Although in most markets, home prices continue their downward spiral, some areas have seen an increase in market activity; for those who are interested in purchasing a home, affordability continues to be the most important issue. According to a recent article in the Los Angeles Times, activity has increased in some markets, like Phoenix, where bidding wars have occurred over foreclosures and short sales. According to reports, Phoenix has more homes for sale than at any time after 2006, and prices seem to be on the way to firming up. Buyers are coming back, attracted by the large sale discounts offered by foreclosed and distressed properties. However, home prices continue to drop in most parts of the country, but signs like those in Phoenix are a cause for optimism in the national real estate market.

The main concept is the affordability of homes in multiple locations. “Affordability is a huge topic of conversation today. And affordability has improved quite a bit in the past several years all around the country. In Phoenix and similar markets, there is no better time than now,” says Wayne Yamano, John Burns Real Estate Consulting’s Senior Manager.” The ratio between housing costs and income is currently at it’s best. In certain markets, like Phoenix, it can be more cost effective to buy a home (if you take into account the money saved by the tax advantages) than it is to rent the average price apartment”, he says. “When the peak selling period occurred, the prices were too high and the gap was huge.”

“But now,” he continued, “in many markets, we’ve crossed that threshold, so it’s cheaper to own a home than to rent.” Since interest rates on home loans are still quite low, this opportunity is even more attractive. Yamano says it’s quite hard to time the market. Consider your home to be a shelter rather than an investment. Don’t try to time the market; just make the leap and buy the house, especially if it suits the needs of your growing family. If you wait, you may find that even if real estate prices drop, interest rates may rise! “Interest rates are especially low now and we doubt that they’ll remain there for too long. In fact, in the last two weeks, we were looking at a considerable increase. Yamano mentions that, while it is possible that prices could decrease a little more, if you see interest rates begin to go up, then it won’t matter because you’re home payment would end up being the same.

Jonna Beardsley – Breckenridge Associates “Home town Team – World Class Service” is one of the many industry inside sources that have been put together to create Breckenride Real Estate More Affordable. For almost thirty years now in Breckenridge and Summit County, Jonna has been assisting investors with their real estate requirements. You can get in touch with Jonna through e-mail; jonna@breckenridgeassociates.com or cell 970-390-2533. Be sure to check out her web site: jonnabeardsley.com.

It seems that what Breckenridge Colorado and Summit County are currently experiencing is a wide separation in price between sellers & buyers in regards to the market value of real estate.  The majority of sellers in the Breckenridge and Summit county area don’t have to sell and the majority of buyers don’t have to buy.  This puts buyers and sellers at an odd impasse when trying to negotiate a transaction.  Sellers are beginning to realize and accept that selling their property in this market means having to negotiate on their bottom price (something they have not had to do in years). But the sellers’ idea of negotiating and the buyers’ idea that we are in a Florida market price is just not matching up.  Breckenridge Realtors are trying to prepare their sellers for low-offers but sellers have been pretty clear that although they will negotiate, they will not “give” their property away.  This still leaves buyers in a good position.  All in all they are getting a good discount.

Inventory has started to climbed second quarter. There have been about half the numbers of buyers in the market our first quarter, but buyers seem to be coming out of the woodwork. With our market inventory high, investors have a great choice of fine ski area properties to choose from and have the buyer’s market for negotiating.  There really are some great deals out there—these are some of the best deals our market has seen in years.  After experiencing this type of market over the  past 30 years, it has been my experience that buyers aren’t sure they want to purchase a second home—  In a couple of years they will be saying “I should have bought something in 2009.”  I realize some buyers are trying to wait for the bottom of the market but how do you determine where and when that is? You may miss it. I believe with all types of investments it is about time in the market instead of timing the market. With prices down, and interest rates at a fantastic rate (all time low) my opinion is if you are searching for a second home purchase for your family…NOW IS THE TIME TO CONSIDER A PURCHASE IN BRECKENRIDGE OR THE SUMMIT COUNTY AREA.

Please contact:  An experienced real estate professional, Jonna Beardsley 970-390-2533 “I am only a phone call away.”jonna@breckenridgeassociates.com

If you own Breckenridge CO real estate with a market value of $500,000, in 2007 you paid $241.59 in property taxes.

That money feeds into a variety of funds including the following:

• $39.80 Repay financing for recreation facilities
• $36.93 Public safety
• $20.46 Street maintenance including snow removal
• $25.91 Recreation
• $19.17 Transit operations
• $99.32 General governmental operations

Sales tax collected during shopping sprees is similarly distributed.  For every $100 of merchandise that you purchase, $8.28 is paid to sales taxes.  And that money goes to the following:

• $3.72 State and County
• $0.50 Open space
• $0.12 Attainable housing
• $0.07 Marketing
• $0.71 Public safety
• $0.50 Recreation
• $0.39 Street maintenance
• $0.37 Transit operations
• $1.90 General governmental operations

High in the Rocky Mountains of Colorado, the Town is a remnant of the 1800s Gold Rush.  The Town’s historic Victorian-style real estate and modern luxury homes reach out from the pedestrian-friendly Main Street.  Vail Resorts opened a world-class ski resort here, creating just the right mix of charm and excitement.  There is a population of 3,300 full-time residents and it swells to 35,000 during the winter season.  Festivals, concerts, competitions, symphonies, boutiques and fine dining, art shows and theater contrast to the outdoor adventures of mountain bikers, hikers, hunters, mountaineers, kayakers, skiers, and fly fishers. 

