Breckenridge provides details on upcoming events, including oktober-FEAST

 

 The Breckenridge Tourism Office announced details for oktober-FEAST, the 2020 replacement for Breckenridge’s Oktoberfest celebration, which is postponed until 2021. Oktober-FEAST will take place from Sept. 25-27 and Oct. 2-4. During the oktober-FEAST weekends, local restaurant chefs will pair several course meals at individual restaurants that will showcase the chef’s take on traditional German dishes. 

The first weekend of the event will run alongside Walkable Main, the pedestrian-only Main Street that will continue until Sept. 28. In compliance with COVID-19 restrictions, reservations will be limited to eight people per table and facial coverings are required when not eating or drinking. Confirmed participating restaurants include Blue River Bistro and Hearthstone Restaurant.

In addition to oktober-FEAST, upcoming events that are happening in Breckenridge include Make a Difference Day, which will feature a Valley Brook Cemetery cleanup on Aug. 29 from 8 a.m. to 12 p.m.; the Breckenridge Creative Arts drive-in movie series, which will take place from July 17-18, July 31 through Aug. 1, Aug. 14-15 and Aug. 28-29; the virtual Great Rubber Duck Race, and the Annual Breckenridge Gathering at the Great Divide, which will take place from Sept. 5-7 from 10 a.m. to 4 p.m. at the Colorado Mountain College parking lot.

Summit County commissioners approve ballot question aimed at addressing future revenue shortfalls

      Summit County voters will see a question on their ballots this November asking them to allow the county more control of its mill levies to keep property tax rates higher than the state currently allows.

In a special meeting Thursday, Aug. 13, the Summit Board of County Commissioners unanimously voted to approve a resolution to add the ballot question, which aims to prevent Summit County from losing more than $5.5 million in revenue in 2022. 

Due to the economic fallout of the novel coronavirus pandemic, residential property values have risen higher than nonresidential values. As a result, the state’s preliminary residential assessment percentage has fallen from 7.15% to 5.88%, which is done to maintain the 45-55 ratio of residential to nonresidential property put in place by the Gallagher Amendment to the state’s Constitution. The anticipated decrease in property tax rates will lead to a revenue shortfall on a local level.

While the commissioners supported the ballot question, there are some members of the community who feel it’s not the people’s role to make up for revenue losses at the government level. 

Summit County Republicans Chairman Mike Tabb said he believes “the county is jumping the gun” on the issue because a state resolution to repeal Gallagher is also on the ballot. 

“At some point, they need to do a better job at budgeting the resources given to them,” he said. 

Tabb said the increases in the general fund budget since 2018 show that the county instead should respond to the revenue shortfall by looking at changes that can be made at the government level. The expenditures budgeted for general fund in 2020 — $46.5 million — is about 37% higher than the expenditures in 2018, according to the county’s 2020 budget. 

Summit County ski areas plan for winter while waiting on guidance from the state

 

#Colorado

 Summit County’s ski areas were abruptly shut down in mid-March by COVID-19. Now, ski area officials are preparing for the upcoming ski season as the pandemic continues to affect daily life.

With ski season just two months away, most ski area officials were reluctant to discuss specific winter plans but noted that they are or will be working with local and state health authorities as well as other ski areas to develop rules and guidelines for ski season.

During the Business Leadership Forum hosted Wednesday, Aug. 12, by the Summit Chamber of Commerce, Summit County Commissioner Elisabeth Lawrence said officials from ski areas across the state met Wednesday with state health officials and representatives from the governor’s office.

Keystone Resort and Breckenridge Ski Resort’s parent company, Vail Resorts, announced at the end of July that the resorts were preparing for the upcoming season and urged communities, employees and guests to “stay vigilant” in the fight against COVID-19. The letter, written by Vail Resorts CEO Rob Katz, touched on some of the requirements of the 2020-21 ski season, including facial coverings in all indoor and outdoor public gathering spaces. He also wrote that physical distancing efforts will limit or restrict events or other gatherings where 6 feet of space between unrelated groups can’t be maintained.

Keystone spokesperson Loryn Roberson wrote in an email that the resorts are planning for a normal opening schedule as they continue to learn from summer operations. Employees also are undergoing health screenings and training.

