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Market Statistics

Here are some interesting numbers to look at. I thought I would write about the condos and townhomes today. (Remember this is for all of Summit County.) Many of the sales are new construction in Silverthorne. As you can see the sold listings are down, I believe it is because of the low inventory and the  average days on market are down, again I believe this is because the demand is higher than we have seen in a while. The new listings, well again, demand is higher than the supply. It’s the same story. The median price is up +20%. Great for Sellers! So pretty much the same as I have been saying for 2022. I will keep you posted. Roger and Teresa Moen are still here for you (we are working on our 26th year!) so if you ever have any questions about the real estate market and sales in Breckenridge or any and all of Summit County just give us a call.

We Can Help with your Real Estate Needs

If you are looking for a realtor near you, look no further as Roger and Teresa Moen serve all of Summit County with Breckenridge as our speciality but since the inventory is low right now, all the action seems to be in Silverthorne as the building just keeps on happening, and selling out I might add. So if that is a possibility for you let us know and we can let you know of new projects.

So not only do we, Roger and Teresa Moen serve Summit County but also Chaffee County. This is Salida, Poncha Springs, Buena Vista and Nathrop. Because the inventory is low and the prices are high many of our clients are considering Chaffee County since it is
• slightly lower elevation
• Monarch Mountain Ski and Snowboard Resort is not far
• the prices are about half of Breckenridge real estate prices
Also people in Chaffee County really value their land so many times you can also have more acreage around you. Just a thought I would put that out there, so you know that your favorite local realtor can also help in other places.

Working at Home in Breckenridge

So this is the new world!  Many of us work from home. Roger and I love it. For many of you it may be a new and exciting concept. If you are wondering about working from home and buying a condo in Breckenridge, or a single family residence, you might be wondering how that would work for you. 25 years ago, when we first moved to Breckenridge, the cables to our internet were laying on top of the snow outside, much like a third world country. Things have changed I am happy to say. We do have great options, as far as providers for your internet needs, and the speeds.

Then the question is, do you want to live in a town that you love to vacation in? Sometimes a person’s needs are different. When I moved to Breckenridge and bought a home I wasn’t sure if this would suit my needs all year. Well, here I am 25 years later. Because Breckenridge has so much to offer in the way of restaurants, culture, the arts, (The Riverwalk) has great concerts and we have first class theater (The Back Stage Theater) and we have professional actors that come from New York much of the time. Great shopping, not to mention of course skiing in Breckenridge is incredible. I could go on forever on what I love about Breckenridge. We are grateful to live in an international destination as it makes living here so much more interesting. One of our concerns was also the fact that we need to travel a bit and Denver airport was only an hour and a half away so if was very convenient. I guess my point is, if you are wondering about this, give us a call and we can answer any questions or concerns you might have. The saying goes “if you are lucky enough to live in the mountains, you are lucky enough.”

Sellers this is your time!!

Some things to think about.

When my phone rings it is usually people asking me if I have any listings coming onto the market. We are in a new world and people are working from home and want to do it from their Breckenridge condo, so they can ski anytime they want.
A big question is: What is the market going to do in 2022? It is still early but so far it is looking a lot like 2021. The Federal Reserve board is likely to raise interest rates several times this year, but interest rates are still going to be low.
If you are a seller and you are thinking in your head about a price for your “Breckenridge condo sale” this is the time to give me a call! Let’s talk about it because you may think it is an impossibility, but I have seen so many changes in this high demand town of Breckenridge that it boggles my mind. It doesn’t hurt to call me and ask. You have nothing to lose and I would love to hear from you.
Also, because you are in a sellers’ market you can still sell your condo, if it is on a rental program, you can always negotiate the closing date so that you can keep your winter rentals, and close when the season is over. That way you can keep your income and not have to worry about finding a buyer during off season, or having a bunch of people in your place while trying to sell your Breckenridge condo.  There are many options to consider, and I am here to help.

Rentals in Summit County are still allowed!

There seem to be many rumors that you cannot rent your home in Breckenridge anymore. I know it is confusing but I hope to clear up some misconceptions. One thing my investor clients, who rent their properties, are doing is renting their property for a 30-day minimum. You do not need a short term permit for this and this allows you enough time to block out dates for family and friends usage. Also, there are the resort areas, the neighborhoods and outlying areas that have different rules. Currently, if you are doing a 1031 exchange and the current owner you are buying from has a short term permit, that permit transfers with the property. You can still get a permit for short term rental, but for awhile you will be put on a waiting list. The town is trying to limit the numbers of permit to 2,200. Breckenridge had the most permits issued in the state of Colorado.

There is a lot to know so please call us or visit the town of Breckenridge website for more info.

The Best for 2022

Happy New Year everyone! May 2022 be better for all of us. We enjoyed our Christmas and Breckenridge is beautiful right now with all the snow, and happy people on Main Street, laughing and eating. It is so nice to see after everything we have been through.

So what’s up with real estate this new year? The most common question I am being asked by my clients “Is the market going to stay crazy busy like 2021?” Well, I wish I had a crystal ball but I don’t. We did see things slow a bit for the holidays which is normal (haven’t used that word in awhile).

