The Sundae Saloon – 125 Moraine Avenue D – Estes Park, CO

Productive and profitable downtown Ice Cream shop for sale! Completely turn-key operation creates a great opportunity to get up and running long before the summer season hits downtown Estes Park. Owner willing to provide 2 weeks training, all recipes, procedures and details to help make the transition to new ownership as easy as possible. Lease is not transferable but is negotiable with the landlord. Building is not included. Business opportunity only. Complete inventory of assets included in the sale is available upon request. Price does not include inventory of goods for sale which can be purchased separately.

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Welcome to 2012! Happy New Year!

As I mentioned in last month’s market report, you never know how the real estate market is going to react to the holiday season. As far as closings are concerned, single family home sales were down in comparison with last year, but condominium sales were up slightly. The amount of buyers in town seemed to be up in comparison with recent months so I am optimistic that we’ll have a great start to 2012!

Advice for Real Estate Buyers

Over the next 3 months, you’ll see 2 things. First, there will be price reductions from the homes that have been on the market for a while. Second, there will be new homes coming on the market in the spring to be ready for the summer surge of buyers. In both cases, when you see something you like, jump on it. Don’t talk yourself out of making an offer by guessing how the seller will react. I have seen several multiple offer scenarios within the last month or two where buyers lost out on a great property because they did not offer enough or act quick enough. The only way to be sure you get the property you want is to act quickly and decisively. While mortgage rates are low and depreciation seems to be leveling out, now is the time to buy.

Advice for Real Estate Sellers

The first 3 months of the year are typically slow months for real estate sales, but I would be careful not to ignore them completely. With the activity I’ve seen in the trenches, I can attest to the fact that there are buyers out there right now in all price ranges waiting for the right property. If you are already on the market, consider a price reduction to get back in front of buyers once again. If you are thinking about waiting to time the market by placing your home on the market in late spring, you may miss out on an opportunity to snag a buyer before more competition hits the market. Whatever you do, be sure to be aggressive.

Single Family Homes

164 – Active on the market (11 less than last month and 35 less than this time last year)
7 – Sold in December (13 less than last month and 3 less than December 2010)
13 – Currently Pending (15 less than last month and 5 less than this time last year)
$325,000 – Median Price of trailing 12 months of sales
$569,000 – Most expensive home sold in December
$194,902 – Least expensive home sold in December
12.2 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

98 – Active on the market (28 less than a month ago and 5 more than this time last year)
7 – Sold in December (same as last month and 1 more than December 2010)
12 – Currently Pending (2 less than last month and 4 less than this time last year)
$248,750 – Median Price of trailing 12 months of sales
$435,000 – Most expensive condo sold in December
$140,000 – Least expensive condo sold in December
15.6 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

114 – Active on the market (14 less than a month ago and 9 more than this time last year)
2 – Sold in December (same as last month and the same as December 2010)
3 – Currently Pending (1 less than a month ago and 1 more than this time last year)
$162,450 – Median Price of trailing 12 months of sales
$180,000 – Most expensive Lot sold in December
$34,000 – Least expensive Lot sold in December

As we pass Thanksgiving and head into December, we have a lot to be thankful for in Estes Park. The Holiday season is finally here and the end of the year is just around the corner. The end of the year can be a strange time in the real estate market. As a real estate agent, I never know if there will be lots of activity or plenty of time to spend with family and friends. This year, I’m hoping for a good balance between the two.

November continued the trend of an improving market for single family homes in Estes Park. The two big factors proving this point are that we are seeing more sales happen than ever before at this time of year and we are seeing the amount of available inventory continuing to drop faster than normal. In addition, we are seeing action in the million dollar plus range with a property selling for $1,045,000 as well as a property listed for $1,150,000 go under contract within 10 days of being on the market. If these trends continue, we are going to start seeing appreciation in our market instead of depreciation.

Condos are doing well, but not quite as well as single family homes. We are still seeing increasing inventory and sales are staying consistent. Median price is continuing to rise and has risen significantly since the beginning of the year. This means more high end condos have been selling well recently.

Advice for Real Estate Buyers

As I mentioned last month, keep in mind there are other buyers in the marketplace waiting (just like you) for the right deal to come along. Over the past month, I have been involved in multiple offer scenarios with two different properties. When you see a property that is “just right,” you need to act quickly. Waiting 48 hours or more may be too late.

Advice for Real Estate Sellers

If you don’t have a price that is compelling enough for a buyer to see your home in person, you might as well wait until next spring or longer before thinking about selling your home. Traditionally, there are less buyers in the market during the first few months of the year, but those buyers are usually much more motivated. In order to grab their attention (and therefore get your property sold), you need to be painfully obvious that your property carries more value than your competition.

