“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

To purchase the “average” Frisco home, an income of more than $207,000 would be required.
“Affordable” is the favorite term used when referring to homes that are deed restricted to local Summit County residents. It seems that is the only way locals can afford to buy a home. Lately, I have heard “attainable” used, rather than “affordable”. As prices go up, it seems to be a better word. The Summit Housing Authority does a great job of helping people with low interest loans for down payments together with homeowner education. The towns and the county governments have been trying to find more ways to provide housing for locals. The Peak One parcel, being town owned, seems perfect for it.

The Peak One tract of land in Frisco was aquired by the Town as part of a Forest Service land exchange. It has been used for recreation and open space, but the Town of Frisco has warned residents that it would not stay that way forever. The time seems to have come for it to be developed, and an ongoing dialogue between the Town and homeowners is coming to an end….

One of our clients who is a Realtor in Denver, was recently recognized by Realtor magazine as one of an elite group of 30 Realtor professionals who are under 30 years old and very successful.  Kate Lyons was also recognized by her employer, Markel Homes, who said:

30 Under 30 is designed to identify rising stars with […]

People concerned about their carbon footprints probably assume that vacation homes are not in their futures.
But anyone deciding to buy a second home can balance out its impact on the environment. Driving to the mountains once, for a four day stay, versus four times for four separate days will save gas and time, especially if you don’t go home when everyone else does on Sunday afternoon. Stay until after dinner, or perhaps even Monday morning. It may sound like a cop out, but keep reading!

A wonderful new store has opened in Breckenridge. It is called Ecoasis, and it is just that, an oasis of environmentally sound ideas and products. I spent about an hour there the other day and met Beth, who is very knowlegable and anxious to help anyone with questions. Ecoasis carries everything from flooring

How does the national economy affect our Summit County real estate market?
Today I attended a session with the chief economist for the National Association of Realtors, Dr Lawrence Yun. I found it very interesting to hear his take on the economy and how it translates to homes in Summit County, Colorado.

What I took away from his presentation was that real estate is local, and what has affected home sales so negatively is the sub prime mortage mess. Areas that had high incidences of sub prime mortgages (more than 100% financing, stated income, adjustable rate mortgages, and other similar programs) are now the areas with a lot of foreclosures. Where foreclosures are not as common, the markets are still stable or appreciating. The worst areas are Miami, Phoenix and Las Vegas, where a combination of subprime loans and speculation caused rapid appreciation, and just as rapid depreciation. However, Dr Yun seems to think that the prices still could increase 10-50%, even there, over the next 5 years.

Denver was one of three cities (Seattle and Dallas being the other two) that he thinks have the best