Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Feb. 7, 2024

What to Questions to Ask Yourself when Buying a Home in Silverthorne?

So you've narrowed down your Summit County Home Search to the town of Silverthorne. You're almost there, but there's still some decisions to be made. Luckily Silverthorne has some of Summit Counties newest and most luxurious real estate options. 

Do you want to short-term rent your new property? 

In Summit County, a short-term rental is defined as any rental for a period of less than 30 days at a time. If you're more flexible with longer stays I can recommend other great income producing strategies that are not as regulated.

  • The first step is to confirm is that the home you're considering is actually within the town limits of Silverthorne. Many properties may have a Silverthorne address and zip code but they are actually located under the jurisdiction of unincorporated Summit County. Some examples of neighborhoods that have a Silverthorne address but are not in Silverthorne town limits are: Wildernest, Hamilton Creek, Ptarmigan, and Ruby Ranch. Luckily it's easy to confirm via this link, if the property is highlighted in pink then it's within town limits. 
  • Next you need to understand the Town of Silverthorne's short-term rental rules and caps. The town has sectioned off their jurisdiction into 3 zones in an attempt to keep workforce housing attainable. Once a zone reaches the cap of licenses the town will establish a waitlist or lottery policy for new licensing. As of today, licenses will renew as long as the owner wishes to pay the licensing fees but they will not transfer with most sales. 
    • Zone 1: This zone cover the largest geographical area. It is limited to a cap of 10% of properties having a short-term rental license. 
    • Zone 2: Includes the downtown river-side area of Silverthorne and also Summit Sky Ranch to the south. This zone is limited to a 50% cap. 
    • Zone 3: Deed Restricted Neighborhood Zone. Homes in these neighborhoods are for the local workforce and are not eligible for short-term renting. 
    • Check what zone the property is in here, check current number of available licenses by zone here.
  • There are annual fees associated with a short-term rental license. There is also a 6% lodging tax that will need to be collected and paid. 
    • Studio –$150
    • One Bedroom - $200
    • Two Bedrooms –$250
    • Three Bedrooms –$300
    • Four Bedrooms –$350
    • Five bedrooms – $450
    • Six or more bedrooms – $500

What location and views do you want?

  • Downtown: If you want to be walking distance from all of Silverthornes action you'll want to be in the downtown core. This will primarily be in condominium or townhome developments. You may also get river views depending on your price point. Some examples of developments to look at are: Blue River Flats, River West Condos, Fourth Street Crossing, and Apres Shores. 
  • River/Lake: While some of the downtown developments will also feature river views, you can open up more options by moving further north down the Blue River. Don't worry, it's still an easy bicycle ride or walk to downtown Silverthorne. Some great neighborhoods include: Angler Mountain Ranch, Blue River Run, & Ponds at Blue River.
  • Golf Course: If you want to be on or near the golf course, Eagles Nest is your answer. The Ravens at Three Peaks golf club features outstanding views from all 18 holes. There are several neighborhoods within Eagles nest such as: The Hideaway Townhouses, Aspens at Eagles Nest, Willowbrook Meadows, and Three Peaks. 
  • Ute Mountain/Ptarmigan/Forest Views: Since Silverthorne is in a wide valley created by the Blue Rive, most properties on the west side of Highway 9 (including the golf course properties above) will be oriented to face the mountains to the east. The mountain views to the east will not be as dramatic as the Gore Range views listed below. You will also likely have a wooded feel around your home depending on the density of the neighborhood. 
  • Gore Range: The pinnacle of Silverthorne views is looking at the dramatic Gore Range. From Red Mountain, Buffalo Mountain's Silver Coulier, and the Eagles Nest. These are the jagged alpine views that come to mind when you picture the Rocky Mountains. While some homes in Eagles Nest, Summit Sky Ranch and Ruby Ranch do emphasize these views, they will be much more common from the East Side of Highway 9. Looks for the following neighborhoods: Angler Mountain Ranch, Hamilton Creek, & Ptarmigan. 
  • Summit Sky RanchSummit Sky Ranch gets a special mention of its own. Silverthorne's furthest north neighborhood is still less than 15 minutes from Interstate 70. This large development has a combination of small cabins, luxury duplexes, luxury townhouses, and custom single family homes. It is also the most amenity rich development in all of Summit County. At Summit Sky Ranch you will find everything from hiking trails, dog park, semi-private fishing rights, a lake with a beach, rec center, pool/hot tubs, and even an astronomy observatory. 

