed bear in the home they actually decided to purchase.  The kicker with this bear is that it was in the direct vision of security cameras that were on.  I noticed the cameras as the kids were crawling on the bear so we quickly stopped “riding “ the bear.  

Yes, Breckenridge is winter fun for all!

This is the inside of the refrigerator.  The buyer asked me if a place was occupied, and I said you can tell by looking in the fridge.  So, our little photographer opened the refrigerators to see if anyone lived in the units we saw.

I mentioned that I loved fast cars.  So check out this fancy Porsche!

I can’t tell you what we have here.

The mountains are a place where families create lifetime memories.  And sometimes, kids get the special treat of being able to shop with their parents for the place they will enjoy for many years to come!

If you are shopping for mountain real estate, and have little ones, feel free to bring them along!  With snacks and a camera of course.

#investinsummit
#amynakos

The New Seasons at Keystone Update!

The New Seasons at Keystone Update

August 22, 2018

It is beautiful summer at The New Seasons at Keystone in Keystone Colorado.

We are pleased to announce that we have five properties under contract!  All of the one bedroom condos are under contract and a three bedroom unit is also under contract.  Welcome to all the new future owners at The New Seasons at Keystone - we look forward to working with you through the process of delivering your new construction condo next year.

We have 11 units left with two bedrooms starting at $599,000 and three bedrooms starting at $799,000.  Here is our current pricing and availability:

Excavators are on site!  We are anticipating unit delivery starting Summer to Fall next year (2019). We will provide more frequent updates on our Facebook page so follow us there:  https://www.facebook.com/newseasonsatkeystone/

We have two different finish choices for our buyers:  Rustic and Mountain Modern.  Here are the finish boards created with the assistance of an interior designer - you will see the Rustic has warmer tones while the Mountain Modern has gray tones.  Whether you are Rustic or Mountain Modern, rest assured that your unit will be beautiful upon completion!

For a complete marketing packet, click here:  The New Seasons at Keystone Marketing Packet

If you would like to discuss this project more, please reach out to:

info@newseasonsatkeystone.com or call 970-368-2797.

Be the First to Know about NEW Keystone Condo Construction at Pre-Construction Pricing

I'm going to let you in on a secret.  At this time, only people within my network and those who follow me on social media will know about this.  If you want to be the FIRST TO KNOW about new construction condos in Keystone, Colorado then today is your day!

SIGN UP FOR THE FIRST TO KNOW LIST

We are finalizing all the details and will make an official announcement very soon.  If you want to know how you can get a new construction condo in Keystone at pre-construction pricing, then sign up for the First to Know List!  These properties are NOT in the MLS yet, and they have not been released to the brokerage community.  This is your opportunity to be first in line to receive information on this fantastic new project.  We will be offering one, two and three bedroom condos starting under $400,000.   Yes - new mountain construction under $400,000!

Announcing, The New Seasons at Keystone.

Long awaited, The New Seasons at Keystone is the first condominium project in Keystone since 2002 when the original Seasons at Keystone was built.  The New Seasons at Keystone is the second phase to the original Seasons at Keystone, completing the project by adding forty condominium units to the existing thirty-two. This second phase will offer new construction contemporary condominiums including one, two and three bedroom units.  The exterior of the new buildings will resemble and compliment the existing Seasons at Keystone buildings.  The interiors have been re-thought and re-configured for today’s discerning consumer. 

Shoot me an email at anakos@yourcastle.org with the Message: First to Know.

And keep living the dream!

Amy Nakos, JD, GRI, CLHMS, RSPS

(What do all those letters mean?  They mean I've been a real estate professional for a long time!!)

Summit County Colorado Real Estate Update Q1 2018

It's time for my quarterly newsletter and this month I'm featuring a sneak peek into a new development project in Keystone Colorado.

You will want to get on the First to Know List!

You can hear my podcast on Denver Real Estate Investing.

You can check out my fantastic listings, read about market conditions, and just plain read stuff I wrote.  What could be better?

LINK TO QUARTERLY NEWSLETTER

Until next time, keep living the dream!

Amy

Keystone Colorado Luxury Homes Over $2,000,000

Keystone Colorado is a skier's mecca and a foodie's dream.  Luxury homes in Keystone listed at over $2,000,000 can be found at this link.  If you are in the market for a luxury home in Summit County, please contact me!

Luxury Keystone Homes listed over $2,000,000.

For a sneak peek into some of these incredible homes, see the photos below.

Amy Nakos, JD, GRI, RSPS

amynakos.com

anakos@yourcastle.org

970-389-8388

Information from Summit County MLS, and may not be listings of Your Castle Summit or Amy Nakos.

40 Unit Development Opportunity in Keystone Colorado

Summit County has few parcels that are available for residential multi-family development.  Especially parcels that are zoned for 40 units.

