Slifer Smith & Fr a m p t o n R e a l Estat e
INSIDE EDGE
Summer 2011 In this issue >>
Real Estate Market Update
2
Market Watch
4
Fly Fishing
6
Summit Foundation
7
A Summit County Development Update
8
Calendar of Events
The Most Trusted Name in Colorado Mountain Real Estate since 1962.
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Real Estate Market Update With over 500 inches of snow falling in Summit County this season only one word can describe the 2010/2011 winter: EPIC. The record setting snow started off strong in November with a 20” storm before Thanksgiving Day, and it did not relent until we were well into April. In addition to record setting snowfall, this winter posted record setting sales prices for the condominium market in Summit County. Slifer Smith & Frampton listed and sold the second most expensive condominium ever to sell in the area for $2,685,000 (the most expensive sold in May of 2010 for $2,690,000). The 1,996 square foot, four-bedroom, four-bath, ski-in/ski-out residence at One Ski Hill Place sold for $1,345 per square foot and enjoys amenities including: direct access to four chairlifts, rejuvenation spa, bowling alley, aquatics center and traditional Rock Resort Service. This winter also concluded the sellout of Water House on Main Street’s first phase. In December East West Partners, the Water House developer, decided to slash prices by 40% to place their property ahead of the market. The aggressive pricing worked, and Water House closed 17 residences in less than four months, with an average sales price of $800,000. Melanie Frank, Managing Broker and Vice President of Slifer Smith and Frampton, noted “East West Partners positioned their product to be the next sale in Breckenridge. By situating their residences in front of the market they were able to sell quickly.” Melanie continued, “Our market continues to make progress. Buyers and sellers are coming together and sales price to list price is averaging a healthy 93%. Inventory is 34% below the crest of the market in August 2010 (see inset graph), and we are excited to see banks continuing to loan to qualified buyers.” The optimism towards the housing market is not just a local happening. In Warren Buffett’s annual letter sent to Berkshire Hathaway share holders in February he noted; “A housing recovery will probably begin within a year or so. In any event, it is certain to occur at some
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point…Home ownership makes sense for most Americans, particularly at today’s lower prices and bargain interest rates. All things considered, the third best investment I ever made was the purchase of my home…The two best investments were wedding rings. For the $31,500 I paid for our house (in 1959), my family and I gained 52 years of terrific memories with more to come.”1 This is the same sentiment we see over and over again in Summit County. Generations of families meeting at their mountain retreats to enjoy skiing every winter and mountain hikes every summer. We hope you enjoy our summer newsletter and that the information provides you with expertise and insight on our local real estate market. However, we encourage you to remember that no graphs or statistics can truly characterize our extraordinary mountain lifestyle. We look forward to seeing you out in Summit County this summer. 1 www.berkshirehathaway.com/letters/2010ltr.pdf
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Market Watch
Includes Residential and Land. Data gathered from the Summit Association of Realtors MLS. Information deemed reliable but not guaranteed.
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Data gathered from the Summit Association of Realtors MLS. Information deemed reliable but not guaranteed.
Market Trends & Quick Facts • Most expensive single-family home to sell in Summit County in the past 12 months sold for $3,950,000 (10/18/2010)* • Most expensive condominium to sell in Summit County in the past 12 months sold for $2,690,000 (5/26/2010)** • Currently there are 65 single-family homes under contract in Summit County • Currently there are 69 condominiums under contract in Summit County • In the past 12 months 85 single-family homes have sold over $1,000,000, with an average sales price of $1,621,700 and a total volume of $137,844,500. • 14% of properties sold in the past 12 months have been priced over $1,000,000 • 1045 residential properties have sold in Summit County in the past 12 months • Average Sales Price per Square Foot: • CO ~ $410 • DP ~ $256 • SF ~ $273 • TH ~ $297 • There are 164 single-family homes active in the $500,000 - $1,000,000 price range • There are 22 single-family homes pending in the $500,000 - $1,000,000 price range • There are 69 single-family homes active in the $1,000,000 - $1,500,000 price range • There are 9 single-family homes pending in the $1,000,000 - $1,500,000 price range *This home was listed by Slifer Smith & Frampton Includes Residential and Land. Data gathered from the Summit Association of Realtors MLS. Information deemed reliable but not guaranteed.
