When buying a property with friends or family there are several things to think about. How will you take title? A partnership, LLC? You will want to talk to an attorney to set it up correctly. Are you getting a loan? Usually everyone is on the loan, the lender will look at everyone’s credit, income, etc. Who will pay the bills? How will you deal with co-owners late payments? Are pets allowed, how about smoking, and rentals?

It’s very important to put the “partnership” in writing so then everyone will know what is expected. Consider the money, how much will you put down and how much each month, add extra for maintenance. How will you use the property? Many partnerships make a calendar with one or two week intervals. Cleaning up after the use is important, will you hire someone or put a specific list together of what is expected. Maintenance of the property, who will be doing it? Personal property, will you each be bringing in furniture, etc. How will you keep it straight? What about guests or friends using during your week, OK? When one of the partners wants out, what will you do? Sell, find a new partner? What will the value be? Will you offer a first right of refusal to current owners? Lots to think about.

We have shared interest properties for sale in the MLS if you wanted to get into something already established. You can search for them on the Summit County MLS by following this link. Search for “Shared Interest”. Make sure you find out the answer to all those questions before taking the plunge.

Feel free to contact me if you have other questions.  800-571-1091

It looks like this year is going to be up about 10% in the number of sales over last year. Keep in mind last year was the lowest number of sales since 1989!

One thing that seems to be happening lately is the buyer with cash that makes a “low ball” offer, and if the seller doesn’t take it he moves on to another property and tries again. I’m seeing some incredible sales. The trick is the buyer had cash and was prepared to buy quickly without any contingencies.

If you think of it, considering cash is not making any money at the bank, the buyer is figuring real estate is a good investment over the long run and in the meantime he gets to enjoy the property.

Here’s the latest on Dillon

The Dillon area consists of the town of Dillon, and several unincorporated neighborhoods.  Some of those neighborhoods are Dillon Valley and toward Keystone, Corinthian Hills, Summerwood, Summit Cove, Whispering Pines and Soda Creek.  The area has several price points.

The lowest price for condos is usually in Dillon Valley East and West.  Currently there are 25 units on the market. The lowest price is a one bedroom unit for $98,900. I haven’t seen prices that low since 2006.  There’s a three bedroom two bath for $165,000.  In the town of Dillon near the lake, the lowest priced one bedroom is in the Yacht Club complex for $199,000, it has a great location right on the shore.  Prices go up to $899,000 for a four bedroom condo in the Anchorage complex, also right on Lake Dillon.  Right now there are 104 condos and townhomes on the market in the Dillon area, 9 are pending and 59 have sold in the last year.  I do have a list of the condos and townhomes in the Dillon area on my web site.  It won’t list prices but you will see a picture of the complex and other information. If you see something you like then you can search the MLS to see if anything if for sale in that complex – or just ask me.

Very few single family homes are for sale in the town of Dillon, but the surrounding neighborhoods of Dillon Valley, Summit Cove, Soda Creek and Whispering Pines have many options. There are 69 active listings of half duplexes and single family homes in the Dillon area. Of those the lowest price is $304,000 for a three bedroom half duplex in Dillon Valley. Eight homes are listed for a million or more. The most expensive is a fantastic home perched above Lake Dillon in Summerwood.  It has three bedrooms and 4 baths with 3440 square feet and the price is $1,985,000. Six homes are currently pending. Looking back over the last year, 50 single family homes and half duplexes have sold, the lowest price was $265,000, it was a half duplex in Dillon Valley and the most expensive sold for $ 2,591,000 a four bedroom home right on the shores of Lake Dillon.

You would have several choices in vacant lots in the Dillon area. Currently there are twenty-eight on the market. The prices start at $62,500 for a half duplex lot backing to wet lands in Dillon Valley to $340,000 for almost a third of an acre in Whispering Pines Ranch. Six lots have sold this past year with prices between $154,000 and $345,000. Let me know if you would like more information on any of these properties. Every week I print out a list of everything for sale in Dillon and Summit County, let me know if you would like a copy. To get the latest info, search the mls from my web site.

There are 86 condos and townhomes on the market. The lowest price for a condo is a two bedroom unit in the Littlehorn complex for $199,000. There are 46 units for sale under 400K. Prices go up to $1,190,000 for a completely remodeled Lagoon Townhome. Twenty-three condos and townhomes are pending and in the last year 81 have sold.  You can get information about Frisco condos on my web site.  You will find a picture of the complex, size and year built. No prices because they are always changing, ask me what’s available or search the MLS.

