Proof that homes in Summit County sell quickly when the owners price them realistically came this week as we put four of our listings under contract. Even though inventories are at the highest level they have been in several years, when priced right, homes and condos still sell. This home was only 18 days from listing to closing, as we had a cash buyer wanting to close quickly, and a Seller willing to discount a little more in order to do so. It sold for 93% of the last sale of a similar duplex, but the last one had very nice views, was fully furnished and in excellent condition. Our listing had good views but was vacant, in desperate need of paint inside and out, and was sold as-is. The Seller needed a quick sale and priced it accordingly. It worked and he was very happy with the price he got.

Another of the Silverthorne homes we had listed is in a subdivision with 9 other similar homes already listed. We were number 10. How do you get to be first in line when you start out in the #10 position?

The new tax bill is designed to help first time home buyers buy a home and should help to improve the real estate market by giving them tax credits when they buy their first home. For more details on the bill go to http://dontmesswithtaxes.typepad.com/dont_mess_with_taxes/. She has a very complete description of its provisions.

However, there is always payback. When Uncle Sam offers one group of people a tax break, someone has to pay for it, and in this case, the second home owner will be part of it. There used to be a big loophole in the tax law that allowed people doing a 1031 tax deferred exchange out of an investment property to buy a property that they might like to live in permanently, rent it for a while, and then turn it into their permanent primary residence when they retired. That loophole was tightened up recently

After several months of little activity (June sales were down by 55% over a year ago) the Buyers finally showed up this week. We had five offers on four of our listings. Three are now under contract and the one with two offers is waiting for owner to get back from vacation. There have been lots of showings, (some properties have had twenty or more!) but Buyers have shown us that they are not willing to offer on a property unless they feel it is …..

Condos in Frisco, Colorado, have been very popular and have become more expensive.
With the slowdown in the market in the last few months, come some opportunities. We have four condominiums in Frisco recently listed, all priced under $400,000. All four are very different from each other, so here is a quick rundown of the highlights of each of them.

204 Meadow Creek Villa, $350,000.
205B Ten Mile Island, $369,000
418F, Frisco Bay Townhomes $383,000
730B Lagoon condominiums $309,900

“How is the Summit County real estate market?” is the most asked question when I meet people today.
Owners, Sellers and Buyers all want to know, as the market has been down for so long in the rest of the country. People have assumed it would be bad in Summit County too, but it hasn’t been until recently. The first six months of the year the number of transactions was down 38% over a year ago, so we know the national economy is now affecting us.

Fear on the part of potential Buyers is the biggest cause of the downturn, in my opinion. We still have very few foreclosures and not many Sellers “must” sell their properties. Second home Sellers are notoriously unmotivated