Spring 2024 – Breckenridge CO Real Estate Blog and Market Update Posted on May 8, 2024 - 6:54 pm by Stacy Sanchez This blog post is titled Spring 2024 – Breckenridge CO Real Estate Blog and Market Update as we will share a few blog articles that have numbers and opinions in them, as well as what we’re staying busy with at the moment. We had snow a few days ago and the first of the spring flowers are already up around town. This is the time of year that a lot of folks call “Mud Season” as the snow begins to melt and the trails and ground begins to thaw and soften up, releasing the frozen moisture that has been trapped in the ice and snow for months. All of this mud gets on our shoes, our cars and it’s as simple as removing shoes before going inside. A good idea is to have a large rug and boot tray to catch drips and melting snow and mud from shoes and boots. The diehard skiers are still able to take a bus up to the base of Peak 8 and ski a good amount of runs while the mountain decides how long to stay open, as there is no set date as of yet. The ski area stays open through May, of course conditions considered and it can shut down any day. But, for now, skiers and riders can wear lighter clothes, enjoy warmer temperatures and push around some soft spring snow. Colorado Home Prices Remain Strong and are Rising According to a Summit Daily News article, the home prices in Breckenridge and Summit County are on the rise, at the least for the first part of the year. How it pans out for the rest of the year remains to be seen. Here are some stats from the article: “Single-family home prices in Summit County are up anywhere from 18% to 38% for the first quarter of 2024, according to various real estate data sets. According to an April report by Land Title Guarantee Company, the average price for a single family home between January and March of this year was $2,459,847 — an 18% increase over 2023. The report looks at actual recorded transactions at the county clerk and recorder’s office. For three years now, the average and median residential price in the county has been over $1 million, with the first quarter of 2024 seeing a “record number of residential closings (54%) over $1 million,” the report states. The Colorado Association of Realtors, a state branch of the national association, records market trends through data on its multiple listing service, which tracks real estate transactions that are conducted with licensed Realtor agents. Its reports show even larger gains. According to the association’s most recent market analysis, the average single-family home price year-to-date was $2,717,442, a 38% increase from the prior year.” Redfin Articles Discuss Colorado Housing Market Real estate search engine and industry leader, Redfin, has writeen a number of articles that discuss the Colorado housing market and are providing more numbers and data for you to analyze, should be interested in the trends and actual numbers. We understand that sometimes houses sell at prices for sheer proximity to the lifts, or command a higher price because of the views, and / or ability to short term rent. If you are new to our blog, we have wrtitten a number of articles that share links to the various towns and municipalities around Summit County and allow users to find the information they need to continue their search for the best property that will fit the needs of their family. if you can’t seem to locate those articles or links, click on blog, and then scroll through the headlines to find the ones that discuss the Short Term Rental (STR) restrictions and regulations. Silverthorne Home Prices Rising In the Colorado Housing Market Overview, it has Silverthorne home prices rising, just behind Golden, for the #2 spot in Colorado. Top 10 Metros in Colorado with the Fastest Growing Sales Price Golden, CO. 55.1% Silverthorne, CO. 36.8% This information comes as there is now news of no major metro areas prices decreasing. Housing Market Update: For the First Time in Nearly 2 Years, There’s No Major American Metro Where Home Prices Are Falling: Inventory is below typical April levels, driving home prices up. Continually rising mortgage rates are further eroding affordability–and this week’s Fed meeting confirmed that mortgage rates are likely to hold steady for the foreseeable future. And, while many thought mortgage rates may fall, they haven’t made the plunge that some buyers were hoping for. There’s a lot at work that goes into that, and this blog does not discuss those macroeconomic facts and variables. There are many sources for that, and this is not one of them. Breckenridge is Almost Out of Land Another variable for the future pricing of homes and land in Breckenridge and Summit include the overall inventory and how it’s running out. This will more than likely increase existing homes prices. Breckenridge and Blue River approach limit on residential development, as outlined by Upper Blue Basin master plan: Summit County is not too far from reaching the limit on new residential development in towns and unincorporated areas in the Upper Blue Basin. Breckenridge is currently at 93% of its residential build out — or essentially the amount of residential units the area can hold, as determined by locals officials — according to town staff. Blue River town staff members say they are at 91% of their residential limit. The estimated residential density for unincorporated parts of the Upper Blue Basin is reevaluated each year, and county staff say they are still finalizing the analysis for 2023. As of Dec. 31, 2022, unincorporated areas of Summit County in the Upper Blue Basin were at approximately 76% of the limit. Contact Us with Questions I know this is a lot of information, but some of our client ask for this data and this is just a sampling of what’s out there. We hope this helps you on your home buying or home selling journey. We are currently helping buyers find the right place and we have a couple of homes for sale in the Summit County area. Please use the form below or visit the CONTACT page for more information,. Notice: JavaScript is required for this content.
What’s in Store for 2024 and the Breckenridge Real Estate Market Posted on December 20, 2023 - 5:33 pm by Stacy Sanchez What’s in Store for 2024 and the Breckenridge Real Estate Market Everyone wants to know What’s in Store for 2024 and the Breckenridge Real Estate Market, so we’re going to speculate and look at some data and opinions of what may come to be. And, of course, no one has a crystal ball, but we can look at long term trends, and apply what’s happening locally and make some guesstimates from there. Prices Held and There was No Market Crash in 2023 While many thought fears of a recession and ongoing inflation (which is decreasing) would dramatically decrease home prices, that’s not exactly what happened. There were definitely markets that saw some big price reductions, but as we talked about in our previous market opinion, we believe that our Breckenridge and Colorado Real Estate market are a bit insulated from general and national trends which tend to be more representative of urban and high desnity areas. The Breckenridge and Summit County real estate markets are typically second homes and are not a must have for families relocation for work, but are usually a very specific choice for lifestyle choices and personal reasons. Many want that vacation property near a world class ski resort, and that’s what many get when they purchase a home for sale in Breckenridge. 2024 Forecasted Trends from Zillow and Redfin Let’s start with this article from Zillow titled, Zillow’s 2024 Housing Market Predictions, which then has a summary of Zillow predicts more homes for sale, improved affordability in 2024. And, while we normally don’t like to share these big trend type of articles, we know that these articles are what’s being repeated in the major media outlets and what you’ll hear the most about. So, let’s list some of their predictions and what they say might happen next year. n 2024, Zillow economists predict home buyers will have more options and a bit more affordability breathing room — but only a bit — after the inventory crunch and mortgage rates rising to 20-year highs were this year’s headline news items. According to the article, “Buying a home will remain expensive, keeping pressure on the rental market to cater to families that will be renting longer than previous generations typically were. Many of those who do buy will turn to homes that need some work, and do-it-yourself upgrades and repairs will keep new homeowners busy.“ More homes will hit the market as homeowners accept that mortgage rates aren’t falling any time soon Home buying costs will level off, giving hopeful buyers a chance to catch up The new starter home will be a single-family rental More markets will follow New York City’s lead with rental demand surging near downtowns Traditional home buyers will compete with home flippers for homes that need a little TLC Artificial intelligence will enhance the home search experience So, to understand what those bullet points mean, we can quickly go over a few items, but head on over to the article to get specific details on what the author’s thoughts are. but, we’re hearing that federal interest rates are to be dropped a few times next year, which doesn’t direclty translate over to mortgate rates, but overall trends show that there is a correlation and mortgage rates should decrease following the fed rates drop. Prices shouldn’t raise dramatically, so buyers can anticipate and plan for home purchases with more stable pricing across the market. Some families will be renting longer while the perfect home and the perfect mortgatge rate (or, at least an acceptable one) and may be in the rental market longer than previous generations. Artificial intelligence is being used in the real estate market more and more, and in a variety of ways. However, there’s no replacement for a human when it comes to generating personal opinion and details. We can easily identify AI generated content and I would hope that you do too. It will get better as these data sets grow and become more experienced, but we strive to personalize services that are unmatched and that no AI could replicate. In fact, I (Stacy) created the home images in this blog using one of several AI art generation products that exist now. So, a home you fall in love with online, may not be real at all. Redfin Believes 2024 is the Year for Buyers In this article from Redfin titled, Redfin Predicts 2024 Will Be the Year Homebuyers Catch a Break, With Home Prices Falling and New Listings Rising, The article starts off with a summary that states the following: “Listings will rise and prices and rates will fall. But high housing costs will remain a problem for young families, which will increase demand for large rentals and force President Biden to make affordability a cornerstone of his reelection bid. We’re starting to see signs of a shift toward a buyer’s market as pandemic-driven inflation takes its last gasps, mortgage rates come down and more people list their homes for sale. We expect these trends to continue in the new year, ushering in a season of hope for aspiring homebuyers. “ Prediction 1: Home prices will fall 1% Prediction 2: New listings will tick up Prediction 3: Home sales will increase and end the year up 5% Prediction 4: Mortgage rates will steadily decline–but remain above 6% Prediction 5: Change will come to the real estate industry Prediction 6: Renting will lose its stigma Prediction 7: Biden has a housing problem, which could hurt his re-election bid And while those are the quick and dirty big trends that the author is sharing, there’s more. They share that “There’s more in store for 2024: Big price declines in coastal Florida, a wave of boomerang migration, local governments enact policies to improve housing affordability.” Here’s a quick summary of the additional points, and as mentioned before, please click on the articles and read the details if you’re wondering about any further information that may be available regarding these claims. The article even ends with that “Our 2024 predictions are set against a backdrop of economic unpredictability. Our outlook could change due to uncertainty in other areas: financial market volatility, the course of the wars in Europe and the Middle East and the U.S. presidential election.“ Prices will fall a lot in some metros and rise in others People will decide where to live based on in-office policies, climate risk and affordability concerns Local governments will focus on housing affordability More homeowners will use their home as an ATM, pulling out cash to cover credit card debt and home renovations Colorado Association of Realtors Market Trends We can help families and individuals looking for that perfect place in Colorado, and I’ll end with some more specific data for you to explore. This information is provided from the Colorado Association of Realtors and the article is titled, “Buyers and sellers exercising patience as they hibernate through the winter.” A quick summary of the Summit County section includes the following, “In Summit, when comparing November 2023 to November 2022, the average sales price for single-family homes was nearing $2.3 million, which is 5.8% higher. Townhouse-condo property average sales prices were up 3.2% at $846,894. Year-to-date, the numbers are still down 1.8% for single-family homes and up 3% for townhouse-condos. Sellers received about 97.4% of their list price.“ How to Buy a Home for Sale in Breckenridge Ok, if you’ve read this far, then you must be serious about learning about the potential to owning a home in the Breckenridge area. That’s where we come in. Please contact us to discuss these articles, and anything else that might be on your mind when it comes to the Breckenridge real estate market. We are here to help owners sell their home and move on to their next chapter, and we’re always ready to talk all day about how great this area is. Please fill out the form below and let’s get started on dreaming on what could be. Thanks for reading! Notice: JavaScript is required for this content.
