Breckenridge and Summit County Real Estate Trends
January 2012 Breckenridge and Summit County Real Estate Sales
| Area | Complex/Subdivision Name | Legal Desc | Sold Price | Sold Date |
| Breckenridge | Unit 102S Corral At Breckenridge | Unit 102S Corral At Breckenridge | $385,000 | 1/3/2012 |
| Frisco | Unit 4 Bldg B | Unit 4 Bldg B | $410,000 | 1/3/2012 |
| Frisco | Lot 31 Frisco Heights Sub # 3 | Lot 31 Frisco Heights Sub # 3 | $475,000 | 1/3/2012 |
| Keystone | Parcel 2 Snake River Village Sub | Parcel 2 Snake River Village Sub | $489,000 | 1/3/2012 |
| Silverthorne | Unit 569 Bldg D Rainbow Village | Unit 569 Bldg D Rainbow Village | $172,500 | 1/3/2012 |
| Silverthorne | Lot 4 Block A Willowbrook Meadows | Lot 4 Block A Willowbrook Meadows | $329,500 | 1/3/2012 |
| Dillon | Unit 201 Bldg F Dillon Valley West | Unit 201 Bldg F Dillon Valley West | $112,000 | 1/5/2012 |
| Silverthorne | Tract 12 Acorn Creek Ranch Estates | Tract 12 Acorn Creek Ranch Estates | $1,650,000 | 1/5/2012 |
| Silverthorne | Unit 20-C Bldg 20 Prospector | Unit 20-C Bldg 20 Prospector | $382,000 | 1/5/2012 |
| Breckenridge | Unit 0048 Charon Pines Condo | Unit 0048 Charon Pines Condo | $325,000 | 1/9/2012 |
| Breckenridge | Parcel E Block 2 Woodmoor At | Parcel E Block 2 Woodmoor At | $750,000 | 1/9/2012 |
| Breckenridge | Unit C-11 Bldg C Los Pinos Phase 4 | Unit C-11 Bldg C Los Pinos Phase 4 | $562,500 | 1/10/2012 |
| Breckenridge | Lot 24B Timber Creek Estates # 2 | Lot 24B Timber Creek Estates # 2 | $1,250,000 | 1/10/2012 |
| Breckenridge | Lot 17 Block 2 Quandary Village | Lot 17 Block 2 Quandary Village | $365,000 | 1/11/2012 |
| Keystone | Unit 8110 Arapahoe Lodge Condo | Unit 8110 Arapahoe Lodge Condo | $225,000 | 1/11/2012 |
| Keystone | Unit 6548 Bldg 143 Settlers Creek | Unit 6548 Bldg 143 Settlers Creek | $689,900 | 1/11/2012 |
| Silverthorne | Lot 12 Blue River Mesa Sub # 1 | Lot 12 Blue River Mesa Sub # 1 | $615,000 | 1/11/2012 |
| Silverthorne | Unit 91125 Timber Ridge Condo | Unit 91125 Timber Ridge Condo | $325,000 | 1/11/2012 |
| Breckenridge | Unit 8205 | Unit 8205 | $636,000 | 1/12/2012 |
| Breckenridge | Lot 13 Ten Mile Vista Sub # 2 | Lot 13 Ten Mile Vista Sub # 2 | $386,500 | 1/12/2012 |
| Breckenridge | Unit 111 Bldg G Gold Camp Ii Condo | Unit 111 Bldg G Gold Camp Ii Condo | $195,000 | 1/13/2012 |
| Breckenridge | Lot 6 Stonehaven At Breck Golf | Lot 6 Stonehaven At Breck Golf | $748,000 | 1/13/2012 |
| Breckenridge | Unit L Victorian Quarters Condo | Unit L Victorian Quarters Condo | $510,000 | 1/13/2012 |
| Dillon | Lot 10 Block 17 Whispering Pines | Lot 10 Block 17 Whispering Pines | $730,000 | 1/13/2012 |
| Silverthorne | Lot 22R Block 1 Blue River Run | Lot 22R Block 1 Blue River Run | $480,000 | 1/13/2012 |
| Silverthorne | Unit D Eaglesnest Townhomes | Unit D Eaglesnest Townhomes | $205,000 | 1/13/2012 |
| Silverthorne | Unit 9402 Bldg 5 Snowscape Condo | Unit 9402 Bldg 5 Snowscape Condo | $186,900 | 1/13/2012 |
| Breckenridge | Lot 49 Highlands At Breckenridge # | Lot 49 Highlands At Breckenridge # | $1,335,000 | 1/16/2012 |
| Breckenridge | Unit 8216 | Unit 8216 | $805,000 | 1/17/2012 |
