The vacation home blog

What effect will the new 1031 ruling have on vacation rentals?

2008-03-01T21:45:58Z

The IRS recently issued a ruling that will force second home owners to rent their properties if they want to sell and do a 1031 tax deferred exchange into another property. With two years of rentals and only 14 days or less of owner use per year, they will be able to do the exchange and defer taxes (assuming they will rent the replacement property as well). In the past, the rules were not clear, and many who only rented occasionally and had a lot of owner use went ahead and did the 1031 as there was nothing that said that it would not be allowed.

The new ruling may have an impact on people who do not use their second homes much anyway. I would think that, if they intend to sell in the future, they would make sure they have the two years of records showing owner use vs rentals. In my market, many people live only an hour or two away, and use their second homes much more than 14 days a year. They will not be willing to curtail their use, and may just bite the bullet and pay the taxes if they sell. Perhaps they will decide not to sell, and just hold on to it to avoid paying the taxes. The good news in most resort areas will be that there is a gain on which to pay taxes, unlike many metropolitan areas of primary residences.

The lines between second home and rental property are now going to be much more clearly defined!

Can I find an affordable home in Summit County Colorado?

2008-02-10T15:45:09Z

Is there such a thing as affordable real estate in Summit County?

One of the areas that is seen as a good value is Wildernest. It is near Silverthorne, but not actually in the Town of Silverthorne. Wildernest is a large subdivision that sits at the base of Buffalo Mountain. (A great hike, by the way!) There are a lot of condominium complexes on the hillside and it has more reasonably priced real estate in it than many other parts of Summit County. The name is confusing as there is also a property management company named Wildernest, and they handle a lot of the properties there, but they are not exclusive to the Wildernest area. You can see a list of properties they manage at http://www.wildernesthoa.com/. There, they have all the Home Owner association documents online for the condo complexes and home owner associations managed by Wildernest Property Management.

When people are looking to buy a condo as a short term rental, we suggest that they find one that has access to a hot tub, as many skiers like to soak in the hot tub at the end of the day and having it improves the rental income. Some of the Wildernest complexes that fit that requirement are Timber Ridge, Buffalo Ridge, Buffalo Village, Treehouse, Snowscape, Gore Trail, Watch Hill, Salt Lick, Prospector Village and Forest Park. Others that allow homeowners to have their own hot tubs are Miners Creek, Buffalo Mountain Townhomes, Saddle Ridge and most of the duplexes that are dotted over the mountain. Condo complexes that don't have hot tubs are turning into local's housing, with second homes scattered among them. Those are Aspen Shadows, Villamont, Silver Queen West, Silver Queen East, New Lamartine, Buffalo Woods, Snowbird, Woodworks and Summit Point. A new townhome complex, Rolling Ridge, is now under construction at the base of Wildernest. It will have roomy townhomes with garages that will be priced between $500,000 and $600,000.

The Summit Stage has a bus that services the area, connects with the Silverthorne busses, and from there enables people to access other parts of the county. Wildernest is not far from I-70 and is central to the four ski areas in the county, being about 20 minutes from Keystone and Copper Mountain, and 25 minutes from Arapahoe Basin and Breckenridge. Vail is only 30 minutes away in good weather.

The names of subdivisions in Summit County are often similar to each other. To make things even more confusing, nearby, in the National Forest, is the Eagles Nest Wilderness area, which people often call Wildernest. There is also a subdivision named Wilderness (no T on the end) in Breckenridge.

If you are looking for a place has great space for the money, check out Wildernest. In our MLS you would need to search the Silverthorne area, as the two areas are combined together. Let us know if you have any questions. We know the area well!

Report from Resort Realtors meeting in Telluride, January 2008

2008-01-22T21:29:28Z

I am the representative from my Summit Association of Realtors to the Rocky Mountain Resort Alliance. We meet three times a year and compare notes on our markets, trends and activity levels. RMRA is composed of Boards of Realtors in resort areas in the Rocky Mountains, from Whistler to Park City to Telluride.

Each representative gave a report on the state of the real estate markets in our areas, comparing sales for 2007 to 2006, and reporting on what we are seeing as trends for 2008. The general trend seemed to be very similar to what we have in the Summit County Colorado real estate market, where our number of sales was 14% lower than a year ago, but the average price was up 19%. Total dollar volume was up about 14%. Fewer units sold could be construed as a weak market except for the fact that we did not have a lot to sell most of the year, and as a result, with more Buyers than Sellers, prices increased dramatically.

The Telluride representative reported that high end single family properties were still moving strongly; that Buyers are cautious but still buying. In the Mountain Village, properties are selling for about $800 a sq ft with the highest sales currently around $1200 a sq ft. Two new projects are scheduled to be built soon, and pre sale prices are projected to be around $1900 to $2200 per square foot. Those prices are much higher than we are seeing at the base of Peaks 7 and 8, where ski-in Breckenridge condos are selling for $1000 to $1500 per sq ft.

Jackson Hole, Wyoming has three new condotel projects underway, and they will be selling for $1300-1600 per sq ft. They also had a lower number of transactions and higher sales. Commercial property sales in Jackson have been very strong this year as well.

The other Summit County, (Utah), home of Park City and Deer Valley, also saw increasing prices in the high end. Lower priced properties that are older and dated have been slower to sell. We also have seen that Buyers in our county want the remodeling done before they buy it. Second home owners want a base to play, not another place to work on. Preparing the home to sell is very important today, and I don't just mean staging, but keep it updated as well.

Whistler, in British Columbia, Canada, actually had more transactions than the year prior, and prices were up about 8%. They have a shortage of high end single family homes, which have been selling for about $1300 per sq ft. The demand from many international Buyers is causing inventory levels to fall and prices to increase. The winter Olympics are coming to Whistler soon, and the community will benefit from the amenities that are left as a legacy when the Olympics are done.

In Vail, new condominiums being built in the Lionshead area are selling for $3000 to $3600 per square foot! The higher priced units have ski mountain views and a great location, and it just goes to show that Buyers are willing to pay more for a premium location. The trickle down effect from the high end condos and homes caused lower priced properties further away from the mountain to increase too, and it makes affordability problems for locals, who end up commuting longer distances in order to be able to afford a home of their own. Most areas are actively trying to provide affordable local's housing.

Aspen had 19 sales of homes over $10,000,000. However, they now have enough property for sale in that price range to last three years, so it is possible that prices may moderate a little this year. The last quarter of 2007 was slower than expected, and they actually ended up about 2% lower in total dollar volume. New construction in Aspen is running about $3000 a sq ft, while 10-15 year old homes are going for around $1200 per sq ft.

Overall, with the exception of Sun Valley, who had fires this summer, prices were up and sales were down because fewer properties were for sale. Most Realtors are seeing that Buyers, many of whom can pay cash, are cautious but still ready to buy when they find the right property at the right price. The loan problems haven't really affected the high end of the market. Sellers need to have their properties priced realistically, updated and staged to sell. If the location is good and the finishes are updated, the property will sell. Summit County Colorado vacation home prices are excellent values compared to the other resort areas, and we have the added advantage of being close to Denver, so that most people don't have to drive more than a couple of hours to be at their second home. Most of our homes and condos, even new construction, are $400 per sq ft or less, something hard to find in other resorts! We have four world class ski areas within minutes of each other, so you can be away from the ski area base, not pay the price for location, yet still be very close to skiing at your choice of mountains.

A couple of things you probably didn't know about me.

2008-01-18T23:53:29Z

Joan Snodgrass meme'd me. I thought I had got by without anyone doing it, but she finally caught up with me.

Many of you know from my posts that I was born in New Zealand, so that makes me a Kiwi. My family moved to the US when I was 12 and I am now a naturalized American citizen. We try to go back for visits frequently.

I married young, leaving college after a year, and have two kids, a son and a daughter. My daughter Meredith works with me and I introduced her in a post a little while ago. My son lives in Kansas. My kids each have two of their own, making me a grandmother before I turned 40. I raised my family in the Kansas City area, and worked for a department store chain that has since been absorbed by Dillards.