 

What Amenities do you want in your new home?

Silverthorne's diverse real estate developments offer the whole gambit of amenities. But Silverthorne also has an excellent and recently remodeled recreation center that can take the place of having them at your home. 

  • Do you want a private or shared hot tub?
  • Do you want private fishing rights for a pond or Blue River? 
  • Do you want a workout facility on site or will you get your adventure on outside?
  • Do you want to be on the recreation path?

Need some help narrowing down your Silverthorne home search? Feel free to reach out and we can tour multiple neighborhoods even if we don't go in any houses. I've found driving around Silverthorne is one of the best ways to show you what different neighborhoods have to offer. Then we can target a specific area for you. 

 

Tucker Zimmerman
Broker Associate
Coldwell Banker Mountain Properties
Cell:  (303)-907-9129
TZimmerman@cbmp.com

 

 

Posted in Buying
Oct. 11, 2023

Summit County Market Update September 2023

Posted in Market Updates
June 19, 2023

Unique Summer Activities

 

What's there to do in Summer? 

 

Concerts at Lake Dillon Amphitheater

My personal favorite! In 2018 the town of Dillon completed the long awaited remodel of the Dillon Amphitheater and it is now one of the most beautiful places to see live music in the country. Concerts typically start around 6 or 7 PM allowing a remarkable view of the sun setting behind Buffalo Mountain contrasted by Lake Dillon and your favorite performer. This venue continues to book more prominent performers such as The String Cheese Incident, Big Head Todd & the Monsters, and Del Mccoury. While Dillon Amp doesn't yet have the same notability as nearby Red Rocks, it is just as beautiful and significantly more intimate. Not only that but there are free concerts almost every week throughout the Summer. Check the schedule here: https://dillonamphitheater.com/ 

(When you see me at a show, come say hello and I'll buy you a beer!)

 

My fiancé Shauna and I waiting for String Cheese Incident to begin last week

 

 

Hiking

This one may seem pretty obvious but we have some of the most beautiful hikes in the state for every difficulty. Our very own Quandary Peak is one of Colorado's 54 "14'ers" and is a great starting point for your first of that list. Located 20 minutes south of Breckenridge is the Quandary trailhead, start early and bring lot's of water. For an easier hike, try Rainbow or Lilly Pad Lake. My personal favorite is Mount Royal which towers above Frisco, this is a short but very difficult hike which is great for a cardio workout before house hunting with me or hitting one of our brewerys.

 

Mount Royal, Frisco. Once you get to the Summit, traverse the ridge to the east for this lookout point.

 

 

Did somebody say "brewery"?

Yes! Summit County is home to 9 amazing craft brewers. In Breckenridge you will find Broken Compass brewing which is a great stop on your bike ride from Frisco. Additionally, we have the nationally distributed Breckenridge Brewery and Pub located in it's original Main Street home. My personal favorite is Highside Brewing in Frisco but if you're hungry I highly recommend The Bakers' Brewery in Silverthorne for both delicious food and drinks.

 

Let's not forget a shoutout to the two distilleries in Summit County, Breckenridge Distillery and the newly opened Rising Sun Distillery.

 

Check out this massive 3LB plate of Nacho's at Dillon Dam Brewery. I recommend the "Here's your Dam IPA"

 

Bike down Vail Pass

A fun family activity can be had by shuttling bikes to the top of Vail Pass, from there it's an easy downhill ride back to Frisco on the dedicated recreation pathway. You will cruise by Copper Mountain before winding through 10-Mile Canyon. You will need to park one car with bikes at the top of Vail Pass and one car near Frisco Main Street, or call a local bike shop to enlist their professional bike shuttle drivers. Take a look at the video below from Pioneer Sports.

 

Boating and water sports on Lake Dillon

The towns of Dillon and Frisco have some geographical advantage for summer fun due to their locations bordering Lake Dillon. Both towns have marinas and a respective tiki bar to go with each. Both marinas have boat rentals ranging from paddle boards and kayaks all the way to a boat for you and your friends. Due to the cold water temperature swimming, wake boarding and water skiing are not allowed on Lake Dillon but Frisco Marina has a great beach where you can get your feet wet!