However, since then it has picked up again. There is low inventory and many buyers still want to move to the mountains. If I were to guess I would say we are looking at another year like the last. It seems strange to say this, but after 25 years of selling real estate in Breckenridge, whatever is happening in the rest of the nation seems like we stay pretty steady with our real estate appreciation rates and sales. The exception being 2008-2009 of course. I have a new listing, and I bet I will sell within a few days. That is a good market! My sellers are still amazed at the prices they are getting for their properties. If you are considering selling you are still in a good position to do so. There is a lot of expansion and growth in Silverthorne, Colorado right now as it expands and keeps adding new construction, commercial properties etc. More on that later. So thank you all who made our year wonderful. We so appreciate your business and hopefully will continue to be your resource for information in Summit County with your investment properties and mountain homes.

Teresa Moen
Your eXp Mountain Realtor
970-376-2038 cell

Avoid These 5 Common 1031 Pitfalls

Common 1031 Pitfalls

It’s almost turkey time. And as we gear up for a deluge of comfort food, family and friend reunions and 5K turkey trots, don’t feign food coma if you get caught in these 1031 pitfalls. Count your blessings and avoid these 5 common 1031 Exchange mistakes.

 1. Forgetting to set up your exchange before closing

No presidential turkey pardons on this one. You must set up your exchange with IPX1031 (your Qualified Intermediary) before you close on property you are selling (or buying if a Reverse 1031 Exchange). The 1031 rules set out in the Tax Code are very strict and there is not a workaround for this one.  Reach out to IPX1031 before your transaction closes. The more lead time the better.

 2. Looking for a full tax deferral but not buying equal or greater than

Most exchangers want to fully defer all taxes.  But if you do not purchase new property with a value equal to or greater than the property that is being sold, full deferral will not happen. However, if you purchase a property of lesser value, a significant amount of tax may still be deferred, resulting in a partial exchange.

 3. Not identifying on time

From the time your Relinquished Property closes, you have 45 calendar days to identify your Replacement Property. If you do not identify a property until after the 45 days, that property will not qualify for 1031 tax deferral treatment. Timing rules are strict and cannot be extended even if the 45th day falls on a Saturday, Sunday or legal holiday.  Keep in mind that you can change your identification at any time prior to the expiration of the identification period. Just make sure this happens before day 45.
Helpful linkDeadlines and Identification Requirements
Video link:  1031 Exchange Identification Requirements 

 4. Waiting to look for Replacement Property 

1031 deadlines can come very quickly. In competitive markets, finding, identifying (45 days) and then closing (180 days) Replacement Property may be a challenge. All must happen within a total of 180 calendar days (the 45 and 180 day periods are not separate time periods). Do not wait to start looking for your Replacement Property.  Start soon – even before your Relinquished Property closes – so you have a head start in the identification process.
Video link:  1031 Exchange Time Constraints 

5. Making sure your exchange funds are safe

1031 Qualified Intermediaries are not regulated by the Federal government or most State governments. This means that there are no uniform regulations or laws concerning how your funds are deposited, invested, or secured by Qualified Intermediaries (QIs).  QIs are not uniformly required to provide insurance or other protections for your exchange funds.  It is up to the taxpayer to determine the competency and safety of their chosen QI.  Therefore, if your funds are lost or misappropriated by a QI that doesn’t provide adequate protections, the loss is borne by you.

Breckenridge is a Year Around Destination

It is true. Many years ago I may not have said that with such vigor, but things as always are changing. Now, even more than ever, as we all know. We still have lots to do in the shoulder seasons. For one thing, you can often get “two for ones” at local restaurants. There are many sales at the local stores and merchants are selling off summer items from clothes to summer sports equipment at great prices. There is always the fall color drives that bring in lots of people. This is better known as “Leaf peeping.” The Aspens are brilliant. Try taking the Boreas Pass all the way to Como. It is an easy drive and gorgeous. For us, Roger and Teresa Moen, it is one of our favorites when we can break away from selling real estate! Also, another reason to come off season is less traffic but also the lodging prices go down considerably. I could go on but you get the picture. Breckenridge is a great year round destination for the whole family!

Breckenridge is a Summer Encounter that Mustn’t be Missed!

Breckenridge’s summer milieu is still going strong. Lots of free concerts and pleasurable things to do. Even with COVID the town is doing a great job to keep Breckenridge safe, and a summer destination that is not to be beat. Just a quick note, the best time to hike is in the morning, as we often get rain in the afternoon at this high altitude in the mountains. I, of course, have to mention that Breckenridge in the summer is crazy busy with real estate transactions. Many times we have people come and speak with us during the winter months about investment property. But they want to ski and be with friends and family in colder months, so they tend to come back in the summer and purchase their Breckenridge property. We are seeing record-breaking sales as you know but the economy units are the properties that, if fixed up and priced well, will get bidding wars and not last very long on the market. The higher end properties are not quite as quick to sell within 24 to 48 hours as those in the $2,000,000 plus range.

Hence, summer is the place to be in Breckenridge!! Call me if you want to talk about real estate in Breckenridge or restaurants or any other questions and we will direct you to the best places we know. Whether you are interested in water sports, fine dining, hiking trails or vistas, we are here for you!

 

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