Summit County works to find solutions for potential $5.5M loss in revenue

 

Summit 

#Colorado

In an effort to avoid a more than $5.5 million drop in revenue in 2022, Summit County officials are considering a ballot question that would ask voters to allow the property tax rate to be higher than state law allows.

Currently, the state projects the residential assessment rate will drop from 7.15% to 5.88%, which is done to maintain the 45-55 ratio of residential to nonresidential property put in place by the Gallagher Amendment to the state’s Constitution. 

Under Gallagher, which was passed in 1982, residential property tax revenue is allowed to make up only 45% of the state’s budget. Since Gallagher was enacted, the residential assessment rate has plummeted as values have increased.

The Summit Board of County Commissioners will review a proposed ballot question at a special meeting at 4 p.m. Thursday, Aug. 13.

If no ballot measures pass, Vargo said the county would have to look at cuts to personnel. To make up for the money lost, Vargo estimates the drop in revenue equals about 70 of the county’s nearly 500 positions.

500 employees?  The town of Breckenridge had only 300 residents in 1974!

Summit County’s adoptable pets for the week of August 9, 2020

Zelda 

 The following animals are available for adoption at the Summit County Animal Shelter. Call the shelter at 970-668-3230 with questions. The most recent list of animals available for adoption can be found via their website.

Note: The animal shelter is now open Monday through Saturday from 9 a.m. to 5:30 p.m. Please visit SummitCountyCo.gov/animalcontrol for physical distancing protocols.

Cats

ASPEN, 7 months, domestic shorthair, tortoiseshell, spayed female

BABY, 4 years, domestic shorthair, black and white, neutered male

BUTTONS, 10 months, domestic shorthair, black and white, neutered male

CAMI, 9 years, domestic shorthair, gray and white, spayed female

ELIZABETH JANE, 11 months, domestic shorthair, white and black, spayed female

LEA, 2 years, domestic shorthair, gray and black tabby, spayed female

MULAN, 7 years, domestic mediumhair, brown, spayed female

TALOULA, 2 years, domestic shorthair, tortoiseshell, spayed female

ZELDA, 7 years, domestic shorthair, gray and white tabby, spayed female

Dogs

ALEXANDRIA, 5 years, pit bull terrier, blonde and white, spayed female

GINGER, 1 year 8 months, German shepherd, black and tan, spayed female

KAI, 1 year 7 months, Siberian husky, gray and white, spayed female

KAPYUSKA, 1 year, Siberian husky, black and white, spayed female

NIKITA, 3 years, Siberian husky mix, red and white, spayed female

PARKER, 1 year, Labrador retriever mix, chocolate and white, neutered male

RUSO, 1 year, Siberian husky, black and white, neutered male

SOFIA, 4 years, Mastiff mix, white and brown, spayed female

August Real Estate Update

 

The Real Estate Market Breckenridge  Frisco  Silverthorne  Dillon  Keystone  Copper   Summer Selling Season is Now: June's real estate activity increased as the county went from being shut down in March, April, and May to opening up a little bit late May and early June. Now, in July, the activity is soaring! Typically August and September are very robust for real estate sales, and as we start August, it appears to be the same this year. Percent of List Price to Sold Price: The percent of list price to sold price as we were in the initial stages of COVID-19 was heading lower and towards about 96%. June, and now July has turned that back around to normal levels. The percent of list price to the sold price in July is back at and close to 98%. Number of Sales: Year to date, the count of properties that have sold is still recovering from being shut down in March and April, with total sales down about 15%. June and July are starting to correct the downward trend and, as shown in the above graph, July sales are up 22% over July 2019! How much is that Home? Countywide prices are about the same as last year. Up just a bit. The average sold price so far in 2020 is up 2% over the same period in 2019. On average a residential property will sell for $838,000. Single Family Homes are at an average sold price of $1,328,000, and condominiums are at an average sold price of $517,000. Inventory: It's dropping! Typically this time of year, the inventory continues to increase. The number of properties for sale started declining in June and has continued to decline in July. The inventory of available properties for sale in the first part of August is down 19% as compared to the same time in 2019. Nancy Yearout Broker Associate RE/MAX Properties of the Summit 970-485-0293 nyearout@colorado.net https://www.realestate-breckenridge.net Get my Mobile App: getmobile.remax.com/nancyyearout "And I'm Never ever too busy for all referrals you can send my Way!"  ​ RE/MAX Properties of the Summit - 2 Offices in Summit County, CO: Frisco & Breckenridge. Website: ColoradoMTNProperties.com ​ ​ Source: Sold Data from SAR MLS.  Stats pulled on 8/2/20. *SAR MLS Data  Annual sales 1/1 through 7/31. *Residential Sales (home, Condo, Townhome & Duplex),  Change is Year over Year or 2020 vs 2019. **The information contained herein is based on information provided by others. Accordingly, we make no guarantee of its accuracy and suggest you make an independent inquiry of any matters you regard as important.  ​ ​Each office is independently owned and operated.

