Breckenridge Update

Too True...

Love life, Daniel Webster Johnson
Broker Assoicate, Resort Brokers Real Estate
Breckenridge CO real estate blogger
(970) 393-3300

Inventory is increasing...

….which is exactly what I expected.  Here is what happened in Breckenridge last week:

Ÿ  22 properties came on the market (inventory).

Ÿ  5 went under contract.

Ÿ  That means the inventory increased by 17 units.

More than three times more inventory came on the market than sold.  It is a Buyer’s Market.

We are helping more Buyers than Sellers this year.  Ready?  Call me.

Love life,

Daniel Webster Johnson, Broker Associate

Breckenridge CO Real Estate Blogger

Resort Brokers Real Estate

(970) 393-3300

Market is Slow = Great time for Buyers

It is mud season and, overall, the market is slow:

1. Showings - very few this past week.

2. Offers – very few this past week.

3. Under contracts – very few this past week.

Over the years I have found that mud season is a great time for Buyers because there are few Buyers and plenty of Sellers.

Our clients are getting good deals right now.  Want one? Contact me.

Love life, Daniel Webster Johnson

Your Breckenridge CO Real Estate Blogger

Broker Associate at Resort Brokers Real Estate

Short Sales and Bank Owned Properties Breckenridge & Beyond.

These three points are “Must Knows” for every Buyer in Summit County CO:

1. Short sales are here and could increase. I am just about to put on the market a short sale three bedroom home right on The Raven Golf Course in Silverthorne.  It will be a deal!  If you go under contract on a short sale, you’ll need a ton of patience.  Plan for the process to take at east six months; however, on occasion, we get them closed faster.

2. Bank-owned properties are here as well, but they can be a real pain in the backside and not always a deal.  (At least this is true for the ones I have been involved with.)

3.  Shop the entire market.  I have been told by title companies that I have more experience with short sales than any other Realtor® in

Summit County

.  And, as a result, I have Buyers asking to see only short sales, thinking that is the best way to get a deal.  Not true!  Focus on what you want, and then I’ll work to get you the deal you want.

Call/text/email me with any questions.

Love life,

Daniel Webster Johnson

Your Breckenridge Co Blogger

Resort Brokers Real Estate, Broker Associate

(970) 393-3300

daniel@YourMountainBroker.com

“History shows that it takes a long time for prices to ‘bounce back’ to peak levels.”

I have heard that over and over again so this week I searched for the data that supports this statement.  I found it.  In August 2006, the National Association of Realtors Chief Economist, David Lereah, Ph.D., made a presentation titled Real Estate Reality Check.  This is slide #35 from his presentation.

In Summit County I could not find definitive data.  Bob Girvin, a Realtor® who has been in the market since the early 70s, told me the first dip lasted four years (’73 – ’77) and the most recent one lasted seven years (‘81 – ’88).

Call/text/email me with any questions.

Love life, Daniel Webster Johnson

Your Breckenridge CO Real Estate Blogger

Broker Associate at Resort Brokers Real Estate

(970) 393-3300

Commercial Real Estate Holding Back the Market

Yesterday the monthly breakfast crew meet at the Ten Mile Cafe on Airport Rd.  We had a superb attendance and tons to talk about.

  Left to right:
  * Alex from VRCD
 *  Alton from CMC.
 * Chris from TCOR
 * Harry - retired banker
 * Trip from GIS Co
 * Tim - CEO of largest appraisal firm in USA
 * Daniel - Your Breckenridge real estate broker

We talked about dozens of different things that are impacting Summit County Real Estate.  Today I'll focus on just one, what is happening with commercial real estate here and nationally.

• Huge number of commercial vacancies - both here and nationally.
• Enormous number of major projects nationally that are 'upside down'.
• Landlords all over the country are reducing rents to keep tenants.  We heard of one company with 40 office.  Of the 40 locations 28 have renegotiated their leases just by asking the landlord.
• Example of a major commercial property owner with cash flow of $100,000/month who can NOT get a loan for a ski in/out condo because the banks think too much of his income is dependant on real estate.

The market is stable however factors above are impacting the Summit County real estate market.

Love life,
Daniel Johnson
Breckenridge real estate blogger
Broker Associate
Resort Brokers Real Estate
(970) 393-3300
daniel@yourmountainbroker.com