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.
Short Term Rental Property Management in Breckenridge Posted on March 17, 2021 - 11:56 am by Stacy Sanchez Short Term Rental Property Management in Breckenridge This blog post article is focused on Short Term Rental Property Management in Breckenridge. It will go over considerations and questions to ponder when deciding upon a vacation rental company to take care of your investment. There are close to fifty property management companies near Breck in the Summit County area. Each one operates differently and there is no standard for operations. The author of this article, Stacy Sanchez, was originally introduced to the world of property management when a neighbor had a frozen pipe burst and then asked me to walk through his house on a regular basis to monitor the pipes. I decided to do this as a favor at first, but then realized I had to dig out his walkway and maintain access to the home as well. When the weather was due to dip in the single or negative temperatures, I would put all the faucets on a steady drip, to maintain water flowing and to prevent pipes from freezing again. After a few more friends asked me to do this, I became a trusted contact to walk through properties. After selling our retail business in 2015, we split and Dina became a realtor and I became a short term rental manager for a luxury property management company. After a couple of years there, I joined a company that focused solely on HOA duties, which did not offer interior management services, so as not to present a conflict of interest to owners. My final stint in STR (short term rental) management was with another high end management company that managed 80+ properties in Breckenridge. I learned what best practices are being utilized as standards and what opportunities are being missed along the way. I can effectively analyze and help guide owners between the different companies in the area, and have even discovered a great set of questions that will help you figure out which may be the best fit for you, according to how they answer the questions. What are they? Here they are. This was taken from an article on VRM Intel. Other good articles include: What Investors Don’t Understand about the Short-Term Rental IndustryVrbo Is Performing Better Than Airbnb for Vacation Rental Managers, But Direct Booking Still Number One Revenue Source . . . By A LotFact or Fiction? Mythbusting Hot Vacation Rental TrendsHomeowner Tax Topics: Six Ways You Can Help Cut your Homeowner’s Taxes 13 QUESTIONS AN OWNER MIGHT ASK A PROSPECTIVE VACATION RENTAL MANAGEMENT COMPANY: 1. What will you do differently than others when it comes to marketing my property?This is a chance to show owners how you differentiate your company. 2. I see your commission is X%. What are the other fees I’ll incur, if any? What does your average owner end up paying per month when fees are added? How much are you going to get me for my property in a year?If you (as on owner) ask for a commission rate and they (property management company) go lower, that’ a red flag! Giving a commission rate without seeing the property is another red flag. 3. Tell me how you handle (fill in the blank). Example, billing for changing a lightbulb, plumbing issue, shoveling snow.Detailed questions are a way to understand what is important to owners. Their questions are how they learn about your company. Layout your baggage, and don’t sugar coat it. 4. Tell me about your employees. Are they located here in town? What are your hours?Whom you deal with daily to manage your property does matter. Turn it into a strength and put it out there. 5. What do you take care of in-house, and what do you contract out?Be prepared to explain how you handle housekeeping, maintenance, landscaping, and whether you use employees or contractors. 6. Do you inspect my home after every clean? What is done during the inspection?This may be a question to answer with a question to understand their expectations like: Why is this important to you? What kinds of things are you thinking about regarding an inspection? Housekeeping is one thing, but a full-blown home inspection is another. 7. Why would a guest book with you versus another company or a private owner? What do you do that they don’t? This is where property managers can explain how they’re different. They should have a spark when they answer this one. 8. Do you know what your return guest percentage is and what would your goal be for my house in the first year and up to five years, and why it should matter to me as a property owner?The answer is you care because those are return guests. That allows the management company to push rates up for your house, because there is less they have to fill. 9. How do you set rates and change rates based on market conditions?When you ask this question, there should be a strategy revealed. If a company acts defensive, they are acting like they may not be flexible. 10. What is your involvement in the local community?It is important to be super involved, to be a leader, to know the regulators, and the town officials, and to understand how much influence you can have and how much you can change the course of your company and brand by being involved. 11. How do you get guests to book again?When asked how I compare to a large company across many destinations and many states, I explain that a guest may book your house today, but the next time they book, that company may not care if they rebook, whereas a local company is trying to get them to come back at least to the destination again if not that same house. 12. What is your growth strategy? If so, what type of properties? If not, why not?Are you associating with a large firm that wants to dominate the market? Or a smaller company with a personal touch? As for the type of properties, see if they can explain their brand, or are they taking all that comes? 13. How do you handle light night emergencies?Do they leave a message? Is someone on call? Think about the guest experience. You want the guest to have an incredible time and come back to your house and back to this company, so that’s why you need to ask about the culture of the company and how it handles services. Property managers beware: Once they have a management company in mind, Sarah encourages property owners listening to continue their vetting process by acting like a guest.“Search them on Google. Do they come up on the first page? Go to their website and pretend you are a guest. Do they seem professional? Do they present properties beautifully? I think you should secretly call them, too. It doesn’t help to secret shop a little bit,” she says. 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.
Get to know Dina Sanchez – Breckenridge Real Estate Property Specialist Posted on October 7, 2018 - 7:26 pm by Stacy Sanchez Get to know Dina Sanchez – Breckenridge Real Estate Property Specialist Get to know Dina Sanchez – Breckenridge Real Estate Property Specialist. Dina is a longtime local with 25 years in Summit County, Colorado, She knows the community and its neighborhoods. And, she’s ready to find the best match for your family. Send a message to inquire about specific properties needs. There are many options including slopeside village condos, golf course homes and trails out the back door. If the mountains are calling, you need to call Dina. We know it’s easy to get lost in the online world of real estate searches. A lot of the popular sites have out of date listings, and properties that are no longer for sale. We have built in a custom search tool on this site, click here to start receiving updates when new listings that match your criteria come on the market. Global Luxury – Coldwell Banker Mountain Properties Why work with Dina as your broker? A longtime business owner, Dina learned the art of negotiation with effective communication that is timely and responsive. She listens to her clients. That has helped achieve specific production goals that have recently qualified her as an Associate Broker with GLOBAL LUXURY designation. with Coldwell Banker Mountain Properties. Dina is also a Certified Luxury Home Marketing Specialist and with an Interior Design focus to provide added value to clients. Share this post with someone who needs help. Thanks! Dina Sanchez - Breckenridge Real Estate and Property Watch this video on YouTube Dina Sanchez 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 Notice: JavaScript is required for this content.