Walkable Main to stay through September; winter planning underway in Breckenridge

Breckenridge Town Council decided to begin reopening Main Street to vehicle traffic Sept. 28 at a special Town Council meeting Tuesday, Aug. 4.

Results from the business survey conducted by the Breckenridge Tourism Office showed support for extending Walkable Main into the fall. The survey was open for seven days and received 88 responses. Of those, 83% supported extending Walkable Main into September. The Tourism Office concluded that support for keeping the pedestrian Main Street open into September is strong across three business segments — lodging, restaurants and retail — but that support waivers for extending the date any further than that because of uncertainty around winter operations. 

With varying plans for school start dates and online learning across the country, Mayor Eric Mamula said he thinks there will be more travelers this fall, which he cited as another reason to continue Walkable Main through September. He proposed reopening the street to vehicle traffic Sept. 28, and council members agreed. However, Town Manager Rick Holman said the reopening would have to be coordinated with the public works department and that while work to reopen the road could begin Sept. 28, it might not officially open until the next day.

Planning for winter

Also at the special meeting, council discussed plans for navigating winter during a pandemic.

Mamula asked council members whether they were in support of leaving the local emergency ordinances, including the mandatory mask zone, in place through the duration of the pandemic. Council was mostly in agreement; however, Carleton said the restaurant and bar curfew should be played “by ear.”

Brokerage Survey: 45% of Contracts Are ‘Sight Unseen’

Virtual tools have helpedg home buyers feel more comfortable shopping online to choose a home and even make an offer, without first stepping inside. The real estate brokerage Redfin says the trend of “sight unseen” offers is reaching record highs.

Redfin reports that 45% of its consumers who purchased a home in the past year made an offer on a property without first seeing it in person. That is up from 28% in 2019 and the highest share since at least 2015, when Redfin first started collecting such data.

Redfin commissioned a survey in May and June of more than 1,400 consumers from across 29 major metros. In a separate survey conducted by realtor.com® in April, shortly after the coronavirus outbreak in the U.S., 24% of 1,300 consumers surveyed said they’d be willing to buy a home without first seeing it in person.

Real estate pros cite health concerns around the COVID-19 pandemic and heated competition from a shortage of homes for sale as reasons for the sudden urgency from buyers. Real estate pros are increasingly turning to virtual tours and a video walk-through to guide skittish buyers through homes.

Sight-unseen offers will likely climb over the next few months, predicts Daryl Fairweather, Redfin’s chief economist. “I predict that by the end of the 2020 homebuying season, the majority of home buyers will have made a sight-unseen offer,” Fairweather says. “The pandemic has changed the way many people view homes, and on top of that, the market is highly competitive. If you aren’t using this strategy, another buyer who is could beat you to the punch.”

Fourth Street Crossing’s market hall construction incorporates Old Dillon Inn

#Silverthorne #Colorado

Passersby in Silverthorne may have noticed the Fourth Street Crossing construction in progress, particularly of the market hall being built around the Old Dillon Inn. Construction on the development is making progress as the market hall and the hotel are both under construction and the parking structure is nearly complete. 

Silverthorne Town Manager Ryan Hyland explained that the Old Dillon Inn will be integrated into the market hall, creating a building inside a building. The inn originally came from the former town of Dillon, which would now be under the Dillon Reservoir, but does not have an official historic reservation so its preservation was up to the developer. The Mint, another building with Summit County history, will remain standing on its own in the development area.

The interior design of the building is up to the tenants, but Vollmer said they are looking for tenants who want to preserve the character of the historic structure and bring the Old Dillon Inn back “to its glory days.” Vollmer said Milender White’s marketing team is working on a project to share people’s stories of the Old Dillon Inn. While they have collected some stories about these experiences, they are still looking for more to add. Vollmer said the developers hope to have a full-service restaurant and a bar operating in the Old Dillon Inn.