Short Term Rental License Information for Breckenridge and Summit County, CO Posted on October 19, 2023 - 2:53 pm by Stacy Sanchez How to Buy an Investment Property near Breckenridge Thanks for reading this Blog about buying a home near the Breckenridge Ski Resort, one of top vacation destinations for families and outdoor enthusiasts. Summit County has become a world famous location for its array of resorts, amenities and outdoor adventure opportunities. We’ve covered this the past few years, and here are a summary of those posts. However, most everything you’ll need is right here on this blog. Breckenridge Real Estate Blog – Market Opinion Winter 2023 Will the Breckenridge Real Estate Market Crash? How to Search for a Breckenridge Short Term Rental Investment Property 7 Reasons Why Now is the The Time To Buy Short Term Rentals in Breckenridge How to Buy a Property in Breckenridge, Colorado Short Term Rental Property Management in Breckenridge Breckenridge, Colorado Real Estate Market Opinion – Winter 2021 Breckenridge Real Estate Investment Analysis for 2020 This blog post is to summarize the current information needed to navigate the various rules and regulations that exist for owners that would like to rent their home. The short list of what’s needed to get an STR (Short Term Rental) license is the following: 1 – Determine your property’s jurisdiction This means that each property will have to adhere and follow the rules that apply to the jurisdiction that governs the property. For example, we are working with a client and their property falls outside of the town limits, and is therefore subject to the rules of Summit County (unincorporated) and not the town that it may be closest to. There are online tools that will help you determine this. 2 – Analyze your renting options While it’s important for some to be able to come and go as their schedule allows, for others, that may not be as important. What I mean is that some owners will choose a Long Term Rental (LTR) as an option for revenue. These owners should have longer absences between visits, which will allow for proper planning for LTRs that are 30 days or longer. Anything less than 30 is considered an STR. 3 – Apply for a license Ok, so after you’ve determined your location and know where you need to apply, then you’ll be ready to apply for the STR license, but ONLY AFTER you have closed on the property. Certain zones will have waitlists and you need to be sure that you’re ok with the area and the situation that is inherited with the purchase of the property. Researching the Different Regulations throughout Summit County The purpose of this post is help provide a comprehensive resource for those looking for a one stop shop for all the various municipalities and communities that affect your ability to obtain an STR license. Please take a look around on this page and if you can’t find what you’re looking for, then please contact us to learn how we can help explain or find an answer for you. We are here to help, as this information isn’t easily found and understood. That’s why I wrote this blog. The official STR page for the Summit County government is here: https://www.summitcountyco.gov/1221/Short-Term-Rentals Short Term Rental Business Planning If you’ve never owned and operated an STR as a business venture, then we have another resource in the works for you. We are putting together an STR Guide that will help owners navigate the various steps to becoming a successful business owner operator. We have run a retail business in town, and know some aspects of business that others might not have. We understand that not everyone is a business person, and we can help provide suggestions and solutions for that lack of experience. With the STR busijess, you’ll need to have a plan for a responsible agent, how to communicate and effectively manage guests needs and occupancy limits, licensing and sales tax reporting. Contact us for your free STR guide. Breckenridge STR License Availability, Current Lists and Waitlists Understanding the nuances of the town maps and how they zig zag around the mountains isn’t easy. We are here to help you if you need it. Most that are tech friendly can click around and find what they’re looking for. But, with properties, you may be looking at GIS and parcel maps that have different layers and can be confusing. Regardless, we will talk you through everything and will doublecheck listing status, STR revenue history and / or projections and can help determine which zone and if there’s a waitlist for the area that is being considered. https://www.townofbreckenridge.com/your-government/short-term-rentals/license-availability-current-lists-and-waitlists Summit County Short Term Rental Information The following information is taken directly from the website of the Summit Realtors. It’s a good start, but some of the information will need to be double checked that it is current and up to date. Source: Summit Realtors We Have Updated STR Information! Read below for Short-term Rental Information for Summit, Park, and Lake Counties as of April 10, 2023. *Clients are encouraged to do their own due diligence and contact the appropriate Town directly for information on a specific property. Blue River: Short-Term Rentals Allowed Information and Applications: Click Here. Contact: Michelle Eddy, Town Administrator970-547-0545michelle@townofblueriver.org Breckenridge – STR’s are Restricted General Policy:Breckenridge limits STR’s By Zones 1, 2, 3 & Resort. Availability of permits is linked to the right. General Info on STR policies, Licensing and Taxes/Fees: Click Here. STR Ordinances: Click Here. Additional STR Ordinances: Click Here. MAP of STR Areas: Click Here. Searchable GIS Map of Zones: Click Here. License Availability, Current Lists and Waitlists: Click Here. Contact: Bela Del Valle, Short-term Rental Code Enforcement970-547-3106Belad@townofbreckenridge.com Dillon- Short-Term Rentals Allowed General information & Licensing: Click Here. Lodging Tax Information: Click Here. Contact: str@townofdillon.com Frisco – Short-Term Rentals Restricted General Policy: Frisco has a maximum of 900 STR licenses. There is currently a waitlist. License Application & waitlist registration: Click Here. STR Guide & FAQ’s: Click Here. STR Ordinance: Click Here. Town Map: Click Here. Contact: Sarah Schwartz, Short-term Rental/Housing SpecialistSarahs@townoffrisco.gov970-668-2571 Keystone Keystone is currently transitioning from Unincorporated Summit County to its own Town. Currently licenses are unlimited. It is unknown what Keystone as a Town will implement for STR’s.Contact: N/A Montezuma – Rentals Not Allowed Under 180 Days STR ordinance: Click Here. Town Map: Click Here. Contact: Sandra Lerner, Town Clerktownclerkmontezuma@gmail.com Summit County (Unincorporated) – Short-Term Rentals Restricted General Policy: Unlimited STR Licenses in Copper Mountain, Keystone *, Tiger Run, and 4 O’Clock and Sawmill Subs in Breckenridge in the Resort Overlay Zone (ROZ). There is a cap on STR’s in all other Neighborhood residential Overlay Zones (NOZ) by Basin in the County. There are two types of Permits: Type I for locals and Type II for STR’s. Type I licenses are available. No new Type II Licenses are available in residential areas of unincorporated Summit County at this time and there is not a waitlist available. General Information & Links: Click Here. Current Caps & Available Permits: Click Here. Basin Locator: Click Here. Ordinance: Click Here. Accessory Apartment/ADU Regulations (At the bottom of the Page): Click Here. Contact: str@summitcountyco.gov970-668-4186 Silverthorne – Restricted with licenses available General Policy: Town of Silverthorne short-term rentals are capped at 10% of the number of units in the majority of Town neighborhoods, Area 1, and 50% of the number of units within the Town Core and Riverfront areas, Area 2. Short-term rentals are not allowed within deed restricted neighborhoods, Area 3. Permits are currently available in Areas 1 & 2. General Information: Click Here. Map of Zones: Click Here. List of Subdivisions by STR area: Click Here. STR Ordinance: Click Here. Contact: Mark Leidel, Community Development Managerstr@silverthorne.org *Unsure of what jurisdiction the property is in? To Find a Properties Town of Jurisdiction, search the County Property Data Search and enter the address: http://gis.summitcountyco.gov/map/ Park County (Unincorporated) General Policy: The County does not limit STR’s but requires licenses and other items as defined in the ordinance linked below. General information: Click Here. Ordinance: Click Here. Contact: str@parkco.us Alma General Policy: The maximum number of STR’s in Alma is 10. None are available at this time, but there is a waiting list. Municipal Code with STR requirements (pages 65-67): Click Here. Municipal Code with maximum of STR units: Click Here. Contact: Any town staff at 719-836-2712 Fairplay General policy: Short-term rental licenses are limited to 15 within the Town of Fairplay. *As of 4/15/23, 5 licenses are available. General Information and Available Permits: Click Here. Ordinance: Click Here. Contact: Janell Sciacca, Town Administrator719-836-2622 x-102 Lake County (Unincorporated) General Policy: Lake County is under a STR moratorium and will not allow any new STR permits for 2023. General Info: Click Here. Ordinance: Click Here. Contact: 719-486-2875 or buildingpermits@co.lake.us Leadville General Policy: STR’s limited to 12% (171 licenses) of residential properties in the City. There are 2 classes of licenses. Class 1 is for owner occupied units and Class 2 is for non-owner occupied units. Class 1 permits do not fall under the 12% maximum licenses. As of April 10th, the City is in the renewal period for licenses but currently is at the maximum 171 permits. They have a very short waitlist of 12 people. General info: Click Here. Ordinance: Click Here. Contact: cityclerk@leadville-co.gov *How to know if the property is in Leadville or Lake County jurisdiction:https://lccgis.maps.arcgis.com/apps/webappviewer/index.html?id=b5d103f931524e319cfc7888528119d6 Notice: JavaScript is required for this content.