I trained as a hairstylist and that is what I did for quite some time. I became a manager, then area manager of the salons the department store owned, and in 1986 they gave me a promotion to district manager, based out of Denver, Colorado. Bless their hearts, they paid to transfer me there, then 7 years later offered me a buyout with a year of paid salary as they had a restructuring of the management in the stores. I didn't have to take it and could have kept my job. After 24 years with them it was like getting a divorce. When the Dillards takeover occured a couple of years later, people were let go with no notice and little severance pay, so I was really lucky to have had the opportunity to go voluntarily.

But I was 45 with no college degree and no kids at home any more, and still needed to work. While living in Denver we had fallen in love with the mountains and had decided that we would like to take an early retirement and move there. However, this was about 10 years early. I knew that a being a "beautician" even in a management postion would give me little clout when looking for another job. With no degree, the only thing I could see was working for myself. I accepted the buyout with my last day being May 30th,, signed up for real estate school, listed our house for sale in June, sold it in July, moved to the mountains and I was licensed by September.

That was just over 14 years ago and I have never looked back except to wave goodbye. My year of salary really helped me get started as it took the pressure of making an income off me for a while and gave me money to advertise and get my website (such as it was 15 years ago) started. it is much harder for a new agent to start today than it was then. Today I have a great team that I work with...(I am the old one!) I worked for Century 21 for the first two years, then switched to Coldwell Banker and have been there ever since.

I have three cats but am allergic to dogs. As most of you know, I ski, but didn't take it up until moving to Denver at almost 40 years old. My husband is recently retired from being a contractor so that he can spend more time with his elderly parents, and my 85 year old Dad is getting a divorce! My sister is an artist, and I have also taken up oil painting in the last couple of years. I have a brother who gets to attend car races as he takes care of the wireless communication for the drivers and pitcrews.

I have been active with my Board, recently having been involved with helping our Association buy a building for our offices. Today I am the Rocky Mountain Resort Alliance representative from our Board, and I am writing this from Telluride as I am attending a meeting there. Nice job perk! I get to ski half a day tomorrow and we have another meeting in the afternoon. I started the Vacation and Second Home group here on AR and am glad our readership is building. I think it is important to know what is going on in other resort areas. I will post a report on this meeting in a day or two.

My next designation will be Eco Broker as I already have GRI, CRS, MRE (A Colorado designation) RSPS, e-Pro, ABR and ASR. I believe in education and think I need to know more about environmental issues.

Thanks for the meme Joan. I hope you all weren't bored to death!

Adopt a fire hydrant in Summit County, Colorado

2008-01-09T11:12:30Z

Many Summit County homes have nearby fire hydrants that have been buried under piles of snow. Our recent plentiful snows have been a boon for skiers but make street and home maintenance difficult. The Lake Dillon Fire Department is asking that if you have a fire hydrant near your home, you "adopt" it, and dig it out!

Clearing around the fire hydrant will save precious time if it is needed in an emergency. It is tough enough to fight a fire in freezing conditions, but shoveling around it to find it first makes it that much more difficult. Notice in the photo the little marker on a metal pole that sticks up above the snow. We routinely have those on all our fire hydrants, plus our road markers are always double the height that you might find elsewhere. It helps when the heavy equipment is moving the snow to know where they are.

The second photo was taken on Granite Street in Frisco. When we have a lot of snow, it isn't good enough to just move it to the edges of the street. To keep the street at two lanes wide, it has to be piled high. The town then has to come in with highloaders and trucks and move it elsewhere. By the end of the season (if it has been a snowy one) the snow storage lots get pretty full! When I see it snow as much as it has been lately, I wonder how the early settlers in Frisco, Breckenridge and the surrounding mountains managed with just mules and shovels. It must have been a tough life!

What will happen to real estate with a Democrat in the White House?

2008-01-05T22:43:55Z

Does anyone want to share your thoughts? I am sitting here watching the debates and it seems to me (an indendent voter) that we Americans may have a Democrat in office in about a year.

I have heard that perhaps the long term capital gain tax rate will go up. That will affect second home owners and real estate investors. Will some of those people sell in 2008 so that they get the current 15% tax rate?Some will be able to do 1031 Tax deferred exchanges and it won't matter to them, but many people want to sell their property without buying another one. Will it cause them to sell sooner than they might have otherwise?

How about estate taxes? They have to be redone in the next couple of years; will they go higher? Democrats appear to raise taxes but use the money to help people who are in need, although they get accused of creating bigger government. Republicans, on the other hand, favor businesses and are seen as making the rich richer. Whether my quick sketches are actually true or not, I don't know, but how would a Democrat in power, perhaps also with a majority in the House and Senate, affect our ability to make a living?

I look forward to hearing about the vision you see in your crystal ball!

Reasons to consider renting your second home, even if you would rather not!

2008-01-03T22:23:55Z

The post below is a guest blog written by a friend of mine who owns a property management company. They specialize in high end properties and I have clients who use them as their property management company. The clients are very happy with their services. Of course, you will want to do as they did, and interview several companies first.

I have one thing I want to add to his post, coming from the Realtor perspective: If you would like to do a Tax Deferred 1031 Exchange and roll the gain from your current second home into your new one without paying taxes on it, renting it for a while could be to your benefit. It may allow you to defer the taxes on the gain from your current vacation home that you do not rent, into a new one that perhaps you hope to retire to. It does mean changing the status of your property for 18 months or so, and it would also mean renting the replacement home for a while too. Talk to your tax advisor to see how it might work in your particular situation, but it may be worth it financially to rent your home, even if you would rather not. A little pre-planning goes a long way!

Here are Mark Waldman's reasons to consider renting your home:

If you own a high-end vacation home, you've probably already thought about whether or not to rent the home while you're not there. For many second homeowners, this makes financial sense. But for other owners, the decision isn't necessarily financial. However, there are many reasons why you need to consider renting your high-end home - and many reasons why a reputable property management firm can actually help you take better care of your property and maintain (or increase) its value. Here are just a few:
·         Unoccupied homes suffer more damage - Think about it. Mountain homes, in particular, are vulnerable if left unoccupied for long periods. Freezing water pipes are a concern. There's potential damage from violent storms and snowfall. Wild animals can also be a nuisance. If no one looks in on your home for months at a time, even a small problem can turn into a large and expensive one. ·         That "warm, welcome" feeling - Just about any home feels better if it's occupied regularly. It's a subtle difference, but one that you can notice.
·         Forget the myth about renters "trashing" your home - Your high-end home is going to attract high-end renters - people that appreciate the finer things in life, like your beautiful vacation home. Actually, renters help maintain your property's condition and value by quickly alerting the management company of problems that need to be fixed. ·         Regular cleaning - Another benefit of renting your property is that, after every rental, your home receives a thorough cleaning and dusting. When you do use the property yourself, you'll walk into a clean, fresh-smelling home - rather than starting your vacation with a mop and a feather duster.
·         Peace of mind - Knowing that your vacation investment is being cared for by a good property management company is a tremendous benefit - whether you live 100 miles or 1,000 miles away. ·         Managing your investment. Your vacation home is an investment. Your other investments - stocks, bonds, funds, etc. - most likely have managers that watch them to make sure they are earning you the maximum return on your money. A good property management firm will do the same for your vacation property investment.
When you're considering a property management company, there are many factors to consider, including the company's reputation, maintenance and cleaning staff, and commitment to marketing your home to reliable, high-end clients. Ask around. Talk to other owners in the area. And make sure you talk to several firms - it will become obvious which management companies possess the professionalism to help you take care of your investment.

Mark Waldman is the owner of Summit Mountain Rentals, which specializes in high-end vacation properties in Frisco and Breckenridge, Colorado. Mark also owns the Hotel Frisco, voted "Best Lodging in Summit County" by Summit Daily News readers in 2003, 2005, 2006 and 2007. For answers to your questions on managing you vacation property, call Mark at 1-800-383-7382, or e-mail, info@summitrentals.com. Also, be sure to visit their Web site at www.summitrentals.com.

