Real Estate Information

Alpine Lake Lodge Bridge Funding Moves Forward

I have had the privilege for the last 3 years to have partnered with the land owner of the Dillon, Colorado site of the former Al Lago Restaurant.  In those 3 years we have had a new development approved for this 1 acre site.  The name of the project currently is “Alpine Lake Lodge”.  We are applying to the Town of Dillon for a name change to “Colorow Point”.  The name change is being made to facilitate mortgage funding for the residential portion of the development.  The word “Lodge” is evidently unacceptable to the financial community.

We are currently seeking early investors to provide funding for the bridge portion of the project.  The owner / developer is offering condos in the project at half cost.   Yes, 50% of the cost of a new condo in the project.  Details are available by contacting me, Tom Harmon, at tpharmon@earthlink.net  or by phone at 970-389-5547.  The bridge funding will provide for costs to the Town of Dillon, marketing materials, a site demo center, demolition of the current building, and marketing costs.  A complete investor package is available to interested parties.  The investment involves a cash investment at the time of placement of the Special Investor funds (soon).

More details on the project can be seen at www.colorowpoint.com or www.alpinelakelodge.com.   Complete, priced drawings are also available.  This is a unique opportunity to own a condo in Summit County and a great investment opportunity.

Summit County, Colorado Home Bargains

Inventory is high, list prices are historically low, now is the time to buy in Summit County Colorado!  Frisco, Breckenridge, Keystone, Dillon, Silverthorne and Copper Mountain all have some great deals. First time homebuyers have an added urgency, since the tax credit is scheduled to end on November 30^th.  The “powers that be” are working to try to get that date extended, and perhaps even expanded to include any home buyer, not just first timers.  The great news is that home sales have increased, Buyer confidence has bounced back, and things are starting to get back to normal. What a fantastic Summer we have had! The fall colours are coming next. Come join us, and we will take you out to show you all the fantastic home buying opportunities in Summit County.  Check out these links to other great Real Estate news:

CNN Real Estate update

CNBC video

Your credit score and what it can mean for you when it comes time to purchase a home.

What is a credit score?

   Credit scores, or FICO scores as they are also known as, are numbers that are assigned to you based on your credit history. FICO is short for Fair Isaac and Company.  The information that is used in determining your FICO score comes from a variety of places including the major credit bureaus, credit card companies, banks and other financial institutions where you have loans. A credit score is sort of like an adult version of a report card. It tracks your performance in incurring debt and paying your bills on time. 

 Improving your credit score can make obtaining a mortgage easier.

   If you are thinking about purchasing a new home now or in the future it is never to early to start thinking about your credit score. Your ability or lack there of to obtain a home loan will rely  greatly on this. The higher you credit score, the easier it is to obtain a mortgage. Now this is not to say that with an average rating score that you will not be able to qualify, however it is most likely going to cost you more in the long run.  So you ask what can I do to bring up my score or if it is already high keep it that way?  

1. The first and most important step is to pay your bills on time. The credit agencies look at your past history. Someone who has made payments on time in the past is most likely to continue to pay on time. Even if you have not been on time in the past it is a great time to start. Credit agencies look at the most recent history.

 2. Pay any past due accounts. This will not increase your score immediatlely, however it will keep it from continuing to go lower.

 3. Request to have your credit limits increased. I know this sounds a bit strange, but the optimal level is to be at or below 50% of your credit limit.

 4. If you carry more than one credit card, be sure to pay off the balances on the ones with the higher interest rates first.

 5. During the home loan process do not apply for any new credit. Your score can be negatively affected if you have more than 2 inquiries into your credit within a specific time period

 6. Make sure your credit records are accurate. It is important to contact each of the 3 reporting agencies (Equifac, Trans Union, Experian) at least once a year, to check their accuracy. Your score can vary slighly between the three agencies. You don't want to wait until you are applying for a home loan to find out something has been recoreded incorrectly as it can take time to make the necessary corrections.

 Equifax

Phone: 1-800-685-1111

www.equifax.com

 Trans Union

Phone: 1-800-888-4213

www.tuc.com

 Experian

1-800-682-7654

www.experian.com

 What should  you do if you feel there is incorrect data on your report?

 Dispute it. If your report is inaccurate, you should dispute the inaccurate information. In many cases you can do this online at the credit reporting agency’s website. The credit reporting agency is required by law to investigate all disputes, and the entity that reported the information must respond to the dispute within a limited time to prove that the data in the report is correct. If you are unable to resolve the dispute in your favor you can add a permanent statement to your report stating the nature of the dispute and identifying the inaccurate information. The credit agencies are required by law to include this in your report. 
  

What is a good credit score?

• 720 and above: Excellent credit and will likely be eligible to receive a lender’s most favorable rates
• 675 to 719: Average. Once your credit score dips below 720, you may no longer be approved for the lender’s best rate, it could cost you as much as .5 percent more to obtain the same loan as a person with excellent credit.
• 620 to 674: Below-average credit score, could potentially cost you up to 2 percent more for a loan
• Below 620: Sub prime rating. This could cost you 3 pecent more to obtain a loan.

