Insights on Summit County Real Estate

June 14, 2019

Top Summer Festivals in the Mountains for 2019

 

The festivals and Family Entertainment we have in the mountains is second to none. Here is a list of many of the Festivals (and I'm sure that I haven't even covered half of them). Here's a surefire way to enjoy Summer in the Mountains.

A group of people around each otherDescription automatically generatedBreckenridge Free Family Festival

June 26, 2019 at 11 AM – 1 PM - Riverwalk Center

MEET THE ORCHESTRA: A Free Family Festival - Bravo Vail and the NRO present an engaging concert for the whole family! Join us for fun activities, including an instrument petting zoo, before the performance begins.



Wine and Jazz Festival: Keystone

July 13 & 14th in Keystone

A group of people posing for the cameraDescription automatically generatedKeystone Wine and Jazz Festival brings more than 300 varieties of wine - red, white, bubbly and everything in between as part of the festival's Village Grand Tasting event, not to mention the Warren Station Reserve Wine Tasting on Friday evening to kick off the weekend's festivities. Top it off with educational wine seminars and smooth (and free) jazz shows all weekend.

 

Summer Beer Festival Breckenridge

Saturday, July 13, 2019 at 12 PM – 5 PM Beaver Run Resort

Join us for the 14th annual Breckenridge Summer Beer Festival at Beaver Run Resort! Brews, Views & Live Music! Proceeds benefit SOS Outreach of Colorado.

 

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Breckenridge Food and Wine

July 26-28, 2019 Main Street Station Plaza

The Breckenridge Food and Wine Festival brings you a unique, wine-tasting experience. Main Street Station Plaza and The Village at Breckenridge, (at the base of Peak Nine), transform into a beautiful, mountain-side vineyard starring an array of varietals created by top wineries. From the soft and smooth to the unabashedly bold, guests will get more than their fair share of delicious sips. There will be nearly 300 wines to select from

 

Breckenridge Main Street Art Festival

August 1st 10:00 - 6:00p.m. Breckenridge Main Street near Wellington

A group of people walking down a streetDescription automatically generatedThe 18th Annual Breckenridge Main Street Art Festival has been ranked as high as #23 in Sunshine Artist's top 200 fine art festivals in 2017!!! This established show will feature 100 artists from around the country. Artists will present ceramics, mixed media, fiber, jewelry, painting, wood, glass, sculpture and much more! You won't want to miss this fabulous summer weekend of art and mountain ambiance.

 

Bluegrass and Beer Festival

Aug 3 at 1 PM – Aug 4 at 5 PM in Keystone

Keystone brings the wonders of Appalachia to the Rockies. Down-home cooking, frothy flavors and mountain music are just a piece of the pie. In a whirlwind of hillbilly luxuries, folks gather while 40+ craft breweries from Colorado and beyond showcase their unique blends of hops and barleys. Live music kicks up on three stages and the “best of the best” grace us with their presence throughout the two days.

Breckenridge Hogfest - Bacon & Bourbon

August 23-25 - The Village

A picture containing cake, foodDescription automatically generated“Keep your friends close, and your bourbon closer." - Old Kentucky Proverb. Bacon & Bourbon Fusion Bacon is the most loved food in the universe and the route to all things swine and divine. Add the quintessential American liquor, bourbon; mind blown. These indulgences come together for the Breckenridge HogFest - Bacon & Bourbon.

Bourbon Pairing Dinner - Friday, August 23rd, 2019
VIP Access - Saturday, August 24rth, 2019
Brunch - Sunday, August 25th, 2019


Breckenridge Oktoberfest

September 6-8 Breckenridge Main Street

A group of people posing for the cameraDescription automatically generatedBreckenridge Oktoberfest, September 6-8, 2019, is the largest street party in the Rocky Mountains. Join us on historic Main Street where Munich meets the mountains for views, brews, yummy food, live music and more!

With more than three-dozen genuine German cuisine and brew vendors, German-themed games including Hammerschlagan, Bavarian lederhosen, Oompah and polka dancing, Oktoberfest Breckenridge is an event not to miss!