Please note that the above photo is of a home in Waterdance, and it is not for rent or sale. It is simply a photograph of a home that is very representative of homes in the area.

Blog updated: The box about not having permission to post incorrectly is confusing to me. I do have permission to post this information, even though I did not write it. It is not copyrighted...just to clarify the red X below! I am posting this "pointless" post anyway, as I think my guest blogger had good information to share.

Are you old enough to be "Over the Hill"?

2007-12-28T00:21:13Z

Is 45 Over the Hill? That is how old you need to be to join the Over the Hill Gang at Copper Mountain. If your spouse is younger, that is ok as they can still join too. Only one person in the couple has to meet the age requirements.

The Over the Hill Gang, or OHG, as the refer to themselves, is a ski club at Copper Mountain. A similar group, called Over the Hill Gang International, skis at Breckenridge and Keystone, but they are two separate clubs. The group at Copper skis on Saturday, Sunday, Tuesday and Wednesday with Guides who are members of the Copper Mountain Ski School. That allows the members to be able to ski through Ski School lift lines which are much shorter during busy periods. The Guides offer Gang members clinics and workshops on a regular basis, in which members are able to participate for a small fee. When not sking in clinics, the members and Guides ski in small groups on terrain that is comfortable for everyone in the group. The group "No Worries Mate" skis green runs at a comfortable rate of speed for beginning skiers, or skiers who are rehabilitating from an injury. Many of the members ski with replacement knees and hips and are not willing to stop for something so minor! They might slow down temporarily, but the "No Worries" group does not often have anyone skiing in it!

"True Blue" skiers stay on groomed blue runs, with their preferred terrain often being under the Timberline chair where the snow is usually better and the crowds less. Many of the members in this group are looking to learn how to ski bumps and perhaps some steeper, black runs. With clinics and encouragement, most of the skiers in True Blue move up to "Groomed Zoomers". Skiers in this group like a little more speed, but they often break up into sub groups to ski either bumps or just grooomed runs. Their favorite runs are Triple Treat and Golddigger when freshly groomed.

The top group of skiers go by the name of "Club Incline", and to ski with this group you must be able to ski anywhere on the mountain. They might ski Tucker, Resolution Bowl or any of the gladed trees runs at Copper, and perhaps that would be after starting out in Spaulding Bowl. If the snow is good, you will find them there!

If you are not quite ready for anything thrown at you, but are a confident skier who skis 'almost' anywhere then you want to join the group with the largest membership, which is "Club Decline". They ski bumps, powder, grooomed, ungrooomed, bowls, trees and steeps, but perhaps not at full tilt like Club Incline. They are still better than 90% of the skiers on the mountain, and when you realize that most of these skiers are over 55, you know that they are not opting for rocking chairs as they get older! The majority of skiers in OHG are bikers, hikers and are extremely active, physically fit people year round.

To join the club, which is headed by Joe Quarantillo of Copper's Ski School, ohg@coppercolorado.com all you have to do pay your dues and buy your pass. You will find all the information at http://www.coppercolorado.com/lessonsrentals/ohg/index.htm Not only do they ski in the winter, but the club offers many summer activities, plus social opportunities. It is a great way to meet other people with similar interests. I have guided for OHG now for about 14 years, and constantly admire the fitness level of the members. There is no getting them down. We have many members well into their 70s and even a few in their 80s who ski 100 or more days a year. How is that for a goal? After I started skiing with OHG, it became one of mine.

The New Zealand Christmas Tree

2007-12-22T20:48:31Z

I just got back from spending a month in New Zealand, which is called "Down Under" (together with Australia), because it is in the southern hemisphere. That means that everything is backwards from the US. Water spirals down the drain going the other way and Christmas is in the summer. They drive on the other side of the road, walk on the left side of the sidewalk and minimum wage is $12 an hour!

The house we rented was near the beach, and surrounded by native bush and Pohutukawa trees. You pronounce that the way it looks....po-hu-ta-ka-wa. They are large native trees that grow along the coast and they bloom every December, with masses of red blooms that look a bit like the business end of a broom. Because the red blooms come in December, they are called New Zealand's Christmas Tree. People do not cut them and bring them inside; they do that with pine trees, just like we do here.

It seemed strange to be in a store in November and December and not have it all decked out with Christmas decorations and merchandise. I didn't see the Christmas merchandise go out until about December 5th. Stores did not go crazy with decorations, but you did see some Christmas lights put up in the small towns around the second week of December. They often hold outdoor concerts put on by the school kids, singing christmas carols and doing Maori dances as part of the christmas program. The Maoris are the native people and New Zealanders are very proud of their cultural heritage. Shopping doesn't happen until a week or two prior to Christmas day, and they spend more time making Christmas cakes than shopping for "prezzies" (presents to you and me). They shorten many words; even mosquitos are affectionately called "mozzies"! It was a nice, old fashioned way to spend the pre-holiday time, and was very enjoyable. Wouldn't it be nice if Christmas were that way again here?

Schools break around December 15th for 6 weeks or so, and that is when families take their summer vacations. I know Floridians can go to the beach at Christmas, but for most of us, that would be a strange way to spend your Christmas holiday. It is the norm in New Zealand, and we actually timed our trip trying to avoid the peak summer season and peak prices. I must say that it is nice to have had an extra month of summer this year.

I came back to a great ski season, good snow and cold temperatures. Winter as usual in Colorado, and I am driving on the right side of the road again.

Merry Christmas, everyone! I hope you have a wonderful holiday season and enjoy the time with your friends and families.

What the heck is a hectare?

2007-12-04T03:00:39Z

My month long visit to New Zealand is half over. I have been reading real estate ads and making comparisons with home, but one thing has really eluded me. New Zealand switched to the metric system after I left to move to the US in 1960. I didn't learn it in school as I was in 8th grade and it was something taught in high school in New Zealand, but it was taught in grade school in the US. Funny, as the US doesn't routinely use it for every day measurements. As I result I missed it completely, and I struggle with the conversion still.

As I read the ads for homes, I ask myself how big a 600 square meter (metre) home is... and I have no clue! I know a meter is roughly 3 feet, so a home that is 20 by 30 meters would be 50 by 90 feet, which would be 1800 sq ft +/-. Close enough when I am not buying or selling it. Lots here (known as "sections") are generally small enough to be measured in square meters too. But if I want to buy a "lifestyle block" which is usually 5 acres or more, it will be sold in hectares. I had to look that one up. It is roughly 2 1/2 acres, so the 5 acre lot would be about 2 hectares.

The speed limit on most roads is 100. Sounds pretty fast, and it is, as the roads are narrow and winding. That is the speed limit whether you are on the motorway (highway) or a country road, unless you are going through a town. Converted from kilometers per hour to miles per hour, it is somewhere between 60 and 70 mph. I bet our Canadian neighbors can help me out here....Jo, where are you?

The temperature today was around 20' celsius. Double it and add 32 is the easy rule, so it was about 72' farenheit. A beautiful sunny day, and the UV rating is "extreme" (no conversion needed there). The ozone layer over New Zealand is very thin, and as a result skin cancer rates are very high here. All elementary kids are required to wear a broad brimmed hat as part of their school uniforms, and they have to wear them when outdoors at school.

I went to order deli meats at the grocery store the other day and wanted a half pound of sliced ham. Ahead of me people were ordering 200 grams or 400 grams. My turn, and I was still trying to figure out how much to get, so I ordered half a kilo. I didn't know how many grams were in a kilo...duh...I should have been able to figure that one out. I got more than half a pound, but I still haven't figured out just how much. Gasoline (petrol) is about $1.79 a liter, and that I can figure because Coke comes in 2 liter bottles at home and I know it is roughly a half gallon. That means we are paying over $7 a gallon for gas here. Luckily it is a small country with small cars. Even so, filling up that small car costs $65. The dollar conversion helps, as it takes about 78c US to buy one New Zealand dollar, but the conversion rate is much lower than it used to be as the American dollar is taking a beating on the world markets.