| Keystone | Unit 11 | Unit 11 | $650,000 | 1/17/2012 |
| Keystone | Unit 303 Snowdance Manor Condo | Unit 303 Snowdance Manor Condo | $235,000 | 1/17/2012 |
| Silverthorne | Lot 3 Block B Cortina Sub # 1 | Lot 3 Block B Cortina Sub # 1 | $510,000 | 1/17/2012 |
| Silverthorne | Lot 5 Block R Willowbrook Meadows | Lot 5 Block R Willowbrook Meadows | $323,000 | 1/18/2012 |
| Breckenridge | Unit 4601 Bldg 4 Beaver Run Condo | Unit 4601 Bldg 4 Beaver Run Condo | $265,000 | 1/19/2012 |
| Breckenridge | Unit E-11 Bldg E Los Pinos Phase 1 | Unit E-11 Bldg E Los Pinos Phase 1 | $420,000 | 1/19/2012 |
| Keystone | Lot 15 | Lot 15 | $840,000 | 1/19/2012 |
| Breckenridge | Lot 257 Royal Sub | Lot 257 Royal Sub | $200,000 | 1/20/2012 |
| Breckenridge | Unit 1 Tannhauser Condo # 2 | Unit 1 Tannhauser Condo # 2 | $210,000 | 1/20/2012 |
| Dillon | Unit F2 Bldg F Lake Haus Condo | Unit F2 Bldg F Lake Haus Condo | $231,500 | 1/20/2012 |
| Frisco | Unit B Bldg 1522 Prospect Point | Unit B Bldg 1522 Prospect Point | $508,510 | 1/20/2012 |
| Keystone | Unit 1754 | Unit 1754 | $330,000 | 1/20/2012 |
| Silverthorne | Unit 105 Bldg D Silver Queen West | Unit 105 Bldg D Silver Queen West | $140,000 | 1/20/2012 |
| Breckenridge | Unit D-13 Bldg D Los Pinos Phase 1 | Unit D-13 Bldg D Los Pinos Phase 1 | $425,000 | 1/23/2012 |
| Silverthorne | Lot 1, Blk 4, Filing 1 | Lot 1, Blk 4, Filing 1 | $500,000 | 1/23/2012 |
| Breckenridge | Tract B New Eldorado Sub | Tract B New Eldorado Sub | $434,000 | 1/25/2012 |
| Breckenridge | Lot 18 Ten Mile Vista Sub # 1 | Lot 18 Ten Mile Vista Sub # 1 | $619,000 | 1/25/2012 |
| Dillon | Unit 306 Bldg A Dillon Valley West | Unit 306 Bldg A Dillon Valley West | $90,950 | 1/25/2012 |
| Breckenridge | Lot 1 Gold Hill Estates Sub | Lot 1 Gold Hill Estates Sub | $880,000 | 1/27/2012 |
| Breckenridge | Lot 15 Block 5 Quandary Village | Lot 15 Block 5 Quandary Village | $699,000 | 1/27/2012 |
| Breckenridge | Lot 33 Block 5 Wellington 2 Sub # 1 | Lot 33 Block 5 Wellington 2 Sub # 1 | $520,000 | 1/27/2012 |
| Dillon | Lot 23 Block 7 Dillon Valley Sub # | Lot 23 Block 7 Dillon Valley Sub # | $294,000 | 1/27/2012 |
| Frisco | Unit B Bldg B | Unit B Bldg B | $410,000 | 1/27/2012 |
| Frisco | Unit 119 Senate Condo | Unit 119 Senate Condo | $335,000 | 1/27/2012 |
| Keystone | Unit 405 Snowdance Manor Condo | Unit 405 Snowdance Manor Condo | $269,000 | 1/27/2012 |
| Silverthorne | Unit 407E Bldg Dd Buffalo | Unit 407E Bldg Dd Buffalo | $165,000 | 1/27/2012 |
| Silverthorne | Lot 52 Eagles Nest Golf Course Sub | Lot 52 Eagles Nest Golf Course Sub | $1,397,305 | 1/27/2012 |
| Breckenridge | Unit 43 Ski Hill Condo | Unit 43 Ski Hill Condo | $485,000 | 1/30/2012 |
| Keystone | Lot 2, Blk 1 | Lot 2, Blk 1 | $1,225,000 | 1/30/2012 |
| Silverthorne | Lot 1 Block 3 Beaver Valley Sub | Lot 1 Block 3 Beaver Valley Sub | $324,000 | 1/30/2012 |
| Breckenridge | Lot 33 Summit Estates # 2 | Lot 33 Summit Estates # 2 | $850,000 | 1/31/2012 |
| Dillon | Lot 8,9 Block M Dillon New Town | Lot 8,9 Block M Dillon New Town | $500,000 | 1/31/2012 |
| Dillon | Lot 20 Block 6 Dillon Valley Sub # | Lot 20 Block 6 Dillon Valley Sub # | $330,000 | 1/31/2012 |