Summit County’s adoptable pets for the week of August 2, 2020

#Breckenridge #Colorado

Call the shelter at 970-668-3230 with questions. The most recent list of animals available for adoption can be found via their website.

Note: The animal shelter is now open Monday through Saturday from 9 a.m. to 5:30 p.m. Please visit SummitCountyCo.gov/animalcontrol for physical distancing protocols.

Cats

ACORN, 7 years, domestic mediumhair, gray tabby, neutered male

ASPEN, 6 months, domestic Shorthair, tortoiseshell, spayed female

BABY, 4 years, domestic shorthair, black and white, neutered male

CAMI, 9 years, domestic shorthair, gray and white, spayed female

ELIZABETH JANE, 10 months, domestic shorthair, white and black, spayed female

LEA, 2 years, domestic shorthair, gray and black tabby, spayed female

MILEY, 1 year, domestic shorthair, white and gray tabby, spayed female

MULAN, 7 years, domestic mediumhair, brown, spayed female

TALOULA, 2 years, domestic shorthair, tortoiseshell, spayed female

ZELDA, 7 years, domestic shorthair, gray and white tabby, spayed female

Dogs

ALEXANDRIA, 5 years, pit bull terrier, blonde and white, spayed female

BANDIT, no age, Labrador retriever and Chinese shar-pei mix, black and white, neutered male

COCO, 2 years, Labrador retriever and miniature pinscher mix, chocolate, spayed female

ECLIPSE, 3 years, chow chow mix, black, neutered male

GECKO, 2 years, bulldog mix, black and white, neutered male

GINGER, 1 year 7 months, German shepherd, black and tan, spayed female

HUGO, 1 year, Labrador retriever and Australian cattle dog mix, black and white, neutered male

SOFIA, 6 years, mastiff mix, white and brown, spayed female

TREY, 1 year, Australian cattle dog mix, black and tricolor, neutered male

ZOSO, 2 years, Australian cattle dog mix, black, neutered male

7 Client Behaviors Emerging From COVID-19

As the effects of the pandemic continue, nine in 10 REALTORS® say their housing markets are in recovery mode, with many even saying their markets are hotter now than a year ago, recent member surveys from the National Association of REALTORS® show.

“The delayed spring market is definitely occurring now in the summer months,” says Jessica Lautz, NAR’s vice president of demographics and behavioral insights. The housing market is seeing unprecedented monthly jumps in existing-home sales, and home price appreciation remains strong. (Read more: Contract Signings Make a ‘Remarkable’ Move and Existing-Home Sales Surge to Record Pace in June)

Lautz notes several insights, culled from recent NAR research, that show how buyers' and sellers' behavior is changing during the coronavirus health crisis. She highlighted those findings at Thursday’s “REvive! From Crisis” virtual conference that featured an all-day lineup of industry leaders and speakers.

Your Changing Client

1. Buyers are in a rush. Last year, buyers looked at an average of nine homes before making a home purchase. Now, they’re looking at three to four homes before initiating a contract. “Buyers are fast-forwarding their transactions,” Lautz says. Homes are selling in an average of just 24 days. More than a quarter of REALTORS® report their buyers are acting with greater urgency over recent weeks, particularly those making home purchases in rural areas.

2. Wish lists are shifting. Home shoppers are changing some of their priorities for home features. For example, NAR research shows that the top feature desired by buyers is a home office. Many households may need more than one. Also, more home buyers are sizing up outdoor space, showing an increasing desire for a pool, garden, or just more space to enjoy the outdoors.

3. Buyers are less concerned about commutes. As remote work grows, 22% of about 2,300 REALTORS® surveyed by NAR say their buyers are becoming less concerned about commute time when shopping for a home. Freedom from the bounds of the commute has allowed some buyers to expand their searches beyond city centers to the suburbs and exurbs—which may also offer more affordable housing. A quarter of REALTORS® report their buyers are looking away from the city center and toward to the suburbs or smaller towns. “If workplaces keep changing and there’s this greater acceptance of remote working, this trend could stick around longer,” Lautz says. Also, second homes may be in greater demand. “If they can work from any place, we could see more buyers embrace second homes in rural areas,” Lautz said.