 

 

 

June 14, 2019

10 Favorite Things to Do in the Mountains this Summer

Enjoy the most exquisite venue next to Red Rocks - Dillon Amphitheater

Inspired by our scenically spectacular lakeside venue over-looking the majestic Rocky Mountains, we delight in the opportunity to challenge attendees with diverse and engaging live performances, offer an incomparable guest experience and provide authentic and dynamic interactions with our community and visitors. Concerts are held all summer long with great names like Clint Black, Bodeans, Michael Franti, Colorado Symphony, String Cheese Incident, and many others. Don’t miss the Free Movie nights as well, that’s just great fun!

Visit Isak Heartstone

After spending the winter in warmer air, Isak is returning to Breckenridge in the spring of 2019 to settle back into the forest. Isak is Breckenridge’s 15 foot wooden troll capturing the hearts of many last summer. Isak welcomes those who will love his home as he does and leave no trace on his new surroundings. Isak Heartstone is a large-scale, wooden troll sculpture by Danish artist Thomas Dambo, known for building playful sculptures out of recycled material.

His new home is off the Illinois Gulch trail behind the Stephen C. West Ice Arena. The Trollsteigen Trail is a one-way directional trail and is the only way to visit Isak. 

Whitewater Rafting

If you’ve never been white water rafting, you’re in for a treat this year! Arkansas River Rafting is truly one of Colorado’s greatest mountain adventures. Among the nation’s most sought-after whitewater, the Arkansas River in Colorado plunges 5,000 feet in its first 125 miles. The thrill of whitewater rapids both big and small, spectacular views of the Rocky Mountains’ highest “fourteeners” (14,000-foot peaks) and local wildlife (bighorn sheep, deer, elk, birds and more) make whitewater rafting on the Arkansas Rivers true Colorado adventure.

Discover Fairy Magic on the Trails

This has been a long time local secret, and has become more widely popular. 

Love to hike with the little ones? Breckenridge has its very own Fairy Forest trail. What began as a creative game of fairy hide-and-seek blossomed into a community collaboration, as neighbors and locals discovered and added to the charming collection of fairys, mushrooms, and trolls. Start at Breckenridge Ski Resort’s Snow flake chair lift. The fairs await along a gentle shady trail that meanders amount the tall trees on the Four O’Clock Trail.

 

Copper Mountain Fun Park

Looking for a fun Family Adventure Park that won’t break the bank? There is something for all ages to do at Copper in the Summer. Channel your inner ninja on the Woodward WreckTangle outdoor obstacle course, ride the longest Mountain Coaster, Zip Line over the pond, race your family in your own Go Cart, and more! 2 for 1 passes available this summer.

Biking

A person riding a bike down a dirt roadDescription automatically generatedBreckenridge is a mecca for bikers of all kinds. From road bikers to mountain bikers to cruisers and everything in between. Discover the seemingly endless trails, paths and bike parks for every level of rider and get ready to take in the views on two wheels. Mountain Bike from the chair lift at Breckenridge or Keystone, Ride the Vail Pass downhill, or Freestyle on any one of our amazing bike trails all around. Rent gear or bring your own! Biking with the family? You can always put your bike on the Summit Stage to get back to your home base!

 

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Golfing

Take a swing at Breckenridge’s 27-hole golf course, one of the few Jack Nicklaus designed municipal golf courses in the world, complete with a driving range, practice putting green and clubhouse. Try to focus on the turf and not the views of the Ten Mile Range. Breckenridge Golf Club offers Pass Cards to residents of Breckenridge, Upper Blue second homeowners, or residents of Summit and Park Counties. Play for only $44/round. Breckenridge Golf Club is also offering a Summer Renter Punch Card. The card is designed for those individuals who aren’t property owners of Breckenridge, but will be staying a minimum of two weeks during the summer months. These are $85/round. Buying in Summit County has its privileges.

 

Hang at the Lake (Frisco or Dillon)

A small boat in a large body of waterDescription automatically generatedNothing screams summer like the scenic Dillon Reservoir in the heart of Summit County, Colorado. The Reservoir spans 3,300 acres and boasts 27 miles of shoreline surrounded by majestic peaks. At 9,017 ft. in elevation, the boating season is weather dependent, but typically runs from early June to early or mid September. The Reservoir has 2 marina’s, Dillon Marina and Frisco Bay Marina and brings lake life to this quintessential mountain town with boat, kayak, and paddle sport rentals, a sandy beach and waterside dining.