I guess before I come back again next year I had better study up on the metric system. The easiest thing will be to just get used to how fast 100kph is, and not worry about how it compares with what I am used to.

Tonight my husband was looking at the beams in the ceiling of the roof of the house we are staying in, trying to figure out if they were 40 centimeters on center or how far apart they are. At home it would be 16" on center, but there is no snow load to worry about here and they are further apart. If they are 2x10 beams, I wonder what that would be in centimeters? Would they be a 1x4? (one inch is roughly 2.5 cm)

More travels with Joanne coming soon...watch for the next installment.

Here's how they sell homes in New Zealand. Different from here!

2007-12-03T02:41:53Z

Pricing your home properly is the number one thing that you can do to help it sell. At least, that is my opinion. That is why I was surprised to find that in New Zealand, where I am visiting right now, many homes are listed for sale with no price attached to them at all. When you look at the ads of homes for sale, there seem to be three main ways they are listed. One of the most popular is to auction the property off. That takes a lot of marketing to get the word out about the auction. Typically, in addition to what the Seller pays the agent for selling the home, they also pay about 1% of the selling price upfront for marketing expenses. A second way is to list the way we sell homes in the US, with a suggested price and potential Buyers making offers until a price is negotiated and agreed upon. A third way is with no price listed at all and potential Buyers making a "tender" which is a blind offer. All tenders are opened on the same day the the highest one gets the property. How does one know what to offer when there is no price listed? I have seen some listings were the "certified valuation" or appraisal is listed, but others where you have no idea at all what a property might list for. In fact, the house we are renting for the month is for sale, and it does not have a price listed either. I suspect it is $1-1.2M, based on other list prices in the area.

Real estate in New Zealand is expensive. The average family income here is about $68,000 and I have seen few homes priced under $400,000. It really seems to be very similar to Summit County, with many second homes near the beaches. We are staying at a small beach area with about 50 homes and only 5 of them are occupied full time. The rest are second homes. We have decided that it must be the land that costs so much money as the homes would not be expensive to build. Most are built on pilings or cinderblock foundations. The windows are all single panes of glass, and there are lots of them, which is really nice! Walls are 2x4s studs and roofs are not required to bear any snow load, so don't need to be as strong. There is little, if any, insulation in the walls and not many electric outlets. Bathrooms in this home, which is not old, have no outlets. The outlets are all switched though, so you can turn each one off individually. Most newer homes are very contemporary looking, with the kitchens and baths seeming rather sparse by American standards. In the rural areas, water is collected from the roof and gutters all drain into a tank. It supplies all the water used in the home. The drinking water is filtered, but the pollution levels here are low and the water is clean and usable. Few homes have wells. It rains often enough that the tank seldom needs to be filled by a commercial water hauler.

This photograph was taken from the deck, overlooking the ocean at Buckleton Beach.

All in all, New Zealand is a wonderful place to live. I was born here, so am a bit biased, but the weather is wonderful, it rains often enough that everything is green and the wildlife is fabulous. We are really enjoying ourselves, even though there is no skiing!

Outdoor art in Summit County, Colorado, Part 1 of a series

2007-11-02T00:03:08Z

Summit County is known for its support of the arts, and the towns and businesses have supported outdoor art. Alpine Bank has a new location they just opened on Highway 9 in Frisco, and they are currently seeking a piece of sculpture to be placed on their property. According to the Summit Daily News, the Summmit County Arts Exhibit Committee is inviting proposals that will fit with the theme of the building which was designed to commemorate the mining history of Summit County.

Artists submitting proposals should live and work in Colorado and the theme should focus on Summit County's history. The sculpture may be traditional or contemporary, representational or abstract, but should be durable, vandal resistant and safe. The budget is $40,000 and proposals are due by November 30, 2007.

Just how vandal proof do they need to be? I remember when the elk statue at the roundabout coming into Frisco was damaged when someone ran into it one night. It lost an antler (which was never found...a souvenir?) and the statue had to be removed and repaired by the artist.

This outdoor sculpture is in the Frisco Historic Park. The Sculptor is Walt Horton, of Edwards, Colorado, and it was donated to the park by Annette Bishop in 1998. The title of the piece is "Repentance". Periodically I will post photos of other outdoor artworks in Summit County, including some rather short lived sculptures from the snow sculpture championships in February.

Submit proposals for the Alpine Bank sculpture to Sandy Greenhut, Summit County Arts Exhibit Committee chair at PO Box 1855, Frisco, CO 80443 or by email to sandyg@srgsummit.com. For answers to questions about the project, call 970-468-7557. I am anxious to see what is decided upon!

Off season specials in Summit County, CO restaurants.

2007-10-31T15:56:20Z

Every spring and fall, the restaurants who stay open for the "off season" offer specials to entice locals to come in and try their menus. Locals look forward to it as they wind down from the last busy season and gear up for the next one. It helps keep the restaurants in business at a time when they would have few visitors and it keeps them from having to lay off staff.

Here are the specials I have found locally. Be aware that many of them require a coupon that you can most likely find in the local paper, the Summit Daily. 2 for 1's usually mean that the less expensive item is free. Restrictions may apply other than what is mentioned here.

Noodle and Bowl Denzaemon, 216 S Main, Breckenridge is offering 20% off or 2 for 1 Entrees through 10/31/2007. Coupon required.

Michael's Italian Restuarant, Jefferson Ave, 1/2 block off Main in Breckenridge, 2 for 1 on dinner entrees. Mention the ad on placing the order. Expires 10/31/2007

Ti Amo Ancora 122 W 10th St in Silverthorne. 2 for 1 dinner entrees with the purchase of a bottle of wine or an appetizer. 18% gratuity added before discount is applied. Must present coupon. Expires 10/31/2007 but call to be sure they are open on the night you want to go. 970-513-0703.

MiCasa Mexican Restaurant, 600 S Park Ave, Breckenridge is offering 2 for 1 Dinner entrees with the ad from the paper. Expires 11/1/2007.

Burke and Riley's Irish pub in the La Cima Mall in Breckenridge offer 20% off to locals all year round on all food and drink. Until November 9, 2007, locals get anything on the menu for $6.95 or less, and all soda, beer and liquor is 50% off, day and night.

The Swiss Haven Restaurant at 325 S Main in Breckenridge has a four course meel for $27 per person, or 2 for 1 fondue entrees. Only one discount allowed per table. Must present coupon and 18% gratuity may be added.

Cafe Alpine has 2 for 1 Tapas in the Tapas bar or 2 for 1 entrees with the purchase of a tapas, soup, salad or dessert per person, in the dining room. Cafe Alpine is at 106 E Adams Ave in Breckenridge, and they require reservations. 970-453-8218. Offer good through December 1, not including November 21-24, 2007 and you must mention the ad.

Taddeos Ristoreante Italiano and the Quandary Grille in Main Street Station at Main and Park Ave, Breckenridge, are offering 2 for 1 Dinner entrees with the newspaper ad through 11/1/5/2007.

Extreme Pizza has 2 for 1 pizzas, limit 2 per coupon, through October 31, 2007. They are at 200 N Main in Breck, or will deliver. 970-547-0399.

Even Subway is getting in on the act, with a free 6" or 12" sub when you buy a 6" or 12" sub plus a 21 oz drink and chips. You must present the newspaper coupon and the offer expires Nov 1, 2007. They have locations in Frisco, Breckenridge and Silverthorne.

The Coldstone Creamery, while not a restaurant as such, is a good place for dessert and is doing a "buy one, get one free" special through 11/30/2007 with a copy of the ad from the paper. It is only good at their Dillon location in Dillon Ridge Shopping Center.

The Boatyard pizzeria and grill at 304 Main St in Frisco is offering $4 off any 16" take out pizza, with the coupon, through 11/30/2007.