**This residence was listed and sold by Slifer Smith & Frampton Source: Summit Association of Realtors MLS
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Fly Fishing
Before the winter snow melts and the afternoon temperatures climb above 50˚, local anglers grab their rods and head to the rivers. There are 9,000 miles of streams and rivers and more than 2,000 lakes in Colorado, and in Summit County we are blessed to have some of the best fishing in the state. Local hotspots include the Blue River, which winds its way through Breckenridge north to Silverthorne, the Snake River, running from Montezuma through Keystone to the Dillon Reservoir, and any number of the hidden alpine lakes. However, the best fishing in Summit County has to be 34 miles of the Lower Blue River’s Gold Medal Water from Dillon Reservoir Dam downstream to the confluence with the Colorado River. To be considered Gold Medal Water a river must meet the following criteria set by the Colorado Divison of Wildlife: ‘A lake or stream that supports a trout standing stock of at least 60 pounds per acre, and contains an average of at least 12 quality (over 14”) trout per acre. The best way to insure a successful trip and a trophy trout while fishing the award winning water in Summit County is to stop in any of the fly-fishing shops throughout the area. Every shop offers fly-fishing lessons, guided day trips, and free advice on which flies are landing fish.
Art Festivals Some of the summertime favorites around the county are the boutique art festivals that make a stop in each town during the months of July and August. The festival atmosphere provides the unique opportunity to meet and chat with the artists and learn about their artwork in person. Each festival boasts a wide variety of mediums including glass, paintings, sculpture, jewelry, photography, and ceramics - so everyone is able to find a piece they love. Summer Art Festivals: Downtown Frisco Art Festival - Frisco: July 2, 3 Breckenridge July Art Festival - Breckenridge: July 2, 3, 4 Art on Main Street to the Rockies - Frisco: August 13, 14 Blues Festival and Art Show - Keystone: August 20, 21 6 | INS I DE E DG E
Summit Foundation Slifer Smith & Frampton Real Estate is a proud supporter of the Summit Foundation, a community organization dedicated to improving the quality of life for local residents and guests of Summit County and neighboring communities. Since it was established in 1986, the Summit Foundation has awarded over $13.2 million in grants and scholarships to hundreds of different organizations including: Arts for the Summit, the Summit Historical Society, the 10th Mountain Division, CAIC, High Country Conservation Society, the BOEC and many others. To help raise money for the organizations the Summit Foundation supports, they hold several fundraising events throughout the summer. The Annual Golf Tournament, an event not to be missed, will be held at the Breckenridge Golf Club June 11th and 12th. In 2010 the golf tournament helped raise over $45,000 for the Foundation. A few months later on September 3rd 7,000 rubber ducks will swim down the Blue River in Breckenridge competing in the Great Rubber Duck Race. Additionally, September 17th & 18th, 24th & 25th the Summit Foundation will host the 17th Annual Summit County Parade of Homes. The tour will feature luxury single and multi-family homes constructed by dozens of different local builders. The homes featured in the tour range from $670,000 to $4 million and will be held open each day from 10a.m. to 5p.m. If you’d like more information on any of these events, this great organization, or would like to donate please visit: www.SummitFoundation.org
Our transportation partner, Colorado Mountain Express, is pleased to offer you a 15% discount on your next shuttle or private chauffeured airport transfer. CME offers shared ride shuttles, charter vans and private car service to/from Summit County, the Vail Valley, Denver International and Eagle County airports. CME Premier, our private car service, provides for luxury, privately chauffeured executive vans and four wheel drive SUVs. When placing reservations please use the discount code “9SSF” to receive your 15% discount. For reservations go to www.ridecme.com or call 1-800-525-6363. Not valid with any other discounts or offers. Not valid on Point-to-Point services. Not Valid to/from Aspen, Snowmass, Roaring Fork Valley. summer 2011 | 7
A Summit County Development Update
Valley Brook Neighborhood
One Ski Hill Place, A RockResort
Angler Mountain Ranch
Valley Brook Neighborhood can turn your dream of owning a home in Summit County into a reality. Conveniently located in Breckenridge and backing to the recreational path and the Blue River, these affordable homes combine livability with energy efficiency and sustainability. Neighborhood amenities include a park and shuttle stop. With two and three-bedroom floorplans, two-car garages, front porches, and patios, the homes being offered range from $267,000 to $302,000 and are planned for completion in 2011. Valley Brook Neighborhood homes will be deed restricted, and prospective purchasers must meet certain income and residency criteria to qualify.
