Summit County Colroado Real Estate Market

Frisco, Colorado

The Lending world in Summit County In today’s current lending environment you may think that getting a loan for a home is impossible. It turns out that it isn’t. The truth of the matter is that banks have gone back to the good old days of 20% down with verifiable credit and/or assets. So why is it that your real estate broker in Summit County, is asking you not to use your mortgage broker from Texas? He has done three loans for you and they all went smoothly. The fact is, Summit County is largely a second home and vacation home market. As many as 80% of the homes here are either rented short term, or they sit vacant the majority of the year. When your broker from outside of the county tries to get your deal for a two bedroom condo through underwriting, they have to approve the building (not just the unit) to ensure that they are not financing a “condo-tel”. Unfortunately the vast majority of the condos in Summit resemble some type of “condo-tel”. A “condo-tel” is a building that functions as a hotel but whose deed has been condominiumized and sold to individual investors that make up the home owners’ association. Lenders outside of vacation markets don’t like these types of properties. When purchasing a condo in Summit County please take some time to talk to a lender that is accustomed to financing Summit County properties (preferably a lender in Summit County). You may find that the run up to the Loan Conditions Deadline will be a little less stressful. From The P1H Team WWW.PEAKONEHOMES.COM Summit County Real Estate Professional

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Breckenridge Colorado real estate deals

Posted at Summit County Colroado Real Estate Market by Matt Cheek

Nov. 20, 2008

Buyers interested in purchasing Breckenridge, CO real estate are finding themselves with an abundance of options that could result in some very favorable appreciation in the near term. Though the strength of our market is the steadfast nature of the seller and their unwillingness to yield on their list price, they have found that the buyers are increasingly more conservative as we move towards the middle of the recession of 2008. Despite this difficult situation we face in the real estate market Breckenridge represents a market that appears to be both HOT AND COOL.

Breckenridge has more properties for sale per available units than any other market in Summit County. This means that out of the almost 7700 residential units in Breckenridge, CO there are 745 units for sale. Compare that to the Frisco market where of the 3450 residential units there are only 137 properties listed for sale. Percentage wise, Breckenridge properties for sale account for 9.6% of the total units where Frisco’s units for sale only represents about 4% of the total units available. This fact should suggest that the Breckenridge market has cooled off considerably. However, the pending home sales tell a very different story.

There are currently 139 units under contract in Breckenridge (18% of the units for sale). In Frisco there are currently 16 pending units under contract (only 11% of the units for sale). Does this mean that the Breckenridge properties are selling at a faster rate than the Frisco properties. Not necessarily, but it does allude to the fact that there is a lot more competition between sellers in the Breckenridge market. The natural tendency would be to assume that appreciation is alive and well in the Breckenridge market. Though this is probably the case the high level of competition means that there could be some very favorable deals in Breckenridge at this time.

Look for properties in this market that have not been remodeled and have been on the market for more than 180 days. These are the properties where we will find motivated sellers with more incentive to come way down on their list prices. Give us a call and ask the Peak One Homes staff how you can buy a home in the desirable Breckenridge market for less than your neighbor.

From The Peak One Homes Team

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