Farmer’s Markets

What's not to love about a farmers market? Where else can you shop with a direct view of towering peaks, buy directly from an artist or a farmer, do some yoga on a manicured lawn, listen to live music while supporting local economies. Summit County is home to several summer markets. On Sundays you'll find the Breckenridge Market at the south end of town at the corner of Park and Main in the Main Street Station courtyard. Live music, fresh bread and flowers, Colorado farms, artisan goods, chair massage and more are all represented in this pleasant shopping experience. Over in Dillon the farm vibes are strong. The Dillon Farmers Market will be located on Lodgepole Street adjacent to the Dillon Reservoir. The Friday Dillon Farmers Market has a great showing of organic produce, bath products, kombucha, and also features live music at 10:30 a.m – 1:00 p.m.

 

SUP Yoga

Stand Up Paddleboard Yoga is fun, challenging, and relaxing all wrapped up in an inspiring experience on the water. SUP YOGA is accessible to everyone willing to step out of their comfort zone and practice yoga on a floating surface. Take your mountain yoga experience to the next level and join Meta on the water this summer! Meta Yoga Studios hosts SUP YOGA classes Thursday - Sunday during the Summer months of June, July, and August.

 

** AND IF YOU'RE COUNTING...THIS IS THE 11TH BONUS....

I love helping great clients buy and sell Real Estate in the Mountains. If ever there is anything I can do for you or someone you know, please don't hesitate to reach out! We're here to help.

May 23, 2019

Why we Love the Mountains in the Off-Season

Here in Breckenridge, we really have three seasons rather than four: Ski season, summer and mud season. The latter is aptly named, considering it is the time when the snow is melting and trails become messy with mud. This year is truly one of our most Epic Years with the Ski Resort extending it's opening to June 9th, well past Memorial Day Weekend. May and June are pretty much the epitome of mud season as are experiencing the wonderful summer sun mixed with crazy snow showers, warmth and wildflowers not fully arrived. May and June (barring any unseasonal snowstorms … never out of the question) are the town’s best kept secret. While some think that Breck becomes a ghost town this time of year, there are actually many things to love about it.

Restaurant deals

Aurum in BreckenridgeLocal eateries like to honor locals and anyone who comes to town for the off-season by offering two-for-one dinners and a slew of other yummy specials. Nearly three dozen restaurants comprise the Breckenridge Restaurant Association, which is offering a Spring Dining Passport full of coupons for fantastic dining specials through June 6. Passports can be picked up at all participating restaurants or at the Breckenridge Welcome Center. The Passports, valid for two people, are available for a $10 donation, which benefits scholarships for restaurant industry-bound local high school graduates.

Skiing and Riding

What?! Yes, it's true! Breckenridge has extended their season to June 9th (weekends only after Memorial Day weekend) The ski season is still charging in all of it’s slushy glory with a ton of terrain still open and great events throughout May. 

Experience our Phenomenal BreckCreate Art

BreckCreate light FestivalWAVE: Light + Water + Sound, an exhibition of cutting-edge works of contemporary public art presented from May 30–June 2, 2019. The free four-night festival features interactive artworks, temporary installations and performances in and around the Blue River Plaza in downtown Breckenridge, transforming the river, bridges and waterfront area into outdoor canvases, stages and exhibition spaces.

 

Putting away winter gear = way more closet space

So this may have to wait, but ... Have you ever noticed how a winter parka takes up as much space as about eight sundresses or 12 T-shirts? Shove it away, people. Revel in the possibilities. You could practically rent your closet as an extra bedroom, it’s so delightfully spacious all of a sudden.

Town is tranquil

Ghost town is simply not the way to explain it. The way that the majestic, partially snow-covered peak loom over a quiet Main Street inspires an unmistakable sense of Zen. The chatter of returning robins and hummingbirds are the soundtrack. Soak it up.

May 23, 2019

What Investors should know about 1031 Exchange

A 1031 exchange is a fantastic real estate investing maneuver. Exchanges allow the deferment of capital gains tax, depreciation recapture tax, healthcare tax, and state tax on the sale of investment and business-use property. But, exactly how does a 1031 exchange work? These transactions are for business use or investment property only. And, there are critical timing rules of a 1031 exchange you must meet when identifying and closing on replacement property after your original property sells.

Thanks to IRC Section 1031, a properly structured 1031 exchange allows an investor to sell a property, to reinvest the proceeds in a new property and to defer all capital gain taxes. IRC Section 1031 (a)(1) states:

“No gain or loss shall be recognized on the exchange of real property held for productive use in a trade or business or for investment, if such real property is exchanged solely for real property of like-kind which is to be held either for productive use in a trade or business or for investment.”