| Dillon | Unit 306 Bldg E Lake Cliffe Condo | Unit 306 Bldg E Lake Cliffe Condo | $280,000 | 1/31/2012 |
| Dillon | Lot 4 Lake Ridge Estates At Lake | Lot 4 Lake Ridge Estates At Lake | $315,000 | 1/31/2012 |
| Silverthorne | Unit 302 Bldg B Silver Queen West | Unit 302 Bldg B Silver Queen West | $218,000 | 1/31/2012 |
February 6, 2012 Market Update
We continue to see good news from the Summit County real estate market. Overall we are about 14% ahead of last year for listings that have sold. Last year at this time we were 18% ahead. The big difference so far is that the activity has flip flopped and the North Side of the county is getting the sales rather than the South Side: the North Side is up 47% and the South Side is down 18% (last year the South Side was up 32% and the North Side was up 7%).
Last week’s activity shows that the new listings are about the same with 30 new listings (in 2010 there were 32) and the listings that went under contract last week are down with the 14 listings that went under contract representing a 40% decrease.
Even though it is still early in the year the more positive gains that are made the more the market will continue to dig itself out
December 2011 Market Highlights
Notable Sales in December:
Highest Priced sale for December 2011:
12/16/2011 $1,520,000 Silverthorne Subd #1 Lot 45R aka 0257 Annie Road – Commercial Property built in 1997, Warehouse with 7,199 SF on 1.17 AC Land. PPSF is $211.14
Highest Priced Residential sale for December 2011:
12/7/2011 $1,400,000 Lone Eagle above River Run Condo Unit 3016 aka 0280 Trailhead Drive – 4 Bedroom 4 Bath YOC 2000 with 2,229 SF Living Area. PPSF is $628.08.
Highest PPSF for December 2011:
12/8/2011 $460,000 Ten Mile Landing TH Unit B aka 0310 North 5th Avenue – 1 Bedroom 1 Bath YOC 1992 with 656 SF Living Area. PPSF $701.22.
December and Year End 2011 Highlights:
- Summit County Gross Real Estate Volume Graph: Gross Volume hovers at $61,627,700. The average over 12 months is $57,019,316. The best month in 2011 with gross volume was September with $79,799,400.
- Market Analysis by Area for December: There was $61,627,700 in Gross Volume and 140 transactions, the Median Transaction Price for all 19 areas was $355,500, Median Residential Price $380,000 and Average Residential PPSF $297.
Market Analysis by Full Year 2011: There were 1448 transactions with $684,231,800 monetary volume. The year end Median Residential Price for all 19 areas is $382,350 and average PPSF $296. There have been 381 transactions in Breckenridge ( $210,944,000 monetary volume), 172 transactions in Frisco ( $87,222,700 monetary volume), 156 transactions in Keystone ( $63,095,000 monetary volume), 131 transactions in the Breckenridge Golf Course location ( $76,690,300), 122 transactions in Silverthorne ( $65,105,900 monetary volume) and 53 transactions in Copper ($24,487,000). Wildernest and the Blue River areas were consistent with over 90 transactions in 2011. There were two Affordable Housing projects that began closing in 2011- Valley Brook (31) in Breckenridge and Peak One Neighborhood in Frisco (12).
