Real Estate Information

The IRS has spelled out guidelines for eligibility for the home buyer credit when co-borrowers purchase a property.

If you are single and buy a first-time home as a part owner, you can claim the full credit as long as you qualify for the credit.

For example: If you are a single person who qualifies for the credit and you have a co-signer or co-owner, such as a parent who does not qualify, you can still claim 100% of the credit says the IRS.

The IRS says the parent doesn’t qualify for any portion of the credit, but if the child hasn’t owned a home during the three years preceding the current purchase and can qualify based on income, he or she can be allocated the entire $8,000 credit.

When unmarried individuals co-purchase a home and only one of them is eligible for the credit, then the full $8,000 can be allocated to the eligible buyer.

Source: Internal Revenue Service  www.irs.gov

The last month has seen sales of existing homes increase by 7.4% over October,  which is a 44% faster pace than a year ago. Sales were up in every region of the country and all 20 of the largest metro areas with the exception of Las Vegas. In the west sales were up nearly 11%! Additionally, inventory of homes on the market has dropped 16% from a year ago.

Mortgage rates continue to stay at or below the amazing 5% level. This may not last forever and forecasters are predicting a modest increase to about 5.25%. This is still an attractive rate. Low interest, low prices and motivated sellers have made this the most affordable market in history.

The rec center was burned to the ground today at 9:40 am.  The building was completely demolished in 45 minutes.

I posted some videos of the fire on YouTube.  There are four videos, click on the “see all” link to find all of them.

http://www.youtube.com/timt1064

With the sale last month of Copper Mountain from Intrawest to Powdr Corporation a direction is certain for Copper Mountain Ski Resort. It could not come at a better time as ski resorts are needing to reexamine the future and how they do business. The baby boomers have begun to hang up their skis and snowboards and we are only at the beginning of that trend. Snow riders between 45 and 54 make up nearly 20% of the market and that number is getting bigger. The ski industry needs to cultivate a younger demographic if it wants to survive. Copper had already established itself on the cutting edge with its state of the art training center The Woodward.

The Woodward at Copper first opened The Barn on February 28th, 2009.  The Barn is the first indoor ski and snowboard training facility with 19,400 square feet of terrain park and pipe progression.  The facility allows year round training in doing all the airial flips and tricks that young people are thriving on now. Additionally, Copper hosted The Grand Prix Snowboarding Event. This was an Olympic qualifying event and all the biggest names in the sport participated. Needless to say the resort was packed with the vast majority of attendees under thirty. Copper was also the first resort in Colorado to open their halfpipe for the season.

Powdr’s business strategy centers on the mountain. According to a statement released after the sale; Powdr really focuses on providing an unparalleled on-mountain experience, and everything else is a bonus. Why do people live in or choose to visit the mountains? To ski and ride. That's why they focus on making that experience the best it can be. This is certainly a change from the Intrawest focus on the village and real estate development which resulted in Copper suffering from a lack of on-mountain improvements in recent years.

At this time you can purchase a ski-in/ski-out two bedroom in Copper Mountain for about the same as a one bedroom in Breckenridge. With the focus on the future that Powdr brings this may not last forever. Best of all, with all the growth going on in Breckenridge, Copper still has the feel of a small resort. It’s easy to find your way around and get around.

If you are looking to invest in Summit County real estate and would like to take advantage of a foreclosure be aware of the changes in evicting a long term tenant.  The Federal Protecting Tenants at Foreclosure Act has change the way new owners can evict a tenant.  If the tenant is not a child, spouse or parent of the debtor, lease of tenancy was formed in an arms length transactions and the lease or tenancy provides for rent that is not substantially less than fair market value.  The tenant may be considered to have a bona fide lease or tenancy.  Under the new Act the new owner cannot start an eviction for a minimum of 90 days.  The new owner may only start the eviction if the new owner intends to occupy the property as a primary residence, provides the required 90 day notice and then sells to someone who intends to occupy the property as a primary residence or the tenant or occupant is without a lease or with a lease which can be terminate in a shorter period of time under state law. 