The Dillon Dam Brewery at 100 Little Dam Rd in Dillon has Ladies Nights on Thursdays with free 1/2 pints and 30% off Pub and pasta dinners. Coupon must be presented and the offer expires 11/15/2007.

Tuscato, at 307 Main St in Frisco, has 2 for 1's until 11/1/2007. They have great Italian food!

The Blue River Bistro, at 305 N Main St in Breckenridge is offering 1/2 price bottles of wine with dinner from 4pm to close. Offer expires 11/1/2007.

The Blue Spruce and Pug Ryans are offering 2 for 1 dinners Sunday to Thursday, expiring 11/1/2007. The Blue Spruce is located at 20 Main St in Frisco, while Pug's is in Dillon at 104 Village Place. You must present the ad for the discount.

In Breckenridge, at 109 E Lincoln, the Briar Rose has 2 for 1 dinners with the purchase of beverages. The ad must be presented before ordering and the offer expires 10/31/2007.

The Hearthstone, also in Breck at 130 S Ridge St, has 2 for 1's through 11/1/2007 and you must present the ad.

Po'Boys, at 620 Main St in Frisco is offering 2 for 1 dinner entrees between 6pm and 9pm until 11/1/2007.

Murphys, at 501 Blue River Parkway in Silverthorne, has 2 for 1 dinner entrees after 5pm with the purchase of two alcoholic beverages or an appetizer. You must present the coupon and the offer expires 10/31/2007.

Bubba Gump, in Breckenridge at the corner of Adams and Main, has 2 for 1 entrees, lunch and dinner, with a purchase of 2 beverages. The offer is valid Monday to Thursday with the coupon in the paper, through 11/1/2007.

Be quick, they don't last long. If you miss these, look for them again in the spring.

Testing the snow in Colorado, close up and personally!

2007-10-27T18:15:30Z

Summit County has two ski resorts open so far this year. Actually, we only have one as Loveland is not in Summit County, but in Clear Creek County. However, it is just on the other side of the tunnel and sometimes we claim it as our own. On Thursday I skied my first day of the year at Loveland, and the conditions were surprisingly good for this early in the season. The temperatures were almost like spring skiing, and although most of the 18" base was man made snow, it softened up nicely and made for good conditions.

The first ski day is normally just a testing out of the skis and the legs, but we got in 2 1/2 hours without breaks except while on the chair. Admittedly, the two runs open are not long, but it was nice to know that our pre-season conditioning has been doing some good.

We had hoped to have some video for you, but forgot to take extra batteries, and of course were out of juice. The camera didn't even have enough for a one minute video!

Loveland has a good deal on lift tickets if you order them online, with four lift tickets for $109. They are mailed to you, so you have to order in advance, but they can be used any day of the season and all four can be used on the same day, which is what we did today. You must order by November 23, 2007 as after that, they will not be offered. An even better deal, the 4pak can be bought for $99 at several of the ski shows around town. Loveland has more information on their website.

Copper Mountain is scheduled to open November 2nd, with Breckenridge and Keystone both opening a week later on November 9th. We have had snow a couple of times but this week has been warm enough to melt the snow in my yard and in town. The ski mountains are higher and oriented north which keeps the snow from melting there, plus they are making it fast and furious.

More information on Summit County Colorado season pass prices.

Employers are hiring in Summit County, CO

2007-10-23T22:03:55Z

This is the time of year when it is easy to find a job in Summit County. Employers are hoping to fill all their job openings, and with good snow starting already, they are planning on a busy season. Ski areas are big seasonal employers, and they encourage many students from overseas to come over on a four month visa and work from December 1 to March 31. My cousin from New Zealand did just that, working at Vail for four months a few years ago. We had lots of emails going back and forth as she looked for housing to rent, and I remember counseling her to be honest with the landlord and let him know just how many people were going to be living there (six in a two bedroom condo). I think she ignored my advice. Six kids with a party-hearty attitude in one small condo is a little much, but it happens all too often.

Many landlords ask for three months rent up front and they know from sad experience that is what they must do. They want a signed lease, first and last months rent plus a full month as security deposit. Because they often are only renting during the winter months, the prices are higher than they might be for a full year. If you are planning on staying in the area more than a year or two, sometimes it is a better option to buy a condo, as the money required up front is almost enough for a downpayment on your own place! The other option for the young people coming here is employee housing. Copper Mountain and Keystone each have an entire building devoted to it. For about $235 a month at Copper, an employee can have a bunk bed in a shared room, a bit like a college dorm.

We have a really good free bus system in Summit County, called the Summit Stage. It has great service and goes everywhere, so it is not really necessary to have a car.

Working at the ski area gives you a free season pass, which is a big draw, and not just for college kids. I know many retirees that work at the ticket window, kid's ski school or the rental shop, two or three mornings a week and get paid for it too! Volunteer positions are often available as ambassadors or greeters, and in return for the free pass, you have to "donate" about 14 days of work during the ski season. For job openings and online applications, see the ski area's websites. Copper Mountain has its own site and Breckenridge, Keystone, Vail and Beaver Creek are all under the Vail Resorts umbrella. Also, check the local newspaper's classified ads. One of the best sources I have come across that covers the entire Rocky Mountain region is MountainJobs.com, where employers post job openings and job seekers post resumes. They have job openings all the way from Lift Operators at Winter Park to a Hand Surgeon in Missoula, Montana.

Ski shops are gearing up for the season too, and need ski tuners and people to work the shops selling clothing and ski gear. I happen to know that Aspen Sports/Mountain Sports Outlet is hiring, and I am guessing most other shops are too. The factory outlet stores have recently added many new stores which will need workers, especially as the holidays draw near.

Many people live the traditional "ski bum" irresponsible lifestyle for a season like my cousin did in Vail, or sometimes it lasts for years. Amy at Mountainjobs.com has an interesting take on it as she says:

"As far as responsibility, it is always interesting to read the different perspectives from those looking at ski town living. Some people seem to think that you move to the mountains and all stress and responsibilities just miraculously float away into the sunset. Wouldn't that be nice? You can actually be irresponsible wherever you live and with whatever you are doing ... it is not a place or a lifestyle that makes us irresponsible in my opinion. We really do that all on our own."

Many of the people I know here in Summit County came for a season or two, and ended up staying for much longer. The mountain lifestyle is appealing and often it can be hard to give up.

I mentioned above that housing is a big issue, and it is the reason that some ski area jobs go begging. Finding a place to rent for the winter, especially if you have pets, can be very difficult to do after September. You can expect to spend about $800-900 a month for a one bedroom condo, and $1200-1500 a month for a two bedroom. Roommates can help share the expense, but many people don't know anyone until after they have been here for a while. Renting a room from someone else can keep the cost down to $400-500 a month. I often hear about people who are excited to have a job and then are unable to find a place to live and have to turn it down. For those who can buy a home, there are deed restricted housing units designated specifically for people who work in the County 30 hours a week or more. They are more reasonable in price, but certainly not cheap!

Winter driving tips from Summit County, Colorado

2007-10-20T09:17:20Z

With plenty of snow, cold temperatures and hilly terrain, Summit County drivers are better than most when it comes to winter driving.

Steamboat Springs actually has a winter driving course where they teach people how to drive in icy conditions. Summit County does not have that type of course, but I personally have relied on three sure things for the 22 years I have lived in Colorado. One is my 4 wheel drive Subaru ( I am driving my 5th one right now) and the second is my Nokian tires. Also known as Hakkapeliitta, (or maybe Hakka would be easier!) they are a tire that was developed in Scandanavia, made of softer rubber and with siped tread. What is "siped"? The tire tread has little wavy slits or grooves cut into it, which spreads the tire tread out over the road better and gives better traction.

I discovered the Nokian tires a number of years ago when I went into Meadow Creek Tire in Frisco to replace my tires before winter. I decided that the Scandanavians should know what they are doing, and went with the recommendation, and now I will not drive a car up here in the winter without them. My last new Subaru I bought in November, and it came with Bridgestone performance tires which I promptly took off and replaced with Nokian Hakkas so that I would have good tires for winter.