- Market Snapshot Year End: The Median Price for Single Family from 2010 to 2011 was down -4% ( $583,750- 2011 vs. $605,000-2010). The Median Price for Multi-Family from 2010 to 2011 is down -7% ( $305,000-2011 vs.$327,500-2010) and the Median Residential Land price has a significant decrease at -49% ( $175,000-2011 vs.$340,000-2010).
- Market Analysis % Change Year End and December 2011: Monetary Volume remains relatively flat in 2011 to 2010 YTD at -2% difference ( 2010=$698,439,815 and 2011=$684,231,800). Transactions in 2011 are up 10% compared to 2010 ( 2010=1319 and 2011=1448). December 2011 was down 13% compared to December 2010 with Monetary Volume and down 9% with number of transactions.
- Residential Market Sales by Price Point for December: There were 115 Residential Improved Units sold in December with $54,952,700 in gross volume. There were 8 sales for over $1M. Please click on the Buyer Profile $1M Plus link above for buyer demographics. The majority of transactions were in the price range of at $200K to $400K. There were 40 Single Family Residential Sales, 75 Multi- Family Residential Sales and 10 Residential Vacant Land Sales in December, the majority being resale’s.
2011 Average Price History: The Single Family Residential average price was $734,262, the Multi-Family Residential average price is $367,280 and the Vacant Land Residential average price is $246,478- All somewhat lower than the past 4 years. Prices continue to reflect a decrease in Summit County in 2011, looking similar to pricing in 2005 and 2006.
· Historical Cost Breakdown 2011: There were 1176 Residential Improved Unit Transactions (Gross- $598,530,900) vs. 2010 - 1106 transactions (Gross- $613,611,200) and 2009-1047 transactions, (Gross -$615,495,400). The gross volume from 2011 to 2010 to 2009 shows another trend of price decreases, more transactions with less gross volume. There were 101 transactions over $1M in 2011, 120 in 2010 and 136 in 2009.
Top Lender Graph: - Cash sales were at 37% in December. There were 88 loans related to sales in December, 239 REFI’s and 61 Timeshare loans. The average for 12 months with Cash Sales was 44.5% in 2011. Overall in 2011, there were 2372 loans related to REFI’s, 817 loans related to Sales and 2625 loans related to Timeshares.
Bank Sales: There were 6 Bank sales in December totaling $1,999,500 in Gross Volume or $333,250 per unit, which accounts for 3.24% of the overall Gross Volume and 4.29% of the overall transactions. There have been 103 Bank Sales in 2011, totaling $40,621,500 in Gross Volume, or $394,384 per unit, which accounts for 5.94% of the overall Gross Volume and 7.11% of the overall transactions. Bank Sales were up by 50 from 2010.
Foreclosure Info: Final Public Trustee’s Deeds filed show a little bit of a declining trend when you look at the numbers annually- The difference from filed PTD from 2009 to 2010 was 72% increase, and the difference of filed PTD from 2010 to 2011 showed an increase of only 53%. With all the NED’s filed, withdrawn, and filed PTD’s, there are still 105 Notice of Election ( NED) for the past 3 years on the books.
