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!

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!

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.  

Introducing My New Website

Hello friends - I've launched my new website.  You can find it at www.amynakos.com!

Enjoy and please feel free to reach out to me with any questions about Summit County Colorado Real Estate.

Amy Nakos

February Good Deals Link - and my 100th POST!

Celebrate - this is the 100th post on my blog! 

February 2013 Good Deals Below.  They are going fast so if you want to buy in Summit County Colorado, you are going to have to move quick.

February Good Deals!

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!