 

 

 

White Water Rafting

The nearby towns of Buena Vista and Salida offer more rafting options than you can count for a quick day trip. As one of the most popular rafting locations in Colorado you will have your pick of guides and you will be back home in Summit County in time for Dinner. For a more adventurous half-day trip, try the Lower Blue River in Silverthorne with KODI Rafting. If you have young children or just want a tame day on the water opt for the Upper Colorado River.

https://whitewatercolorado.com/?utm_source=GMB&utm_medium=Organic

 

 

Fly Fishing

Summit County is all about the Blue River and there are plenty of great spots to cast your line. I'm not a fisherman personally but checkout "The Steps" near the Breckenridge Recreation Center or along the Lower Blue River near the Silverthorne outlet malls. If you want to catch rather than fish, hire a local guide to take you through "Jurassic Park" on a drift boat.

 

 

Summer Concerts and Festivals

I already mentioned the great concerts at the Dillon Amphitheater but we can't forget to mention the free concerts every Thursday at the Frisco town park, First Friday of the month in Silverthorne at Rainbow Park, and Riverwalk Center in Breckenridge. For events our resorts host a little of everything the Breckenridge Wine Classic, Oktoberfest, and even a Mac and Cheese Festival in Copper Mountain.

 

One of my favorite events is the Frisco Colorado BBQ Festival but it has recently moved to Copper Mountain. Let's hope to see a big Frisco Festival in the Future. 

 

 

 

Thank you for reading, let me know your favorite Summertime mountain activities.

 

If you're ready to start your search for a Mountain Home please reach out or start searching the most up to date listings on my website here.

 

If you don't know where to start or if you want some more detailed information please reach out to me at 303-907-9129.

 

Tucker Zimmerman

Broker Associate

Coldwell Banker Mountain Properties

Cell: (303)-907-9129

TZimmerman@cbmp.com

Search for your Mountain Home!

 

June 19, 2023

Summer in Summit County

 

Summer Real Estate Market Update

Summer is always the busiest time of the year for the Summit County Real Estate market but this year has put all past Summers to shame. The number of Sold homes in June are up over 50% from last year and the average price per square foot is up over 16% from last year. We are seeing this trend across the country but here in Summit County it doesn't mean you cannot find your Mountain Home this summer. In fact, there's more new listings than ever before but they are selling just as fast as they hit the market. What does that mean for you? You have more opportunities than ever to find a home in your budget but you need three things: mortgage pre-approval so you can be the first to make an offer, a local Realtor on the ground ready to preview homes for you the day they go live, and willingness to present a clean but flexible offer.

 

Now let's talk about what make's Summer in the Mountains so special.

I have been living in the Colorado Mountains for 6+ years and Summit County for over 4 years, us locals quickly learn the meaning of the adage "you move here for the winter but you stay here for the summer". While our winter sports are some of the best in the country and you can't beat the feeling of walking down the snowy Frisco Main Street, but after a long winter, Summit County's perfect summer climate is a welcome relief. With an average temperature of 74 degrees throughout July and about 245 days of sunshine per year we really hit the sweet spot.

 

What's there to do in Summer?

 

Concerts at Lake Dillon Amphitheater

My personal favorite! In 2018 the town of Dillon completed the long awaited remodel of the Dillon Amphitheater and it is now one of the most beautiful places to see live music in the country. Concerts typically start around 6 or 7 PM allowing a remarkable view of the sun setting behind Buffalo Mountain contrasted by Lake Dillon and your favorite performer. This venue continues to book more prominent performers such as The String Cheese Incident, Big Head Todd & the Monsters, and Del Mccoury. While Dillon Amp doesn't yet have the same notability as nearby Red Rocks, it is just as beautiful and significantly more intimate. Not only that but there are free concerts almost every week throughout the Summer. Check the schedule here: https://dillonamphitheater.com/

(When you see me at a show, come say hello and I'll buy you a beer!)

 

My fiancé Shauna and I waiting for String Cheese Incident to begin last week

 

 

Hiking

This one may seem pretty obvious but we have some of the most beautiful hikes in the state for every difficulty. Our very own Quandary Peak is one of Colorado's 54 "14'ers" and is a great starting point for your first of that list. Located 20 minutes south of Breckenridge is the Quandary trailhead, start early and bring lot's of water. For an easier hike, try Rainbow or Lilly Pad Lake. My personal favorite is Mount Royal which towers above Frisco, this is a short but very difficult hike which is great for a cardio workout before house hunting with me or hitting one of our brewerys.

 

Mount Royal, Frisco. Once you get to the Summit, traverse the ridge to the east for this lookout point.

 

 

Did somebody say "brewery"?