So what is my attraction to Subaru? I have never liked driving a big car. I tried an SUV once, several years ago, and sold it after about 18 months and went back to a Suby. The Subaru handles wonderfully in winter weather, and without a high center of gravity, I don't have to worry about rolling it as I drive through Ten Mile Canyon, which can be very icy! I get 28 to 30 miles a gallon, so it is economical, reliable and a workhorse. For those who like an SUV, they now have the Tribeca, but smaller is better as far as I am concerned.

My third tip for winter driving is just to take it easy. No fast starts on icy roads and no quick stops. People often pass me in terrible conditons while driving on an icy road, but they are the same people I drive past as they are trying to get out of a snowbank in the median or worse yet, on their roof on the side of the road. You can drive a decent speed if the visibility allows, but 70 mph is way to fast for icy conditions. 55 or less will usually get you there safely on I-70. Now if we can just get all the truckers to chain up and keep I-70 open, we will be in good shape!

UPDATE: 7 tips to B Ready for winter weather were posted today on the B Ready Blog, which is sponsored by the people at http://www.readycolorado.com/. They are worth reading!

Winter driving photo courtesy of Flickr.com

Trying to leave no trace in Summit County, Colorado

2007-10-15T09:07:09Z

Today, Monday, is blog action day. Bloggers all over the country are blogging about the environment. I always prefer local flavor when I write posts, because I think that is why people read this blog. A few weeks ago I wrote about the Summit County ski areas using wind power to run ski lifts, and I had planned another during hiking season called "Leave no Trace." I never did write it, so thought I would do it for blog action day. It ended up being a little different than what I had originally planned. Here it is:

In Summit County, Colorado we are very aware of our environment and how we might protect it. We have a wonderful recycling program in Summit County and most people are very conscious about disposing of their trash and recycling properly. So why do people (are they visitors or residents?) insist on throwing their cigarette butts out the car window when we have trees that are dry and flammable? Why do others dump their trash out the door of their trucks? Beer cans, McDonald's cups and WalMart bags go flying in the wind. Some very dedicated people, including the Over the Hill Gang, a ski club at Copper Mountain, pick up trash a couple of times a year along I-70. Why should it even be necessary?

This photo was taken yesterday in Silverthorne. No, it is not halloween pumpkins, but rather, orange trash bags that were all along Hwy 9 every 100 yards or so, full of trash that had been picked up in the road right-of- way. They were awaiting the trash truck to come by and get rid of them. Note the broken bicycle that had been dumped!

Leave no trace is a motto that has been used for years to encourage hikers and campers to pack out their trash and leave nothing but footprints behind. I hike frequently, and seldom see any trash once I am past the trailhead. Even people with dogs bring their "mutt mitts" with them and clean up after their pets. Those of us who enjoy the outdoors in the high country got the "leave no trace" message long ago and we are putting it into practice. Most are so aware of hiking etiquette that we walk single file so as not to make the trail wider than necessary and damage the fragile alpine tundra or the wildflowers.

Perhaps we should post "leave no trace" signs along the highway and at rest stops. Parking lots and pullover areas along our state and county roads could benefit from them. I would love to have a big "litterbug!" sign that I could wave from my car window as I drive in the lane next to the truck that has trash flying out of the back while they drive, oblivious, down the road. Of course, if they cared, they would cover the stuff in the back, so all the sign would do is make me feel better! What is your pet peeve when it comes to the environment, and what can we do it fix it?

Second home owners could be affected negatively by the new Debt Relief Act

2007-10-13T22:04:32Z

On Friday the House passed the Mortgage Forgiveness Debt Relief Act by an overwhelming majority. The goal of the bill is to help people who sell their homes in a short sale. A short sale occurs when the house is sold for less than what is owed on the mortgage and the balance due is forgiven by the lender. In the past, the amount forgiven was considered income and income taxes would be due on it. If the bill passes the Senate and is signed into law by the President, it will help many people who are struggling with financial problems so that they at least do not get taxed on what they don't have.
Someone has to come up with the money that will no longer be generated by these taxes, and it could very well be vacation and second home owners. According to the Square Feet blog,

A few years ago, the loophole was big enough to drive a bus through, but it was narrowed down when the law was changed to say that if you moved into your vacation home or investment property and turned it into a primary residence, you had to live there at least two of the last five years before you could pocket up to $250,000 per person gain when you sold it.

Today it looks as if that loophole will be narrowed further still, although the details of the restrictions are still not clear. Many people have done several Section 1031 Tax Deferred Exchanges, rolling the gain from each sale into a larger property with plans to eventually turn the last one into a permanent residence on retirement. That strategy may no longer work! At least, not without paying more in taxes when you sell it. Stay tuned and I will update you as I learn more details as this bill goes through the senate.

Allen Hainge's "best website" winner has a great blog and is an Active Rain Blogger

2007-10-12T21:56:59Z

Allen Hainge and Agency Logic recently ran a contest for a "best website". On a whim, I entered mine, and I am sure lots of other people did too. The winners were just announced, and Active Rain bloggers, Diane Szoke & Carolyn Dubrofsky of http://www.charlestonyourhome.com/, were the grand prize winners!
Allen described their site as "A beautiful, effective site, one that exhibits simplicity, elegant design, ease of navigation and, if I may say so, serenity. This site recognizes and meets the needs of today's consumer rather than focusing on the agents." The specific reasons that it won were listed on the Agency Logic blog.

A second AR blogger, (and a new one, at that!) Judy Greenberg was recognized for customizing a template well, and three other "honorable mentions" have profiles on AR, but don't actively blog here or on their websites.

I was thrilled to have our Summit County Colorado real estate site mentioned as "a good example of a site that customizes area information and also provides area maps and community calendars for each area."

It is always nice to get a pat on the back and a Woo Hoo! from someone who should know! Congratulations Diane and Carolyn.

Closing on a vacation home in Summit County is different!

2007-10-12T17:06:35Z

How does a real estate closing work where you live? Do you have attorneys involved? Do the Buyer and Seller both meet at the closing, hand over keys, talk about the strange characteristics that only this house has that the Buyer needs to know about, and wish each other luck?

It doesn't work that way in Summit County, Colorado, about 90% of the time. I don't remember the last time that I had both Buyer and Seller closing together, in person, looking at each other across the closing table. The majority of our closings are "mail outs" meaning that they are done via Fed-ex with neither party being in town for the closing. In Colorado, title companies handle the closing, and an attorney is seldom involved at that point. If the Buyer or Seller want an attorney to look over contract and closing papers it is best done prior to the actual closing. Because so many of our transactions are second homes, I often never meet the Sellers whose listing I am closing. We handle everything long distance, via email, telephone and fax. We meet the Buyers when we show them the property, but then they go home and we finish everything long distance again.

Here is how your transaction might work.

We put all your documents online on our Mountain Living website, password protected so that only you will see them. You can read, print or download them as you choose. We have your dates on an online calendar so that you can keep track of them too. Nicole, our team's transaction manager, takes care of keeping up with dates and deadlines. She orders the inspections, checks over the title work and keeps in touch with the lender and the title company. Nicole also works with the management company and/or homeowner's association and arranges to change over the utility services.

If your closing will be a mail out, we make sure that we have a draft settlement sheet from the title company at least a week before the closing date. We check it over, verifying that fees and charges are correct, make changes if necessary, and get a final settlement sheet. We email it to you so that you know how much you need to bring to closing (or the amount you will get from the closing, if you are the Seller.) Four to seven days prior to closing, the title company Fed-exes an envelope to you with all your closing documents in it. They do a great job of marking all the documents clearly so that you know what you have to sign and what has to also be notarized. If you have questions, a call to us or to the title company will get you the answer. Once you sign, (and Buyers put their cashier's check in the packet or get the down payment funds wired) everything goes into another pre-addressed and pre-paid Fed-ex envelope and it is dropped into the nearest Fed-ex box. It is that easy! At the same time, the Sellers are also signing their closing packet. With no loan papers to sign, the Seller's packet is much smaller.