Contact Jonna Beardsley at (970) 453-2200 or (800) 774-7970 for friendly and professional real-estate assistance in the area.

The Ten Mile Range extends from Hoosier Pass to Frisco real estate near Lake Dillon.  As Breckenridge Ski Resort extends along four peaks of the spine of the Ten Mile Range, it is surrounded by some of North America’s highest peaks, magnificent views, and challenges and comforts for everyone. 

Featuring beginning, intermediate, and expert terrain, all of the 2,358 acres and 155 runs are presently on Peak 7, Peak 8, Peak 9, and Peak 10.  The resort boasts four professionally designed terrain parks that are acknowledged around the world plus a slew of marvelous Back Bowls.  The Resort also plans to add 400 more acres of terrain on Peak 6.

The moderate terrain on Peak 7 opened for the 2004-2005 season.  Its wide-open runs, excellent cruisers, and less-crowded slopes are appealing for people who want space to lay down arching turns.  Future plans on Peak 7 include snowmaking and a ski school and restaurant at the midway unloading station.

Peak 8 features the highest chairlift in North America, the Imperial Express Superchair.  Reaching 12,840 feet, the lift accesses some of Colorado’s steepest terrain and endless possibilities for top-notch ski experiences with unparalleled views.  From lake chutes on the east face to cruising down Imperial Bowl, Peak 8 is exciting. 

The perfectly manicured green runs on Peak 9 are accessed on Quicksilver lift.  Beginners and intermediate skiers flock to Peak 9.  More challenging terrain is available at Devil’s Crotch and Mine Shaft on top of the mountain via Beaver Rim lift.

Peak 10 offers wonderful tree skiing, long mogul runs, and perfectly groomed corduroy.  On the south side are great steeps and hidden powder stashes through Mustang.  This is the place to see the entire Upper Blue Valley.

The non-profit facility is an important initiative of the Town of Breckenridge, who funded the design and construction.  Designed like a custom home, Timberline is a state-of-the-art facility.  The light and airy feel is partially due to the decision to build green.  Other important features include a security system, storage, meeting rooms, and a multipurpose room.

Director Leslie Davis, a 15-year resident of Summit County, has worked the gamut with children—nanny, social worker, teacher, preschool director, board of directors, including years at the Carriage House and Little Red Schoolhouse.  After a three year hiatus across the nation, Davis returned.  According to the Summit Daily News, “Part of what she loves about the area is the community feel,” and quoting Davis, “It takes a village…it’s a community that nurtures youth.”  The Town of Breckenridge consulted with Davis during the development of the Center to be sure to get all of the details right.  Both the building and the programs reflect the community’s interests.

As a sustainable and energy efficient facility, the building incorporates several alternative energy options.  Design allows more alternative energy technologies such as geothermal, solar and wind to be incorporated over time as the costs of installation are reduced by the industry.  Right now, the building is oriented and architecturally designed with roof pitch to maximize solar gain.  Other principles incorporated into the design include water use reduction, water-efficient landscaping, recycled materials, local materials, and construction waste management. 

The Timberline Learning Center is located at the corner of Valley Brook Road and Airport Road beside the new police facility.  It boosts the local capacity for early infants through toddlers by 67 spaces with enrollment, hiring, and creating a board of directors being the job of Leslie Davis.  Welcome children!

Realtor® Jonna Beardsley can be reached at (970) 453-2200 or (800) 774-7970 for friendly and professional real-estate assistance in the resort areas.

Breaking down that increase according to type of real estate, vacant land is seeing the biggest jump in value.  Breckenridge single-family home prices went from an average of $1,079,167 to $1,028,436; duplexes and townhomes climbed from the mid $600,000s to $905,625; and condos and multi-family units evaluated from $395,027 to $509,896.  In the first few months of 2008, average prices of land went from $380,173 to $599,814.  That is a whopping 57.8-percent increase!  Homes increased 4.9 percent, duplexes and townhomes 47.4 percent, and condos and multi-family 29.1 percent.

Looking at the figures since 2005, the trends are similar.  Land sold for an average of $299,000 in 2006, $325,000 in 2006, and $407,000 in 2007.  The average sale price for a single-family home in 2005 was $754,000, in 2006 $871,000, and in 2007 $1,056,000.  Duplexes and townhomes were $550,000 and $496,000, then $632,000 and $651,000, and condos went for $315,000, $383,000, and $410,000.

