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Breckenridge Short Term Rental Information

Breckenridge short term rental information is the most asked about topic these days. The vision for the town has changed, with the need for affordable housing being at the top of the list. Also the need for those that purchased a property as a second home to be able to enjoy it as a home in a residential neighborhood and not have renters coming and going all season long. There are definite questions you should be asking when purchasing a second home or investment property in Breckenridge. The best way to find out in-depth information is the town website (townofbreckenridge.com) as the goal of the town is clearly laid out for you. See these items below as being the most important as well as knowing how long the wait is for a short term rental license.

Short Term Rental Caps and Zoning

A short-term rental property is defined as “a residential dwelling unit, or any room therein, available for lease for a term of less than thirty (30) consecutive days.”

  • A valid short-term rental license is required for each short-term rental property.
  • Individual homeowner associations may have requirements, restrictions and covenants related to short-term rentals.
  • The license is required regardless of how the properties are marketed (through a management company, on-line through websites such as VRBO and Airbnb, newspaper ads, word of mouth, etc.).
  • The license number must be displayed in all advertisings for the property.
  • Short-term rental licenses are non-transferable/non-refundable in event of property sale.

Peak and McCullough Gulch Trailhead Details

As you have heard me talk about how the saying in Breckenridge is “I came for the winters and stayed for the summers”. Well, that is now the norm. Please read this article from Summit Daily as you will need to adjust your hiking schedule. There are so many people wanting to hike our most beautiful places here such as Quandary Peak and McCullough Gulch that there is a need to have buses taking people there. There were so many traffic and safety issues with cars lined up along Highway 9 it had to be done. I know it was a little heartbreaking for us old timers but Breckenridge just keeps getting bigger and better and people want to be as lucky as we are to own mountain property here. Another good reason to invest in Breckenrige. You can make plans early before the crowds come, during the week is always better than the weekends, and not have to fight traffic on 1-70. Whether it is a second home or strictly investment it really shows the growth we are experiencing. I will keep you posted as I hear more…

https://www.summitdaily.com/sports/quandary-peak-and-mccullough-gulch-trailhead-details-finalized

Real Estate Market Stats, June 3, 2021

Some Good News from Senator Bob Rankin

Regarding the Tax Structure for Short Term Rentals

I’ve received a lot of messages in the last few days from concerned constituents inquiring about potential legislation that would modify the tax structure or rates of property tax for Short Term Rentals.  I need to clarify the status of any potential late bill introductions.
To be clear, I do NOT plan to introduce any legislation this year, but I do hope to keep the dialogue active. At this point, I also do NOT believe that other legislators will offer legislation this session.
I have been in discussions about this issue. In fact, it comes up every year in some form. While there are some abuses of the residential classification of property being used for commercial properties, I recognize that there are also many homeowners who rent part time with benefits to the community’s economy. I see no simple (or elegant) acceptable change currently being proposed.
Thank you for all of your comments and suggestions.  It’s encouraging to know that so many constituents are paying such close attention.
Best,
Bob
Bob Rankin
Senator, Colorado Senate District 08
303-866-5292

Best Breakfast in Breck

The Best Breakfast in Breckenridge According to Locals

Breakfast in Breckenridge tastes better. Most of the local favorites offer great food and stunning views. Get out and wonder around town. Take in the sights and smells. Savor the food – it tastes better at elevation, I promise. Go ahead – sit next to the local, ask them about the next storm or their favorite trails to ski or bike… it’s amazing what we can learn over a cup of coffee.

BoLD

Located in the Village at the base of Peak 9 is BoLD! A relaxed place with reclaimed wood interior dishing out classic breakfasts. You will only be served cage free eggs, 100% pure organic maple syrup and their signature biscuits are freshly baked every morning. And there’s a build-your-own bloody mary bar! Menu items range from $10-$15.

Columbine Café

Located right on Main Street in the heart of Breckenridge, Columbine Café offers a traditional diner feel.  The menu features specialty items like trout and Eggs, their famous hangover burrito, Breck scramble and Salmon Benedict and a killer Bloody Mary. The portions and generous and the price is right. Menu items range from $8-$13 and a $5 kids menu is available.

Cuppa Joe

Off the beaten path, located on Ridge Street, just one block off Main is a hidden gem. Cuppa Joe prides themselves on their friendly, local staff and tasty drinks and treats. Try a Chemex, a pour-over style coffee, flat white, oatmeal latte, Bhakti chai or a Nutella mocha. Their food is generous in size and flavor, offering fresh ingredients, made to order. Try the smoked Salmon and goat cheese burrito, Vegan tofu burrito or a smoothie bowl. Menu items range from $2-$10.

daylight donut

Daylight Donuts

This cash-only, grab and go or dine in breakfast stop is located on the north side of Main Street. Donuts are made fresh daily and go great with a cup of their local coffee. Breakfast dishes such as biscuits and gravy, huevos rancheros, corned beef hash and more range from $4-$10!