Single Family Homes

175 – Active on the market (11 less than last month and 41 less than this time last year)
20 – Sold in November (11 more than last month and 6 more than November 2010)
13 – Currently Pending (15 less than last month and 5 less than this time last year)
$325,000 – Median Price of trailing 12 months of sales
$1,045,000 – Most expensive home sold in November
$125,000 – Least expensive home sold in November
13 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

126 – Active on the market (11 more than a month ago and 25 more than this time last year)
7 – Sold in November (2 less than last month and the same as November 2010)
12 – Currently Pending (2 less than last month and 4 less than this time last year)
$250,000 – Median Price of trailing 12 months of sales
$330,000 – Most expensive condo sold in November
$158,000 – Least expensive condo sold in November
20.3 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

128 – Active on the market (2 more than a month ago and 16 more than this time last year)
2 – Sold in November (1 more than last month and 1 more than November 2010)
3 – Currently Pending (1 less than a month ago and 1 more than this time last year)
$157,450 – Median Price of trailing 12 months of sales
$280,000 – Most expensive Lot sold in November
$200,000 – Least expensive Lot sold in November

5323 Storm Mountain Drive, Drake CO – More Than Just Land for Sale – includes a one room cabin and a 32′ trailer

Take a look at this private getaway in the trees on 5 acres very near national forest access for hunting, hiking, or off-roading! Build your log cabin getaway in the woods and have a place to stay while you work on it! One room cabin with wood stove heat and fully insulated. Separate outbuilding with toilet and shower system hooked to a vault septic tank. Luxurious 32 ft RV trailer is almost brand new and features two slider expansions, a queen sized bed, A/C and Heat, 3 burner stove, refrigerator, microwave, flat screen TV with DVD player, sofa sleeper, bathroom shower, and solar panels. This property is ready to come and enjoy now!

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Estes Park had its first major snow storm of the season officially marking the end to the fall season. Typically, the end of our beautiful fall weather coincides with a significant slow down in real estate activity. While single family home activity definitely followed that trend, condos have seen a recent increase in activity. In all, I am still very pleased with how our market is faring in comparison with many other resort communities across the nation. Here are a few highlights of what is going on in the Estes Park real estate market:

• Single family absorption rate is the lowest it’s been since February 2009. Absorption rate can be explained by the relationship between how many properties are available for sale and how many have sold within the last 12 months. Condos are lagging behind but have been seeing a huge increase in demand in the last couple of months.
• The number of single family home sales took a dip in October. Both stock market and uncertainty surrounding the national debt have caused some people to remain on the sidelines in the single family home market. This could also explain the recent increase in condo sales from buyers fed up with the volatility of the stock market in favor of more tangible assets with income.
• The number of single family homes for sale continues to fall at a faster rate than normal this time of year. We are going on 6 months in a row having less inventory than the same month in the previous year. We are currently at 78% of the number of homes we had on the market at this time last year.
• The number of contracts pending remains high. We have 40% more single family homes under contract now than at this time last year and 75% more condos now vs last year.

Advice for Real Estate Buyers

First, don’t forget that there are other buyers keeping an eye on the Estes Park real estate market just like you. In the past couple of weeks, I have represented buyers in a multiple offer scenario and have had a buyer ready to make an offer only to find out it had just been put under contract. If you see a property you like, don’t delay thinking you have plenty of time. Do your research, ask your questions, but don’t miss out because you waited too long.

Also, if you are thinking about buying a home for investment income or about buying a business, buying now gives you plenty of time to market the property and have it ready for next summer’s peak season.

Advice for Real Estate Sellers

If you haven’t noticed, the peak selling season for 2011 is over. We have entered into the time of year when there are far less people looking to buy property in Estes Park. If you are fortunate enough to be able to wait until next spring, there will be more demand at that time in which case you may have a better chance at getting a higher offer.

I’ve recently performed some intense research on properties who price their home right to start vs homes that sat on the market long enough to need a price reduction. The homes that priced their property correctly resulted in an average of only 100 days on the market. Those who missed the mark, had to drop their price an average of 23% and faced over 400 days on the market. Keep in mind that these numbers came only from properties that SOLD. Properties that have been on the market were not included in these numbers.

If you need to sell now, you absolutely need to be aggressive with your price and provide more value than any of your competition. I can not stress this point enough.

Single Family Homes

186 – Active on the market (34 less than last month and 50 less than this time last year)
9 – Sold in October (6 less than last month and 8 less than October 2010)
28 – Currently Pending (3 more than last month and 8 more than this time last year)
$325,000 – Median Price of trailing 12 months of sales
$710,000 – Most expensive home sold in October
$120,000 – Least expensive home sold in October
14 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

115 – Active on the market (3 less than a month ago and 2 more than this time last year)
9 – Sold in October (same as last month and 2 more than October 2010)
14 – Currently Pending (8 less than last month and 6 more than this time last year)
$247,500 – Median Price of trailing 12 months of sales
$460,000 – Most expensive condo sold in October
$157,000 – Least expensive condo sold in October
19.4 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

126 – Active on the market (10 less than a month ago and 6 more than this time last year)
1 – Sold in October (1 less than last month and same as October 2010)
4 – Currently Pending (1 more than a month ago and 3 more than this time last year)
$179,500 – Median Price of trailing 12 months of sales
$179,500 – Most expensive Lot sold in October
$149,500 – Least expensive Lot sold in October

325 Parkview Lane – Estes Park, CO

Welcome to Cloud 9, a place with a true mountain-top living experience offering the best views Estes Park has to offer. From its perch above the town, the inspirational views include Longs Peak, Continental Divide, Mummy Range, Lumpy Ridge, Lake Estes and everything in between. Entertaining is a breeze with grand open areas that flow into outdoor spaces. The custom floor plan does not feature any square rooms, yet it is perfectly designed to take advantage of its unique location. Special features include a sunken seating area snuggled up to a massive rock fireplace, a glorious master bedroom and luxurious bath, and an attractive kitchen adorned with stainless steel and granite. The walkout lower level features two guest suites with their own bathrooms. If you are looking for a spectacular home with the best views in town, you owe it to yourself to see this home!