4. Multigenerational households may grow more common. One in six Generation Xers and younger baby boomers purchased a multigenerational home pre-COVID. Lautz suggests that trend could increase as more generations, including aging parents and adult children, all come under the same roof during the pandemic. “Moving forward, that could mean your buyers will be looking for larger single-family homes,” Lautz says. “They also may want to make sure they have a sizable living space on the first level” for an aging parent. (Read more: Will McMansions Trend Once Again?) Also, recent surveys show a growing desire of buyers—particularly younger buyers—wanting to live closer to their family. The top reasons to move before the pandemic were a new job, marriage, or baby. But now most moves are being driven by young millennials—twenty-somethings—who want to be near their family or friends. “The family unit appears to be becoming more important, and I think COVID could increase this trend,” Lautz says.

5. Pets could drive purchase decisions. The pandemic has sparked a surge in households that want a pet. NAR surveys have shown that pets can influence when and where people buy. Forty-three percent of households say they’d be willing to move to better accommodate their pet, according to NAR’s 2020 pets in real estate study, “Animal House: Pets in the Home Buying and Selling Process.” “We see consumers actually want to buy a property because of a pet, and then they may want a fenced-in yard and extra space for their animals,” Lautz says.

6. A first-time buyer wave could emerge. Consumers may show more commitment to their home than to long-term relationships. In the 1980s, 75% of first-time buyers were married. In 2019, that dropped to 53%. Young adults are waiting longer to get married. Meanwhile, unmarried couples are buying homes at the highest levels ever recorded by NAR: 17%. Also, NAR research has seen a rise in roommates pooling their incomes to purchase a home together. NAR’s research shows that percentage at a mere 4%, but Lautz notes it’s the highest share that NAR has ever recorded. Overall, in 2019, first-time buyers comprised 33% of the housing market, still a low number by historical standards. “But there could be an uptick, particularly in affordable places further out,” Lautz says. “If young professionals become less tied to a metro area for work—in metros where it can be difficult to afford a property—they may increase their purchases.”

7. Housing tenure could fall. Over recent years, homeowners have stayed put in their homes longer than they have in past—an average of 10 years, which is longer than the traditional six-year average. Americans are not moving longer distances like they did in the 1980s. As cities urged stay-at-home restrictions during the pandemic, consumers may start to question whether their home fits their current needs. “Interest rates are at all-time lows; [consumers] may want to move and find a home where they can work from and the kids can too, and they want more yard space to relax,” Lautz notes. “This change in homeowner tenure could be one we see coming soon.”

Local Real Estate Market Snapshot

A Real Estate Market Snapshot! Breckenridge  Frisco  Silverthorne  Dillon  Keystone  Copper   What's Selling the Most...Homes, Condos, Townhomes or Duplex Homes? ​ The Peak is Here!  And here's a quick glance at some numbers as of the 29th of this month that says, "It's a strong market after all."  ​And in the meantime, 'Stay Tuned" for the full stats for the month of July that will be out in the next week or so.  There are 655 properties under contract in Summit County. 255 are new construction. 399 are resales. July 2020 already has more sales than July 2019! The AVG Sold Price this July is up from July 2019 by over $40,000! If only the 399 resale properties under contract now close over the next two months (August and September), Aug & Sept sales in 2020 will be the same as 2019.  As a result, Aug & Sept are already in position to outpace 2019. Nancy Yearout Broker Associate RE/MAX Properties of the Summit 970-485-0293 nyearout@colorado.net https://www.realestate-breckenridge.net Get my Mobile App: getmobile.remax.com/nancyyearout "And I'm Never ever too busy for all referrals you can send my Way!"  ​ RE/MAX Properties of the Summit - 2 Offices in Summit County, CO: Frisco & Breckenridge.  ​ Source: Sold Data from SAR MLS.  Stats pulled on 7/10/20. *SAR MLS Data  Annual sales 1/1 through 6/30. *Residential Sales (home, Condo, Townhome & Duplex),  Change is Year over Year or 2020 vs 2019. **The information contained herein is based on information provided by others. Accordingly, we make no guarantee of its accuracy and suggest you make an independent inquiry of any matters you regard as important.  ​ ​Each office is independently owned and operated.