The number of “certificate of purchases” (that’s when the foreclosure finally goes through and the bank or someone else purchases the property) increased by almost 100% over 2009 . In 2009 there were 57 and in 2010, 113. More are coming in 2011. In Summit County we have approximately 29500 residential properties.

You can search the county foreclosure list by following this link. Here are a few hints when looking at the county’s web site. The first two numbers of the file number are the year. The PDF link that county has is real old information, but if you go to “Summit Foreclosure Property Search” enter 11 for the year 2011 and you will get the most recent foreclosures filed. You can enter a 10 and see the foreclosures filed in 2010, etc.

Not all the properties on the list will end up going back to the bank.

The foreclosure process is per the Colorado Statutes, the Summit County Public Trustee conducts the sale. To get a property you would have to outbid the bank (the amount owed plus back interest and attorney fees). If you win the bid, you have two hours to bring the cash, wired funds or certified check into the Public Trustee. A Deficiency would be when it sells for less than the amount owed. It does happen occasionally. The owner may be libel to the bank for the deficiency, you as the bidder wouldn’t have to worry about it. The Public Trustee has to wait in case there are other liens before a deed is issued.

I looked up the history on a property that is bank owned and is currently on the market to give you an idea of the time line. It’s a three bedroom three bath 3879 square foot single family home in Dillon with a view of the lake. It is currently listed for sale at $609,900, it’s been of the market since September, the listing price by the bank started at $749,900. Its file number was PT09-123, so the process started in 2009, the foreclosed amount was $662,846.59 but after fees and interest the amount the bank was owed was $759,568.05. The bank put that bid into the Public Trustee, it went to sale on 5/21/2010. The deed was issued to the bank on 6/18/2010. The bank listed it three months later for less than they were owed (with the fees), now it’s listed for less than the foreclosed amount ($609,900).

The bank sells “as is”. Usually they have someone come into the property and turn off the water and drain the pipes. I know of a condo that is bank owned and the buyer wanted to inspect, they turned on the water and there were leaks all over the place. If you are going to outbid the bank at the Public Trustee’s sale you probably won’t know the condition at all. The owner or a tenant may be in the house. Some owners take everything (light fixtures, faucets, appliances) when they move out.

I do have a list of the bank owned properties that are currently in the MLS here. What is available is always in the state of change, give me a call or email with questions and so I can double check for the latest information. A bank owned property isn’t always the best buy, some sellers may have bought their property years ago and can afford to sell for even less than a foreclosed property. Depending on the bank, the response time when you make an offer might be weeks, in the mean time you could be dealing with a motivated seller and get a response quick.

The Gore Range on my way into work

2. How do you plan on using the home, will you be driving up on Friday night ready for a day of skiing on Saturday. With a home owners association (HOA) the walks and parking areas should be clear of snow, you can just walk in your unit and relax.
3. Is a clubhouse with hot tub and/or pool important to you?
4. A security check may help with peace of mind. With a condo, the HOA may provide security checks making sure the heat is on and working on our cold days. With a single family home you will responsible for keeping up the maintenance yourself, hiring someone to plow the snow, etc.
5. Do you want to pay association dues? You will have to be going the upkeep yourself, but if you would like more privacy a single family home may be the way to go.
6. Where should you buy? Do you want to be at the slopes, in town, near Lake Dillon? To me what you like to do determines the location you would like best. If you are into hiking, Wildernest may be the perfect neighborhood because you can walk right out your door and hit the trails. Into shopping? Then in town in Frisco or Breckenridge may be the spot. Biking? Silverthorne and Dillon or any of the towns and neighborhoods in the valleys. Boating? Heeney, Frisco and Dillon have Marinas.
7. Other “amenities”? A couple items in the property that will really narrow down the selection is a garage and washer and dryer in the unit. You would be surprised how many properties don’t have garages, considering how long our winters are. Most of the condos were built with the weekend guest in mind. There is probably a coin operated washer and dryer in the building, but one in the unit isn’t that common.
8. When you aren’t using the property yourself will you rent it out? That would be something to consider when thinking about location. In the winter condos near the ski slopes rent best. Though my theory has always been if you pick a property you like for yourself, you can find a renter who would like it for the same reasons.
9. What is most important? There are lots of things to think about. Prioritizing will help. Is a hot tub that important or would the rec center in Silverthorne or Breckenridge do. Is access to a washer and dryer down the hall OK, or do you need one in the unit?
10. Price? That will be a big factor. Part of my job is to help you answer those questions and figure out what you want. Give me a call 800-571-1091 or send me an email keats@coloradodreams.com I can help you with the options in Summit County.

The town of Breckenridge is ideal for the family that likes to ski and shop, seems like that should fit about anyone. The town was founded in 1859 and has gone through several boom times, with placer and hard rock mining in the 1800’s and then dredging in the early 1900’s, now it’s the tourist boom. Breckenridge ski area has over 2000 skiable acres with 30 lifts. For the shopper a charming Main Street with shops of all kinds, among my favorites is Arts Alive, a co-op artist gallery (you can see my quilts there), Joy of Sox and Tea Time Quilting and Stitchery which as fabric and yarn. There are lots of restaurants to choose from too. Breckenridge is popular winter and summer. The other night I took a video of the lights on Main Street.
These stay up through the winter.

If you would like to know about property for sale in Breckenridge, you can search the Summit County MLS on my web site.

Speaking of good credit, there are some things you can do to keep your credit good.

Pay your bills on time. Even a late change on a small credit card can make a difference.

Don’t close credit cards you no longer use. Closing the account reduces your total credit line and a long credit history is a plus. If you don’t like the rate on the card, use it occasionally and pay off the balance each month.

Don’t open new accounts unless necessary. If you get too many credit inquiries that can affect your score.

Check your credit report at www.annualcreditreport.com, there are three credit reports listed, you are entitled on one each year, stagger them so you are checking one every four months. If you find inaccurate information have it corrected.

If you are in the midst of purchasing or refinancing a property, don’t make new purchases or run up your credit cards. Wait until after closing to buy that new living room furniture.

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.

It’s fun to look at the homes to see what the latest trends are. One year I decided it was to have a flat screen TV in every room. Another year I noticed a lot of little mosaic type tiles used in kitchens and baths. What will it be this year?

We have the free magazine with information on all the homes and maps at my office in Silverthorne (at the corner of 5th and hwy 9). There is an admission fee of $10.00 which is good for both weekends, that benefits the Summit Foundation.