Keats Ann Scott, CRS
Colorado Dreams
I can send you a list of everything currently for sale in
Summit County, just ask.
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I can send you a list of everything currently for sale in
Summit County, just ask. |
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Colorado Dreams |
Colorado Dreams Broker April 2008 Newsletter
in this issue With another foot of snow yesterday morning, the calendar may say April, but it feels more like February. Keystone and Copper Mountain ski areas are closing on the 13th with Breckenridge's last day the 20th. At Arapahoe Basin they are going to celebrate May with a different band playing at the resort every weekend. So if you haven't put away the skis, come up and enjoy the snow. This is a great time to look at property too. The condos are empty! Second Home 1031 Exchange Ruling ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Perhaps you are thinking of doing a 1031 tax deferred exchange to purchase property in Summit County. To avoid any possibility of a challenge to your vacation home exchange, you have to meet certain requirements for your vacation property. During the 24 month period preceding the sale of your vacation home, or the 24 months after the purchase of your vacation home, or both if they both are vacation home properties: 1. You must have rented the property, at a fair rental price, for at least 14 days during each 12-month block of the 24-month period, and 2. You did not use the property personally for more than the greater of 14 days, or 10 percent of the days rented, during each 12-month block of the 24-month period. Since this ruling is a Revenue Procedure, failure to meet the exact requirements of the ruling are not fatal, but could subject you to closer scrutiny of your exchange. In other words, using the property for 15 days does not mean that your exchange is 'toast'-it merely means that they could audit you if they wish. The purpose of the ruling is to provide a 'bright line' test that gives you concrete assurance that your exchange will not be challenged. This goes into effect for the sale of any vacation homes starting March 10, 2008. Update on my listings ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Ever dreamed of a cabin right on the Blue River? This is it. Two bedroom and two bath with attached two car garage. The 1336 square foot home has an open floor plan with a large kitchen. Soak in the outdoor hot tub just off the back deck. Keep the fishing pole handy, seller promises to point out the prime fishing holes along the river. You can see more pictures on my web site. Priced at $495,000. Spectacular Home overlooking the Green Mountain Reservoir Over 5000 square feet, on 20 acres at the north end of the Green Mountain Reservoir. Closed last month for 1.2 million. "Pocket Listing in Heeney" Actually this cabin would probably be on the market now, if we could get through the snow to the front door. 3 bedrooms, 2 baths, next to forest service land. Will probably be listed in the $500K range. Call or email for details. Two Acres on Green Mountain Reservoir $385,000 Really neat land adjacent to forest service land which is surrounding the lake. Ready to build with well and septic for a four bedroom home in place. Give me a call to find out about this unique property. More pictures Heeney Property For Sale Currently the liquor store and bait shop. Almost an acre of land, three buildings, the business and fixtures. The buyer will purchase the inventory separately. You aren't limited to liquor store and bait shop, B-1 zoning has lots of options. It's possible for the owners to live on the premises too. $350,000. More Info Always for the latest information, check out the listings page on my web site. http://www.coloradodreams.com/listings.htm Other properties I have liked~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ The number of properties on the market is increasing. Between the first of March and the first of April there were over 100 new listings, a lot of those were new complexes in Breckenridge. An example is Crystal Peak Lodge with two bedroom units starting at $995,000. Several new listings have come on the market in Wildernest. It's still where you get the most for your money. In Timber Ridge a one bedroom furnished condo for $212,750. And a two bedroom for $337,000. it's fully furnished too. Timber Ridge has one of the nicest clubhouses in the county. Indoor pool and hot tubs, racquetball and tennis courts outside. At the top of Wildernest - great if you like to hike. Just listed in Deck Gore Range. These two bedroom two bath condos have a roomy feeling in their 922 square feet. This unit has been rebuilt because of a fire in the building 3 years ago. Hickory flooring and maple cabinets. Listed for $259,900. Lots of room and big views from a two bedroom plus loft unit in Silver Queen West. Great condition and fully furnished. No clubhouse for the association to maintain, so the dues of $391. per month tend to be less than similar size units with a clubhouse. This unit is priced at $324,900. I've always liked Prospector Village condos. Nice roomy floor plan (1006 square feet) and covered parking for two cars. A two bedroom two bath unit has just come on the market. Continental Divide views, furnished and clubhouse with small pool and outdoor hot tubs. $369,000. End unit on the top floor at Gore Trail. Three bedrooms (the loft has been closed in) and three baths, with 1353 square feet. Fully Furnished, views of Peak One and car port parking. The complex has hot tubs too. $464,500. Let me know if you would like more information on any of these properties. Interest Rates~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ The big news is the change in loan limits. Previously the conforming loan limit was $417,000. Now (at least to the end of the year), it's $729,750. The reason we care is that loans above the conforming loan limit have a higher interest rate. Loans within the conforming limit are eligible to be purchased by Fannie Mae and Freddie Mac. The rates are changing daily and vary depending on the property type, credit scores and documentation required. Call me, I work with lots of good lenders. If you would like to know what you can qualify for just give me a call or email and I'll put you in touch with some of them. Search the Summit County MLS~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ You can search everything for sale in the Summit County MLS from my web site at: www.coloradodreams.com/idx.htm Call me (or email) if you would like the latest list of everything currently for sale. Go ahead and forward this email on to any friends and family who are interested in Summit County Colorado real estate. Your referral is the greatest compliment you can give me. My toll free number is 800-571-1091 or 970-485-0793 or send an email to keats@coloradodreams.com
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