In the greater Summit County area, the numbers are slightly lower.  Land went up 52.7 percent, homes 4.2 percent, duplexes and townhomes 19 percent, and condos and multi-family dwellings 14.4 percent so far in 2008.  There are only slightly more properties on the market than at this time last year (1,590 versus 1,427).

The truth of the matter is that our resort buyers are primarily investing in second homes and vacation homes.  So, even though the national market is down, this segment of the population does not qualify for the problematic adjustable-arm mortgages.  In addition, most people who buy in our area are financially flush, which adds a stabilizing element to our economy.

This information is taken from the numbers published by the Summit Association of Realtors from MLS transactions that transpired before May 1, 2008 and account for all but 5 percent of the countywide sales.

For more information about land, homes, duplexes, condos, townhomes, fractional, and other real estate possibilities, contact Jonna Beardsley of Breckenridge Associates at (970) 390-2533 or call toll-free to (800) 774-7970.

There could be artifacts left in Breckenridge by nomadic tribes.  Both the White River and Middle Park Utes came here during the summertime to hunt.  More likely, deep down under, we’d find more gold and silver and other precious gems and minerals.  But if we mine those riches, we’ll lose our beautiful homes in Breckenridge and the richly rewarding experiences of our ski trips and warm-weather golfing trips.

According to Gilliland, it is true that ten years after an 1898 robbery, some local children playing on a mountainside near Kokoma discovered two gold watches, a chain, and a pearl-handled revolver.  Thankfully, the monogram on one watch led authorities to the owner, Robert Foote, who had been robbed at gun point by the notorious Pug Ryan.  Mr. Foote returned to the site with the children and uncovered still another treasured object, a large diamond that he had been missing for ten years.

With all of the ruckus and lawlessness that accompanied the gold and silver rushes into the Rocky Mountains, who knows what else we’ll find.  If one person staked a claim, hundreds more would hurry to the area to look for more gold.  Some mining camps created mighty strict rules to deal with the claim jumpers and robbers.  If someone robbed a stagecoach at 6:00 a.m. and was tracked down and put on trial, that person could be hanging from a tree by 2:00 p.m.  Even so, plenty of scoundrels like Pug Ryan were very hard to catch in the forested mountains.  (Pug, identifiable by a PUG tattoo on his arm, was finally captured during another crime in Washington State.)

Our communities slowly refined themselves over the following century.  Towns incorporated and created bylaws and infrastructure and services.  Dedicated citizens built comfortable houses, churches, schools, grocery stores, hotels, post offices, banks, and drug stores offsetting the array of saloons and red-light districts.  After the gold and silver rushes ended, the smaller communities stabilized themselves until the coming of the Eisenhower Tunnel which cleared the way for the modern ski resorts and vacation towns.

With our yards and hillsides covered with several feet of snow during many months of the year, who has time to search for buried treasure?  But, if you happen to uncover a tin can someday while you are planting a tree or putting in a fence post, take the time to look inside.   A chunk of gold is bringing in quite a lot these days.

For information about real estate in the county, call Jonna Beardsley of Breckenridge Associates at (970) 453-2200 or (800) 774-7970.

Realtors are trained.  They spend years learning all of the little nuances about buying and selling homes in Breckenridge, Keystone, Dillon as well as other Rocky Mountain resort real estate in Summit County.  The key is to hire someone more knowledgeable than you are and that means choosing the right person to go to bat for you.  They will probably save you in the long run.

Realtors are submerged in their business.  They know the homes, neighborhoods, prices on the market, problems with properties or finances.  The wealth of information comes in very handy when pricing your home.  And they will guide clients to make the best choices by highlighting all of the data and variables, market supply, demand, and conditions.  The best realtors are great negotiators.  Utilizing an impersonal approach based upon years of doing business, they can remove themselves from the emotional aspects of the transaction.  Their professional demeanor keeps the client’s interests at the forefront and ensures confidential business interactions.

Since many factors can determine how a client should proceed, real estate agents will research information to keep you abreast.  They’ll find out about market conditions, average cost per square foot for similar properties, median sales prices, average sales prices, the days on the market, ratios of list-to-sold prices, and other information.

Another important value that realtors bring to the table is their professional association with other realtors, service providers, and vendors.  They can also refer you and provide background information, for example, to a property management company.

A trained realtor stands between the buyers and the sellers, moving the interactions and transactions up a professional notch.  He or she will take the calls, filter information, and only bring you what you are looking for.  Making those long purchase agreements seem like kid’s books, they also keep tabs on the state and federally mandated disclosures.  Long after the closing, your agent can answer questions about property tax assessments, transfer taxes, and a number of other little (and big) details that come up.  With a vested interested in making you a happy client for your sake and for the sake of future referrals and repeat business, your realtor will provide the support that you need when making big decisions.