Redfin Blog, Market Update and Recent Sales Posted on May 17, 2023 - 9:46 am by Stacy Sanchez Not too long ago, we received an email that led to this blog titled, Redfin Blog, Market Update and Recent Sales. This will allow us to share the article, some news about the local Breckenridge real estate market and to share what folks are moving on. Redfin Design Blog Contributor We received an email from Redfin, asking for tips on simple ways to enhance properties and Dina had a few ideas she sent in, with one making the cut. Their blog, titled 12 Home Renovations That Don’t Add Value (and What to Do Instead) can be found by clicking here or follow the full link: https://www.redfin.com/blog/home-renovations-that-do-not-add-value/ Some of the suggestions are very personal choices, and that’s to be expected, of course. The section Dina contributed to is the following: 2) High-end fixtures Although they may upgrade the look of a home, replacing your current fixtures with expensive, high-end alternatives is a home renovation that doesn’t add value. Installing custom faucets, ceiling fans, or lighting fixtures may sound like an easy way to elevate a room in your home, but these improvements won’t increase your home’s value enough to cover the cost it takes to purchase and install them. Instead: Install fixtures that are affordable and high quality If you want to upgrade the fixtures in your home, consider durable products, high quality, and budget-friendly. This’ll give your home the facelift you’re looking for, without losing money along the way. Real Estate Advisor, and Broker Associate at Mountain Habitat, Dina Sanchez shares her insight, “Updating a kitchen doesn’t mean replacing cabinets, if they’re structurally good, then repainting or refinishing can make a big difference. Simply replacing hardware can create a new look.” 2018 Diploma of Interior Design – Interior Design Institute This was a great opportunity for Dina to share her design perspective, and for our clients, this is a unique and added value that she brings to the table. When Dina was getting started in her real estate career, one of the things she took upon herself was to expand her professional creative offerings. As a former business owner at Creative Flowers Inc | Petal and Bean where she oversaw the production of many events, including an estimate of over 1,000 weddings in the Breckenridge area. Having assisted in a lot of set ups and strikes over the years, it takes a certain eye to be able to look at a room, remember personal favorites for each couple, take into account budget and flower availability and bring it all together. And, all of this happened with perishable product in an alpine environment. General Market Trends from Zillow Blogs and Local Newspaper You can read in the blog from Zillow by clicking here, but it says several things that we’re seeing as well. Overall sales have declined, yet prices are not falling drastically, as some might have thought would happen. These are general trends and you can use a drop down menu to see big picture numbers and graphs for metro markets in the blog. We provide local Colorado real estate market trends a little bit further below. The typical U.S. home value climbed slightly from January to February (0.1%). Home values are 4.4% higher than one year ago but 3.3% lower than their peak last July. Home values climbed 0.1% in February, leaving the typical home value at $328,604, or 3% below the peak value set in July 2022, according to the Zillow Home Value Index. Home values are 4.4% higher than one year earlier – a rapidly decelerating pace of annual growth, down from the nearly record-high 18.8% year-over-year growth measured in April. Use the link below to see the graph with data for Denver, Colorado. It shows price increases for this year, not decreases. Many longtime realtors say that what happens in Denver happens up here as well, so we can speculate that prices will hold or show slight increases in the mountain real estate market. https://public.tableau.com/shared/ZX57BXGK9?:toolbar=n&:tabs=n&:display_count=n&:origin=viz_share_link&:embed=y Another good blog is one titled 4 Misconceptions Buyers and Sellers Have About the Housing Market, and can be found by clicking here or with the full link: https://www.zillow.com/resources/stay-informed/misconceptions-buyers-sellers-housing-market/ Key takeaways from this article include the following: Buyer misconception #1: I should wait until home prices fall to buy a home. Buyer misconception #2: It’s better to buy a house once mortgage rates drop. Seller misconception #1: My home will get multiple offers and sell quickly. Seller misconception #2: I won’t need to cut my listing price. Summit Daily News Reports Sales Slowing and High Prices The article starts off by stating that “February data shows record-high home values even as sales decrease, a trend that has held since last year.” While some continue to wait for a “real estate crash” to bring prices down, that doesn’t seem to be the case in the high country. As Zillow stated, sales have slowed, but prices remain high, while in other areas you will see some prices dropping. Click here to read the article titled “Summit County’s housing market continues to see transactions slow down as prices remain high.” Colorado Real Estate Market Update Here’s some great info from the folks over at Land title Guarantee Company in Breckenridge. Many are under the impression that we were going to have a crash over the winter and held off on some amazing opportunities thinking they were going to drop in price. However, activity has shown that properly priced properties are moving along at list price, while some are seeing decreases. Overall home values are holding and some even predict a slight increase this year. Folks are hesitating on investing in more stock options and are pulling money out to park it into real estate, which appears to be a safer bet than the volatile stock market. We suggest talking with many sources such as financial advisors, mortgage brokers and others before making any final decisions on where your investments should lie. We are not claiming to be the best options for everybody, but Colorado real estate tends to be a good choice for many families. market-report-breckenridge-co-80424-1Download Recent Sales Over the first part of the year, we have seen activity that savvy buyers have capitalized on. Angler Mountain – Single Family Home located in Silverthorne, Colorado. This property was the perfect location for a family looking for a second home in the Rocky Mountains. Pine Ridge – A couple wanting to live the dream and have a mountain home that can be rented was found with Dina’s help. This unit is allowed to rent as an STR, Short Term Rental, as it’s located in the resort zone and is designed for guests of the town and ski resort with the Four o’clock Ski Run not far away. And, the town bus route is right out on the street as well. Crystal Peak Lodge – this unit is a ski in, ski out slopeside property at the base of Peak 7 at the Breckenridge Ski Resort. It’s in the resort zone, meaning no Short Term Rental (STR) restriction. This unit will do great for obtaining maximum ROI over time and will retain a high value, as the rental license will always be available for the next buyer when this new owner decides to sell. Gold Camp – a local worker purchased a deed-restricted unit in Breckenridge, meaning it was offered at an attractive price designed for a local who works 30+ hours in Summit County. This unit cannot be used as an STR as the owner must live in the property full time. Cameron Lane – a family purchased a raw piece of land south of Breckenridge, with hopes to build one day. Now, the owner is in the planning phases of this project. Having done a remodel. and new extension ourselves, we know every step that is needed and can assist with vendor recommendations and more. Buffalo Ridge – a local Denver family who loves spending time in the mountains chose a Silverthorne location for their second home. This unit allows for quick access to I-70, making travel to and from Summit County and Vail, where the family likes to visit, much easier than having to go back and forth. Contact Dina Sanchez with Questions We recommend reaching out via the form below, or use the contact page to connect with Dina to ask questions about her design suggestions, when the right time to buy or sell is, and more. She’s a great resource and I’m around to assist. This is Stacy, her husband, and I put together this blog. We look forward to talking with you! Notice: JavaScript is required for this content.
