Amy Nakos

Summit County Foreclosure Update May 2011 reporting March 2011 statistics

In March 2011, there have been 53 foreclosure actions; 13 with fee simple (100%) ownership, and 17 for timeshares. The other 4 are unknown. In March the Summit County Treasurer's Office issued 19 Public Trustee's Deeds - 18 for fee simple ownership, and 1 unknown.

The breakdown of the type of foreclosure actions for 2011 is as follows. There have been 79 Notice of Election and Demands which is the first step in the foreclosure process. This starts the foreclosure timeline and is not yet a sale of the property. There has been 1 Certificate of Purchase action which is where the Public Trustee offers the property at public auction. Any purchaser must pay more than the debt itself owed to the lien holder filing the foreclosure action plus any fees. The purchaser has the duty to research whether there are any other outstanding liens on the property. There have been 42 Public Trustee's Deeds in 2011. This is the stage of the process where the holder of the Certificate of Purchase obtains ownership of the entity.

In terms of property types, 43 single family homes, 33 multifamily units, 3 parcels of vacant land, 1 development, 0 commercial properties, 13 unknown actions, and 29 timeshares in Summit County had foreclosure actions filed against them so far in 2011. Thirty-nine are in Breckenridge (but note, that all timeshares are in Breckenridge, so 29 of the 39 are timeshares). Fourteen are in Blue River, 11 in Silverthorne, and 8 in Wildernest, 6 in Dillon Valley, and 5 each in Summit Cove, Keystone and Dillon.

In looking back at foreclosure statistics in Summit County, 2009 had 300 NED's, and 86 Public Trustee Deeds issued. The year 2010 had 367 NED's and 148 Public Trustee Deeds issued. In the first three months of 2011, Summit County is at 79 NED's, - if this number is multiplied by 4 to extrapolate out the remainder of the year, a projected 316 actions will be filed.

If you have any questions about short sales, bank-owned properties, or foreclosures in Summit County, Colorado, please email me at anakos@yourcastle.org, or call me at 970-389-8388.

March 2011 marked improvement over 2010

2011 year to date up 20% from 2010 year to date

March 2011 had a total of 72 residential improved transactions, up 7 from 65 in February 2011. Total residential dollar volume in February was $34.9 million up slightly from $33.2 million in February. Total number of transactions in March for all types of real estate was 102, increasing from February's 89. April 2011 residential sales from our MLS indicate 88 residential properties sold with dollar volume at $55.9 million - a nice jump in sales volume for this year!

The price point with the most activity in March is the $200,000-$300,000 with 16 sales. In second place is the $300,000-$400,000 with 15 sales followed by the under $200,000 price point with 11 sales.

Average prices from 2006 to 2010 are below; 2011 numbers reflect year to date.

Single Family Homes:

2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $710,227 ($705,177-February, $767,461-January)

Multi Family:

2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $401,769 ($429,237-February, $426,174-January)

Vacant Land:

2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $252,583 ($185,923-February, $221,950-January)

As of May 5, 2011, there are 1,386 residential properties for sale, up 12 from last month. The total dollar value of current inventory is $1.001 billion. As of the same date there are 369 land listings, up 15 from last month.

With respect to residential listings, average days on the market is 280. Eight hundred and forty seven listings or 61.1% of these listings have been on the market for more than 120 days.

Our MLS is showing 135 residential properties currently Pending, down 19 from March. Total dollar volume of pending properties per list price is $79.1 million.

According to Summit County assessor data there are 25,660 residential properties and 2,564 pieces of vacant land. When looking at inventory for sale, 5.4% of residential properties are for sale and 14.3% of vacant land parcels are for sale. Industry experts say that a healthy market has less than 10% inventory.

Industry experts also say that more than 6 months of inventory is a sign of a weak or "buyers" market. With 72 residential properties selling in March and inventory of 1,386, it will take 19.25 months to sell the entire residential inventory. Now, while there might be less than 10% of properties for sale, the lack of buyers can make for a long holding time.

Below are the total dollar amounts of sales in March from 2004 to 2011:

March 2004 $59.1M
March 2005 $90.2M
March 2006 $108M
March 2007 $92.5M
March 2008 $95.3M
March 2009 $37.8M
March 2010 $37.4M
March 2011 $44.8M

Total Dollar Volume for 2004-2010 is as follows:

2004 $1.12B
2005 $1.47B
2006 $1.63B
2007 $1.63B
2008 $1.06B
2009 $683M
2010 $698.4M

The year 2006 had the most dollar volume totaling $1,637,874,800.