Yes! Summit County is home to 9 amazing craft brewers. In Breckenridge you will find Broken Compass brewing which is a great stop on your bike ride from Frisco. Additionally, we have the nationally distributed Breckenridge Brewery and Pub located in it's original Main Street home. My personal favorite is Highside Brewing in Frisco but if you're hungry I highly recommend The Bakers' Brewery in Silverthorne for both delicious food and drinks.

 

Let's not forget a shoutout to the two distilleries in Summit County, Breckenridge Distillery and the newly opened Rising Sun Distillery.

 

Check out this massive 3LB plate of Nacho's at Dillon Dam Brewery. I recommend the "Here's your Dam IPA"

 

Bike down Vail Pass

A fun family activity can be had by shuttling bikes to the top of Vail Pass, from there it's an easy downhill ride back to Frisco on the dedicated recreation pathway. You will cruise by Copper Mountain before winding through 10-Mile Canyon. You will need to park one car with bikes at the top of Vail Pass and one car near Frisco Main Street, or call a local bike shop to enlist their professional bike shuttle drivers. Take a look at the video below from Pioneer Sports.

 

Boating and water sports on Lake Dillon

The towns of Dillon and Frisco have some geographical advantage for summer fun due to their locations bordering Lake Dillon. Both towns have marinas and a respective tiki bar to go with each. Both marinas have boat rentals ranging from paddle boards and kayaks all the way to a boat for you and your friends. Due to the cold water temperature swimming, wake boarding and water skiing are not allowed on Lake Dillon but Frisco Marina has a great beach where you can get your feet wet!

 

 

 

White Water Rafting

The nearby towns of Buena Vista and Salida offer more rafting options than you can count for a quick day trip. As one of the most popular rafting locations in Colorado you will have your pick of guides and you will be back home in Summit County in time for Dinner. For a more adventurous half-day trip, try the Lower Blue River in Silverthorne with KODI Rafting. If you have young children or just want a tame day on the water opt for the Upper Colorado River.

https://whitewatercolorado.com/?utm_source=GMB&utm_medium=Organic

 

 

Fly Fishing

Summit County is all about the Blue River and there are plenty of great spots to cast your line. I'm not a fisherman personally but checkout "The Steps" near the Breckenridge Recreation Center or along the Lower Blue River near the Silverthorne outlet malls. If you want to catch rather than fish, hire a local guide to take you through "Jurassic Park" on a drift boat.

 

 

Summer Concerts and Festivals

I already mentioned the great concerts at the Dillon Amphitheater but we can't forget to mention the free concerts every Thursday at the Frisco town park, First Friday of the month in Silverthorne at Rainbow Park, and Riverwalk Center in Breckenridge. For events our resorts host a little of everything the Breckenridge Wine Classic, Oktoberfest, and even a Mac and Cheese Festival in Copper Mountain.

 

One of my favorite events is the Frisco BBQ Festival but due to fear over COVID-19, that festival's future is unclear. Let's hope to see it in 2022!

 

Traditional Oktoberfest outfits are a must.

 

 

Thank you for reading, let me know your favorite Summertime mountain activities.

 

If you're ready to start your search for a Mountain Home please reach out or start searching the most up to date listings on my website here.

 

If you don't know where to start or if you want some more detailed information please reach out to me at 303-907-9129.

 

Tucker Zimmerman

Broker Associate

Coldwell Banker Mountain Properties

Cell: (303)-907-9129

TZimmerman@cbmp.com

Search for your Mountain Home!

 

 

Oct. 28, 2022

Land Title Market Update

Thank you to Land Title for the Market Update!

 

 

To Our Summit County Customers and Community,

 

Here are market highlights for September:

  • Market Analysis by Area for September 2022: There were a total of 179 transactions and $204,519,395 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $1,249,310. The average residential price was $1,383,628 and the average residential PSF was $799.
  • Market Analysis by Area 2022 (9 Months) YTD:  There are a total of 1,374 transactions with $1,734,004,299 monetary volume. The average transaction price was $1,331,344, the average residential price was $1,343,251 and the average residential PPSF was $804.
  • Market Snapshot for YTD Year 2022 vs Full Year 2021:  Average Indicators for $: Single Family +22, Multi- Family +22% and Vacant Land +28%. Median Indicators for Single Family +30%, Multi- Family +15% and Vacant Land +34%.
  • Market Analysis % Change YTD September 2022:  Monetary volume in September 2022 was down 34% from September 2021. Transactions were down 35% from September 2021.  YTD 2022, $ volume is pacing 19% down from YTD 2021, and transactions are 35% down from YTD 2021.
  • Residential Cost Analysis:  Residential volume in September had 135 transactions with $186,789,730 gross volume. There were 76 properties that sold for $1M and above in September.  There were 52 Single Family, 83 Multi-Family and 3 Vacant Land transactions in September 2022. 
  • Average Price History by Type- YTD 2022: Average price for residential Single Family: $2,099,375, Multi- Family: $915,341 and Vacant Land: $643,623. 
  • Comparative Historical Cost Analysis Comparison YTD 2022-2021-2020: YTD 2022, there were 1057 residential transactions and $1,419,816,434 gross $ volume with 526 properties selling for over $1M. YTD 2021, there were 1,738 transactions with $1,889,580,012 gross $ volume with 617 properties selling for over $1M. YTD 2020, 1361 transactions with $1,219,986,346 gross $ volume with 393 properties selling for over $1M.
  • Top Lender Analysis September 2022: There were 448 loans in September. Of these, 132 loans were related to sales, there were 85 REFI's and 231 loans were timeshare related. 26% of the real estate closings were cash transactions. 
  • Foreclosure 2022 Update: There were 11 foreclosure actions recorded in September 2022 (3 were for real property, the other 8 were timeshares). There are a total of 42 Foreclosure actions YTD.
  • New Unit Sales: 5 in September.
  • Purchaser Profile Abstract:  There were 73 upper end sales in September 2022.  Our buyers for real estate transactions for September 2022: Local buyers at 34 % (Deed Restricted sales were up in September -23 compared to 11 in August), with the Front Range demographic at 32% and 34% are out of state buyers with 1% International. 

Please note that Land Title data comes from actual recorded transactions at the County Clerk and Recorder’s Office for that particular month. The information is not directly related to MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate. If you choose to utilize this marketing information in any publications or websites, please make sure you are quoting Land Title as your source. You are welcome to utilize this link within your own websites.

Thank you for your continued loyalty to Land Title.

 

Please reach out with any questions.

 

Brooke Roberts

Posted in Market Updates
Sept. 28, 2022

Frisco Short-Term Rental Changes Approved

FRISCO approves at first reading STR caps and further amendments and requirements.

Last Night the Town of Frisco approved a 25% cap on Short-term rental licenses within the Town on first reading. The current level is at just under 22%, leaving little room for growth in license applications.

 

Summit REALTORS® President Steve Fisher commended the Frisco Town Council for their efforts to collaborate on this substantive piece of STR regulations.  Summit REALTORS® advocated for a cap higher than 25%- such as 30%- but is pleased with ongoing conversations about the issue and that we were able to provide suggested changes that Council accepted. The Council clarified that they would actively monitor the cap, and if the policy needs to be adjusted, they will look at it.  The final vote on the ordinance will occur on Thursday, October 11th. The ordinance will go into effect in November, after a 30-day curing period.  Many thanks to the REALTORS® who attended the meeting, in-person and virtually, and made cogent arguments regarding the ordinance.

 

SAR Leadership is happy that thanks to meaningful conversation, the Town is allowing properties under contract before October 11th to obtain a license.   The Town allows units under construction to get STR licenses as long as they are submitted for a building permit and under review by October 11th.  We are also pleased that the transferability of STR licenses is fairly defined in the ordinance.  Again, pointing to the diversity of the financial stack and the varied ownership structures, closing the door on transfers of licenses in unique circumstances, such as LLC's and family situations, would be an unnecessary market disruption.

 

As REALTORS®, we like to find solutions to complex real estate and property issues such as these.  We fully intend to work with the Town of Frisco in a positive manner in the months and years ahead.

 

The Frisco Town Council voted to approve with one dissenting vote by Council Member Andy Held,  at first reading the following:

 

Agenda Item #2: Estimated Start Time 7:20pm First Reading Ordinance 22­10, an Ordinance Amending the Code of Ordinances of the Town of Frisco, Colorado, by Amending Chapter 110, Concerning the Licensing of Business, at Section 110­38, Concerning the Requirement for a Short Term Rental License; and 110­39, Concerning Short­Term Rental License Application, Term, Renewal and Non­Transferability; all in Order to Establish a Limit on the Total Number of Short­Term Rental Licenses Issued by the Town. 