Of great concern is if the new owner does not intend to occupy the home the act provides that the owner take the property subject to the lease and the tenants get to occupy the property for the remainder of the outstanding lease.  If the tenant has a lease that is 4 years and only 1 year has been used the new owner will have to adhere to the lease agreement.  It is difficult to get the information on a lease in the foreclosure process and hard work and determination will need to be used.  The tenant has no obligation to the prospective new buyer to provide any information. 

In the Summit County housing market there are a lot of leased homes and a good realtor who is willing to do there research would be very helpful in a foreclosure purchase.  Link to www.YourSummitRealEstate.com for more information on this and to speak with an agent…

REASONS TO SIGN A BUYER REPRESENTATION AGREEMENT

You’ve started looking for a home and a real estate professional to assist you, your buyer’s representative may ask you to sign a Buyer’s Representation Agreement….what is this form and why should you sign it? 

A Buyer’s Representation Agreement or Buyer’s Agency Agreement is a legal document that formalizes your working relationship with a particular buyer’s representative, detailing what services you are entitled to and what your buyer’s rep expects from you in return.  While the language used in the document is formal, homebuyers should view it as an important and helpful tool for clarifying expectations, developing mutual loyalty and most of all, elevating the services you will receive. 

Here are five (5) reasons why you should use a Buyer’s Agent:

1. Receive a higher level of service:  If you’ve formalized an agency relationship with a buyer’s rep, you can expect to be treated like a client instead of a customer…what’s the difference?? Clients are entitled to superior services, relative to customers.  While the details vary from state to state, and from one buyer’s agent to another you can generally assume that being a client means that you’ve formed a fiduciary, or agency relationship with your buyer’s rep. 
2. Get more without paying more:  in almost every case, home sellers have already agreed to pay a buyer’s agent’s commission, if they haven’t you can ask your buyer’s rep to avoid showing you any such homes.  Or you can still view the homes knowing that you will need to factor in your agent’s commission into any offer you may write.  While buyers rarely pay real estate commissions, this is an important detail you’ll want to discuss with your buyer’s rep and clarify in their representation agreement.
3. Ways to avoid misunderstandings:  A Buyer’s Agency Agreement clarifies expectations, helping you understand what you should and shouldn’t expect from your buyer’s rep and what they will expect from you…which usually centers on loyalty to one another. 
4. Agency relationships are based on mutual consent:  While most representation agreements specify a time period, like six months, they can be terminated early if both parties consent.  Most buyers’ reps are willing to end the agreement early if the working relationship isn’t going too smoothly.  Some buyer’s reps also offer representation agreements for as little as one day, for the purpose of giving both parties a brief trial period to explore working together. 
5. Strength as a team:   When you and your buyer’s rep work together within a formalized agency relationship, you have created a team dedicated to helping you achieve the best possible home buying experience! 

For more information on homes in Summit County, Colorado, please visit www.YourSummitRealEstate.com to find a representative that will be pleased to help you. 

Copper’s Safety Fest returns Jan. 16 – 18

Daily Prizes, Avalanche Dog Demos and Helicopters

Copper Mountain, CO…January 13, 2010…Copper is proud to recognize and support the National Ski Area Association’s Safety Awareness Week with Copper’s Safety Fest, featuring three days of safe ski and riding education, demonstrations, and prizes & giveaways worth more than $4,000. Make sure to check out the daily avalanche dog demos at 12:45 p.m., as well as the Flight For Life Helicopter Tour at Patrol Headquarters on Sat., Jan. 16, starting at 10 a.m.*

Copper’s Burning Stones Plaza in the Village at Copper will host Safety Fest, Saturday, Sunday and Monday, Jan 16 – 18, and each day guests can visit Copper’s Safety tents to learn about safety, earn a chance for daily prize drawings and watch the avalanche dog demonstration.