These new RockResorts ski-in/ski-out furnished residences located on the beachfront at Peak 8 in Breckenridge are now open. These slopeside residences bring a new level of deluxe accommodations to Breckenridge. Residences range from studios to four-bedrooms featuring modern mountain finishes and luxurious interiors. A wide arrange of amenities includes access to 100s of ski trails and 1000s acres of epic terrain, an aquatics center, rejuvenation center, fitness center, bowling alley, media & game rooms, owner’s locker room, lively après-ski bar, restaurant and ski lounge. Residences starting at $665,000. www.oneskihillplace.com/oshp
The number of custom homes that will be under construction this summer in the neighborhood has increased to six. All of the projects have different architects and different general contractors, so a spectrum of styles will be on display. While new construction has lagged in most areas of the county, Angler Mountain Ranch has kept a steady stream of activity with ongoing sales of duplexes, luxury cabins and single-family homesites. The attraction is easy to understand considering the broad views of the Gore Range, private fishing rights, friendly design guidelines, city services, a hiking trail to the National Forest and over ninety acres of open space throughout the community. Homesite prices start at $235,000.
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Frisco Legends
WaterTower Place
Arapahoe Ridge
Frisco’s newest development. Six townhouses to be built this spring with 2,500 +/- square feet, attached two car garage, three bedrooms, four bathrooms, dining room, great room and den. Hickory flooring, granite countertops, alder cabinets, doors and trim and stainless appliances. Two blocks from Main St., bike path, hiking and mountain biking trails and the National Forest. Construction to begin this spring, reserve your unit now to receive preconstruction pricing and your choice of finishes. A model unit is available to view.
Two remaining new residences. Just off Main Street in Frisco, complete with top quality finishes, elegant space with abundant light and a terrific in-town location. Across the street from the Frisco Marina. Two corner penthouse suites remain, one lakeside and one with a big mountain side view. Our furnished model is ready for viewing every day. Enjoy Frisco all summer long for biking, hiking, kayaking, festivals or just browsing boutiques. www.watertowerfrisco.com/sar
Location and affordability highlight Keystone’s newest project. With prices starting as low as $129,900 and sizes ranging from studios to twobedrooms, the mountain lifestyle has never been so accessible. Arapahoe Ridge is located approximately 400 yards from the ski lifts, with free bus service and shops and restaurants curb side. Amenities include a hot tub and sauna with room to develop more in the future. Standard and upgraded packages are available as well as further details on this brand new project. Reservations are being accepted now and a model unit is available for show.