  As you can see what your score is can have a significant impact on your ability to purchase a home. If you do not have good credit it is never to early to start, simply follow some of the steps above and you will begin to see an increase in your score. Please keep in mind this will not happen over night, but most of the worlds greatest accomplishments took time!!

The Battle over the Inspection Notice ~ Buyers and Sellers Negotiate the Fixes.

By Betty Stielow

Negotiating the purchase of your life takes all forms, from the purchase price, to the inventory that is included or excluded in the sale to the Inspection Notice.   Of course the first negotiation is the purchase price of your new home… and in this economy; you might have negotiated a super deal taking the seller to his rock bottom price. Buyers who are able to purchase in this market, need to feel they are getting a super deal and the seller must feel he hasn’t been fleeced out of his home too so it is a delicate dance that happens…one of give and take.    

  One of the conditions in purchasing the property is the property’s condition as correcting defects, safety items which need attention can be costly to the seller which equates to taking more money from his profit.  After taking a look at the Seller’s Property Disclosure you should be able to identify potential problems with the home.  It’s always a good idea to have someone inspect your home for these potential problems and give you their professional opinion.    If after the inspection you and your agent find it necessary to prepare the Inspection Notice…this notice identifies potential  health and safety problems and not cosmetic repairs or defects you would like repaired or replaced before you purchase…but real safety and health issues that should be addressed by either party.    Whatever the case might be, you and your Buyer’s Agent / Transaction Agent  will prepare the notice that you will sign and present  to the seller.

 Once the seller has seen your concerns the seller has three options…one to say, “Okay, I’ll fix everything”, two, “I won’t fix anything take it or leave it” and three, “Here’s an offer of some money to do the repairs yourself”.  It is at this point that the buyer and seller can negotiate again on the Inspection Notice.  Sellers should review carefully the Inspector’s report if the buyers make it available to them. In Colorado the buyer is not required to present to the seller a copy of the report but a copy of the report would be good support for the buyer’s request for items the buyer feels need to be repaired. Again the dance of negotiating will take place with some buyers walking away, some sellers offering to fix certain items or an offer of money to offset the expense of repairing the problems.  Buyers should take time to prioritize their request for repairs and sellers should carefully consider if they will get a better deal if they walk away from this transaction and wait for the next offer to come in. Sellers need to also consider the market, the time their home has been on the market and the amount of activity their property has experienced lately. One last question for you…are there many interested parties from whom the seller could receive a better offer if this negotiation were to fail?  Buyers should also consider the market conditions and how easy or difficult it will be to find another comparable property you like as much or more.  And so on goes the rhythm of the music or real estate…happy house hunting!!  

What the new credit card law means for you as a consumer.

      Lawmakers have finalized a federal law to protect millions of consumers who rely on credit cards, what does this new law mean to you as a current card holder?  Credit card users will avoid retroactive interest rate increases on existing card balances and have more time to pay their monthly bills, greater advance notice of changes in credit card terms and fewer penalty fees, late charges and interest payments.While the new rules are designed to increase protections for consumers, there is the chance that they may result in increased costs for some card users and reduced credit availability, particularly for consumers with lower credit scores or limited credit history.  Some of the highligts are listed below:

 Limited interest rate hikes: Interest rate hikes on existing balances would be allowed only under limited conditions.

More time to pay monthly bills: Credit card issuers would have to give card account holders "a reasonable amount of time" to make payments on monthly bills.

Highest interest balances paid first: When consumers have accounts that carry different interest rates for different types of purchases payments in excess of the minimum amount due must go to balances with higher interest rates first.

 Minimum payments: Credit card issuers must disclose to cardholders the consequences of making only minimum payments each month.

 No more universal default: the practice of raising interest rates on customers based on their payment records with other unrelated credit issuers.

Portions of the law took effect Aug. 20th  with most protections starting by Feb. 22, 2010. These are just a few of the changes, I suggest doing some further research on your own to get a full detail of the changes as well as how they can effect you personally.

Angler Mtn. Trail opens today

    Silverthorne is opening a new trail today to increase the hiking access to designated wilderness areas. The trail head is located off Bald Eagle Raod in the Angler Mountain Ranch neighborhood. This is a moderately difficult trail that stretches 2.5 miles one way with an elevation gain of 1,200 feet. At the conclusion of this trail one can catch up with the Ptarmigan trail for an additional 3.5 miles and 2,500 feet elevation gain. The trail is open to hiking and horseback riding, but is off limits to mountain bikes. Horse back riders please note that there is no parking for horse trailers at the trail head.

