Amy Nakos

Frisco Sold Transactions - Price Band Comparison

A number of people have been asking me whether homes in certain price ranges are selling better than others in Frisco. From an anecdotal perspective, I know that the townhomes I have listed at Fifth and Belford, in the $900's, have much fewer showings than similar properties I had listed last year.

I compared the number of sold transactions in different price bands from January 1 to August 25 (the day I'm writing this article) for the years 2007 and 2008. Here are the results:

Sales of properties under $500,000 have been least affected by the market slowdown, showing a decrease in number of transactions of 27%. Properties over $500,000 to $1 million have seen a much greater percentage slowdown from 65 to 78% less sales than last year. Sales over $1 million in Frisco total four in each year, not making a great statistical analysis.

Some good news is that as of the date of this article, there are 19 pending properties in Frisco. Eleven are listed under $500,000, continuing to confirm that lower priced properties are continuing to move. Five pending listings have list prices between $500,000 and $750,000. Two are listed between $750,000 and $1,000,000 and one property is listed at $1,650,000. We also all know that September and October are huge months for closings, so hopefully the numbers will continue to increase.

Amy Nakos, Landmark Real Estate Group, LLC, Frisco, CO

I have lived in Summit County for five years. During this relatively short time, I have seen numerous changes to my hometown Frisco. As a real estate broker, I know that I should take the advice from Charles Darwin: "It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change." Here is my update on new Frisco multi-unit projects which will continue to change the landscape of the town.

A new commercial and residential condominium development called Latitude 39 will be built at the northwest corner of 4^th and Granite Streets. There will be seven residential condos, two with elevators. A one bedroom is listed at $645,050 and a three bedroom is listed at $1,320,000.

Forty-three total units are slated for development at the old Frisco Crossroads location at the corner of Highway 9 and Granite Streets. The name will be Water Tower Place and it will built to LEED green standards. The first phase will include eleven market townhomes. The second phase will be condominiums/flats including penthouses and elevators.

Two new construction duplex projects are also in the works. Located at 2 Miners Creek Road, the Miners Creek Duplexes, four units total, are 3 bedroom 3.5 baths and almost 2,900 square feet. All are priced at $1,298,250. Another duplex project located at 414 and 416 Teller Street and 311 and 313 Fifth Avenue is called The Reserve at Teller. All four units are 3 bedroom, 3.5 bath, and range in size from around 2,172 to 2,562 square feet. Pricing ranges from $944,820 to $1,101,660.

A new triplex located at the Northeast corner of Seventh and Belford streets is also in the works. These units are all over 2,900 square feet and have 3 bedrooms, 3 full baths, and 2 powder baths. The official addresses of these units are 514 and 516 7^th Avenue and 707 Belford.

The Mason Glen Towne Homes, located on Third Avenue and the Teller Alley are almost complete but not yet listed as of thee time this article was due. These are four townhome units, with both three and four bedrooms.

That puts my count up to 65 new units coming into Frisco in the next couple years. I also recognize that I am probably missing some new developments!! Hopefully this information will help you to evolve your real estate business and be on the cutting edge of new Frisco projects.

*Information regarding the featured properties were obtained from Summit MLS and from the respective listing brokers.

Authored by Amy Nakos, JD, CLHMS, Owner/Managing Broker, Landmark Real Estate Group, LLC, 111 Main Street, Frisco, CO 80443, 970-668-1430 office, 970-389-8388 cell, anakos@landmarkregroup.com.

At Landmark Real Estate Group, we watch the market closely. As national news of a real estate crisis looms, Summit County real estate continues to appreciate in value.

Signs that the national economy are affecting our market are decreased number of transactions, decreased gross dollar volume, and higher levels of inventory.

Using data from the Summit County MLS, I compared number of transactions and average sales prices from January 1 to June 15 in years 2007 and 2008.

SINGLE FAMILY HOME STATISTICS

Throughout Summit County, Single Family Home sales totaled 141 in 2008 so far compared to 217 from the same period last year. A decrease of 35% in number of single family transactions. The average price for a single family home in 2007 was $915,433 and in 2008 was $945,150, an increase of 3.2%.

TOWNHOME AND DUPLEX STATISTICS

Duplexes and townhomes sold in the first five and half months of 2008 totaled 109 compared to 181 sold in 2007 for the same time period. This is a decrease of 40% in number of transactions. The average sales price for townhomes and duplexes in 2008 was $643,357 compared to $562,225 in 2007 -- an increase of 12.6%.

CONDOMINIUM STATISTICS

Condominium sales in 2008 are 281 transactions compared to 446 last year. This is a decrease of 37%. Average price for a condo in 2008 is $398,417, compared to 2007's average price of $354,083. The average value of condos in Summit County increased 11%.