This year’s Safety Fest participants include:

• Summit County Rescue Group - Backcountry awareness
• Woodward at Copper - Terrain park and pipe safety 
• St. Anthony’s Medical Center - Helmet safety and general injury prevention
• Copper Mountain Fire Department - General fire safety
• Copper Mountain Ski Patrol - General on-mountain safety practices, Skier’s Responsibility Code, Know your Space, hydration, sunscreen usage, and Emergency Contact Cards laminated at the tent
• Smith Optics (Saturday only) - Eyewear safety topics and helmet safety

Safety Fest tents are open daily from 8:30 a.m. - 1:30 p.m.*, and those guests who visit all of the booths and get their safety awareness cards punched at each station will be entered into a drawing. The prize drawing will be held at 1 p.m. each day, featuring items such as: lift tickets, lodging certificates, parking passes, Athletic Club memberships and passes, Woodward at Copper One Hit Wonder Sessions, hats, down vests, helmets, ski/ride lessons, childcare at Belly Button Bakery, free rounds of golf at Copper Creek, free orthopedic screenings at Avalanche Physical Therapy, a half day Snowcat trip, gift cards, safety gear and much more. Must be present to win!

One of the highlights of Safety Fest is the Flight For Life Helicopter Tour starting at 10 a.m. on Sat., Jan. 16*, at the top of Copper’s Excelerator and Super Bee lifts. Guests can tour the helicopter and talk to the flight nurse and pilot. Flight For Life is a nonprofit, hospital-based, community service providing critical care transport for a nine state region, with the industry’s most current technology and experienced, knowledgeable staff.

Another great Safety Fest event, the kids especially won’t want to miss, is the daily avalanche dog demos at 12:45 p.m. in Burning Stones Plaza. Typically, a volunteer will “get buried” in an avalanche-type scenario and the Copper Ski Patrol Dog (yes, the dogs are actually members of the Copper Ski Patrol) will use their heightened sense of smell to find the “buried volunteers.”

Safety Tip of the Week:

Skier’s Responsibility Code

• Always stay in control and be able to stop or avoid objects.
• People ahead of you have the right of way. It is your responsibility to avoid them.
• Do not stop where you obstruct the trail or are not visible from above.
• Whenever starting downhill or merging into a trail, yield to others.
• Always use devices to help prevent runaway equipment.
• Observe all posted signs and warnings.
• Keep off closed trails and out of closed areas.
• Prior to using any lift, you must know how to load, ride and unload safely.

Knowing “The Code” is everyone’s responsibility!

*Schedule subject to change

For more information on vacation properties at Copper Mountain, please visit us on line at: www.YourSummitRealEstate.com. 

Solar Electricity - Photovoltaics Technology Snapshot & Benefits:

Photovoltaics is a technology that converts radiant light energy to electricity. Photovoltaic (PV) cells, also called solar cells, are the building blocks of this technology. PV cells are connected together to form larger modules. A
module is typically placed near or on a home or building to provide a portion of, and in some cases all of, the building's electricity. PV systems are used for "off-the-grid" applications (homes, cabins, and water pumping on farms) as well as federal government applications (traffic warning lights and emergency call boxes near highways).
 

Estimated Cost Savings:
Cost savings for PV systems are typically calculated in terms of other energy options such as extending power lines or alternative energy systems. Stand-alone photovoltaic systems can be more cost-effective than extending power lines for locations as near as a quarter mile off the grid. On a 20-year, life-cycle-cost basis, a remote PV system typically costs from 25 - 50 cents per kilowatt-hour.

Issues:
Electricity from PV systems typically costs more than electricity purchased from a local utility. However, in cases where an area is not served by a utility, a photovoltaic system is likely the most cost-effective option.
Be sure to get bids from two or three (or more) experienced photovoltaic system contractors. Multiple bids will allow you to gain immediate perspective on a fair cost for your PV system.

Getting It Done:
With the assistance of a qualified contractor, make sure to place your system in a location with adequate exposure to the sun. Check for financial incentives offered in your state by consulting the Database of State Incentives for
Renewable Energy (http://www.dsireusa.org/).

More Information On This Topic:
U.S. Department of Energy's Office of Energy-Efficiency and Renewable Energy: Photovoltaics
http://www.eere.energy.gov/solar/photovoltaics.html
U.S. Department of Energy's Office of Energy-Efficiency and Renewable Energy: Photovoltaic Basics
http://www.eere.energy.gov/solar/pv_basics.html
Energy and Environmental Building Association: Photovoltaics
http://www.eeba.org/resources/consumer/photovoltaics.htm

Our agents at Keller Williams Top of the Rockies can also help you with your specific questions regarding photovoltaics as we have EcoBroker agents here in our office, please contact them at www.YourSummitRealEstate.com.  Thanks...have a wonderful day!!