Will the Breckenridge Real Estate Market Crash? Posted on October 18, 2022 - 5:22 pm by Stacy Sanchez Breckenridge Real Estate and Property This article is written to help address the concerns and question, “Will the Breckenridge Real Estate Market Crash?” The opening lines of an article quickly summarizes the current activity of buying real estate in a Colorado resort town in the mountains and it links to other articles and stats that demonstrate the activity and history of the resort town real estate market. The article by the Colorado Sun is titled Buying frenzy slows but home prices remain sky-high in Colorado mountain towns. At Mountain Habitat Real Estate in Breckenridge, we work hard to provide insight into the mountain real estate market. In fact Dina has spent time on the phone discussing the current market with long-time community brokers and gained their market perspective. Please contact us to find out what she and others think about the current real estate market and whether or not the the Breckenridge Real Estate Market will crash. The number of transactions is waning as the supply of homes for sale declines, but buyers continue to pay record-setting prices for high country homes.While the number of transactions are diminishing, the purchase price of the properties is still increasing, especially in those markets where property is finite,” Renshaw said, describing how mountain-town home builders are so backed up that buyers sometimes must wait several years to build a new home on vacant land, which makes existing homes “more desirable and expensive.And cash remains king in most resort markets, where fewer home purchases are influenced by rising mortgage rates. Source: The Colorado Sun, Buying frenzy slows but home prices remain sky-high in Colorado mountain towns Price Cuts in Denver and the Front Range Some say that the mountain market follows the Denver market, but I will say that sometimes that true, and other times, it does not apply. Another article from The Colorado Sun, What’s Working: More home sellers cutting for-sale price in metro Denver, Colorado Springs, gives a reference point for how much the price cuts are for the housing market. Overall, the median cuts are minimal and less than 5%. Denver and Fort Collins both were below the national average for the median size of price cuts. But both places are increasing. The median price cut in Denver was 2.7% in June, compared with 3.3% nationwide. In spring 2021, Denver’s median price cut was 2.3% while the U.S. was 2.9%. Denver was also at a historical low when it came to the number of listings with price cuts at only 6.1% of houses. Inflation and Interest Rates We all have been hearing the constant doom and gloom of the possibility of a major recession next year and the rising interest rates. However, this has yet to play out, while certain areas of the economy can be considered in a recession already. Some experts have even backtracked saying that we might have seen the worst of inflation already. While some buyers seem to know what’s going to happen with the market and seem happy to wait until the market falls, I would be leary of that. Here’s a quote that comes from Bankrate’s article, How interest rates and economic factors impact housing. Predicting the future of the real estate market is difficult even for the experts. No one really knows how things are going to change in the future.One the one hand, interest rates have risen significantly in recent months and the Fed has not done anything to make it seem like it plans to slow down. However, housing prices have spiked in the past few years, increasing by more than 30 percent since 2020.Some believe that rising rates and an economic slowdown will force prices to fall. Others insist that inflation and reduced housing supply caused by a slowdown in new construction and institutional investors buying inventory will lead to prices holding steady or continuing to rise. Mortgage Pro Opinion – Josh Smith We met Josh as a client and have now come to work with Josh as a colleague and friend. He splits his time between Texas and Colorado and is licensed in both states and can help shed some light on the current market with the following video. Please let us know if we can help patch you through to ask Josh more questions. He’s one of a few mortgage pros we recommend potential buyers consider when working on the financial part of the equation when purchasing a Colorado home near Breckenridge. Inflation 9 26 2022Watch this video on YouTube The Looming Possibility of Recession Recession, Home Values, and Interest RatesWatch this video on YouTube Supply and Demand and Current Price Per Sq. Foot The bottom line is that there is still high demand for high country homes, albeit less than the record setting pace of the last two years that drove values up over 30% in that time. In fact, prices are as high as ever in areas, as another Colorado market resource said that Breckenridge PPSF is $945/House and $1,021/Condo, for the previous week, dated October 17, 2022. Prices Unlikely to Drop Significantly Another reason to believe that the Summit County Real Estate market is insulated from any major market crashes is an article titled, 2023 FORECAST: Colorado home values to increase in 14 markets, decline in two, where it says that there may actually be a 4.1% INCREASE in overall property values in the Breckenridge area. Click here to read that article. Another article titled “Think Home Prices Are Going To Fall? Think Again” explains a bit more about the throught process about why no major declines in prices will occur. “. . .we’re still well below normal levels of inventory and that’s why even with the pullback in demand, we still see house prices appreciating. While there is more inventory, it’s still not enough.” As a result, experts are projecting a more moderate rate of home price appreciation this year, which means home prices will continue rising, but at a slower pace. That doesn’t mean prices are going to fall. As Selma Hepp, Deputy Chief Economist at CoreLogic, says: “The current home price growth rate is unsustainable, and higher mortgage rates coupled with more inventory will lead to slower home price growth but unlikely declines in home prices.” Is it Still a Sellers’ Market? Yes, but it’s Still a Good Time to Buy We wrote an article a few months ago about why it still is a good time to buy, click here to read. Click here to read articles on the infographic below, and another on why it’s still a seller’s market, even with prices coming down a bit. Source: KCM https://www.keepingcurrentmatters.com/article/sell-now Some Highlights from the Infographic Above While buyer demand has moderated and housing supply has grown in recent months, it’s still a sellers’ market because inventory is low.The latest data shows sellers continue to benefit from serious buyers and competitive offers. In July, the average home received 2.8 offers and 39% sold over the asking price. Market Corrections and Inventory According to others, there will be NO MAJOR MARKET CRASH (10:00 in Graham Stephens video), but there may be some market corrections. But, don’t expect them be nationwide and across the board, meaning our resort mountain market may be insulated from any major market moves, as demand is still high. Therefore, the prices and overall property values MAY ACTUALLY INCREASE. Go to 7:00 to see this section and see this quote: https://www.youtube.com/watch?v=JDHSFwmAdwg&ab_channel=GrahamStephan Graham Stephan, a real estate agent and investor, suggests the following: Shop Your Mortgage Rate – Doesn’t hurt to ask, and you can always refinance later on. Don’t Get Too Attached to Any One Property – Do your best to negotiate and don’t be afraid to walk away. Lock in a Fixed Rate Loan – Get the longest term you can up front. Only Buy a Home You Plan to Keep For at Least 7 – 10 Years – Allows you to ride out any market fluctuations until they rise again to all new highs. Where are the Buyers? Patiently Waiting, or Just Living Life I’ve watched videos and read more than a few articles, and I’ve gotten the general feel that no one really knows what’s going to happen. It’s simply all speculation. Of course, you can look at big trends and some indicators that may lead to generalized actions in urban areas, but living in the mountains has taught me that those kinds of articles and videos don’t apply to the mountain communities. My opinion was recently reflected in the video from Graham Stephan, says that buyers may simply be doing the same, reading and watching, and holding off to see what happens through the beginning of the year. Then, they will know what happened with elections and which direction policy may be heading and how it could affect their assets, investments and how to move forward. 4 Reasons Why it’s Easier to Buy Now than 6 Months Ago You Have More Time To Make a Decision – Previously you had to make an offer immediately or after one showing. There are More Options – 6 months ago there was less inventory and you had to settle for what was available in the market. You Can Keep Your Contingencies – Before you likely had to remove all your contingencies for an offer to be considered, let alone accepted. Seller Credits – Previously you had to make an offer, way over asking, and you didn’t get a seller’s credit, whereas now you can possibly get credits to help with closing costs or to help bring down your interest rate. Contact Us Wow, you made it through the article and are a the end, congratulations! I’m sure you may have questions about what homes fit your criterion for the perfect family home, and we’re here to help answer questions and concerns. Click here to go to our contact page, or use the form below. Notice: JavaScript is required for this content.