What does all of this mean to you?

Month over month, March 2011 shows a 20% increase in dollar volume and a 19% increase in number of transactions over March 2010. Year to date dollar volume for 2011 is up 35% and number of transactions is up 22% compared to year to date 2010. Is 2011 looking better? The statistics indicate that more activity is happening. Note that most of the activity remains in the under $400,000 market with the higher priced market remaining quite soft.

To the Sellers out there: Depending on the type of property you own, my advice may differ slightly. In no circumstances are you in the driver's seat of getting the price you were told it was worth in 2007, but some property types and sectors are fairing better than others. I was told by a wise agent this week that he is telling sellers, "You are in a price war and a beauty contest . . . and you have to win both." I couldn't have said it better myself.

To the Buyers out there: I know what you want - you want a good deal! There is still time to capture opportunities in this marketplace. In the last couple weeks I have found some new tools to locate distressed opportunities. If you would like to try out an impressive tool for yourself, check out my plug for renav.com below. In the meantime, if I can help you locate your perfect (bargain) mountain property, please contact me!

For more information or for a customized property search, please contact me!

In February 2011, there have been 24 foreclosure actions; 18 with fee simple (100%) ownership, and 4 for timeshares. The other 2 are unknown. Seventeen are in Breckenridge (but note, that all timeshares are in Breckenridge, so 4 of the 17 are timeshares). Eleven are in Blue River, 7 in Silverthorne, and 5 each in Summit Cove and Dillon.

In February the Summit County Treasurer's Office issued 14 Public Trustee's Deeds one for timeshares, 11 for fee simple ownership, and 2 unknown.

The breakdown of the type of foreclosure actions for 2011 is as follows. There have been 45 Notice of Election and Demands which is the first step in the foreclosure process. This starts the foreclosure timeline and is not yet a sale of the property. There has been 1 Certificate of Purchase action which is where the Public Trustee offers the property at public auction. Any purchaser must pay more than the debt itself owed to the lien holder filing the foreclosure action plus any fees. The purchaser has the duty to research whether there are any other outstanding liens on the property. There have been 23 Public Trustee's Deeds in 2011. This is the stage of the process where the holder of the Certificate of Purchase obtains ownership of the entity. Most often this is the bank holding one of the liens.

In terms of property types, 29 single family homes, 18 multifamily units, 1 parcel of vacant land, 1 development, 0 commercial properties, and 12 timeshares in Summit County had foreclosure actions filed against them so far in 2011.

In looking back at foreclosure statistics in Summit County, 2009 had 300 NED's, and 86 Public Trustee Deeds issued. The year 2010 had 367 NED's and 148 Public Trustee Deeds issued. In the first two months of February, we are at 45 NED's, - if this number is multiplied by 6 to extrapolate out the remainder of the year, a projected 270 actions will be filed.

If you have any questions about short sales, bank-owned properties, or foreclosures in Summit County, Colorado, please email me at anakos@landmarkregroup.com, or call me at 970-389-8388.

photo compliments of allvoices.com

February on plateau from January

Slow but sure signs of improvement

February 2011 had a total of 65 residential improved transactions, down 11 from 76 in January 2011. Note that December 2010 had 129 transactions, making February 50% down from the total number of transactions in December! Total residential dollar volume in February was $33.2 million down from $40.2 million in January. Total number of transactions in February for all types of real estate was 89, increasing from January's 87 by only two transactions. March 2011 residential sales from our MLS indicate 69 residential properties sold with dollar volume at $36.7 million - showing that 2011 is starting out at a low plateau of sales.

The price point with the most activity in February is the under $200,000 price point with 13 sales. Tied for second place is the $200,000 to $300,000 sector and $400,000 to $500,000 sector with 11 sales each.

Average prices from 2006 to 2010 are below; 2011 numbers reflect year to date.

Single Family Homes:

2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $705,177 ($767,461-January)

Multi Family:

2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $429,237 ($426,174-January)

Vacant Land:

2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $185,923 ($221,950-January)

As of April 4, 2011, there are 1,374 residential properties for sale, up 28 from last month. The total dollar value of current inventory is $1.012 billion. As of the same date there are 354 land listings, down 3 from last month.

