Colorado Mountain Retreats

BofA Offering Up to $30K in Relocation Assistance for Short Sales

noreply@blogger.com (Colorado Mountain Retreats Realty) — Mon, 21 May 2012 12:33:00 +0000

BofA Offering Up to $30K in Relocation Assistance for Short Sales

Short Sales are the way to go!

Mountain Law: Proposed wildfire legislation a game-changer | SummitDaily.com

noreply@blogger.com (Colorado Mountain Retreats Realty) — Wed, 09 May 2012 12:59:00 +0000

Mountain Law: Proposed wildfire legislation a game-changer | SummitDaily.com

Thanks for this info Noah!

New Listing!! Conifer Rd, Silverthorne, CO

noreply@blogger.com (Colorado Mountain Retreats Realty) — Mon, 07 May 2012 17:12:00 +0000

Conifer Rd, Silverthorne, CO | Powered by Postlets

Legislative Issues in Colorado

noreply@blogger.com (Colorado Mountain Retreats Realty) — Tue, 21 Feb 2012 23:32:00 +0000

At this point I agree with Colorado Association of Realtors Positions as outlined below.

CAR Opposes the Disclosure of Information about Radon Hazards in Connection with the Resale of Private Residential Real PropertyHB-1165, Concerning the Disclosure of Information about Radon Hazards in Connection with the Resale of Private Residential Real Property, sponsored by Rep. Sue Schafer (D-Jefferson County) and Sen. Cheri Jahn (D-Wheat Ridge), requires the disclosure of certain information about radon hazards in connection with the resale of private residential real property.

For private residential property resale transactions beginning January 1, 2013, the bill requires the seller to conduct a test of the property for radon hazards in accordance with testing procedures approved by the Colorado Department of Public Health and Environment (CDPHE). Documentation of the test findings must be disclosed to the purchaser. Any presence of a radon hazard above the safety level may constitute cause for mitigation of the hazard. The mitigation cost is a matter to be privately negotiated between the seller and the potential purchaser of the property. The bill further states than no person shall have a claim for relief against the property owner or their agent for any damages resulting from the operation, maintenance, installation, or effectiveness of any mitigation undertaken pursuant to the bill. HB-1165 has been assigned to the House State, Veterans, and Military Affairs Committee.

CAR has worked with the bill sponsor to see if any compromise could be struck. However, upon further deliberation, the LPC voted to oppose the bill. The underlying reason is that any potential Buyer concerned about radon is already permitted to test a home to see if it meets their satisfaction. Further, a Buyer is in the best position to ensure that any testing done is accountable and can be independently and accurately verified. Moreover, the bill only focuses on existing homes, excluding new construction and other vulnerable populations such as senior citizens and students living in places where managing accommodations and mechanics are often out of their control.

CAR Supports the Requirement That a Title Insurance Agent Doing Business in This State Maintain an Office Within This State That is Staffed By the Designated Responsible Producer.Colorado consumers purchasing homes have been furnished with poor quality and/or incorrect title insurance commitments and policies from out-of-state title companies.

HB-1211, Concerning the Requirement That a Title Insurance Agent Doing Business in This State Maintain an Office Within This State That is Staffed By the Designated Responsible Producer, by Rep. Matt Jones (D-Boulder) and Sen. Jeanne Nicholson (D-Boulder), changes Colorado’s title insurance statute to require all title insurance agencies licensed in Colorado to maintain a physical presence and a minimum of one full time employee, including the responsible producer, within the State.

The responsible producer is an officer, partner or director of the title insurance agency and is responsible for compliance with the laws and rules of Colorado. Therefore a knowledgeable person will be available to address concerns of Colorado buyers and sellers. HB-1211 has been assigned to the House State, Veterans, and Military Affairs Committee.

CAR has convened a taskforce charged with studying the problems of out of area or out of state title companies handling REO properties. One prevailing issue is that these title companies too often commit errors or provide inadequate title commitments and/or closing documents. Moreover, their level of customer service or ability to answer questions correctly or in a timely manner usually lacks the level of service and knowledge consumers can expect from title companies with a Colorado presence. We believe this bill represents a first step in the right direction to better ensure consumers and their properties are not harmed by inadequate or incorrect title work.