Keller Williams Realty Ranked as Top Real Estate Franchise by Industry Leader

From the Entrepreneur Magazine

AUSTIN, TEXAS (December 21, 2009) — Keller Williams Realty joined the ranks of the top franchises in the world last week, when the company was ranked as the No. 1 real estate franchise on the 31st Annual Franchise 500 list by Entrepreneur magazine. During the same week, the company was also voted the Most Recognizable Brand of Real Estate Franchises for 2009 in an industry-wide survey for the Swanepoel TRENDS Report. “The Swanepoel TRENDS Report is a respected source for the real estate industry and beyond, as is Entrepreneur magazine, and we are excited to see our agents honored in this way for all of their hard work,” said Mark Willis, CEO, Keller Williams Realty. “We certainly wouldn’t have been included on either list without the dedication and resolve of our agents.”

According to the ranking in Entrepreneur magazine, the most important criteria to determine the top franchises included financial strength and stability, as well as growth rate and size of the franchise system. The magazine also looked at the number of years the company has been in business and the length of time it’s been franchising, in addition to start-up costs and financial data. Additionally, Keller Williams Realty made an impressive showing on the overall list, placing higher than any other real estate franchise.The Swanepoel TRENDS Report is published by Stefan Swanepoel, a real estate industry speaker andinsider. The survey was crafted to determine the Most Recognizable Brand for Real Estate Franchises for his report out in February 2010. The survey included votes cast by 11,000 plus real estate agents, who cast 390,000 votes to select the top 10.

Earlier in the year, Keller Williams Realty also received the highest overall satisfaction ratings from home buyers among the largest full-service real estate firms from J.D. Power and Associates for the second year in a row.

“We are extremely proud that our associates and company are being recognized for our strength and stability during this time in our industry,” said Mary Tennant, president and COO, Keller Williams Realty.

“We attribute our success to being in business with phenomenal people and to our core business models, which have allowed our franchises to thrive during any market.”

###

About Keller Williams Realty Inc.:

Founded in 1983, Keller Williams Realty Inc. is the third-largest real estate franchise operation in the United States, with 679 offices and 73,000 associates in the United States and Canada. The company, which began franchising in 1990, has an agent-centric culture that emphasizes access to leading-edge education and promotes an economic model that rewards associates as stakeholders and partners. For more information, visit Keller Williams Realty online at (www.kw.com).

In One Landmark week:

We were ranked No. 1 real estate franchise by Entrepreneur magazine. The real estate industry ranked us as the most Recognizable Real Estate Franchise for 2009 in a Swanepoel Trends Survey. 

 For Summit County, Colorado homes sales and information please log on to:

http://www.yoursummitrealestate.com/

Recycle anything from A-Z

Welcome back---Happy Holidays and no I am not moving to Christmas Trees and ornaments—pack them up and enjoy next year—I celebrate the 12 days of Christmas and keep the holiday going until mid January.

“D”  DVDs, CD’s and Jewel Cases:  If your want to get rid of that Flash Dance or 80’s disco CD because the music just no longer does it for you any more, you can swap it for disc form another music lover at www.zunafish.com.  If you just want to let it go and not worry about it ending up in a landfill, send it (along with DVD and jewel cases) to www.greendisk.com for recycling.

“E”  Empty metal Cans (cleaning products)  Cut off the metal ends of cans containing powdered cleansers, such as Ajax and Bon Ami, and put them in with other household metals.  Recycle the tubes as you would any other cardboard.

Many towns recycle food cans.  If yours does not you can find the nearest steel can recycle spot at  www.recycle-steel.org.   Make a day of it if you like…go to Boulder and to EcoCycle—they will take them.   By the way not necessary to take off the paper label.

Eyeglasses:  Plastic frames are not on the recycle list, but metal ones are.  Just drop them in the scrap metal bin.  Even better—help those who cannot afford eyeglasses..go to www.neweyesfortheneedy.com (sunglasses and plastic frames in good condition are welcome).  Your eye doctor may very well take them as will Lens Crafters.  Check out www.givethegiftofsight.org for another option.