What Kind of Property Will Bring You the Greatest Return – Personally and Financially?  

The nation is experiencing some pretty dramatic upswings and downswings in the market. We find more and more smart investors are looking to diversify their portfolio and use gains to enter the Real Estate Market. Summit County has a little something for everyone. Yes, there are sprawling slope-side estates, but there are also affordable properties available. There are ski-in/ski-out, there are secluded properties, there are great long term rentals, and great short term rentals available. There's a little something for everyone. 

Let's get real. You won’t find a spacious, renovated ski-in/ski-out condo on a budget, but if your budget is limited and owning a ski property is important to you, you can start small, or maybe look for a home that's a fixer-upper (yes those do exist). Perhaps you already have real estate, and would like to utilize the appreciation to buy something bigger, or in another location. Perhaps you're looking for that family retreat that will help create memories for years to come. Perhaps you're looking for real-estate that can offer a monthly income.

No matter what your price range, no matter your strategy, as your agent, my job is to walk along side you and help guide you through the process. Sometimes it's straight forward, sometimes it's a little more creative. In a tight real estate market, it’s especially important to have an agent who is willing to get creative and dig a little. 

We have properties here that cover every budget. At the time of this writing, there are condos available in Summit County (with 100% ownership – not fractional and not deed restricted) for just over $200,000 and less than $400 in monthly HOA dues. There is also a condo in Summit County for $2,499,000 and $1,399 in monthly HOA dues. 

Currently, the highest price for a single family home on the market is a masterpiece listed for $9.95 million in Breckenridge’s Snowy Ridge. We also have single family homes with 3 bedrooms listed at $540,000. 

An online home search can give you a general idea of the different properties available, but there’s no substitute for a knowledgeable Realtor when it comes to researching and fully understanding your options. From finding the right home to helping you navigate the fine print of all the various contracts and documents inherent to the sale of real property, I’m here for you. 

1031 Tax-Deferred Exchanges: What are the benefits and considerations?

What is a Delayed Exchange?A Tax Deferred Exchange is one of the few tax shelters remaining. Its use permits a taxpayer to relinquish certain investment property and replace it with other like-kind investment property without triggering capital gains liability. Thus the owner has additional capital available for the purchase of the replacement property, which otherwise would have been paid in taxes. Payment of the tax on the gain is deferred until the final replacement property is sold.

A number of requirements are imposed including specific time periods for completion of the exchange. The taxpayer must identify the replacement property within 45 days and close the purchase of the replacement property within 180 days (or the date of filing tax return if earlier) of the closing of the relinquished property. Also, the taxpayer cannot receive any proceeds from the sale of the relinquished property, actually or constructively without triggering a taxable event. Thus, if the replacement property is to be purchased subsequent to the sale of the relinquished property, all money must be held by a Qualified Intermediary.

Advantages and disadvantages of a 1031 Exchange
The primary advantage in performing a 1031 Exchange is that, through the deferment of capital gains taxes, the Exchangor is able to acquire more valuable and/or more leveraged investment property. If it is the intent of the taxpayer to reinvest the proceeds from one property into another, the 1031 Exchange remains the only vehicle remaining for full tax deferment.

The disadvantage is, of course, that funds must remain invested. There is also the additional cost of the transaction, which is the exchange fee.

What are the qualifications of like-kind property?
It is important when identifying a replacement property to choose like-kind property. Like-kind refers to the intended purpose of the property rather than the exact description of the property. A definition of like-kind property would be real property held for investment purposes, trade, or business. Therefore, the exchange of a rental house for a retail center is considered like-kind.

The tax code specifically lists properties that are not considered like-kind.
These include:

1. stock in trade or other property held primarily for sale;
2. stock, bonds, or notes;
3. other securities or evidences of indebtedness;
4. interests in a partnership;
5. certificates of trust or beneficial interest.

Also, the property must be in the United States.

Ask me for our PDF "What you Need to Know to SEt up a 1031 Exchange". 

How Important is Pricing your Home?