Above information compiled by Land Title Grarantee Company
December 2011 Real Estate Sales in Breckenridge and Summit County
| Area | Complex/Subdivision Name | Legal Desc | Sold Price | Sold Date |
| Breckenridge | Blue Ridge Amended Sub | Lot 34 Blue Ridge Amended Sub | $482,500 | 12/1/2011 |
| Breckenridge | Eagles View Condo | Unit B-2 Eagles View Condo | $365,000 | 12/1/2011 |
| Breckenridge | Tamarisk Condo | Unit 203 Tamarisk Condo | $292,000 | 12/1/2011 |
| Dillon | Whispering Pines Ranch Sub | Lot 1 Block 14 Whispering Pines | $615,000 | 12/1/2011 |
| Silverthorne | Snowscape Condo | Unit 9416 Bldg 5 Snowscape Condo | $195,000 | 12/1/2011 |
| Breckenridge | Claimjumper Condo | Unit 29 Bldg 2 Claimjumper Condo | $350,000 | 12/2/2011 |
| Breckenridge | Fairways At Breckenridge | Lot 214 | $735,000 | 12/2/2011 |
| Breckenridge | Highlands At Breckenridge Golf Crse | Lot 11 Highlands At Breck - Golf | $875,000 | 12/2/2011 |
| Breckenridge | Lances West Condo | Unit 4 , Bldg A | $317,500 | 12/2/2011 |
| Breckenridge | Park Avenue Lofts Condo | Unit 301 Park Avenue Lofts Condo | $550,000 | 12/2/2011 |
| Breckenridge | River Mountain Lodge Condo | Unit E1 Bldg E River Mountain | $25,000 | 12/2/2011 |
| Breckenridge | Villas At Swans Nest Condo | Unit 404 Bldg 4 Villas At Swan S | $310,000 | 12/2/2011 |
| Frisco | Lagoon Town Homes | Unit 2F Bldg 749 Lagoon Town Homes | $277,500 | 12/2/2011 |
| Frisco | Woodcrest Townhomes | Lot 2 Woodcrest Townhomes | $420,000 | 12/2/2011 |
| Keystone | Lone Eagle Above River Run Condo | Unit 3030 Lone Eagle Above River | $900,000 | 12/2/2011 |
| Silverthorne | Treehouse Condo | Unit 203 Bldg G Treehouse Condo | $183,000 | 12/2/2011 |
| Breckenridge | Highland Greens | Lot 10B Highland Greens Sub # 1 | $575,000 | 12/5/2011 |
| Breckenridge | Liftside Condo | Unit 4610 Liftside Condo | $240,000 | 12/5/2011 |
| Keystone | Snowdance Condo | Unit 202 Bldg C Snowdance Condo | $254,000 | 12/5/2011 |
| Silverthorne | Ponds At Blue River Condo | Unit 133 Bldg N-9 Ponds At Blue | $432,000 | 12/5/2011 |
| Silverthorne | Treehouse Condo | Unit 301 Bldg G Treehouse Condo | $251,500 | 12/5/2011 |
| Breckenridge | Rockridge Townhomes | Unit 1010 | $230,000 | 12/6/2011 |
| Copper | Legends At Copper Creek | Unit 2 | $1,275,000 | 12/6/2011 |
| Keystone | Lone Eagle Above River Run Condo | Unit 3016 Lone Eagle Above River | $1,400,000 | 12/6/2011 |
| Silverthorne | Willowbrook Meadows Sub | Lot 4 Block I Willowbrook Meadows | $380,000 | 12/6/2011 |
| Silverthorne | Sunbowl At Hamilton Creek | Lot 8 Block 10 Sunbowl At Hamilton | $715,000 | 12/8/2011 |
| Breckenridge | Sunrise Ridge Townhomes | Lot 10 Sunrise Ridge Townhomes | $690,000 | 12/9/2011 |
| Breckenridge | Tyra Iv Riverbend Lodge Condo | Unit 303 Tyra Iv Riverbend Lodge | $657,000 | 12/9/2011 |
| Dillon | Yacht Club Condo | Unit 7A Bldg 1 Yacht Club Condo | $125,000 | 12/9/2011 |
| Frisco | Fifth Avenue Duplexes | Lot C Fifth Avenue Duplexes | $478,265 | 12/9/2011 |
| Frisco | Villas At Prospect Point | Unit C1521-202 Villas At Prospect | $310,000 | 12/9/2011 |
| Keystone | Arapahoe Lodge Condo | Unit 8101 Arapahoe Lodge Condo | $219,500 | 12/9/2011 |