 

A copy of the full ordinance 22-10 can be found on page 158 of the Town of Frisco packet which can be found here: 

 

https://www.friscogov.com/your-government/councils-and-commissions/council-and-commission-meetings

 

You can view the testimony here: 

The vote begins at the 4:00 mark.

https://m.youtube.com/watch?v=5QBOe3T0rfE

 

Posted in Happenings
Sept. 10, 2022

Short-Term Rental Rules Everywhere in Summit County

 

Short-term Rental (STR) Regulations are still changing here in Summit County. The next Domino's to fall will likely be the towns of Silverthorne and Frisco. If you're looking to buy real estate and become a short-term rental host, I would encourage you to act quickly. Existing license holders are likely to have a leg up on holding their licenses while new applicants will face new challenges or be barred completely. 

Short-Term Rental licenses are controlled by the officials in the jurisdiction of the property. Please keep in mind that the towns only control within their own town limits and some properties may appear to be in one town but are actually in Unincorporated Summit County. For example, many properties have a Breckenridge address but are not in the town limits of Breckenridge. If you're ever unsure just reach out and I can look up what jurisdiction a property is in or I can set up a search for only rental eligible properties. 

Please also keep in mind STR licenses are subject to various license fees and sales taxes on rentals. 

Breckenridge

The Town of Breckenridge has capped rental licenses at 2,200 non-exempt licenses. There are currently around 4,000 STR licenses issued, meaning new applicants will need to join a wait list for what will likely be several years before new licenses are issued. 

There are however "exempt" properties which do not contribute to the cap of 2,200 licenses. The town has stated that they recognize these buildings were built for the intent of short-term rentals. Many of these properties function more like a hotel than a condo building and must have an on-site front desk, 24-hour monitored phone system, and a 24-hour on site security. Due to being exempt, these properties have recently experienced a disproportionate price appreciation. The exempt condominium complexes are listed below: 

  • BEAVER RUN RESORT
  • BLUESKY
  • THE CHATEAUX
  • CRYSTAL PEAK LODGE
  • GRAND COLORADO ON PEAK 8
  • GRAND LODGE ON PEAK 7
  • GRAND TIMBER LODGE
  • HOTEL BRECKENRIDGE - MOUNTAIN VALLEY LODGE
  • MAIN STREET STATION
  • MOUNTAIN THUNDER LODGE
  • LIFTSIDE CONDOS
  • ONE SKI HILL PLACE
  • RIVER MOUNTAIN LODGE
  • VALDORO MOUNTAIN LODGE
  • VILLAGE AT BRECKENRIDGE
  • WATER HOUSE

For more information on Breckenridge Short-Term Rentals visit: https://www.townofbreckenridge.com/your-government/finance/short-term-rentals 

Blue River

The Town of Blue River has so-far resisted the pressure to restrict short-term rentals.  However, the town limits of Blue River are a relatively small area. Areas people refer to as Blue River may actually be in Unincorporated Summit County. Permitting is still required.

For more information on Blue River Short-Term Rentals visit:https://townofblueriver.colorado.gov/lodging/short-term-rental 

Frisco

So far Frisco has yet to restrict short-term rentals but that is about to change. The town is expected to pass measures limiting short-term rental licenses to between 22-25% of the total number of housing units. Currently Frisco's housing is about 20% short-term rentals. Meaning if this measure passes there will be a small amount of growth still available but expect it to be absorbed quickly. 

For more information on Frisco Short-Term Rentals visit: https://www.friscogov.com/departments/finance/sales-and-lodging-tax/short-term-rental-license-application-process/ 

Silverthorne

Like Frisco, Silverthorne has so far not enacted a restriction on STR's but are expected to do so soon. Silverthorne is expected to cap STR's at 50% of total housing in the downtown corridor and only 10% in most other neighborhoods. If this plan passes, there will be approximately 400 new STR licenses up for grabs. 

For more information on Silverthorne Short-Term Rentals visit: https://www.silverthorne.org/town-government/finance-administrative-services/short-term-rental-licenses

Dillon

The Town of Dillon has yet to restrict STR licenses and is currently not expected to do so. However, the town did take a hit at occupancy on March 1, 2022. Rentals are now restricted to an occupancy of 2 persons per bedroom + 2 additional people. So a two-bedroom condo is restricted to a maximum of 6 occupants. That alone is as much occupancy as a reasonable host would want in their property anyway. However, to further limit occupancy the town also requires the owner provide 1 parking space per bedroom or reduce occupancy. I will note that most three-bedroom properties only include 2 parking spaces. Owners can rent an additional parking space from the town at a rate of $300. 