One major difference from some states is that we are a "table funded" state, meaning that funds are due at closing, not 3 days later. No funds? No keys! The closing doesn't happen without all the money changing hands. We had issues with this when California lenders were involved as they weren't used to having to fund until after the closing. As of this year, all lenders doing business in Colorado must be licensed in Colorado, and that really helps us out. Down payment money must be "good funds" meaning a cashier's check or a wire transfer. Personal checks are not accepted unless it is for a very small amount; less than $200 usually.

On closing day, the title company takes the Buyer's documents, matches them up with the Seller's documents, the Brokers sign the settlement sheets, and it is a done deal! Funds get disbursed, keys get mailed, utilities get transferred over and one more lucky home owner has a great mountain getaway.

Many times we have Buyers closing in person, and the Seller closes via Fed-ex. It works the same way but involves a little less paper as the Buyer gets to sign on the same papers the Seller signed. It eliminates some duplication. Once checks are handed over and copies are made, the Buyer is given keys, copies of the documents and gets to go and enjoy their new home. The Seller's proceeds are Fed-exed or wired to them and everyone is happy! We like closing days, but after so much close interaction with the Buyer or Seller, it is almost like we are losing a good friend as we now won't be talking so often!

Copper Mountain's Center Village. Ski season starts Nov 2nd.

2007-10-07T22:54:38Z

The Center Village at Copper Mountain is the newest base area closest to the American Flyer and the American Eagle lifts. The majority of the Village was built in 1999 and 2000, with Passage Point built a little later, in 2001. It is a part of what was heralded as the "rennaisance" of Copper Mountain, when Intrawest bought the resort and started redeveloping the base area.

The main cafeteria for the ski mountain is called Jack's, and it has had an awesome salad bar the last two years, even serving ahi. I hope they have it again this season. Jack's is right at the base of the mountain, between both lifts, and is in the Copper One Lodge building, with retail shops, ski rental, restrooms, lockers and the Camp Hale coffee shop. The upper floors of Copper One Lodge have 63 condominiums, from studios to one bedrdoom, one bedroom/den and two bedroom units. The condos looking straight up the ski mountain are awesome places to stay in the spring, with the sun shining on the decks while you watch skiers coming home at the end of the day. Access to the mountain is directly out the front door of the building, so it is truly a ski-in, ski-out building.

The next closest building to the mountain is Mill Club. It sits right at the base of the American Eagle lift. On the lower level are a couple of good restaurants, the Storm King Lounge and the Incline Grill, and a retail store. The next three floors house 31 condominiums. These condo homes are the largest in the Center Village area, and the most expensive. The front condos have full views straight up the mountain and ones on the back of the building overlook West Lake, a skating pond in winter and boating pond in summer.

Behind Copper One Lodge is Tucker Mountain Lodge. Between the two buildings is a climbing wall, for additional summer fun. Tucker has a couple of retail stores in the lower level and the rest of the building consists of 84 condominiums. Tucker is the only newer building with lock-off units. They bring in considerably more income than a standard, two bedroom condo as the second bedroom has a murphy bed and hideabed, so will sleep four comfortably. As a rental, it can be locked off from the rest of the condo and used as a hotel room, leaving the other portion to be rented as a one bedroom condo. The south side of the building has ski slope views, over the roof of the Copper Commons convention area, and creek views on the north.

Taylor's Crossing sits behind Mill Club, still only about 100 yards from the lifts. It faces West Lake on the east side and Ten Mile Creek on the north. A restaurant, the Alpinista Mountain Bistro, and a gift shop are on the lower level and 50 condominiums make up the rest of the building. The floor plans and furnishings are similar to Tucker, although Taylor's does not have lockoff condos. All four buildings share a common parking garage underneath them, and elevators take guests up to the condo units above. All buildings have fitness rooms, steam rooms and hot tubs. Wireless internet is also available and almost all units have decks.

On the other side of the creek is Passage Point, the newest of the Center Village condo buildings. The 134 condos are about 10% larger than the standard in the Village, which makes up for being just a bit further away from the lifts. Starbucks has a store nearby and a bank occupies part of the ground level. There is also an excellent restaurant, the CB Grille. Most of the front condo units have fabulous ski slope views. Many have great river views.

Other condo complexes that help to make up the Center village, even though they were built some time ago are Telemark Lodge, The Lodge at Copper, West Lake Lodge, Bridge End, Snowbridge Square, Copper Junction, Spruce Lodge, Mountain Plaza and Village Square. One of the requirements when buying a condo in the Center Village is that a transfer fee of 1.5% of the purchase price be paid to the Village Association. Whether it is paid by Buyer or Seller is negotiable as part of the purchase contract. It is only required in the new buildings. Additionally, a quarterly Village Association fee must be paid by owners of these condos, and it is not required of the older ones. However, dues tend to be lower in the newer buildings, so the Village dues, which are fairly low, are not usually a big issue.

I have been a homeowner at Copper for several years, and am a guide for the Over the Hill Gang. I know Copper inside and out, so if you have any questions about anything there, whether Copper Mountain real estate or not, feel free to call me!

Vote for your favorite Summit County ski area

2007-09-24T23:17:12Z

For the last few weeks I have had a survey running on my Summit County real estate blog, asking people which is their favorite Summit County Ski Resort. Copper Mountain took the lead early on (I only voted once!) and is now way ahead of all the other resorts.

Today my SKI magazine came in the mail and I found Breckenridge listed at #7 in the west, which put it as #1 in Summit County. Breck has never been my favorite mountain, although I know many Summit Countians that won't ski anywhere else. I have often found it cold and windy, (AKA Breckenfridge), crowded, and hard to get from one area to another. However, I have had some great lessons there with the Professional Ski Instructors of America (PSIA) and last year I was introduced to the T Bar. I guess if I skied there more I might like it better.

The night life is a big draw in Breck. There are many wonderful restaurants and plenty of things to do apres ski. It has arts and culture with galleries, neighborhood playhouses and summer concerts. The town and the ski mountain are interconnected with the gondola and a great bus system, and many condos are within walking distance of both.

Keystone was rated number 11 by SKI magazine readers and it has tied for last of four (with Arapahoe Basin) on my very unofficial and unscientific survey. Keystone has the advantage of being part of the Vail Resorts family, together with Breckenridge. The season passes work in both areas and many out of town visitors will ski both mountains during their stays. Keystone has some fun tree skiing on the Outback and North Peak has nice runs when the snow is good. I avoid Keystone during low snow conditions and in early season as it can be icy. I have yet to try the snowcat skiing, but I have heard wonderful things about it!

Number 14 in the west is Copper Mountain. My readers gave it a number one rating with about 2/3 of the first place votes. SKI magazine calls it underrated and says that some people like it because it hasn't been "Aspen-ed" yet. I would agree; it is laid back and relaxed, with no need for pretention. It does lack evening activities, but Frisco is nearby with some great restaurants. Copper brings in a lot of weekend events that keeps things exciting. Pass holders are very loyal and now are excited that is possible to ski at Winter Park and Steamboat with as some of the pass products. Copper skiers have options from easy beginner skiing to extreme "hike-to" skiing on Tucker Mountain. At Copper, skiing is what it is all about.

Arapahoe Basin, "The Legend" also has some extremely loyal skiers. There are many telemarkers and back country skiers that frequent the areas in and around A Basin. Of course, it gets many late season skiers after other ski areas close. It is a mountain for die hards; bumpers, extreme skiers and adventurers. Pallavicini, affectionately known as "Pali" is a goal for many intermediate skiers proving their skills just in getting down it.

All four Summit County ski mountains have lots of things going for them. We always hope for upgrades and improvements, and we usually get a few each year. Often, one mountain will get lots of new things that pushes it ahead of the rest, but then the next one will catch up and become competitive again. Skiing and snow conditions are of prime importance to the local skier, while accomodations, food and nightlife might be more important to the destination skier. Together, they show that competition is good, and they do a wonderful job of serving a variety of needs for the skiing and riding population.