How to Search for a Breckenridge Short Term Rental Investment Property Posted on July 21, 2022 - 3:40 pm by Stacy Sanchez How to Search for a Breckenridge Short Term Rental Investment Property This blog is about How to Search for a Breckenridge Short Term Rental Investment Property as it’s become a confusing subject over the last year with many talks and discussions happening in the community. Now, for clarification, this is ONLY for the properties that lie within the Town of Breckenridge town limits and does NOT apply to unincorporated Breckenridge, or any other towns. I’ve already written a comprehensive blog that provides links to the other municipalities in around the Summit County, Colorado area including Blue River, Copper Mountain, Dillon, Frisco, Keystone and Silverthorne. We work with buyers who are researching numerous areas asn an investment possibility, so I even included nearby areas such as Park and Eagle County towns like Alma, Fairply, Vail and Beaver Creek. It’s also a good idea to look into the Denver area as a comparison, so you can find that information on that blog also. You can CLICK HERE TO READ and find those links. >> https://mountainhabitat.co/short-term-rentals-in-breckenridge Town of Breckenridge Overlay Zones The Town of Breck just posted a PDF and searchable map on their Facebook page (July 21, 2022) that shows the most current information about where STRs (Short Term Rental) are allowed, and what zone they would fall under. “We have a new Proposed Short-Term Rental Zoning and Regulations page on our website! On the site you will find the proposed STR cap numbers, a searchable GIS map of Proposed Tourism Overlay Zones, and background information on the ordinance. Council will be reviewing this new ordinance later this summer. Use this link to get the most up to date information on the proposed STR zoning and regulation.“ >>. CLICK HERE FOR LINK If for some reason the link isn’t working, I’m going to provide the information below. I’ve copied the text below just to have it all on this page for easy reference and convenience. Proposed Short Term Rental Zoning and Regulations In the fall of 2021, the Breckenridge Town Council passed an ordinance that would cap the number of short-term rental licenses at a total of 2,200 (not including condo/hotel properties currently considered “exempt”). After implementation of the short-term rental license cap, the Town Council heard the public concern that a blanket cap was insufficient because certain areas of Town are better suited for short-term rentals. The Town Council responded by creating the Tourism Overlay District Task Force. The Task Force was formed to identify areas of Town where additional short-term rental licensing may occur. The Task Force was comprised of members of the public from several sectors, including property management, real estate, short-term rental license exempt properties, at-large citizens, and representatives from Town Council and Planning Commission. The Task Force met six times between November 2021 and February 2022. In April 2022, the Task Force’s recommendation of a three zone approach to short-term rental licensing and a recommended map were presented to Town Council. The three zones can be described as a Tourism Zone (Zone 1), the downtown core (Zone 2), and single family residential areas (Zone 3). A consensus on the exact number of short-term licenses that would be allowed within each zone was not reached by the Task Force; however, they anticipated the zones working so that the number of short-term licenses within Zone 1 would remain the same or possibly increase, the number of short-term licenses within Zone 2 would remain the same or slightly decrease, and the number of short-term licenses in Zone 3 would significantly decrease. The Town Council then held six work sessions regarding the short-term rental zones between April and July 2022. They took the Task Force recommendation and modified the three zone approach so that the zones more closely align with the Town’s established Land Use Districts. On July 12, the Town Council came to an agreement on the following: a new “Resort Properties” definition to replace “exempt” status, the boundaries of the three zones, and proposed cap numbers for each of the zones. The proposed zones and cap numbers represent a compromise to allow for more short-term rental licenses in areas of Town best suited for tourism while staying beneath the overall cap number of 2,200 in Zones 1-3. The table below shows the number of existing short-term rental licenses and the proposed allowed short-term rental licenses within each zone. The proposed zones and updates to the existing ordinance will be presented for adoption at an upcoming Town Council meeting and are subject to change. The Town Council Proposed Tourism Overlay Zones map pdf shows the three proposed short-term rental licensing zones agreed to by the Town Council. A searchable GIS map of the Proposed Tourism Overlay Zones is available here. You can determine a specific property’s zone by searching for the address, subdivision, or schedule number of the property. The proposed license caps do not affect existing short-term rental licenses in any zone. If you currently hold a short-term rental license you will be able to continue to rent your property as normal. Licenses are only relinquished through property sales, since they are non-transferable, or owner non-renewal. As properties are sold or as property owners decide not to renew short term rental licenses, the total number of licenses are anticipated to decrease within Zones 2 and 3, with the goal of eventually meeting the targeted cap numbers. Each zone will be handled separately in terms of license caps and availability of future licenses. The Town Council has to take official action and pass these ordinance revisions before these new laws would take place 35 days after a second reading. Additional information regarding short-term rental licenses and FAQs. Fee revenue generated by short-term rentals will not be included in the Town’s general operating budget. Instead a Regulatory Fee Fund will be established and funds will be used to support the Town’s workforce housing policies and programs, including buy downs, lease-to-locals, acquisition of deed restricted units, and/or construction of new units. For more information on the Town’s housing initiatives please visit the Town’s housing website https://www.townofbreckhousing.com/. For additional information on the short-term rental zones, contact Sarah Crump, Planner I, at sarahc@townofbreckenridge.com. How to Search for a Breckenridge Short Term Rental Investment Property We hope this post was helpful and if you have any questions or need assistance searching, evaluating and negotiating the purchase of a new Breckenridge Short Term Rental Investment Property, the STR rules and relevant regulations, and whatever else could come up. Contact us today or fill out the form below to select the most important needs and wants for your dream home in Breckenridge. Once you have it, you can then enjoy and share it with others that value a high quality family experience in Summit County, Colorado. Real Estate and Property Services. Thanks for reading!
7 Reasons Why Now is the The Time To Buy Posted on July 3, 2022 - 5:35 pm by Stacy Sanchez INTRODUCTION If you’ve found this blog post, chances are you saw an ad or have been researching homes and properties in the mountains of Summit County, Colorado. We’ve already compiled a list of neighborhoods, a comprehensive list of STR (Short Term Rental) regulations for the Town of Breckenridge as well as other resources, including a video that shows the passion of this website’s featured broker, Dina Sanchez. Please read the following information as a summary of ideas and then contact us with any questions or comments. Or, feel free to skip this article and call or email right away to get started on your search for the dream home your family has always wanted. Click here for contact information. #1 – MORE INVENTORY Increased options for buyers, simply put, there’s more to choose from. The shift is bouncing back from historic lows to something closer to normal. #2 – LESS COMPETITION Decreased number of buyers means less likelihood of a bidding war. #3 – BETTER NEGOTIATIONS Buyers can come in with a stronger negotiation strategy. Cash is still king, but still make a plan to come in with a strong offer with a substantial earnest money deposit, appraisal gap contingency and less potential objections. #4 – PROTECTION AGAINST INFLATION Over the last year, the market has seen inflation and a change in the buying power of the dollar. While these changes can affect the stock market for the worse, real estate weathers the inflation storm. Many times, inflation can benefit property owners. Rent and real estate prices tend to rise with inflation. [Source] #5 – BUILD EQUITY NOW Start accruing equity through appreciation, approximately 10-15% annually. See Values section below. #6 – MAKE A PLAN TO REFINANCE Mortgage pros say to get in now and buy your forever home, but it won’t be your forever mortgage, as you can make a plan to refinance when rates fall again. Mortgage forecasting states that the rates will decrease in time, and therefore again increasing competition and returning to the market to its previous state (low inventory, extremely competitive sellers market, etc.) [See video below or click here] #7 – THE MARKET IS NOT GOING TO CRASH While some think that the market is going to crash and prices will drop significantly, that may not happen. Yes, you will see price drops and homes will sit longer on the market, but that does not constitute a crash. Some believe our mountain markets are a bit more recession-proof and others look to the following items to consider: 1)The recent growth in home prices is because of demographics and low inventory and 2) Credit risks are low because underwriting and lending standards are sound. [Source] Mortgage Pro Opinion – Josh Smith We met Josh as a client and have now come to work with Josh as a colleague and friend. He splits his time between Texas and Colorado and is licensed in both states and can help shed some light on the current market with the following video. Please let us know if we can help patch you through to ask Josh more questions. He’s one of a few mortgage pros we recommend potential buyers consider when working on the financial part of the equation when purchasing a Colorado home near Breckenridge. Recession, Home Values, and Interest RatesWatch this video on YouTube FOR DISCUSSION AND FURTHER CONSIDERATION Lack of Inventory Q. What caused the lack of housing, was it the Pandemic? A. The pandemic didn’t produce this imbalance, but it did exacerbate it. Supply was temporarily hindered by a coronavirus-related pause in construction and by supply-chain-related shortages of building materials. And demand for spacious suburban houses was pushed upward as many Americans, especially remote workers, turned their attention away from downtown urban areas. [Source] Inflation and the overall Global Market Influence Q. What’s causing the decline in the markets this year? In short, inflation, interest rate increases, the war in Ukraine, higher oil prices, supply chain issues, and lower corporate earnings have all put downward pressure on stock prices. These factors, in addition to the collapse of a stablecoin called Terra and withdrawal freezes from crypto firm Celsius, have contributed to large declines in crypto as well. Home Values “I just don’t see the the kind of mortgage defaults and distressed sales that would be necessary for big declines in housing values. That’s when you get crashes, when you have lots of foreclosures and a lot of distressed sales,” Zandi says. “That’s just not going to happen.” [Source] “I don’t think you’re going to see homes go down in value really. The truth is, real estate always does pretty well during a recession. What will change, however, is the anxiety of buyers.” (Orman predicted house sellers would no longer receive dozens of offers above their asking prices, and warned buyers would face pricier mortgages and higher property taxes, insurance premiums, and maintenance costs.) [Source] Fears of a Recession – Why it May or May Not Happen Not only does JPMorgan not expect an economic recession to materialize anytime soon, but it expects a reacceleration in global economic growth, the note said. “While the probability of recession increased meaningfully, we do not see it as a base case over the next 12 months. In fact, we see global growth accelerating from 1.3% in the first half of this year to 3.1% in the second half,” JPMorgan said. It said much of that growth would be driven by China, whose economy could grow by as much as 7.5% in the second half of the year, as long as lockdowns don’t resume. That strong growth would trickle down to other emerging-market economies, the bank said. [Source] DISCLAIMER * All statements and discussion points are subject to the author’s opinion and links to sources are provided whenever possible. Readers are advised to conduct their own research to be as informed as possible. Notice: JavaScript is required for this content.
