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.
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
.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.
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).
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 email@example.com