Pricing your Home Right is the #1 Marketing Tool

In theory, selling a home should be easy right now. Real estate has been rebounding for more than half a decade, and home prices are climbing at a healthy 6% annual clip. The improving economy is creating a slew of would-be buyers, and there’s a dearth of homes for sale. On paper, this has all the makings of a classic seller’s market.

Every seller wants to sell their home for the best possible price – and hopefully as quickly as possible. But accomplishing these goals requires taking a certain approach to the home sales process that many owners are unaware of. Without experience selling homes and an understanding of how the market works, it can be hard to get the results you want. Ask me for a Professional Comparative Market Analysis, find out what your home is truly worth. Here are a few top Myths about how your home sale is affected by Price

Quick Offers Means The Home is Priced Too Low

"A quick offer is an indication that you priced the house too low". This statement is one of the more common pricing myths among sellers. A quick show of hands by all the real estate agents reading would tell you they have heard many times from sellers that “they gave their home away” because it sold quickly. This is 100 percent false.

The moment your home is listed on the market, it will be seen by multiple buyers. If you have priced your home right, many of these buyers will be interested in it immediately. These buyers may have been shopping for weeks or months, looking for a home like yours at a competitive price point.

With the right price in the right market, you could get multiple offers in a very short amount of time. This is especially true while there are a limited number of homes available to purchase. 

We Need to Price Our Home With More Negotiating Room

Trying to price to create a lot of negotiating room will result in you never getting the chance to settle in the first place. When a home is priced too high, it will be avoided by buyers and their agents. They will all be waiting for the price to go down to something reasonable. If you wait very long, you will run into the problem of buyers thinking something is wrong with your house.

Talk to BreckLiving about how to price your home and about what will happen with negotiations. We can help you understand what price will be competitive for your home, and will help you decide on the minimum offer you want to accept. 

Zillow Says It’s Worth More

"The value you have come up with for my home can’t possibly be right because Zillow thinks it’s worth X.” Your mom thinks you are the best looking man or woman in town too. The fact of the matter is Zillow’s values are all over the board. I have personally seen homes as much as $150,000 both over and under the actual value. So when someone asks me whether a Zillow home value is accurate, the look on my face is usually says it all.

If you have been drinking the Zillow Kool-Aid, you need to stop. Only a professional Comparative Market Analysis can give you an indication of your best home pricing. While Zillow has an excellent site for looking at homes, as well as other data points, their Zestimate is their weak spot. In fact, it is surprising they have kept this feature with all the backlash they have received from both real estate appraisers and agents alike. 

Final Thoughts

Pricing a home properly is a skill and an art. The price is also the most important consideration for getting your home sold. If you get the price, wrong nothing else you or your agent does will matter. In fact setting the right price is 75% of the marketing for your home. The correct price attracts the right buyers.

There are so many events in March to enjoy from BubbleGum Races to Helly Hansen Big Mountain Challenge. There's yoga, Girls PowerHour Climbing, or Endurance Cycling Lab & Elevation Fitness. There's exciting tours like Tombstone Tales at Twilight or French Gulch Gold Mine & Dredge Hike/Snow Shoe. Here are a few of the highlights coming up in March:

Keystone Kidtopia - Kidtopia Music Experience - March 2-10 Pack up the family and head to Keystone Resort for the 3rd Annual Kidtopia Music Experience, March 2nd - 10th; a week-long event dedicated to music and families! The Kidtopia Music Experience features outdoor concerts, daily Kidtopia fun, a mountaintop snow fort, a village parade, and fireworks!

Snowshoe for the Cure 3K & 5k - March 3 - 9:00a.m. Snowshoe for the Cure is a funky intersection of pink, happy and hope. Susan G. Komen Colorado has partnered with the Town of Frisco's Nordic Center to continue the tradition of snowshoe fun and community spirit which has raised over 1 million dollars since its inception to fight breast cancer. 

Breck Pride - March 7-11 - For all that support Breck, Breck supports you! Live music, daily aprés, a Color Run in costumes down the mountain and more can be expected during Breck Pride. Renowned for the welcoming spirit and friendly character of the locals, with more than 200 restaurants, bars, and shops, and numerous year-round activities and events, Breck embodies more than just a destination, inspiring a way of life. 