CAR Opposes the Uniform Residential Landlord and Tenant ActSB-70, by Sen. Irene Aguilar (D-Denver) and Rep. Roger Wilson (D-Eagle), creates the Uniform Residential Landlord and Tenant Act. The act describes the obligations of both landlords and tenants as it relates to rental property and rental property agreements. It also specifies remedies for noncompliance. Among other things, the bill limits the time period for landlord reconciliation of the security deposit to one month following termination, eliminating current law that permits a 60-day reconciliation period if so negotiated in the written rental agreement. SB-70 has been assigned to Senate Judiciary.

A few years ago, CAR, along with other industry stakeholders, spent many months negotiating a warranty of habitability for Colorado; a compromise that struck a better balance between the rights of tenants and landlords. Since that time, no stakeholders have presented CAR with evidence that the agreed upon warranty of habitability is no longer sufficient. As currently written, we believe the bill would create an imbalance between the rights of tenants and landlords, swinging the pendulum well in favor of tenants, and potentially limiting the supply of habitable rental properties as small landlords may decide that continuing to provide housing is too costly and cumbersome.

Rates Give Back Last Week's Increases, Setting New Record Lows

noreply@blogger.com (Colorado Mountain Retreats Realty) — Fri, 03 Feb 2012 15:22:00 +0000

Rates Give Back Last Week's Increases, Setting New Record Lows

Take advantage of these low rates and get your Colorado Mountain Retreat today!

If you thought the payroll tax cut was a good thing, read this and it will change your mind...

noreply@blogger.com (Colorado Mountain Retreats Realty) — Mon, 02 Jan 2012 17:01:00 +0000

This is excerpted from a newsletter I receive from The Summit Association of Realtors...

Mortgage Fees Would Rise Under Congressional Deal to Pay For Payroll Tax Cut

While Congress played child-like antics during Christmas week over the payroll tax credit set to expire on December 31, 2012 and finally reached a deal on a two month extension, most of us missed how Congress intends to pay for the tax credit. According to Washington insiders, the current plan will increase mortgage fees on Fannie Mae and Freddie Mac loans by one-tenth of one percent to pay down the $37.5 billion payroll tax credit. The National Association of REALTORS, along with the Homebuilders and Morgage Bankers Associations, lobbied hard against the proposal, stating that the credit risk guarantee fees should stay with the housing industry and be used to pay down Fannie Mae and Freddie Mac's debt to taxpayers. In a December 28th editorial in the San Francisco Chronicle, the reasons why using guarantee fees are a bad idea were outlined:

-- Borrowers will be paying the surcharge for the next 10 years to cover the
tax break for the next two months. It's the essence of bad financial
planning: long-term debt for short-term gratification.

-- Even a minor extra barrier to home ownership is the last thing the
federal government should be approving right now. Talk about working at
cross purposes. This "tax holiday" is supposed to be about stimulating the
economy. Yet what is a major cause of the economy's malaise right now? The
housing market.

-- The federal government should be moving to extricate itself from the
mortgage business after the Fannie and Freddie debacle required a bailout of
about $150 billion three years ago. This financing scheme deepens the
government's attachment to those mortgage giants. Worse yet, most of the
$37.5 billion would be generated in the latter part of the decade.

Then there is the more fundamental question: Is the government really doing
working Americans a favor by reducing a tax that is supposed to be going for
Social Security? A reduction in payroll tax revenues is only going to make
it more difficult to maintain future benefits as more and more Baby Boomers
reach retirement age. But long-term thinking has never been a congressional
strong suit.

If they are going to cut the payroll tax, lawmakers ought to at least do it
in a forthright fashion, with an honest way to pay for it. But therein lies
the gridlock.

Democrats have pushed for tax surcharge on incomes above $1 million, which
Republicans reflexively oppose. The House GOP alternative is a freeze on
federal workers' pay through September 2013.

The bottom line is that someone is going to pay for the continuation of that
tax holiday. In the short term, it will be the home buyers who will be
paying an extra $4,000 over the life of a 30- year, $200,000 loan just to
give their fellow Americans a two-month tax break. It's neither fair nor
sustainable.