Attention Developers, if you are looking for your next project, take a close look at this amazing one of a kind opportunity.  This is Phase 2 of The Seasons at Keystone located in Keystone Colorado near the Keystone Lodge and Spa.  This development has 4 existing building and the rights to build 40 more units of density.  Plans exist for 5 buildings with approximately 47,000 square feet of living space.  A developer can update the existing plans from 2005 (to conform with the Summit County energy code of 2012), or he or she could design their own units within zoning requirements. 

More information available in the marketing packet.

Click here for amazing drone video of the site:

If you would like more information, we can provide a financial pro-forma and the 2005 architectural plans with a signed non-disclosure agreement.

Contact me for more information!

Third Quarter 2016 Summit County Real Estate Statistics

For the Third Quarter of 2016, Summit County real estate values continue to increase and inventory is low.
Here is a review of 3Q 2016 Summit County Real Estate statistics with my own personal commentary.  I hope you enjoy!

As always, if I can answer any questions or provide information on the Summit County Real Estate Market, please reach out to me.  I service the areas of Breckenridge, Copper Mountain, Dillon, Frisco, Keystone, and Silverthorne.  

Summit County Colorado Real Estate Statistics December 2012 and 2012 Year in Review

Real Estate Statistics

December 3^rd best month in 2012.

2012 Dollar Volume up 42% over 2011.

While we have been seeing signs of improvement in the market, 2012 year end statistics prove that we are in a recovery.  Both dollar volume and number of transactions increased finishing off the year with the best numbers we have seen since 2008.

Frisco, CO

 

December 2012

In December there were 185 transactions up from November’s 154 transactions with $87.2 million in dollar volume over November’s 66.86 million in dollar volume.  For residential properties there were 149 closings with $75.64 million in dollar volume.  December proved to be the third best month in 2012 which is surprising since December is not historically a strong month.  This means that October and November saw more buyer activity than in previous years.

 

2012 Transactions

In 2012 there have been 1,624 transactions, with $772,913,600 of total volume. 2012 finished with the Average Residential Price at $512,592, Median Residential Price at $400,000 and Average price per square foot at $291.

 

2012 Appreciation

Snapshot values for the Average Prices were fairly even to last year.  Single Family properties increased by 4% and Multi-Family fell slightly at -4%. Vacant Land indicated a 26% increase.  In looking at Median pricing, the trends are similar with Single Family increasing by 6%, Multi- Family was actually up by 3% and Vacant Land was up 27%.  Because more lower priced multi-family units (condos) sold in 2012, the average price was pulled down even though it is not necessarily true that appreciation was down. 

Average prices from 2006 to 2012 are as follows:

Single Family Homes:

2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $734,262
2012 - $764,455

Multi Family:

2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $367,280
2012 - $353,339

Vacant Land:

2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $246,478
2012 - $309,512

As of February 1, 2013, there are 1,015 active residential listings in Summit County, up only 2 from January.  The total dollar value of current inventory is $725.8M.  Inventory has remained steady and will jump again in May.  As of the same date there are 338 land listings.

With respect to residential listings, average days on the market is 396; median days on the market is 245 – these numbers continue to creep up as inventory falls and no influx of new inventory comes on the market.

Our MLS is showing 157 residential properties currently Pending with a total dollar volume of $86.9M.  Pending sales are almost exactly the same as they were 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, 3.9% of residential properties are for sale and 13% 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 149 residential properties selling in December and inventory of 1,015, it will take around 6.8 months to sell the entire residential inventory.  We are closer than EVER to reaching the 6 month “par” number.  Once inventory drops below 6 months of inventory, it will become a seller’s market.

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

December 2004   $135.6M
December 2005   $143.1M
December 2006   $156.8M
December 2007   $135.7M
December 2008   $61.0M
December 2009   $102.7M
December 2010   $70.1M
December 2011   $61.6M
December 2012   $87.2M

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
2012                            $772.9M (up 13% over 2011)

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/DECEMBER2012SUMMIT.pdf

 

What does all of this mean to you?  

Buyers:  Our inventory is low now with only about 6 months of absorption.  In February 2010 Summit County had 30 months of absorption.  What was once a strong Buyer’s market is statistically turning into a Seller’s market.  Well price properties will move quickly.   If you would like more information, ask me for my Summit County Buyer’s Guide!

 

Sellers:  2013 might be your year. With the top selling properties under the $500,000 price point, you will be more likely to sell if you own in that price range.  In fact, for the last 3 years, the top selling price range is $200,000-$300,000.  Inventory is low now so if you have a property that can be competitive in the marketplace, consider listing it now instead of being buried in the spring influx of listings.  And as I have said many times before, market conditions are segmented by community and property type.  For a realistic analysis of your chances of selling, contact me directly for a customized report.

 

Thanks to Land Title for the great statistics!

Colorado Mountain Region Real Estate Report 2012

All Mountain 2012 Report

 

The Colorado Association of Realtors has compiled data for all the mountian regions.  Click Here for a link to the CAR Mountain Report.  The number of sold properties have increased and the number of listings have gone down.  These indicators are a precursor to a seller's market.  This report also shows that the trends happening in Summit County are happening in other mountain areas.

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!