Compared to other towns the Town of Dillon has a higher percentage of locals or second home-owners who do not rent which is why the focus was on occupancy. Limiting occupancy reduces the complaints of issues arising from STR's. However, as other towns limit STR licenses Dillon will undoubtedly become a focus for buyers looking to rent. In the coming years I predict more pressure will come on the town to limit licenses. 

For more information on Dillon Short-Term Rentals visit: https://www.dillonco.gov/business/dillon-short-term-rental-str 

Keystone

Although Keystone technically falls under the jurisdiction of Unincorporated Summit County, the county has recognized Keystone as a Resort Overlay Zone. This means they recognize the area was built and intended for visitors. Thus, properties are eligible for short-term rental licenses with no cap and no cap on nights. 

For more information on Keystone Short-Term Rentals visit: https://www.summitcountyco.gov/1221/Short-Term-Rentals

 

Copper Mountain

Copper Mountain falls into the same regulations as Keystone. 

Although Copper Mountain technically falls under the jurisdiction of Unincorporated Summit County, the county has recognized Copper Mountain as a Resort Overlay Zone. This means they recognize the area was built and intended for visitors. Thus, properties are eligible for short-term rental licenses with no cap and no cap on nights. 

For more information on Keystone Short-Term Rentals visit: https://www.summitcountyco.gov/1221/Short-Term-Rentals

Unincorporated Summit County

On December 19th, 2021 Summit County passed new rental regulations which capped the number of nights for most properties. Those rules can be found here. These rules seemed like a very reasonable approach to STR's but unfortunately the county officials  quickly decided not to give them a chance to play out. 

On May 24th, 2022 the county placed a moratorium on new licenses until February 24th, 2023. No new licenses will be issued during this time frame. The moratorium does not apply to properties in a Resort Overlay Zone including Copper Mountain and Keystone. The county is expected to pass new stricter rules prior or subsequent to the expiration of the moratorium. These rules will probably include caps on the number of licenses. 

For more information on Unincorporated Summit County Short-Term Rentals visit: https://www.summitcountyco.gov/1253/STR-Regulations 

 

*Information is subject to change and should not be relied upon. Please consult the appropriate jurisdiction before making any real estate or financial decisions. A directory to each jurisdiction can be found here

Posted in Buying
Sept. 9, 2022

Will higher interest rates impact Colorado ski real estate?

From our friends at Fairview Lending. All opinions are that of the author. 

 

Depending on the Colorado ski town, cash transactions make up between 30-75% of all closed transactions.  With this many cash transactions, what do rising interest rates mean for sales in the various ski towns.  Will there be a slow down  in ski real estate like we are seeing in other markets throughout the country?

 

Why would cash transactions be impacted by rising interest rates?

It seems counterintuitive to think that interest rates would impact cash transactions, but they do.  Most “cash” transactions use some form of leverage.  For example if someone were buying a home in Steamboat or Aspen, in order to close quickly they likely would pull money of a  line of credit (unsecured, secured by stocks, secured by another house).   This is typically short term and then they would put longer term financing in place.  With interest rates around 3% less than 6 months ago, this strategy worked great especially with interest rates as low as they were.

 

Rising interest rates change the cash equation

With rising interest rates even cash buyers are impacted. As mentioned above the overwhelming majority use some sort of leverage.  As interest rates have risen so rapidly and are expected to continue everyone is impacted even the person buying a 3 million second home in “cash”.

 

Rising interest rates are a “symptom” of the economy

Although rising interest rates are driving considerable behavior changes, they are not the only variable at play.  For high-net-worth borrowers, we have also seen substantial losses in the stock market and an uptick in talk about a recession.  Although interest rates are a large driver, I would be remiss to say that they are the only driver slowing down high-end ski real estate.  General economic conditions including a reset in the stock market along with recession talk are also large contributors to the slow down in real estate prices.

 

What do rising interest rates mean for Colorado ski real estate sales and prices?

As interest rates continue to rise, even Colorado ski towns with a substantial number of cash transactions will be impacted.  In Aspen, June signed contracts for single-family homes plummeted 71.4% year over year, with new listings rising 33.3% in the same period. Signed contracts for condos dropped 80% compared to last June.

Summary

I see most mountain towns values coming in flat to a 5-10% decline over the next 6 months or so. Remember this is after multiple years of 30% plus gains in many of these markets.  As we are seeing in Aspen and various ski towns, there is definitely a change in the air and one of the prime culprits is higher borrowing costs.  The higher rates will even impact the most expensive markets in the country like Aspen that has one of the highest percentage of cash transactions.  On the flip side, the good news for basically every mountain town is that there is not much new inventory coming on the market which should limit the downside risk

Posted in Market Updates
Sept. 9, 2022

Upcoming Short-Term Rental Rules in Frisco and Silverthorne

The towns of Frisco and Silverthorne will be the next to crack down on short-term rentals. Here's an update from the Summit Association of Realtors Executive Director about what to expect. 