New Construction in Breckenridge – Home For Sale: SOLD Posted on May 8, 2022 - 8:49 am by Stacy Sanchez This post is titled, New Construction in Breckenridge – Home For Sale: SOLD, as we are happy to help another family find their dream home in the mountains! This Colorado-based family loves to ski, hike and explore the mountains near Breckenridge, and this property will help them establish a base camp that will allow them to do all of those things and more. Walking Distance to the Gondola It’s rare to find new construction in the heart of the downtown historic district and this one is only a few minutes of walking to the gondola, perfect to just wake up, boot up and head on up to catch some fresh turns. This home was built by a longtime local contractor and they did an impeccable job with the details and craftsmanship. This home has an upper level with two bedrooms and bathrooms, while the main living area has a nice kitchen, dining and living room. Around the corner behind the living and kitchen space is. another exit and an in home office / desk area and more storage. Helping Families Live Their Dreams We really do try to find the best property for families, and take into consideration all their wishes and wants. Some want to be further out of town, or in a specific neighborhood, while others just say a few needs and then we keep them informed of any listings that come up as a potential match. Most of our clients don’t live in town, and we strive to be responsive and immediately perform property previews for clients and shoot videos with notes on any concerns or items that are pertinent to the purchase. Client Testimonial Once the home was sold and the family spent their first few days in the house, Dina received this text from the new owner. It shows how happy they are with the house and that made Dina smile and feel good about the sale. These images show the upper level bedrooms that have ski area views out the windows and are in the downtown historic district. The airy ceilings make the home feel large and spacious, when in fact, it’s actually an efficient space that utilized modern features that allow for comfortable living. “Thanks Dina! Dream come true… we are very lucky, we are at the new house and truly love this place it is amazing!” – J Family Friendly Construction The builders of this Breckenridge home understand that when families visit, it’s nice for the kids to have a bit of their own private space. In the lower level of this home is a set of beds on an elevated bunk style platform that has dimmable LED lights built into a practical and useful ledge for toys, clocks, and other small items. A closet under the stairs provides a space to throw everything into, as well as an additional small crouch room that’s perfect for small children to feel like they have their own fort or play area. Buy and Sell a Home in Breckenridge Thanks for reading about one of our most recent home sales in the Breck area. We’d love to be able to help you or someone you know with buying and / or selling their mountain home. Some families are ready to leave the mountains and we utilize the latest in video and photography options to put forward a tech savvy approach to selling. We also have lots of options for syndicating listings to reach buyers worldwide. Whatever your needs are, we can advise and adapt to your wishes. Live your dreams. We can help. Use the form below or visit our contact and about pages for more information.
Short Term Rentals in Breckenridge Posted on November 1, 2021 - 1:07 pm by Stacy Sanchez Short Term Rentals in Breckenridge There has been lots of talk around the county, but the first to take action is The Kingdom (aka Breckenridge, ask me about that story sometime), and this blog will share details about how to find details regarding Short Term Rentals in Breckenridge. The “Zoom Boom” or “Great COVID Migration” has brought to light many things that have been on the horizon for many years, and one of those items is the way that real estate, investments and Short Term Rentals (STRs hereafter) all play a role in the Summit County lifestyle and vacation experience. If you’re pressed for time and are looking for links and shortcuts to the appropriate town websites and departments for your short term rental, please scroll down to find the links to those relevant organizations. The Affordable Housing and Workforce Housing Dilemma There are some who are of the mindset that the cap by the Town of Breckenridge and Summit County will help alleviate the workforce housing situation, namely being there is a shortage of long term rentals and “affordable” housing for workers. This cap will not immediately produce housing and solve the issue. What it does do is allow the STR departments to take a look at the current state of STR licenses and what may be possible to do next to incentivize owners to possibly convert their STR to a LTR (Long Term Rental). Many owners initially made their property investment in Breckenridge and Summit County to spend time in the mountains and then chose to rent to short term renters knowing that they could block out dates as they needed to. This would then allow them to enjoy their property as well as help offset maintenance and operating costs of having a mountain property. Converting Short Term Rentals to Long Term Rentals If there was an ultimatum for them to rent as a LTR or not rent at all, many have stated that they would choose not to rent at all and this action would not achieve the goal of providing long term housing for local workers. Simply put, any kind of ultimatum on STR owners will not increase LTR opportunities. This topic is still currently being discussed, with new STR to LTR programs being developed, as well as house purchasing assistance programs for locals. If you are a local reading this and need help finding the right home for you or your family, please reach out and we can help you find the property that works best for your mountain lifestyle. How to Keep Up To Date with the STR Situation in Summit There are other ideas being tossed around, as they have for decades, as this problem is not new and this situation is not unique to Summit County. There are many communities around the world with this situation and some are taking action to address Airbnb’s and STRs in traditionally residential locations. I have a personal document I’m keeping track of recent articles as they are posted, and I try to update this list as new articles are published, but I would suggest checking the Summit Daily News for any official announcements, as well as official government websites, which I will list below as well. Feel free to reach out to me, Stacy, if you would like me to email you the list of articles from the SDN. Short Term Rentals: Changes and Restrictions The following contains information which is succinct and may not be complete or current. These changes are happening almost daily, if not weekly. Please refer to the links provided below to contact the appropriate department for the most recent updates that pertain to your property and home. SUMMIT COUNTY It all started when the county passed an emergency ordinance, a 90 day moratorium on STR licenses that went into effect on September 17, 2021.Exempt locations: Keystone, Copper, Four O’Clock Subdivision, Skiwatch and Tiger Run. This time will allow the county to research and create incentives for property owners to convert their properties into LTRs in “local zones” or initially called “opportunity zones”Two considerations by the board are new zone overlay districts and three types of rental licenses. All license types would be permitted in the “resort zone”, while specific license types would be limited in the “neighborhood zones”. KEYSTONE & COPPER MOUNTAIN These areas are exempt from the Summit County STR restrictions at this time. BRECKENRIDGE The Breckenridge Town council passed a cap on new short-term rental licenses. There are some areas that are exempt from this cap. The number of licenses for this cap is set at a maximum of 2,200 licenses (as of now there are over 3,000).This new ordinance will become active on November 2, 2021.This plan allows for a reduction in permits through attrition. When properties are sold, and licenses are turned in, the permit number will be reduced. When the goal of 2,200 permits is achieved (could be months or even years), the town will begin to issue licenses from properties entered on a waiting list.If an owner has a property with rentals already in place, a 6 month temporary short-term rental license can be issued to the buyer of a currently licensed property to honor pre-sale bookings.For clarification, exempt properties must have on-site 24hr staffed front desk. BLUE RIVER Approximately 20% of homes in Blue River are licensed as short term rentals, but there are NO CHANGES at this time.All STRs operating in the Town of Blue River are currently required to obtain a short term rental license and collect and remit taxes. The Board of Trustees continues to discuss the possible future rules and regulations of short term rentals. FRISCO Update: This effort FAILED to collect enough signatures. There is a citizen initiative to put a vote on the ballot to limit and ban short-term rentals, this movement is still gathering signatures.Town of Frisco is currently researching options, like the other mountain towns are, however no changes or decisions are being made at this time. SILVERTHORNE Similar to Frisco, the Town officials are being observant of actions being taken elsewhere in Summit County, but have made no plans to take any immediate action at this time. Private Property Rights, Commercial vs Residential Zoning Considerations The issue for a lot of owners is that they feel they have the right to do what they want with their property. That’s an understandable position, however, there have always been zoning rules in place for neighborhoods, mainly to minimize or eliminate commercial operations in traditionally residential areas. Before purchasing a home or property anywhere in Colorado, make sure you perform your due diligence and investigate the zoning rules and regulations that are applicable to your property purchase. How to Plan for Upcoming Changes for Short Term Rentals in Breckenridge I suggest you read this blog in its entirety, and follow up with any official government entities that are applicable to your property. If you don’t have the time or are confused, please feel free to reach out to us here at Mountain Habitat, which is comprised of Dina and Stacy Sanchez, longtime Breckenridge locals. Dina is the lead sales broker for real estate and property in the Summit County area and is a luxury property specialist. Stacy Sanchez is a former property manager that is versed in the business aspect of providing an exceptional guest experience and how to prepare a home for multiple families and guests throughout the year. We look forward to helping you navigate these changes, as they are not yet finalized, and if we don’t have the answers ourselves, we will help you find the right people that can provide answers and solutions to your particular situation. Please visit our CONTACT page for more information or use the form below. Thanks for reading! Summit County, Colorado – Town Short Term Rental Information Town of BreckenridgeTown of Blue River Summit CountyFrisco SilverthorneKeystone & Copper Mountain – The resort areas of Keystone and Copper Mountain and portions of the Peak 8 Breckenridge ski area are exempt from this moratorium. Source: https://www.summitcountyco.gov/1221/Short-Term-Rentals Resort Overlay Map: https://www.summitcountyco.gov/DocumentCenter/View/34090/Resort-Overlay-Zone?bidId=Dillon City of Denver Short Term Rentals If you’re curious about the current state of STRs in the Denver area, I’m going to post the link below so that you can research and educate yourself on that area as well. City of Denver Alma, Fairplay and Leadville Short Term Rental Information Leadville currently has a 12% cap on STRs within the town limits. No new licenses are being accepted at this time, due to the cap limit being close to meeting the maximum number of permits according to the cap. STRs outside the town limits would go through the permitting process through the Lake County government. No changes are currently being planned for Alma and Fairplay. Licenses are being accepted as usual. One exception is that no short term rental property license shall be issued for any accommodation unit for which an on-site wastewater treatment system was not permitted and approved (approved 2021). Park County – Alma & Fairplay (south of Breckenridge on Highway 9)Leadville – City of Leadville Zoning Map Lake County Vail, Beaver Creek, Avon and EagleVail Short Term Rental Information A short term rental moratorium was voted down in July, 2021. Approximately 14% of Vail non-resort lodging is comprised of STRs. Over at Beaver Creek, a Beaver Creek Business License is mandatory if a home / condo is rented 4+ days / month.Avon (outside of Beaver Creek) does not allow short term rentals at an HOA level town wide. VailBeaver CreekAvonEagleVail Notice: JavaScript is required for this content.