December 27, 2011: PRICE REDUCTION from $975,000 – $859,000

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The snow is flying in Estes Park this weekend. While it may seem early to the rest of the nation, those familiar with Estes Park know full well that there is plenty of beautiful fall weather yet to come.

The Estes Park Real Estate market is seeing a flurry of activity lately as well (yes, the pun is intended). Specifically, I have seen much more buyer activity in the last few weeks than I saw in August and early September. There is more real estate activity right now than people think.

September was another strong month statistically. We matched the number of homes sold from last year and exceeded last year in condominiums. The number of properties available continues to dwindle not only because of the time of year, but also compared to this time last year which is a good thing.

Average days on the market for active properties is continuing to climb yet the average days on the market for sold properties is declining. This combination tells me that new properties that are priced well are getting the most attention. Properties that have been on the market a long time are continuing to sit with no offers.

So what does this compilation of statistics mean for buyers and sellers?

Buyers should be ready to take advantage when the price drops significantly on that property you have been watching. In addition, properties that have been on the market a long time may simply be waiting for someone to make an offer. In either scenario when you see a deal, you need to take advantage of it. You should always assume that there are other buyers considering the same property or you run the risk of losing out even when it doesn’t seem like there are any other buyers.

Sellers need to be aggressive with their marketing and your price. Even though our available inventory is decreasing, the number of properties being sold is not keeping up with the amount of homes available for sale. Therefore, expect to sell your property for less than you anticipate. If you match the price of what your competition is offering, you run a high risk of sitting on the market for a long time.

Single Family Homes

220 – Active on the market (12 less than last month and 25 less than this time last year)
15 – Sold in September (1 less than last month and same as September 2010)
25 – Currently Pending (4 less than last month and 6 more than this time last year)
$325,000 – Median Price of trailing 12 months of sales
$825,000 – Most expensive home sold in September
$70,000 – Least expensive home sold in September
16.2 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

118 – Active on the market (14 less than a month ago and 3 less than this time last year)
9 – Sold in September (1 more than last month and 3 more than September 2010)
22 – Currently Pending (3 more than last month and 13 more than this time last year)
$247,750 – Median Price of trailing 12 months of sales

$270,000 – Most expensive condo sold in September
$180,000 – Least expensive condo sold in September
20.1 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

136 – Active on the market (9 less than a month ago and 15 more than this time last year)
2 – Sold in September (same as last month and same as September 2010)
3 – Currently Pending (1 less than a month ago and 3 more than this time last year)
$155,000 – Median Price of trailing 12 months of sales
$155,000 – Most expensive Lot sold in September
$149,500 – Least expensive Lot sold in September

433 Galuchie Drive, Drake CO – Land for Sale

If you are looking for seclusion, look no further! This 6 acres of beautiful pine and aspen forest has been well maintained in preparation for your mountain getaway! With some work, you can even get a view of Longs Peak in the distance! Underbrush has been cleared and a driveway is roughed in leading back to an outstanding building site among interesting rock outcroppings. National Forest access is near by for plenty of opportunities for 4-wheeling, ATV’s, hunting, and a multitude of other recreational activities. At only $67,900, you need to see this lot in person to appreciate it!

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1 Bedroom Condo for Sale – 307 Overlook Lane

Don’t miss this classy and sophisticated condo at The Overlook priced lower than the competition to get your attention! F.O. Stanley chose this location to build his famous hotel for a reason and now you can own a condo in that same location! The views of Longs Peak from this unit are absolutely spectacular. The vaulted ceilings and cabin style furnishings create a warm and inviting place to sit back, relax, and enjoy the finest Estes Park has to offer. Enjoy rental income while you are away (rental history available upon request). All furnishings included. Seller is motivated to get an offer NOW!

January 2012: PRICE REDUCED to $240,000

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1050 East Lane – Estes Park, CO

With a premier location in Stanley Heights, this log sided home on a level and private 3 acres carries on the character and charm of years passed. Majestic views of Longs Peak and the continental divide coupled with over 100 trees create a property unequaled in Estes Park. Solidly built by Dannels Construction, this home has been lovingly cared for including many recent remodels. Original red oak floors and many classic wood built-in shelves, vanity, and desks have stood the test of time. The extensive list of upgrades include a new roof, new exterior stain, new plumbing, new wiring, new heating, and a major new addition built in 1997. The new addition includes a huge family room and bonus room plus a 3 car garage with room for a workshop or extra storage. You’ll feel like you’ve been transported back in time! Experience how living in Estes Park was meant to be!

January 2012: PRICE REDUCED to $499,000

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