   So one may ask what can I expect to see along my journey? Some of the highlights include great views of the valley and the Gore Range, Colorado wildflowers, and of course aspen and lodgepole pines along the way. The trail was made possible through town efforts as well as support from the Angler Mountain Ranch development and the National Forest Dillon Ranger District.

How to get there: From Silverthorne, travel North on Highway 9 for approx. 2.1 miles. Just past the Golf Course look for Bald Eagle Rd. on the Right.  From here it is approx. .5 mile to the trailhead. Parking is on the Right.

BUYER'S AGENT vs. TRANSACTION-BROKER vs. CUSTOMER

     Recenlty I was approached by a potential client and they posed this questions to me "Why would I choose one of these over the other?"  The first thing I did was to explain the differences in representation as they are all different. The following definitions are taken directly from the DEFINITIONS OF WORKING RELATIONSHIPS  form as approved by the Colorado Real Estate Commission.

 Buyer's Agent - A buyer's agent works solely on behalf of the buyer to promote the interests of the buyer with the utmost good faith, loyaty and fidelity. The agent negotiates on behalf of and as an advocate for the buyer. The buyer's agent must disclose to potential sellers all adverse material facts actually known by the buyer's agent incuding the buyer's financial abililty to peform the terms of the transaction and if a residential property, whether the buyer intends to occupy the property. A separate written buyer agency agreement is required which sets forth the duties and obligations of the broker and the buyer.

Transaction-Broker - A transaction-broker assists the buyer or seller or both throughout a rel estate transaction by performing terms of any written or oral agreement, fully informing the parties, presenting all offers and assisting the parties with any contracts, including the closing of the transaction without being an agent or advocate for any of the parties. A transaction-broker must use reasonable skill and care in the performance of any oral or written agreement, and must make the same disclosures as agents about all adverse material facts actually known by the transaction-broker concerning a property or a buyer's financial ability to perform the terms of a transaction and if a residential property, whether the buyer intends to occupy the propery. No written agreement is required.

Customer - A customer is a party to a real estate transaction with whom the broker has no brokerage relationship because such party has not engaged or employed the broker, either as the party's agent or as the party's transaction-broker.

   After explaining these and assuring they understood the differences I then posed a question to them, "how would you want to be represented?". It is very obviouse that every person is going to have a different answer to this and it is important that you as a buyer feel comfortable with how you are being represented by your Realtor. Some agency's only allow their Agents to work as Transaction-brokers while others leave that decision up to the individual agent and their clients. So I suggest sitting down with your potential agent and asking them how are they willing to work with you and if you are not satisfied with their answer go find someone who will work with you as you see fit.

Green Building is the way of the future, Summit County is gaining ground

This super energy efficient home was custom built with locally harvested woods and building product to maximize it’s  green and energy saving features.  Completely allergy free/formaldehyde free home which is the healthiest place you could ever live.  Now priced at $750,000, Check out this photo slideshow from the New York times: New York Times photo slideshow.  While green building is just taking off in Summit County, most local builders try to maximize the amount of green building materials and features with new construction now. From passive solar and solar panels to Geo Thermal energy there are many ways to stay totally off the grid now. Check out some related links and let’s remember to recycle and re-use too!

Geo Thermal heating systems

Strawbale and Green Building

Off the grid, sustainable homes

Article on green building

Achieve your Dreams with “Mind Movies”

Dreaming of a Mountain Home, download these free “Mind Movies” and watch your dreams come true.

Reg Gupton who is a life/carrier coach sent this link to his subscribers.  The link below will take you to a page regarding “mind movies”.  The essence of this is the power of your mind over your life.  Visualize the life you want, in all aspects, and you will accomplish your dreams.  This is very powerful if you apply the simple tactic of watching your “mind movie” twice daily.  Give it a try and see what you can accomplish, if it is living your dream in the Colorado Mountains, financial independence and/or finding that special someone.  Would love to have this blog answered with results.  The movies are free and ready for you to down load.

http://mindmovies.com/vid1/?14243

Betsy Goodell

Reduced Price on Frisco Heights Home…

Check out this fantastic opportunity on the property at 213 County Road 1041, the price has been reduced $300k in the last month.  The home has 5 bedrooms and 7 bathrooms 3 gas fireplaces...nice open floor plan, fully furnished, nice sized yard, hot tub, plumbed gas grill, two Master Suites with one being on the main level.   The home is being sold fully furnished, there are two sets of washers and four dryers for the extra large loads of laundry, and it has a well and is on city sewer.  Entertainment area downstairs is furnished with small kitchenette with dishwasher, ice maker, pool table, large screen TV with lots of comfy sofas for watching the big game.  Upstairs has a lockable office, with two sitting areas, a game table, a bedroom and a three quarter bath.  It is priced at $183 per square foot which equates to $1.2M…which is $105 a square foot less than its nearest competitor.    This is a bargain by any means for a home of this size in Frisco…please call me to check it out…or here’s the link… http://tinyurl.com/r4f2lo

 Betty 970.389.7397