6 Rules for 1031 tax deferred exchanges

2007-09-22T00:46:10Z

An AR friend called me today asking about 1031 exchanges. She knew that we do a lot of them as we are in an area with a lot of rental properties. Her call reminded me that I had written a couple of posts about them on my outside blog, and thought that I should post them here too.

When buying or selling certain properties, you can defer the taxes on the gain by doing a 1031 exchange. When you sell one property and buy another, it is possible to defer all taxes on the gain if you follow these six rules to meet the stringent IRS regulations.

The IRS Rules for Exchanges

Qualified Intermediary (QI). The IRS mandates that you use a QI to prepare the legal documents for your exchange. Because the QI must be independent, it cannot be your friend, employee, broker, or even your accountant or attorney. The QI also holds your money, so that you do not have access to it.
Proper title holding. You must purchase and take title to your new property exactly as you held title to your old property.
Reinvestment Requirement. To defer all of your capital gain tax, you must buy a property equal or higher in value than the one you sold. Also, you must reinvest all of the cash proceeds from your sale and the loan amount must be the same or more.
Real Property Use. Both your old and new properties must qualify as investment or business use. If both properties pass this test, you can exchange nearly any type of real estate. Read more about a recent court ruling on 1031 exchange treatment of vacation properties.
45 Day Identification Period. You have 45 days from the closing of your sale to identify the properties you may want to buy. There are no exceptions to the deadline.
180 Day Exchange Period. From the sale closing date, you have 180 days to close on the purchase of one or more properties from the 45-day list. Again, there are no exceptions to this deadline. Miss a deadline and pay the taxes. The IRS is not very forgiving!

Courtesy of The 1031 Exchange experts.

One other item that not everyone is aware of is that your clients can sell one property and buy two more with the proceeds! They are not limited to one property only.

Another AR posts I wrote on 1031 exchanges tells how a Breckenridge attorney acting as an intermediary disappeared, allegedly with the money! Take care in giving clients names of companies and make sure that they understand that they are not regulated yet!

Photo by Thomas Hawk on www.flickr.com

Home exchanges, have you tried one yet for a cheap vacation?

2007-09-18T01:05:32Z

Many websites are now devoted to helping people who want to exchange homes, almost anywhere in the world. The idea is that if you want to go to France, and someone in France wants to go where you live, you connect on the web and trade houses. Sounds easy, and perhaps it is.

I was born in New Zealand and am planning to go back there for a few weeks later this year. I attempted to try to find someone to trade homes with. I paid for memberships to http://www.homeexchange.com/and www.homeforexchange.com, to the tune of about $90 for both for a year. I chose those particular websites because they both list a lot of homes in New Zealand. The memberships allow me to email the owners of homes that interest me, and also put my home on the websites so that others might see it and contact me if they want to come here. Being in Colorado, lots of people want to come here and ski in the winter, and as it is summer in New Zealand at that time, it works out well.

However, I am pretty specific about where I want to go, because I want to be near the town we lived in when I was a kid. I see many listings where people are very flexible and are open to suggestions. I had a number of inquiries, but had trouble matching up both the time frame and the area I needed. Most people had kids and had to come here during school holidays. I wanted to go before the busy season.

If you have a second home, then you may not necessarily need a simultaneous trade. It could be that you would vacation in France in May and the french family could use your second home in July. In my case, it would need to be at the same time, and it has the added advantage of giving me a housesitter and someone to feed my cats. One potential trade sounded perfect, in the right area and right time frame, but her husband was allergic to cats. We can't have allergic people in my house! They would be miserable with my three cats. Cat lovers only!

Of course, there are lots of questions, as you don't know who the people are that would be staying in your home. Many sites have people who have exchanged a number of times, and some have reviews of the people and their homes. When I go back to New Zealand I am going to make it a point to meet some of the Kiwis I have contacted who might possibly trade homes with me at a later date. If you have traded homes before, do me a favor and comment on this post and let us know how it went for you (please?)

New Zealand photo courtesy of "the Irish Guy" on Flickr.com. The Kitties are all mine!

9 questions to ask when choosing your vacation home manager

2007-09-13T00:58:56Z

When you want to put your Colorado vacation home on a rental program, how do you know which management company you should hire to take care of it for you? You have many options, from renting it yourself using the internet with some local assistance, to being very hands off and doing no more than cashing your check each month.

Decide what your goal is for your property. Do you want to rent it as many nights as you can and make as much money as possible? Or are you more concerned about the condition of your condo and prefer to have someone that you know will screen the renters very carefully and check the inventory after the guests leave? Most people want both, but it is not always possible, and you will have to do some research and ask a lot of questions. Here are a few suggestions when you talk to the potential managers.

1. What fees do you charge besides the 25 to 50% you will take of the total income? These could be cleaning fees, marketing fees, internet advertising, linen fees, telephone charges, health club use or any number of other things. There is one particular company in town that charges 50% plus so many other fees that they end up with about 57%.

2. How often is the property inspected; after every cleaning, once a month, twice a year? Is the inspection cursory or do they check against an inventory list to make sure nothing is missing? What are they looking for when they do the inspection?

3. How often is the carpet cleaned and is it spot cleaned as needed? This is probably my biggest gripe, as it would be so easy to spot clean, and yet often nothing is done until the property is scheduled for its annual carpet clean. There is no excuse for your home or condo to be dirty when guests arrive.

4. When does my check arrive and what is the cutoff date for payment? Getting your check July 20th for June rentals is about as far as I would let them go. Ask what kind of accounting you will get. Will it be a detailed statement or just a check each month? Do they require that you give them a deposit, and if so, how much, and under what circumstances will it be used?

5. What if I want to use my condo myself? Do they routinely charge a cleaning fee or will they accept the condition in which you leave it? Many management companies have had poor experiences with the owners not leaving the condo in the condition they think it should be for the next guest, and they charge to clean it. Don't forget that the cleaning includes linen changes, new shampoos, soaps and coffee packets and little extras like folding the kleenex into a fan and the toilet paper into a little "V".

6. If I want to book my condo for a friend of mine to use at no charge, do I lose my place in the rotation of units? This happens most often at the ski areas, where they might have 30 similar units in the rental program and they are rented in rotation. You might lose your place in the rotation, and therefore lose a rental opportunity if you or a friend use your condo.

7. When is the deep clean done, what does it consist of and how much will it cost? Do I have the option of doing the deep clean myself if I want to? A deep clean usually means cleaning things that don't get done on a regular basis, like baseboards, blinds, carpets, behind and under the refrigerator and under the sofa. The bedcoverings and pillows should be washed or sent out to be drycleaned. Will the managers notify you if they think you need a new hideabed, paint or new carpet? Will they lower the ranking of your unit if you don't? (ie: gold, silver, bronze.)

8. How is routine maintenance handled? How much money will they spend on your behalf with prior authorization and at what point will they call you to see if it is ok? Do you have the option to do the maintenance yourself if it is not an emergency?

9. Do you get a security deposit from the guest to cover breakage or missing items and will you charge them if something happens? I find that frequently the ski area lodging companies don't want guests upset by charging them for damages because they want them to come back again. Often the homeowner is the one that gets to foot the bill. By the time the homeowner finds out about the damage, it is too late to charge the guest for it, even if you were to know which guest it was.

10. I know, I said nine, but here is a bonus. Talk to as many people as you can who have had experience with rental companies. Ask the company for referrals and talk to your resort area Realtor. He or she should be knowledgeable about the companies in town and their reputations will tell you a lot about how they operate.

I have written several other posts on my experiences and those of my clients with Colorado vacation homes, so be sure to check for similar articles. Among them are "The good, the bad and the ugly" , "6 easy money making ideas for renting your condo", "Your vacation home can pay for itself" and "How to get your rental property to cash flow".