How To Do a 1031 Exchange

To understand the powerful protection a 1031 exchange offers, consider the following example:

  • Assume an investor has $400,000 in gain and also $400,000 in net proceeds after closing. Assuming an investor with a $400,000 capital gain and incurs a tax liability of approximately $140,000 in combined taxes (depreciation recapture, federal capital gain tax, state capital gain tax, and net investment income tax) when the property is sold. Only $260,000 in net equity remains to reinvest in another property.
  • Assuming a 25% down payment and taking on new financing for the purchase with a 75% loan-to-value ratio, the investor would only be able to purchase a $1,040,000 replacement property.
  • If the same investor chose to exchange, however, he or she would be able to reinvest the entire gross equity of $400,000 in the purchase of $1,600,000 replacement property, assuming the same down payment and loan-to-value ratios.

As the above example demonstrates, tax-deferred exchanges allow investors to defer capital gain taxes as well as facilitate significant portfolio growth and increased return on investment. In order to access the full potential of these benefits, it is crucial to have a comprehensive knowledge of the exchange process and the Section 1031 code. For instance, an accurate understanding of the key term like-kind – often mistakenly thought to mean the same exact types of property – can reveal possibilities that might have been dismissed or overlooked. Asset Preservation, Inc. (API) is your resource to obtain accurate and thorough information about the entire exchange process.

If there is every anything we can help, whether planning for the future, or contemplating possibilities please don't hesitate to reach out to us. 

Information Provided by Asset Preservation. 

May 21, 2019

Get our New BreckLiving Live MLS App

Ever stood in front of a home for sale and wanted to know the details instantly? Curious about the market, but not ready to buy yet? Want to see what homes are for sale and have sold around you?

 

Connect with me through our New BreckLiving Summit Area MLS-Client® mobile app. Easily get FREE access to the MLS® right in the palm of your hand. Search for your dream property in your favorite neighborhood and still get my real estate expertise. Click Here (https://mls-client.com/03924A8D) to Download the App!!

 

 

Search the MLS®

Get complete and immediate access on the map or by search criteria to all active, pending, sold and expired listings.

 

 

 

 

Instaview

Point your device toward a nearby property and get the full listing information for this property instantly.

 

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Incisive Market Stats

Keep your expectations in check and strengthen your position with instant market stats.

 

 

 

 

 

There's so much power in the palm of your hands. Click Here (https://mls-client.com/03924A8D) to Download the App!!

 

 

 

 

 

 

 

May 20, 2019

Appealing Your Property Valuation

The goal of your new Property Valuation Appeal would be to lower the valuation to lower your taxes. When making an assessment of your property, appraisers would look at the # of bedrooms, the age, and the square footage +/- 10%. Recent comps would be within 180 days of the June 2018 cutoff (per the valuation). Here's the process:

Use three to five comparable properties that have sold recently that are very similar to your own in terms of size, style, condition, and location.

Once you identify comps, check the assessments on those properties. Our Summit County local government maintains this information on the public databases (CLICK HERE). If the assessments on your comps are lower, you can argue yours is too high.

Even if the assessments are similar, if you can show that the comparable properties are superior to yours, you may have a case for relief based on equity. Maybe your neighbor built an addition while you were still struggling to clean up storm damage. In that case, the properties are no longer comparable.

Armed with your research, call the assessor’s office. Most assessors are willing to discuss your assessment informally by phone. If not, or if you aren’t satisfied with the explanation, request a formal review.

Pay attention to deadlines and procedures. There's a form to fill out and specific instructions for supporting evidence. The length of the review process varies but be prepared to wait a few months (or sometimes even longer) for a final decision. Expect to receive a decision in writing.

If the review is unsuccessful, you can usually appeal the decision to an independent board, with or without the help of a lawyer.

 

April 26, 2019

Are Low Interest Rates Here to Stay?

 

Are Low Interest Rates Here to Stay? | MyKCM

Interest rates for a 30-year fixed rate mortgage have been on the decline since November, now reaching lows last seen in January 2018. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates came in at 4.12% last week!

This is great news for anyone who is planning on buying a home this spring! Freddie Mac had this to say,

“Mortgage interest rates have been steadily declining since the start of 2019. These lower mortgage interest rates combined with a strong labor market should attract prospective homebuyers this spring and could help the housing sector regain its momentum later in the year.”