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Calendar of Events JUNE 9 – 12 Film Festival – Breckenridge 11 Run the Rockies – Frisco 11 - 12 Lets go Boating Fundraiser – Dillon 17 Town Party - Breckenridge 16 - 18 BBQ Challenge – Frisco 18 - 19 Kingdom Days – Breckenridge 18 NRO Concert – Breckenridge 21 NRO Concert – Breckenridge 24 NRO Concert – Breckenridge 24 - 25 Bluegrass and Brews – Dillon 25 World Music Festival – Keystone 25 Celtic Festival – Breckenridge 25 - 26 Avon Walk for Breast Cancer – Frisco 29 NRO Concert – Breckenridge
JULY 1 Preservation Hall Jazz Band – Breckenridge 1 Picasso’s 3 Musicians – Breckenridge 2 USAF Academy Band Concert – Dillon 2 - 4 Art Festival – Breckenridge 10 | IN SIDE EDG E
2 Founders Day – Frisco 2 Green Art Fair – Frisco 2 - 3 River Run Rocks – Keystone 2 NRO Concert – Breckenridge 3 Doo Wop Denny Concert – Dillon 4 10k Run – Breckenridge 4 Firecracker 50 – Breckenridge 4 Boat Parade – Dillon 4 4th of July Parade – Breckenridge 4 4th of July Parade – Frisco 4 Big Bad Voodoo Daddy Concert – Breckenridge 4 NRO Concert – Breckenridge 4 Fireworks – Breckenridge 4 Fireworks – Dillon 4 Fireworks – Frisco 5 - 9 Bike Week – Breckenridge 6 NRO Concert – Breckenridge 9 Ron Ivory Concert – Dillon 9 NRO Concert – Breckenridge 13 NRO Concert – Breckenridge 15 – 17 Dillon Art Festival – Dillon 16 NRO Concert – Breckenridge
Calendar of Events 16 SSF Summit County Home Tour – Summit County 16 Breckenridge Beer Festival – Breckenridge 16 Breck 100 – Breckenridge 19 Breckenridge Music Festival – Breckenridge 20 NRO Concert – Breckenridge 21 Breckenridge Music Festival – Breckenridge 22 NRO Concert – Breckenridge 22 - 24 Mountain States Cup – Keystone 23 Breckenridge Music Festival – Breckenridge 23 River Run Rocks – Keystone 23 - 25 Courage Classic – Summit County 26 Breckenridge Music Festival – Breckenridge 28 Breckenridge Music Festival – Breckenridge 30 NRO Concert – Breckenridge 30 Breckenridge Music Festival – Breckenridge 29 - 31 Main Street Art Festival – Breckenridge 30 Canine 4k – Frisco 31 Rowing Regatta - Frisco
AUGUST
SEPTEMBER
1 Breckenridge Music Festival – Breckenridge 3 NRO Concert – Breckenridge 4 Breckenridge Music Festival – Breckenridge 5 NRO Concert – Breckenridge 6 Breckenridge Music Festival – Breckenridge 6 Classic Boat Show – Frisco 6 - 7 Bluegrass & Beer Festival – Keystone 7 ‘Vettes on the Rockies – Frisco 9 Breckenridge Music Festival – Breckenridge 10 Breckenridge Music Festival – Breckenridge 12 - 13 BBQ at the Summit – Dillon 12 Breckenridge Music Festival – Breckenridge 13 - 14 Art on Main St. - Frisco 13 Breckenridge Music Festival – Breckenridge 16 Breckenridge Music Festival – Breckenridge 19 Breckenridge Music Festival – Breckenridge 20 Music on Main – Frisco 20 - 21 Blues & Art Festival - Keystone 20 Circle the Summit – Summit County 20 Breckenridge Music Festival – Breckenridge 21 Family Fun Fest – Frisco
2 - 4 Dillon Craft Fair – Dillon 3 - 5 Great Divide Art Festival – Breckenridge 3 Breckenridge Wine Festival – Breckenridge 4 John Adams Concert – Dillon 4 Taste of Keystone – Keystone 4 Breck Crest Marathon - Breckenridge 10 Beetlefest – Frisco 11 Festa Italiana – Keystone 16 – 18 Oktoberfest – Breckenridge 17 – 18 Parade of Homes – Summit County 24 – 25 Parade of Homes – Summit County
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