Stupid thinking by a stupid congress...

Financial Facts: Is it too late to refinance? | SummitDaily.com

noreply@blogger.com (Colorado Mountain Retreats Realty) — Tue, 27 Dec 2011 01:26:00 +0000

Financial Facts: Is it too late to refinance? | SummitDaily.comGreat advice from our friend Bob Kieber to help you with your Colorado Mountain Retreat

Custom Home Permits Up 50% in 2011

noreply@blogger.com (Colorado Mountain Retreats Realty) — Wed, 21 Dec 2011 17:40:00 +0000

From our friends at Pinnacle Mountain Homes, Good news for the Summit County New Home Construction Market!

Greetings!
As we look back on 2011, it's clear we we have much to be thankful for this year.
GREAT NEWS IN OUR LOCAL MARKET
We all hear various updates on the construction market across the country, but our clients are always asking us, "What's happening in Summit County?" Over the past year permits have increased, and our local market for new custom homes is certainly looking stronger! In 2011, custom home construction permits increased by 50% over 2010, signaling that the market is definitely getting better, and we are currently working with more prospective clients right now than in the past three years.
Here's the year-to-date info for 2011:

Breckenridge increased to 18 custom home permits in 2011 from 10 in 2010
Summit Co increased to 45 custom home permits in 2011 from 30 in 2010

This year Pinnacle represented 33% of those new custom homes in Breckenridge and about 20% across Summit County.
HIGHLIGHTS FROM 2011
2011 marked the completion of our 6th year in business, and the highlight came in September as we were named Builder Magazine's "2012 America's Best Builder" . This is typically a once-in-a-lifetime award, the crowning achievement of any builder, and to be chosen from over 60,000 residential builders is monumental to say the least.
We were also grateful to receive a number of other national and local awards including:

Inc. 500’s list of "Fastest Growing Companies in America"
Summit County Builder's Association "Builder of the Year"
Parade of Homes - represented 4 of the 10 custom homes and over 50% of the awards

GIVING BACK
As a leader in our custom home market, we continue to feel both grateful and responsible. We are grateful that clients continue to trust us with their projects, we're grateful to our subcontractors and suppliers for continuing to partner with us, and we're grateful that we have survived the Great Recession. But we also feel responsible for giving back to our community. In looking back on the past year, we are proud to have participated in the following events:

Summit Education Foundation's MINI Cooper Madness
Summit County Youth's Goodness Epidemic
Summit Foundation's Annual Golf Tournament & Rubber Duck Race

As we close the books on 2011, please join us in reflecting back on the past year, recognizing the ways in which we are all blessed however large or small, and join us in giving thanks that we can once again call Summit County home for another year. All of us at Pinnacle Mountain Homes wish you a wonderful and blessed holiday season!

Warm regards,Chris Renner
Owner and President
Pinnacle Mountain Homes
www.pinnaclemtnhomes.com
Connect with us!

Fugitive Breckenridge lawyer Scoop Daniel nabbed in Calif. | SummitDaily.com

noreply@blogger.com (Colorado Mountain Retreats Realty) — Thu, 08 Dec 2011 20:57:00 +0000

Fugitive Breckenridge lawyer Scoop Daniel nabbed in Calif. | SummitDaily.com

Summit County Buyer's Market Continues!

noreply@blogger.com (Colorado Mountain Retreats Realty) — Wed, 07 Dec 2011 17:49:00 +0000

Look at these market stats! The Summit County Buyer's Market Continues! Time to buy your Colorado Mountain Retreat!

Summit County FHA Loan Limits

noreply@blogger.com (Colorado Mountain Retreats Realty) — Mon, 28 Nov 2011 16:56:00 +0000

Good news for Summit County, Breckenridge, Keystone, and Copper Mountain Home Buyers! FHA loan limits have been restored to the previous high limits! If you live in Summit County for your Primary Residence, you may qualify!