VACANT LAND

Vacant land values saw a dramatic increase in appreciation of 35.2% from average sales price in 2007 of $356,259 to an average sales price of $550,586 in 2008. As the saying goes, "they aren't making any more land." Total number of sales in 2008 were 68, compared to 161 in 2007, a large decrease of 57.7%.

INVENTORY

As of June 15, 2008, Summit County has 1,665 residential and vacant land listings. Last year as of July 1, 2007, Summit County had a total of 1,260 listings. Inventory has increased by 24.3%. However, historical inventory numbers in 2000 to 2004 were in the 3,000 range, every year. From a historical perspective, 1,665 listings is still a low number of properties for sale.

While our market is slowing down, our real estate values have not decreased, but in fact, continue to increase.

If you have any questions or would like more specific information about your neighborhood, please contact Amy Nakos, JD, CLHMS at 970-389-8388 or anakos@landmarkregroup.com.

Authored by Amy Nakos, JD, CLHMS, Owner/Managing Broker, Landmark Real Estate Group, LLC, 111 Main Street, Frisco, CO 80443, 970-668-1430 office, 970-389-8388 cell, anakos@landmarkregroup.com.

NEWS RELEASE

FOR IMMEDIATE RELEASE

Local Real Estate Professional Recognized for Million-Dollar Successes

Amy Nakos of Landmark Real Estate Group Earns Membership in Prestigious Million Dollar Guild

(Frisco, CO, June 18, 2008) Amy Nakos, Owner and Managing Broker of Landmark Real Estate Group, LLC, has been recognized by the prestigious Institute for Luxury Home Marketing for her performance in the million-dollar and above luxury home market within Summit County.

"Real Estate professionals who have earned admittance to The Institute's Million Dollar Guild not only have specific upper-tier market knowledge, but they also understand the unique needs of affluent buyers and sellers and recognize the importance of being discreet," said Institute President Laurie Moore-Moore. "Whether you're buying or selling a multi-million dollar property, you can depend upon The Institute's Million Dollar Guild members to have the competencies necessary to help you meet your objectives."

Members of the Million Dollar Guild are Certified Luxury Home Marketing Specialists (CLHMS) who have documented their success in assisting affluent buyers and sellers with million-dollar properties. The recognition is awarded by the Institute for Luxury Home Marketing which trains real estate agents in the luxury home market and awards international designations to those who meet stringent performance standards.

Nakos has been in the local real estate market since 2004 and specializes in new construction, luxury properties, and ski-in/ski-out resort properties. Nakos is on the Board of Directors of the Summit Association of Realtors for the Frisco Area and also serves on the MLS/Technology Committee. Nakos is a licensed attorney in the state of Colorado and has 11 years legal experience. Landmark Real Estate Group, LLC is located at 111 Main Street in Frisco.

About The Institute for Luxury Home Marketing

The Institute for Luxury Home Marketing exists to help real estate professionals around the world provide high quality service to buyers and sellers of luxury properties. Institute members have completed special training to build expertise in the marketing of upscale homes and estates and those who meet performance standards may earn the prestigious Certified Luxury Home Marketing Specialist designation. Information and an international membership list can be found at www.CLHMS.org. Members are also listed on the Wall Street Journal's RealEstateJournal.com website.

A Little Help for Our Locals

Did you know that the Town of Frisco has exemptions from the 1% real estate transfer fee for locals? While the qualifications are somewhat stringent, if you are working with a local client who meets the criteria, this can be a helpful savings at closing.

In order to qualify for the exemption, the candidate(s) must meet the following criteria:

•1. A Frisco resident or worked in Frisco for the past 12 months.

•2. Must work a minimum of 30 hours a week.

•3. Assets cannot exceed $10,000 (does not include clothing, furnishings, autos, or retirement accounts).

•4. Cannot hold title to any other residential property, nor can anyone else in the household.

•5. Purchaser's household cannot earn more than 120% of the median income in Summit County.

•6. Homebuyer must apply for the exemption and supply all documentation for the purpose of qualification at least 15 business days prior to closing.

To get an idea of Median income amounts, a two person household earning $95,560 would qualify for 120% of Median. A two person household earning $90,900 would qualify for 100% of Median. A two person household earning $70,400 would qualify for 80% of Median. Depending on the applicant's income, an amount of the purchase price will not be subject to the 1% real estate transfer tax. The exemption amounts are as follows:

So a couple with a household income of $85,000 (in the 100-120% of Median), purchasing a $300,000 home would only pay the transfer tax on $200,000. Therefore, they would pay $2,000, rather than $3,000, saving $1,000.

Keep this in the back of your head (I'm sure already filled with important information), for the next time you are working with a local buyer buying in Frisco.

Authored by Amy Nakos, JD, CLHMS, Owner/Managing Broker, Landmark Real Estate Group, LLC, 111 Main Street, Frisco, CO 80443, 970-668-1430 office, 970-389-8388 cell, anakos@landmarkregroup.com.