In single family homes and half duplexes forty-nine are for sale.  The lowest priced home is a small (540 square feet) one bedroom cabin in town that was built in 1954 for $299,900.  Otherwise the prices range from $469,000 to $1,995,000.  Currently 6 homes are under contract and in the last year 38 single family homes and half duplexes have sold with prices ranging from $350,000 for a 3 bedroom “fixer upper” to $1,900,000 for a four bedroom home built in 2008. The lowest price was a deed restricted two bedroom half duplex which sold for $199,481.

Let me know if you would like more information on any of these properties. Every week I print out a list of everything for sale in Frisco and Summit County, let me know if you would like a copy. To get the latest info, search the mls from my web site.

In financing a resort condo a buyer will probably need at least 25 % down and good credit, but the interest rate will be good too.

Keystone is where you will have good choices if you are looking for a resort condo. The River Run Village area at the base of the mountain is very popular. The units are all newer, built since 1996 and within an easy walk to the Gondola. One bedroom units start at $229,900, two bedrooms at $349,000. Not in River Run, but right at the Mountain House is Slopeside with studio units that start at $129,000 (could be worth it just for the garage parking space).  If you are looking for more for your money, the older complexes offer nice big floor plans and lower prices. In the Quicksilver complex there is a townhouse style two bedroom unit that is listed for $308,000. The numbers for all the condos and townhomes in Keystone are: 240 active, 20 pending and 144 sold in the last year.  On my web site I do have a list of the condos and townhomes in the Keystone area.  There won’t be prices because they are always changing, but you will see when the complex was built, how many units, and what amenities it has. If you see something that temps you – contact me or search the mls.

Keystone homes and half duplexes start at $269,000. for a two bedroom cabin in Loveland Pass Village (walk to the slopes) and go up to $3,960,000. Right now there are 51 homes listed for sale. Many of those homes are in Keystone Ranch backing to the golf course. In lasts 12 months sixteen homes have sold. Every week I put together a list of everything for sale in Keystone and Summit County, let me know and I can email it to you. You can also search the Summit County MLS from my web site.

The small mining town of Montezuma is east of Keystone about 10 miles. Homes and lots for sale appear in the Summit County MLS under the Keystone area. Right now there are two homes for sale; the lowest price is $359,900 for a 3 bedroom home.  There are several lots for sale; prices start at $134,500 for four acres just south of town and go up to $459,900.

In the last year the market for single family homes and half duplexes has slowed down; what a great buyer’s opportunity with lower interest rates and lots of choices. There are 141 homes and half duplexes for sale in the Silverthorne area. I’ve listed a great three bedroom home near the Blue River for $519,999. The prices on homes range from $288,000 to $3,499,000, twenty-four are pending. Ninety-seven homes have sold in the last year, prices from $242,000 to $2,200,000.

You have many options in building sites in Silverthorne. Prices range from $147,900 for almost 1/3 acre in the Fox Valley at Raven subdivision and go up to $575,000 for over an acre in the

Three Peaks subdivision. If you are looking for larger acreage the lowest price is $499,900 for 20 acres up to $6,300,000 for 156 acres at Slate Creek.  There are small ranches north of Silverthorne “down the Blue” starting at $895,000 for a 4 bedroom home on 40 acres. There is a home on 314 acres up Cataract Creek Road for $2,900,000.

Every week I put together a list of everything for sale – I’ll send it to you if you would like. You can also search the Summit County MLS from my web site.

Right now there are twelve homes for sale in Blue Valley Acres. The lowest price is a three bedroom home for $199,000 and the highest $429,900. In the last year five homes have sold per the Summit County MLS. The most expensive sold for $365,000.

Vacant lots in Blue Valley Acres are a comparative bargain too. There are eleven lots on the market. The prices range from $38,000 to $189,000. In the last year one lot sold per the Summit County mls, the price was $75,000. You can find out more about Blue Valley Acres on my web site.

In the Heeney/Green Mountain Reservoir area (24 miles north of Silverthorne) there are four homes for sale. I have two listed, a one bedroom cabin on over a third of an acre for $175,000 and a three bedroom two bath near the shore for $365,000. In vacant land there is a acre above the marina for $199,900 and two acres near Cataract Creek for $315,000. Follow this link to property info. In between the north end of the Green Mountain Reservoir and Blue Valley Acres is 9 acres along Highway 9 with a well for $59,900.