Victory! FHA Loan Limits Extended for Two Years

In case you have heard the great news, shortly before Congress recessed for the year, they managed to restore FHA loan limits in high cost areas to the original level of $729,750 for an additional two years. This is an important victory for the mountain resort areas where high cost loans are an important part of the market. According to NAR, higher loan limits will make mortgages more accessible with nearly two-thirds of buyers who will be helped by the loan limits extension have an income below $100,000.

Will this work for your Colorado Mountain Retreat? Call, Text or Email 970 368 2709

Industry's Shadows Continue to Shrink

noreply@blogger.com (Colorado Mountain Retreats Realty) — Mon, 28 Nov 2011 16:30:00 +0000

Industry's Shadows Continue to Shrink

With 4 years of inventory out there, prices will continue to decline or be flat in most areas. How does this affect Summit County and your Colorado Mountain Retreat?

Call, text or email us 970 368 2709!

Dillon Dam Road back open 24/7 today | SummitDaily.com

noreply@blogger.com (Colorado Mountain Retreats Realty) — Tue, 01 Nov 2011 16:31:00 +0000

Dillon Dam Road back open 24/7 today | SummitDaily.com

Now you get home to your Colorado Mountain Retreat!

$60 million approved for Twin Tunnels widening | SummitDaily.com

noreply@blogger.com (Colorado Mountain Retreats Realty) — Fri, 21 Oct 2011 18:39:00 +0000

$60 million approved for Twin Tunnels widening | SummitDaily.com

Get that road fixed so we can all get to our Colorado Mountain Retreat!

BRECKENRIDGE SKI CONDO MARKET REPORT

noreply@blogger.com (Colorado Mountain Retreats Realty) — Mon, 17 Oct 2011 17:30:00 +0000

Is a Breckenridge Ski Condo your Perfect Colorado Mountain Retreat?

Copper Mountain Ski In Ski Out Condos!

noreply@blogger.com (Colorado Mountain Retreats Realty) — Mon, 17 Oct 2011 17:14:00 +0000

Is a Copper Mountain Ski Condo Your Perfect Colorado Mountain Retreat?

It's a Buyer's Market For Copper Mountain Properties!

Keystone Condo Market Analysis

noreply@blogger.com (Colorado Mountain Retreats Realty) — Wed, 12 Oct 2011 17:38:00 +0000

Thinking that a Condo in Keystone is your Perfect Colorado Mountain Retreat? Watch this video to find out how the market is performing!

Forest Service considers motorcycle trail proposal - The Denver Post

noreply@blogger.com (Colorado Mountain Retreats Realty) — Wed, 12 Oct 2011 15:38:00 +0000

Forest Service considers motorcycle trail proposal - The Denver Post

Variety in recreation is key to keeping Summit County the best place to visit and have your Perfect Colorado Mountain Retreat!

Bizline: Custom guitar maker lands in Summit County | SummitDaily.com

noreply@blogger.com (Colorado Mountain Retreats Realty) — Tue, 11 Oct 2011 15:08:00 +0000

Bizline: Custom guitar maker lands in Summit County | SummitDaily.com

Congrats New Business in Summit County! This is a great addition to our Colorado Mountain Retreat!

Breckenridge Property Price Analysis

noreply@blogger.com (Colorado Mountain Retreats Realty) — Mon, 10 Oct 2011 22:51:00 +0000

Is Breckenridge the right place for your Colorado Mountain Retreat?

Colorado 'toy ranches' lose tax break with new law - The Denver Post

noreply@blogger.com (Colorado Mountain Retreats Realty) — Mon, 10 Oct 2011 17:15:00 +0000

Colorado 'toy ranches' lose tax break with new law - The Denver Post

Where does this leave your Colorado Mountain Retreat?