SILVERTHORNE:

The Town of Silverthorne will host 3 Open Houses on Monday, Sept. 12 to get feedback from the Public on a proposal to cap STR's at 10% in most neighborhoods around Town. The other areas in the Town Core and along the river will be capped at 50%. This proposal will allow 400 additional STR permits.

Please plan to attend an Open House on Monday to give your input! There is also a short survey you can take.

Short-Term Rental Open House

Share your thoughts on short-term rentals in Silverthorne by attending an Open House on Monday, Sept. 12 at the Silverthorne Pavilion. Town staff will be on hand to discuss the concept of capping the number of short-term rentals in Silverthorne from: 

  • 7:30 to 9:30 a.m. 
  • 11:30 a.m. to 1:30 p.m. 
  • 4:30 to 6:30 pm.

Light refreshments will be available at all open house times.

You can learn more about short-term rentals in Silverthorne and take a quick online survey here. 

 

FRISCO

The Town of Frisco will have an update on an ordinance to cap short-term rentals at 22%. The staff recommends the ordinance change from a 22% cap to 25% due to a Court of Appeals ruling in New Orleans. The Town previously wanted an exempt status for local homeowners to be able to rent out their properties when they go on vacation.   The Court of Appeals in New Orleans struck down a similar ordinance in August. Staff also suggests that Tuesday night's first reading and vote on the ordinance be tabled. The Town currently has 20% STR's. 

The Town has made it clear they would like to hear from all affected communities. Please plan to attend the Council Meeting on Tuesday, Sept. 13, at 7:00 pm.

SAR will issue a formal Call for Action on Monday, but we want you to put the date and time on your calendar and plan to attend!

Attached are the staff memo and the Court of Appeals ruling. Below is an article to the New Orleans ruling:

https://www.usnews.com/news/politics/articles/2022-08-23/new-orleans-short-term-rental-rule-struck-down-by-court

July 5, 2022

The Market has Shifted

It's no secret the Fed's plan to slow down the real estate market is working. Here's what's happening in Summit County

The high Number of new Listings is Normal

In June 2022 the Summit County MLS had 483 new real estate listings. If you've been subscribed to my real estate listing alerts, it may have seemed like everything is on sale. However, that's only because we were bouncing back from a near record low number of listings and we're finally seeing a slow down in demand. But in reality, June is always the busiest month for new listings in Summit County. 

New Listings

 

Active Listings are up but Inventory is still low

There has not been this many available mountain properties for sale since August of 2020. But the June numbers of 1,110 Active Listings is still relatively low compared to our pre-covid inventory numbers. As I mentioned above, June is always the highest number of new listings so even if demand just stays flat, expect active listing numbers to trend back downward. 

Active Listings Summit County June 2022

 

Months Supply of Inventory is up, but still low

Months Supply of Inventory is calculated by determining the number of homes sold per month and dividing by the total number of properties for sale on the last day of the month. Much like above, we're headed back towards a more normal level of supply but Summit County is still historically low. 

Months Supply of Inventory

 

What's happening with pricing? 

June 2022 price per square foot is up 19.2% from June 2021 but we are seeing a slight decrease from the April 2022. If I had a crystal ball, I think the April high would be the record for around the next year. We should get back to a place where negotiations can occur between buyers and seller. However, I am not predicting a long-term large price drop. 

Summit County Price per Foot

 

According to the Pulsenomics 2021 Q3 Home Price Survey. Prices are expected to continue to appreciate until 2025. With most of the appreciation having already occurred, and modest appreciation to follow. If you're looking to purchase, this means waiting will cost you, not just with home price but also with interest rates continuing to rise until Summer 2023. 

 

Summary

We're getting back to a more normal market but that doesn't mean we're in a crash. Properties are going to take longer to sell but in the long-term there are still record high prices to be seen in Summit County. If you're ready to buy now, I think you're in a great place to negotiate below list price and look back at yourself like a winner. All that being said, we are in unique times with the treasury raising interest rate while entering a recession (normally it's opposite). I would not recommend overextending yourself for a second-home right now but if something is comfortably in your budget, go for it!

Posted in Market Updates