If city/community system, there will be a tap fee, if not already paid, plus other expenses (such as meters, pipes, etc.) Even if the tap fee is already paid you may have a “stand by fee”. You will be charged for your usage.

If water is going to be supplied by a well, a permit will be required to drill. The well water will most likely be for in the house use only, no outside hot tub or watering the lawn. It may be possible to purchase extra water rights to allow for outside usage. The depth of the well will vary from one area to another.

2. SEWER: Is there a community sewer system or will you have to put in a septic?

If there is a sewer system, you will have to pay to hook up, the rate will be determined on the number of bedrooms, baths, hot tubs, etc. With sewer you will be charged for your usage.

If a septic is needed, you will want to make sure the land can handle the system you want for your house. Getting a “perk test” done before you close on the lot is a good idea; it can be one of the contingencies in the purchase agreement. A “perk test” needs to be done before winter and best in the spring; holes are dug to see how the land absorbs the water. This will make sure the lot can handle the number of bedrooms you require in your home.

3. GAS: Many areas do have natural gas supplied through Xcel Energy. There is a tap fee to hook up to natural gas. When natural gas is not available many people elect to use propane gas which is delivered to the home.

4. ELECTRICITY: Is electricity already run to the lot? Even if it is in the street there will be a charge to hook on. If electricity is not in the street then you will have to pay to have it brought into your property. You will want to know that expense.

5. ROAD MAINTENANCE: In many areas the county or the city plows the snow and maintains the roads. Some neighborhoods have their own metro district. Other areas such as Government Small Tracts and Blue Valley Acres #1 do not include maintaining the roads, so you would have to figure on doing or arranging for the snow plowing yourself.

6. ZONING: Make sure what you want to build is allowed. Normally if the zoning allows for a duplex it would be OK to build just one house on the property. Many neighborhoods have protective covenants too, that might limit fences, pets, outside storage etc. There also will be “set backs” which is minimum distance from the lot lines to the structure. You will want to make sure you can live with the rules.

7. SURVEY: It is a good idea to have a survey of the property with the corners staked. The cost of the survey is an item that can be negotiated in the purchase agreement. You will probably need a topographical survey too. Prices for a basic survey start at $500.

8. ARCHITECTURAL CONTROL: Some areas have a committee of other home owners who must approve the plans for your home. The restrictions can include requiring an architect, the total square footage, your building materials, landscaping, outside colors, etc. Some neighborhoods are picky and others are more lenient. You would want to review the architectural guidelines with the title work including covenants when you have the property under contract. If there are no architectural controls you will still have to deal with county or city building regulations.

9. ASSOCIATION DUES: Some neighborhoods have association dues. This is normally a flat fee each month or annually which could cover road maintenance, open space for the neighborhood or perhaps just the annual block party.

10. WETLANDS: The County may require a “wetland delineation” showing wetlands on the lot, besides willows, certain grasses may determine wetlands. You may not be able to build due to Army Corps of Engineer or local rules even though it is a subdivided lot.

11. SOIL CONDITIONS AND TERRAIN: In some areas the County requires a “soils report”, this is used for evaluating foundation designs. Steep terrain will cause your building expenses to be higher.

12. FIRE HAZZARD MIDIGATION: The reasoning is the County doesn’t want a house fire to start a forest fire. Therefore the County has requirements, such as no trees within a certain number of feet from the building, extra thick drywall, sprinkler system, etc. depending on the location.

13. TAXES: In Colorado vacant land is taxed at a higher rate than residential property. Currently the rate is 28% of the assessed value times the mil levy. Residential property is around 9% of the assessed value. What that means is when you build and your property is worth more, the taxes won’t be going up that much more. If you aren’t going to build, the taxes can be expensive.

14. HOUSING IMPACT FEE: As a way to fund affordable housing for local employees, Summit County collects an impact fee for new construction. The fees collected by the County are designated by law to be spent on capital for affordable housing, e.g. land purchases, newly-constructed homes or purchase of existing homes for employee use. A graduated scale is used to determine the amount of the impact fee that is based on square footage measurements between $0 and $2.00 per square foot. It is possible to delay the payment until the home is sold.

15. FINANCING: Finding financing on vacant land is not easy. Your best bet may be a local bank. The interest rate will be higher than for a residential property, and will probably be for a short term with a balloon payment. The theory is you will be paying off that loan when you start your construction. An owner carry may be an option too.

For more information check the Summit County web site at: http://www.co.summit.co.us

Information supplied by Keats Ann Scott, Colorado Dreams Broker 800-571-1091
keats@coloradodreams.com