Totally Awesome 80s Ski Town, USA - March 1-31 -  is a fun, new, and completely original party musical. With influences such as Ski Patrol, Better Off Dead, Hot Dog The Movie, and even Footloose. Totally Awesome 80s Ski Town, USA will have everyone feeling nostalgic and dancing in the aisles.

Easter in Breckenridge - March 31- April 1 - Celebrate Easter in the Mountains! Frisco Kids Easter Egg Hunt, Copper's World's Largest Easter Egg Hunt, A-Basin Beach N' Egg Hunt, Haydn's Sunrise at Sunset: An Evening of Horn & Strings

At BreckLiving, our Realtors have compiled this micro-market data regarding the Resort Areas of Breckenridge, Keystone, Copper and Frisco to help you make a more informed decision when investing in the mountains. When you are contemplating as large a financial commitment as the purchase or sale of a home, micro-market data specific to your resort can make a big difference. So whether you're dreaming of paradise or profit, contact your BreckLiving Realtor today or email shannon@breckliving for more information.

Frisco is the Main Street to the Rockies, located at the epicenter of Summit County, just 30 minutes from 6 world class ski resorts including Copper Mountain (7 minutes), Breckenridge (15 minutes) and Vail (30 minutes). But Frisco is not just about winter and skiing. Frisco sits on Dillon Reservoir and is surrounded by public lands, which are ideal for exploring the surrounding mountains. 

At BreckLiving, our Realtors have compiled this micro-market data regarding the Resort Areas of Breckenridge, Keystone, Copper and Frisco to help you make a more informed decision when investing in the mountains. When you are contemplating as large a financial commitment as the purchase or sale of a home, micro-market data specific to your resort can make a big difference. So whether you're dreaming of paradise or profit, contact your BreckLiving Realtor today or email shannon@breckliving for more information.

At BreckLiving, our Realtors have compiled this micro-market data regarding the Resort Areas of Breckenridge, Keystone, Copper and Frisco to help you make a more informed decision when investing in the mountains. When you are contemplating as large a financial commitment as the purchase or sale of a home, micro-market data specific to your resort can make a big difference. So whether you're dreaming of paradise or profit, contact your BreckLiving Realtor today or email shannon@breckliving for more information.

Visit Summit County Today

Check out some of our favorite local traditions this winter! There's something for everyone.

Ullr Fest - January 10-13, 2018- Ullr Fest will celebrate 55 years! During Ullr Fest in Breckenridge, don’t be surprised to see horned Viking hats adorning the heads of skiers and snowboarders, the biggest bonfire in town, and more than 12,000 Ullr enthusiasts filling the streets. Join us to rejoice with Ullr himself... he's ready for a good party.

International Snow Sculpture Contest - Join us for the 28th Annual Breckenridge International Snow Sculpture Championships! Watch as snow sculpture artists from around the world create creative masterpieces out 12-foot-tall, 25-ton blocks of snow using only hand tools. 

• January 16-21 | Technical Week  | Watch how the blocks are built or even volunteer to help create one!
• January 22-26 | 2018 Sculpting Week | Watch the blocks transform into art during the five days (65 hours) of sculpting!
• January 25-29 | Viewing Week | Enjoy the completed sculptures then come back at night to see them lit up!

Forbidden Broadways Greatest Hits - January 26 - February 17 -  Described as “the fall-down funny musical roast of Broadway,” Forbidden Broadway’s Greatest Hits is a hilarious journey through well-known musical theatre favorites.

Mardi Gras - February 13th - Each year, New Orleans visitors and Mardi Gras lovers take over Breckenridge with masks, boas, beads, music and revelry to commemorate the carnival season. Join us on Main Street for a New Orleans-Style Mardi Gras party! Don't miss the FREE Concert & Paulaner Salvator Festival.

Top Tips For Buying A Vacation Home

Reasons for buying a second home vary, from recreation and vacation enjoyment to investment and development to retirement planning. With homebuyers enjoying an advantage in many markets, now may be the time to buy that second home. Whether you're dreaming of paradise or profit, follow these steps for a smart investment:

Once you have a good idea of your goals around a second home, it comes down to homework and scouting for the right property in the right location.