To put the low rates in perspective, the average for 2018 was 4.6%! The chart below shows the recent drop, and also shows where the experts at Freddie Mac believe rates will be by the end of 2019.

Are Low Interest Rates Here to Stay? | MyKCM

Bottom Line

If you plan on buying a home this year, let’s get together to start your home search to ensure you can lock in these historically low rates today!

April 26, 2019

April 2019 Summit County Real Estate Market Update

 

 

In a recent post on the National Association of Realtors’ Economists’ Outlook Blog, it was revealed that Realtors are starting to sense that home values are beginning to stabilize and that we may see appreciation beginning to accelerate again.

The thinking that home appreciation has bottomed-out was confirmed in two housing reports recently released:

CoreLogic Home Price Index – The analysts at CoreLogic increased their projection for home appreciation for the next twelve months to 4.7% as compared to the 4.6% they projected in their previous report.

The Home Price Expectation Survey – In the 2019 first quarter survey, the nationwide panel of over one hundred economists, real estate experts, and investment & market strategists increased their projection for home value growth in 2019 to 4.3% compared to the 3.8% increase they had projected in the fourth quarter of 2018.

Here's a Snapshot of Summit County in the last month.

  • New Listings were down 29.6 percent for single family homes but increased 33.1 percent for townhouse-condo properties.
  • Pending Sales landed at 96 for single family homes and 177 for townhouse-condo properties.
  • The Median Sales Price was up 11.6 percent to $689,893 for single family homes and 12.8 percent to $521,000 for townhouse-condo properties.
  • Days on Market decreased 9.1 percent for single family homes but increased 14.5 percent for townhouse-condo properties.
  • The Federal Reserve recently announced that no further interest rate hikes are planned for 2019. Given the fact that the federal funds rate has increased nine times over the past three years, this was welcome news for U.S. consumers, which carry an approximate average of $6,000 in revolving credit card debt per household. Fed actions also tend to affect mortgage rates, so the pause in rate hikes was also welcome news to the residential real estate industry.

 

April 26, 2019

Buyer Demand Surging as Spring Market Begins

Buyer Demand Surging as Spring Market Begins | MyKCM

Last fall, some predicted that the 2019 residential real estate market would be a disaster. There was even belief we might experience a housing crash like the one that occurred during the last decade.

However, according to two separate reports*, buyer demand dramatically increased over the last three months, leading into this spring buyers’ market (the March data is not yet available).

Both the ShowingTime Showing Index and the National Association of REALTORS Buyer Traffic Index show that buyer demand has increased in each of the last three months.

Buyer Demand Surging as Spring Market Begins | MyKCM

 

Bottom Line

It appears the spring buyers’ market is going to be much stronger than many had projected. Whether you are selling or buying, this is important news.

 

*The methodology behind the indices:

The ShowingTime Showing Index

“The ShowingTime Showing Index® tracks the average number of buyer showings on active residential properties on a monthly basis, a highly reliable leading indicator of current and future demand trends.”

The National Association of REALTORS® Buyer Traffic Index

“In a monthly survey of REALTORS®, NAR asks respondents ‘Compared to the same month last year, how would you rate the past month’s traffic in neighborhood(s) or area(s) where you make most of your sales?’ NAR compiles the responses into an index, where an index above 50 indicates that more respondents reported “stronger” traffic than “weaker” traffic.”

March 14, 2019

Calling All Investors!!

CALLING ALL INVESTORS!
147 Shores Lane

This is an incredible opportunity for the already lowest priced riverfront Shores residence. Current contract holder will RELEASE $125,000 of her earnest money at closing for any buyer that assumes her contract! The $125k credit will reflect a $1,640,000 acquisition price which is $255k below the unit next door! Read More....

This is a contractual assignment sale. The current contract holder has been allowed to assign their contractual interest by the developer. This new residence has direct access to National Forest & Blue River. Enjoy living near everything Summit County has to offer in this newly designed residence with clean transitional interiors to include modern stone finishes, hardwood, granite, stainless steel, refined kitchen & bath designs coupled with outdoor living. See More Information on this Home HERE.

I've put together these free guides based on over 5000 resources of economists, investment strategists and market analysts to provide relevant information that can help answer many of the questions you have. Download our Winter 2019 Guide to Buying.