How to Buy a Property in Breckenridge, Colorado Posted on June 23, 2021 - 12:18 pm by Stacy Sanchez How to Buy a Property in Breckenridge, CO Today’s post is all about How to Buy a Property in Breckenridge, CO. If you’re not into reading an entire article, then go to our SEARCH MLS page and being your hunt for the perfect home! Yes, I’m sure you’ve heard about how tough it is to purchase a home in in Summit County, and if you haven’t, well, let’s just start by saying it’s a seller’s market. What does that mean? Well, that means that the supply is limited and buyers are choosing between limited properties and they are going for full or over listing price. CLICK HERE TO SEARCH THE MLS CLICK HERE TO SEARCH THE MLS We briefly covered this market in the Market opinion blog earlier this year, and you can find that by clicking here. The “great COVID migration” is what has been fueling this buying surge in the mountains. Everyone has realized how important lifestyle is to their everyday living and have chosen a mountain environment near Breck as their stomping grounds. Remote working near the Colorado ski resorts allowed some to live the dream of being able to ski when they could, and / or being able to purchase something that their family could enjoy while having to go to school and work remotely. Families realized that they didn’t want to be in their current situations and were able to secure an opportunity to live their dreams. Searching Available Properties and Homes in Breck Finding the right home for your family isn’t an easy task right now. The simple reason is a lot of families don’t know where to start, or what the true market is like when you get to the negotiations and putting together an offer that won’t be ignored. The first thing most will do is a simple web search to see what pops up. Unfortunately, there are many out of date web portals that share off market listings and information that may be misleading. This makes it confusing and disappointing when clients reach out and are excited about a property they found, only to discover it’s off market or has already been sold. Finding the Right Neighborhood to Fit Your Lifestyle Some families want a ski-in ski-out property to fully maximize their time while on vacation. It does take a few more minutes to drive to town, park, and hop on the bus to get to the resort. Others prefer to be further out of town where it’s a little more quiet and secluded and don’t mind the drive so that they can return to their solitude amongst the forest trees. We have been in almost every neighborhood in the Summit County towns of Breckenridge, Copper Mountain, Dillon, Keystone and Silverthorne and know what trails and amenities are nearby. That allows us to match listings with the wants and needs of families looking to move to a home that meets most or all items on their checklist. CLICK HERE TO SEARCH THE MLS List of Breckenridge Neighborhoods Below is a list and a quick summary of Breckenridge neighborhoods. I’m going to save the neighborhoods in other towns for another post. Feel free to contact us to learn more about the other towns and their options. Amber Ridge – Located south of Breckenridge, off of White Cloud Drive, views of the ski areaBaldy Ridge Estates – Baldy Mountain is the dominant peak to the east, lots and homes with ski area viewsBeaver Run Condos – Ski in ski out condos at the base of Peak 9Blazing Saddles Condos – Near the Blue River Plaza, in the heart of BreckenridgeBluesky Condos – Luxury condos near the base of the Snowflake chair liftBoreas Pass – Homes to the south and east offering high alpine lots and homesBoulder Ridge – Subdivision near the base of Peak 8Braddock Hill (The Highlands) – On the north end of the Highlands, near Tiger Rd., views of the Ten Mile RangeBreck Mountain Village – On the south end of town, to the east of Main St., near trails and Carter ParkBreck Park Estates – Up high on Baldy Mountain, with tremendous mountain viewsBreckenridge Heights – On the south end of town, diverse mix of homes and lotsBrittany Place – Full size modern homes with a Victorian look and feel, right in historic district on Main St.Brooks Hill – Found near the first switchback going up Boreas Pass Road, near the Illinois Creek WetlandsChristie Heights – Adjacent to the Shock Hill neighborhood off of Ski HIll Rd., near the base of Peak 8Cimarron Condos – Located near the downtown historic districtCorkscrew Flats – West of the downtown area, off of Wellington RoadCorral at Breckenridge – Within walking distance to the Quiksilver chair liftCountry Boy – Two large lots in the middle of Open Space, trail access, big mountain viewsCrystal Peak Lodge – At the base of Peak 8 with a gondola stopCucumber Patch – New construction near the base of Peak 8 off of Ski Hill Rd.Discovery Hill (The Highlands) – Near Gold Run Gulch Road and Golden Horseshoe Open SpaceEagle – An aptly named high perched set of lots and homes past the east end of the HighlandsElkridge Townhomes – A short walk away is the Snowflake chair lift and the Beaver Run chair liftEstates at Snowy Point – Located in a neighborhood off of Ski Hill Rd.Fairways – Near the first sets of holes and walkable to the Breckenridge Golf CourseForest Hills – On the north east end of the French Creek Valley, with great views of the ski areaFox Crossing (The Highlands) – The highest road in the Silver Shekel neighborhoodFrench Creek – The original workforce housing in Breckenridge, sunny lots with access to trails and moreFrench Street Gardens – Historically styled homes, north of Wellington Road, in the downtown areaGlenwild – Only 2/4 lots remain, close to the base of Peak 8Gold Flake – A quiet location with tremendous views of the Breckenridge Ski ResortGold King Placer – Large lots that back to national forest, just past Warriors Mark, towards Blue RiverGold Run (The Highlands) – On the eastern end of the Breckenridge Golf Course, near a creek and beaver pondsGoldenview – Up on Blady mountain with views of the ski area and the Blue River valley to the southLos Pinos Townhomes – Ski in ski out location on the slopes of Peak 9Highlands at Breckenridge – Premium large lots with a golf course setting, north of downtownHighlands Park (The Highlands) – Upscale homes close to the meadows near the eastern part of the golf courseHighland Meadow – Located between Frisco and Breckenridge, by Swan Mountain Road and Hwy 9Historic District – Near the main downtown core of Breckenridge with Victorian styled homesHuron Heights – Tiers of roads with homes that are situated on Gibson Hill, fabulous ski area viewsJordan Camp – Close to the gondola, and in the heart of the downtown neighborhoods, north of Wellington Rd.Juniata – Located high on Baldy mountain with airy views looking west to the Breckenridge Ski ResortLomax Estates – Near the Skyway Ski Way, which branches off of the 4 o’clock ski run and Ski Hill RoadMaggie Point – At the base of Peak 9 steps away from the Quiksilver chairlift and downtownMain St. Station – On the south end of town that are ski in ski out via the Quiksilver chair lift Mountain Thunder Lodge Condos – Near downtown and BreckConnect gondolaMuggins Gulch – Large lots in the Swan River Valley, off of Tiger Road, near the Colorado TrailPark Forest Estates – Located off of Ski Hill Road, near the base of Peak 8Park Place Condos – At the crossroads of Park and 4 O’clock Rd, across from the Riverwalk CenterPeak 7 – Oversize lots and a more natural setting with dirt roads to the north and west of downtownPenn Lode (New Christie Heights) – Near the BreckConnect Shock HIll gondola stop, off of Ski Hill RoadPineridge Condos – Located near the downtown area with the 4 o’clock ski run out the back doorPines at 4 O’clock – On the north side of 4 o’clock run, near the base of Peak 8 off of Ski Hill Rd.Quality Hill – On the north side of the French Creek Valley, close to the HIghlands neighborhood, ski area viewsQuandary Village / Northstar Village – to the south of Breckenridge and north of Hoosier PassRanch at Breckenridge – High mountain lots on Baldy, access from Sallie Barber RoadRiverpark – On the south end of Breckenridge, between the Blue River and Hwy 9Rivershore – South of Breckenridge, near the Blue River, short drive to the downtown area of BreckRivers Edge – Between the river and the highway, on the south end of BreckenridgeRiverwood – Just off of Broken Lance Road, near the Warriors Mark neighborhood, south BreckenridgeSawmill Creek Condos – At the junction of Ski Hill Road and Park Avenue, close to downtownShock Hill – Premium and luxury homes in the distinguished location with a gondola stop and xc trailsSilver Shekel – Three sets of tiered homes on the east side of Hwy 9, views of the ski areaSki Hill Condos – The BreckConnect gondola and downtown are walkable, on the bus routeSki Home – Located near the 4 o’clock ski run and the base of Peak 8Snider Addition – Adjacent to the BreckConnect gondola, Main St. and French St.Snowflake – Near the Sawmill Creek Reservoir and on the lower slopes of Peak 9, close to Snowflake chairliftSouth of Downtown Breckenridge – Mixed lots and homes in Blue River and unincorporated Summit CountySouthside Estates – On the left as you head south out of Breckenridge, in town designationSpruce Valley Ranch – To the south and east of Breck, private owner access to the Goose Pasture TarnStonehaven – Between the clubhouse and the second fairway at the Breckenridge Golf CourseSummit Estates – Large acreage lots with views of the Ten Mile Range, next to open space and national forestSunbeam Estates – Large lots, located to the east of Main St., and on the south end of the downtown areaSunrise Point – Tremendous views of Peak 10, perched above the Warriors Mark neighborhood, south BreckSwan River Ranch – Near the Hwy 9 and Tiger Rd intersection, close to the bike path and Colorado TrailTen Mile Vista – Located near the Breckenridge Golf Course, near Hwy9 and Tiger Road, mountain views The Shores at the Highlands – West of Tiger Rd and Hwy 9, with some lots with the Blue River in the back yardTimber Creek Estates – South of Breckenridge in Blue River, near local 14er, Mt. QuandaryTimber Trail – Luxury mountain homes near the base of Peak 8, some slope side commanding high pricesTrappers Glen – Near the slopes of Peak 9, off of Four O’clock RoadTyra – On Four O’clock Road, near the base of Peak 9 and the historic downtown area of BreckenridgeVista Point – Homes at the intersection of Wellington and French Creek, fabulous views of the ski areaWarriors Mark – South of the Breckenridge historic district, trails connect to the Breckenridge Ski ResortWarriors Mark West – Homes higher up than the valley level lots, views of Peak 10, south BreckenridgeWarriors Preserve – Between Warriors Mark West and the original lower lots, on a steeper sectionWaterhouse on Main – Near the Maggie Pond and Quiksilver chair lift, and walkable to downtown shops Weisshorn – Walk to the gondola, walk downtown, walk to the grocery store, walk everywhere from this locationWellington – To the west of downtown, a neighborhood popular with families and near the pump trackWestern Sky Ranch – Tremendous views to the west of the Ten Mile Range, overlooking downtown Breck Westridge – On the slopes of Peak 9, and close to the downtown area of shops and restaurantsWillow Run (The Highlands) – Found north of the eastern section at the Breckenridge Golf CourseWoodmoor – Stellar panoramic views of the Ten Mile Range to the Gore Range to the north CLICK HERE TO SEARCH THE MLS Notice: JavaScript is required for this content.