Recent Summit County transactions | SummitDaily.com

noreply@blogger.com (Colorado Mountain Retreats Realty) — Sun, 02 Oct 2011 16:27:00 +0000

Recent Summit County transactions | SummitDaily.com

Colorado Mountain Retreats Realty for your Perfect Colorado Mountain Retreat

Larry Stone answers some Tax Questions!

noreply@blogger.com (Colorado Mountain Retreats Realty) — Wed, 28 Sep 2011 13:46:00 +0000

Our friend Larry has some great information regarding the tax on sale of your home to fund the new nationalized healthcare plan. here's what he has to say-

Hi!-
Life would be a lot easier for all of us if tax laws didn't change all the time. Every year, Washington writes new laws. The IRS writes new regulations interpreting those laws. The Tax Court issues new decisions interpreting those regulations. And the IRS issues enough revenue rulings, revenue procedures, private letter rulings, and similar proclamations to keep an army of accountants and attorneys gainfully employed.
Sometimes, in the midst of all that motion, facts get twisted and misinterpreted. Sometimes a rumor gets launched that takes on a life of its own. Right now, there's an email going around that has most of us tax professionals shaking our heads. It warns that, starting in 2013, the healthcare reform act imposes a 3.8% sales tax on home sales. If you sell your $400,000 home, you'll owe a $15,200 tax!
If you see it in an email, it must be true, right? The truth, as is often the case with taxes, is a little more complicated than that - and a lot less scary. First, let's take a look at how taxes are figured on home sales today:

First, calculate "adjusted sale price." This is the sale price of the house, minus expenses of actually selling it (last-minute fixups, commissions, etc.).
Next, subtract "adjusted basis." This is the price you paid for the house, plus closing costs, plus any improvements you make that add value, prolong its life, or give it a new or different use. "Adjusted sale price" minus "adjusted basis" equals "gross profit."
If you've owned your home for more than two of the last five years and used it as your primary residence for more than two of the past five years, you can subtract a "Section 121 exclusion" of up to $250,000 if you file individually or $500,000 if you and your spouse file jointly. If you don't meet the two-year requirement, you can still take a pro-rated exclusion reflecting how long you did meet those requirements.
"Gross profit" minus "allowable exclusion" equals taxable gain. If you hold your house longer than a year, it's taxed as long-term capital gain and capped at just 15%.

The bottom line here is that few home sales are taxable - especially in today's down market - because of that Section 121 exclusion. So, where does the new healthcare law come in? Well, it does impose a new "unearned income Medicare contribution," beginning in 2013, of 3.8% on capital gains, for individuals earning over $200,000 and families earning over $250,000. (Don't you love how the folks in Washington spin that 3.8% "unearned income Medicare contribution"? Wouldn't it just be easier to call it a "tax"?)
That means any gain on the sale of your home that isn't already sheltered by the $250,000 or $500,000 exclusion might be subject to the new tax if your adjusted gross income is over the $200,000 or $250,000 threshold. That's a pretty far cry from saying there's a new 3.8% sales tax on home sales!
But somewhere along the line, Chicken Little saw the new 3.8% tax, missed the rest of the process, and saw the sky starting to fall. Being a thoroughly modern chicken, she hopped on her computer to fire off an email telling all of us that the sky was falling - and that email spread faster than the latest news about Snooki or the Kardashians. So now here we are, setting the record straight.
The next time you get an email with a rumor that sounds too awful to be true, don't just run around like Chicken Little. Send it to us. We can tell you if it's something you really need to worry about - and if so, we'll help you craft a plan to avoid or minimize the threat!

Larry D. Stone
Stone CPA
970.668.0772
970.668.0434
888.668.0772
larry@stone-cpa.com
Please visit our new web page at www.coloradotaxcoach.com

Thanks Larry for helping us with great advice and Info! Now people can feel a little better when they want to sell their Colorado Mountain Retreat!

Keystone Single Family Home Market Analysis

noreply@blogger.com (Colorado Mountain Retreats Realty) — Tue, 27 Sep 2011 21:48:00 +0000

Great Information if you are considering buying a Keystone Home!

Let us help you find your Perfect Colorado Mountain Retreat!

Financial Facts: How to avoid a contract faux pax | SummitDaily.com

noreply@blogger.com (Colorado Mountain Retreats Realty) — Mon, 26 Sep 2011 18:10:00 +0000

Financial Facts: How to avoid a contract faux pax | SummitDaily.com

Thanks to Bob Kieber for this excellent article regarding some potential pitfalls with your purchase contract and mortgage! Remember to consult professionals and have a Buyer's Agent when you purchase your Colorado Mountain Retreat!