With respect to residential listings, average days on the market is 183 down dramatically from last month's 276. The notable reduction in days on the market is again likely due to 28 new listings coming into inventory on top of last month's 38 new listings. As summer listing season comes closer, expect days on the market to continue to fall. Five-hundred and sixty four or 41% of these listings have been on the market for more than 120 days - last month this number was 890!

Our MLS is showing 154 residential properties currently Pending, up 20 from January. Total dollar volume of pending properties per list price is $92.3 million.

According to Summit County assessor data there are 25,660 residential properties and 2,564 pieces of vacant land. When looking at inventory for sale, 5% of residential properties are for sale and 13.8% of vacant land parcels are for sale. Industry experts say that a healthy market has less than 10% inventory.

Industry experts also say that more than 6 months of inventory is a sign of a weak or "buyers" market. With 65 residential properties selling in February and inventory of 1,374, it will take 21.1 months to sell the entire residential inventory. Now, while there might be less than 10% of properties for sale, the lack of buyers can make for a long holding time.

Below are the total dollar amounts of sales in February from 2004 to 2011:

February 2004 $62.7M
February 2005 $72.1M
February 2006 $76.6M
February 2007 $88.3M
February 2008 $64.5M
February 2009 $27.2M
February 2010 $36.0M
February 2011 $38.3M

Total Dollar Volume for 2004-2010 is as follows:

2004 $1.12B
2005 $1.47B
2006 $1.63B
2007 $1.63B
2008 $1.06B
2009 $683M
2010 $698.4M

The year 2006 had the most dollar volume totaling $1,637,874,800.

What does all of this mean to you?

January and February are historically low dollar volume months compared to other months. The good news is that in 2011, these two months showed slight improvement over the same months in 2009 and 2010. People are making purchases, entering leases, and feeling more confident with the economy. Activity is increasing slowly in a generally slow time. I still anticipate that 2011 numbers will increase over 2010; slowly and surely.

To the Sellers out there: You may be feeling frustrated about a lack of offers or even a lack of showings. I want to assure you that you are not alone! I have outlined Seller considerations for many months, but the bottom line is - if you need to sell, the one way to make it happen in this market is to price reduce.

To the Buyers out there: I have been working with some buyers looking for the "great deals" and we must be finding them because when it's time to make an offer, there has been competition every single time! The marketplace, while slower compared to past years' activity, is very vibrant in the distressed sector. As with all goods, the most competitively priced as compared to the product's value will sell more and faster than other products. Same for real estate - if it's well priced in the marketplace, you can bet that others are found the same deal!

For more information or for a customized property search, please contact me!

www.landmarkregroup.com

Summit County Foreclosure Update for January 2011 Statistics

In January 2011, there have been 30 foreclosure actions; 19 with fee simple (100%) ownership, and 7 for timeshares. The other 4 are unknown. Ten are in Breckenridge (but note, that all timeshares are in Breckenridge, so 7 of the ten are timeshares). Three are in Blue River, and two each in Dillon Valley, Silverthorne, Summit Cove and Wildernest.

In January the Summit County Treasurer's Office issued 9 Public Trustee's Deeds three for timeshares, four for fee simple ownership, and 2 unknown.

The breakdown of the type of foreclosure actions are as follows. There have been 21 Notice of Election and Demands which is the first step in the foreclosure process. This starts the foreclosure timeline and is not yet a sale of the property. There have been 0 Certificate of Purchase actions which is where the Public Trustee offers the property at public auction. Any purchaser must pay more than the debt itself owed to the lien holder filing the foreclosure action plus any fees. The purchaser has the duty to research whether there are any other outstanding liens on the property. There has been 9 Public Trustee's Deeds in January. This is the stage of the process where the holder of the Certificate of Purchase obtains ownership of the entity. Most often this is the bank holding one of the liens.

In terms of property types, 10 single family homes, 9 multifamily units, 0 parcels of vacant land, 0 developments, 0 commercial properties, and 7 timeshares in Summit County had foreclosure actions filed against them in January 2011.

If you have any questions about short sales, bank-owned properties, or foreclosures in Summit County, Colorado, please email me at anakos@landmarkregroup.com, or call me at 970-389-8388.

Statistics compliments of Land Title Guaranty Company, Breckenridge, Colorado. Photo compliments of San Francisco Examiner (examiner.com).