The Blue Moose

Tucked in toward the south end of Main Street, The Blue Moose is serving up traditional breakfast options for a hungry crowd. The coffee is hot, the pancakes are stacked tall and the eggs are fluffy. There are a few options that may tempt the more adventurous foodies such as Mike’s Eggs Benedict – delicious and topped with crisp spinach, brie cheese, bacon, and creamy avocado, but sticking to the tried to true works here. The space tends to be busy, especially during ski season. Most folks are looking for a hearty start to their day. Menu items range from $2-$14. Please note: The Blue Moose is cash only.

blue moose breckenridge

Buying Properties!!

The housing madness shows no signs of slowing down. People keep asking me if think next year or even later this year is a better time to buy properties in Breckenridge. Well, given we are in uncharted territory I would say this is going to be our Breckenridge market for a long time. The Properties are still flying off the shelf, investment properties and second homes alike. We are still seeing breaking records. I promise I will let you know when I see a change, but it isn’t happening yet. Summer is just around the corner and typically that is our busy time!! Yikes!! What is that going to be like! Stay tuned. Lately I feel like “Lucy” for those of you who remember the scene at the chocolate factory. I am selling as fast as I can.

Buying Investment Properties in Breckenridge

You have heard me talk about buying investment properties in Breckenridge quite a bit, but here is another piece of the equation. Some people pay cash but most get a new loan so in this busy market one way to get an edge up on the other guy is  having your loan in order. There are two phrases used interchangeably but they are not the same.

Pre-Qualified vs. PreApproved

Pre-Qualified:

This is a quick step, and the first step in that it shows you have spoken to a lender, submitted some basic information and they have let you know what you are qualified for, and have looked over your information. It is not a sure thing, but it give you an idea of what price range you should be looking within. The lender will then give you a letter that states upon first review it looks like you would qualify for a loan.

PreApproval:
 
A mortgage preapproval takes the process to the next level. Preapproval means you have spoken to a lender and they are going to ask you to provide proof of your financials, what is your debt level, basically see how financially stable you are. The lender will verify your income, employment, assets and debts, and will check your credit report.
You’ll provide information in the form of W-2s, a current pay stub, a summary of your assets and your total monthly expenses, and if you already own real estate, a copy of your mortgage statement and home insurance policy.
If you satisfy the requirements, you’ll get a preapproval letter, which states the amount and type of mortgage the lender is willing to offer, along with the terms. You can show the letter to sellers and their real estate agents when making offers on homes.
A preapproval offer isn’t a guarantee, but it shows you’re a serious buyer, which can give you leverage in a competitive market as it will make the seller feel more comfortable with you and you will seem less of a risk as they take their property off the market once you have come to terms on a buying contract.

Investment Property Questions

So, you may have lots of questions. I know I did when I first decided to buy investment property in Breckenridge.
• Where do I start?
• I have never done this before. Who can help?
• What is the best Investment Property Rental company to work with?
All good questions. Rest assured our speciality is Investment Property Rental. We have been talking about the numbers of it, the various loan options, tax benefits  etc. There are some easy practical questions that can be helpful to know up front.
Almost everybody that lives here, or at least more of us, cater to second home owners and property rentals here in Summit County especially in Breckenridge. There are so many ways to get assistance from filling your refrigerator so it has everything you need when you pull in to your mountain home on a late snowy evening, to shoveling the driveway and deck to prepare for your arrival, and more. We even have inspectors that can go to your home once a week or however often you are comfortable with, and do a walk through to check on your property for you. With todays technology there are tons of companies that have apps so you can check on your property through cameras, or sensors for the heat to make sure your pipes don’t burst during snowy times etc. Whatever your fears or concerns are just call us and after 25 years of selling Investment Property we will be able to help assuage your fears and share our experience with you. That is what we are hear for! We look forward to hearing from you.

Investment Property

Here is a sample of what many rental companies do if you are considering buying an investment property. We would never want to go into something blind and we wouldn’t expect you to either. If a property has been rented as an investment property we typically call the rental company and ask for a couple of years of rental history so we can get an idea of what you can expect in income. We ask for more than one year because snowfall can cause variants, or something like a pandemic (who knew) or the amount an owner used the property can all affect income. If the property has not been rented we ask a rental company for projections. I thought you might like to see what that would look like.

What’s happening today, you ask?

Well, there is still real estate to be bought. Slim pickings? Yes! But, don’t lose hope. The last few real estate transactions I have made are because I have gotten on the phone and called home owners, or written letters stating “I have a buyer for your home and they are willing to pay fair market value, if you are interested in selling your home!” So here is why this is good for all. You, as a Buyer of your investment property in Breckenridge or your second family mountain home don’t have to get into a bidding war and overpay for a property in Breckenridge. It is great for the Sellers as they don’t have to have people in their home all the time, especially with COVID-19 and worry about keeping it clean etc. It has worked quite well. One way to do this is make yourself familiar with the area and know what subdivision you are interested in or what complex you like. Then, you call me, your trusty realtor and I will write the letter for you. You would want to have your loan application made and your lender ready with a letter of pre-qualification (or better yet pre-approval) and bam! You are the first person in the door. Times they are a changing so we have to get creative. That is where my 25 years come in handy. Just say’in….
Next blog let’s talk about the difference between pre-approval and pre-qualification for a loan.