Breckenridge Real Estate Investment Analysis for 2020 Posted on November 14, 2020 - 3:50 pm by Stacy Sanchez Colorado Real Estate and Property Investing The purpose of this blog article is to provide a Breckenridge Real Estate Investment Analysis for 2020 for prospective owners of Summit County property. We get lots of calls from families around the country looking to purchase a condo, or even a single family home as part of their investment strategy in such a volatile time in the stock market. One thing that has proven successful is the valuation of high country homes and real estate. And, with the COVID-19 situation on hand, the demand has only sky rocketed. Summit County 2020 real estate sales surpass $1 billon as Realtors see record-breaking September A recent article in the Summit Daily News has listed September as a top-producing month for realtors in the Breckenridge area. This is not surprising as many people are able to remote work right now and are pursuing a mountain resort lifestyle, which they perceive to be beneficial to overall health and well being. As longtime locals, Dina and I are able to share our favorite local trails and outings with new home owners. We are also able to discuss the nuances and benefits of each town and neighborhood. We have lived in the area for close to 30 years and can give suggestions for properties that fit each client’s needs and desires. According to Land Title Guarantee Co., which compiles data from recorded deeds at the Summit County Clerk and Recorder’s office, September’s sales volume was up 87% from what was seen in the same month last year, and it’s far beyond every September since 2008. The September numbers are on top of what has been a crazy busy year for those in the real estate business. Total year-to-date sales have surpassed $1.3 billion Understanding Short Term Rentals in Breckenridge and Summit County Once the property is under contract is headed towards closing, we can guide clients to the proper authorities within each town for Short Term Rental (STR) guidelines. Each town has its own specific rules, although they are mostly similar. As it is technically a business accruing income revenue from guests, there is a business license required by the Town of Breckenridge (TOB). Click here to go to the page for STR’s within the TOB. And, another quirk around here is that the town limits are not clearly defined with linear straight lines. They zig zag around neighborhoods, some opting in to be considered with the town’s limits, while others that do not are then consider county and have to adhere to the county guidelines for STR’s. If all of this is confusing, I won’t deny, it can be. But, that’s where we come in to help answer questions as I (Stacy, Dina’s husband), have been a professional property manager for companies that manage HOA’s for condos, apartments and townhomes. I have also acted most recently as the Operations Manager for a vacation home rental company and oversaw 80+ large luxury homes in the Breckenridge area. With that background, I can speak from experience when discussing HOA responsibilities and possible scenarios that owners may have questions about. I may also pose situations that may not on the minds of clients, as they wouldn’t think of certain maintenance requirements and scheduling that are left to owners and which are left to the HOA. Responsible Party Addressing STR Guests in your Breckenridge Real Estate Investment One item that is important for both owners, neighbors and guests is that each unit must have a dedicated “Responsible Party” that can address emergencies. What this means is that someone must be made available, within one hour, to assist guests, neighbors or HOA with concerns of the staying guests. Some owners choose to do this themselves, while others opt to pay someone else to do it. Property Management Options and Pricing Tiers Owners looking to keep expenses down have the option to have much involvement, cutting down pricing to as low as 10%. Others want to be “hands off” and can expect to pay for that service, as much as 40-50%, in some instances. There are many property management companies in Summit County, as many as 50 or more and it can be hard to determine which direction to go with your Breckenridge Real Estate Investment. We know and understand that these properties are essentially run as a business and can discuss expenses and revenue strategies that will ultimately benefit the owner. Mountain Habitat on Facebook and Instagram We also post frequently on our social media pages, so click here to go to our Facebook page. We are fans of using Facebook to reach clients and to share pictures of the ski resorts, trails and even videos we create along the way around Colorado. We toured a lot of houses this past summer and one of the things I did was shot clips of the views of the decks. Most owners wanted mountain views from their porch, as work was a primary reason for purchasing the home and this was an easy way to enjoy the mountains. Check out this video below to see a sample from property tours. Click here to go to our Instagram profile. Instagram also has a section called IGTV with videos longer than one minute so go check those out if Instagram is your social feed of choice. Learning More about a Breckenridge Real Estate Investment Please contact us to learn more about Short Term Rental Opportunities in the Breckenridge and Summit County areas! In the meantime, read our previous blog about Fall Hiking and get excited about the mountain lifestyle. Notice: JavaScript is required for this content.
Breckenridge Homes and Land For Sale – June 2019 Posted on June 22, 2019 - 2:23 pm by Stacy Sanchez This blog is about the Breckenridge Homes and Land For Sale – June 2019 and is just a sampling of what’s on the MLS for Summit County, Colorado. There are numerous neighborhoods among the various mountain towns, but a lot of you probably know of just the famous ski resorts like Breckenridge and Vail. While a ski-in, ski-out property is what most originally dream of, with a little more homework, you’ll find that there are secluded properties that offer privacy, while downtown condos are all about location. Summit County Real Estate and Property Colorado’s playground consists of the mountain towns of Breckenridge, Copper Mountain, Dillon, Keystone and Silverthorne. Located right off of I-70, 60 miles west of Denver, Summit County is also home to the Breckenridge Ski Resort, Copper Mountain, Keystone Resort and Arapahoe Basin. Within an hour’s radius, there are 9 resorts accessible for skiing, snowboarding, and other snowsports. This mecca for mountain adventures is a prime sought after vacation destination for families from around the world. The proximity to Denver International Airport makes it easy to get to and from the Rocky Mountains in Colorado. Values continue to increase as inventory remains low. Top dollar listings are lasting days, so it pays to have a local realtor, like Dina Sanchez of LIV Sotheby’s in Breckenridge, on your side. This blog post shows Dina’s active listings, but also helps buyers find their dream home and property. Breck Condo For Sale: Sawmill Creek Condominimums 111 Breck Condo For Sale: Sawmill Creek Condominiums 111 A recent price reduction in this downtown breckenridge condo listing has increased the frequency of showings and interested conversations developing. Please contact us to let us know if you’d like to schedule a private showing, which will show you all the perks of the location. In the winter, a ski run takes you right to your door at the end of the day. Hop the bus or walk to the gondola as a warm up before hitting the slopes. In-unit washer and dryer are nice to have, as well as the separate bedrooms and bathrooms. Sleeper couch and turn key set up makes this a highly desirable rental property investment strategy. Just bring your toothbrush, everything else is already here! Breckenridge New Construction: Outlook on Discovery Hill – Highlands Neighborhood Breckenridge New Construction: Outlook on Discovery Hill – Highlands Neighborhood This new construction in the Highlands neighborhood guarantees that you’ll get a premiere location for your family when choosing property in Breckenridge. Located a short drive from the historic district in Breck, trails crisscross the land, so you could ride or hike into town from this area. You could also connect trails into the Golden Horseshoe, which is a historically popular area for strikes and miners attempting to find their share of the gold. Nowadays, there are numerous roads and trails that are available for OHV’s, mountain biking and hiking. And, that’s just the surround area near the property. Click the link below the pic above to learn more about the home! Breckenridge Land For Sale – 393 SCR 452 You are wanting a place that looks across at the ski runs at the Breckenridge Ski Resort? Well, this is your basecamp. Build your home and live the dream. Close to town and yet, secluded on the hillside with a few neighbors below and to the sides, but never will block your view of the Ten Mile Range. Contact Dina by calling 970-390-2343 to inquire more about this lot and any of the listings on this page, or to set up a presentation as to how and why you should enlist the services of Dina and the team at LIV Sotheby’s in Breckenridge, Colorado. Breckenridge Land For Sale – 393 SCR 452 Get Answers to Your Questions The area of Summit County is very diverse and the different mountain towns each have their own feel. Some properties for sale are downtown and close to all the action, but if remote and quiet is more your style, we can customize a search just for you. There are many neighborhoods near the Town of Breckenridge, so let’s talk soon and we can find your dream home or property. Sometimes you just want to build and get everything you want. It’s absolutely possible. Contact us to learn more. No pressure, we’re here to help you dream and wonder, and to ask yourself, what if you did buy that home in the mountains? What would your life be like then? CONTACT US