| Silverthorne | Hideaway Townhouses Sub | Lot 6 Block 1 Hideaway Townhouses | $365,000 | 12/9/2011 |
| Silverthorne | Miners Run At Wildernest | Lot 36 Miners Run At Wildernest | $390,000 | 12/9/2011 |
| Breckenridge | Highlands At Breck-Highlands Park S | Lot 84 Highlands At Breck - | $1,397,000 | 12/13/2011 |
| Breckenridge | Village At Breckenridge Condo | Unit 605 Plaza Three Condo | $482,000 | 12/13/2011 |
| Dillon | Dillon Valley West Condo | Unit 103 Bldg C Dillon Valley West | $101,000 | 12/13/2011 |
| Keystone | Settlers Creek Townhomes | Unit 6554 Bldg 150 Settlers Creek | $583,000 | 12/13/2011 |
| Silverthorne | Beaver Valley Sub | Lot 16 Block 3 Beaver Valley Sub | $355,000 | 12/13/2011 |
| Silverthorne | Prospector Village | Unit 202 Bldg 140 Prospector | $240,000 | 12/13/2011 |
| Breckenridge | 39 Degrees North Sub | Lot 35 39 Degrees North Sub # 2 | $675,000 | 12/14/2011 |
| Breckenridge | River Mountain Lodge Condo | Unit E 304 Bldg E River Mountain | $332,500 | 12/14/2011 |
| Breckenridge | Sunbeam Estates | Lot 39 Sunbeam Estates # 3 | $1,280,000 | 12/14/2011 |
| Dillon | Dillon Valley Sub | Lot 34 Block 4 Dillon Valley Sub # | $296,000 | 12/14/2011 |
| Dillon | Key West Farms Sub | Lot 21 Key West Farms Sub | $370,000 | 12/14/2011 |
| Silverthorne | Ptarmigan Trail Estates Sub | Lot 3 Ptarmigan Trail Estates Sub | $470,000 | 12/14/2011 |
| Breckenridge | Daisy Placer | Parcel A Daisy Placer | $375,000 | 12/15/2011 |
| Breckenridge | Main Street Junction | Unit 4 Bldg 1 Main Street Junction | $476,000 | 12/15/2011 |
| Breckenridge | Mother Lode Condo | Unit 5 Bldg A Mother Lode Condo | $360,000 | 12/15/2011 |
| Breckenridge | River Mountain Lodge Condo | Unit E 3 Bldg E River Mountain | $18,000 | 12/15/2011 |
| Dillon | Snowberry Sub | Lot 16 Block 3 Snowberry Sub | $423,000 | 12/15/2011 |
| Frisco | Frisco Town Sub | Unit D | $320,000 | 12/15/2011 |
| Frisco | Marina Park Condo | Unit 9 Marina Park Condo | $620,000 | 12/15/2011 |
| Breckenridge | Alpine Breckenridge Sub | Lot 6 Block 10 Alpine Breckenridge | $469,000 | 12/16/2011 |
| Breckenridge | Chateaux Condominium Hotel | Unit 202 Chateaux Condominium | $795,000 | 12/16/2011 |
| Breckenridge | Fairways At Breckenridge | $735,000 | 12/16/2011 | |
| Breckenridge | Falcon Condo | Unit 2 Bldg N Falcon Condo | $339,000 | 12/16/2011 |
| Breckenridge | One Breckenridge Place | Lot 16 One Breckenridge Place | $800,000 | 12/16/2011 |
| Breckenridge | Tamarisk Condo | Unit 202 Tamarisk Condo | $315,550 | 12/16/2011 |
| Breckenridge | Trails End Condo | Unit 108 Trails End Condo | $245,000 | 12/16/2011 |
| Breckenridge | Tyra Summit Condo | Unit B2E, Bldg | $512,000 | 12/16/2011 |
| Breckenridge | Woodmoor At Breckenridge Sub | Parcel D Block 2 Woodmoor At | $630,000 | 12/16/2011 |
| Dillon | Cove Condo | Unit 9 Cove Condo | $99,000 | 12/16/2011 |
| Frisco | Creekside Condo | Unit 15 Bldg B Creekside Condo | $187,000 | 12/16/2011 |
| Keystone | Lakeshore Condo | Unit 1551 Lakeshore Condo | $209,500 | 12/16/2011 |
| Silverthorne | Duplexes At The Ranch | Lot 6B Duplexes At The Ranch # 3 | $609,600 | 12/16/2011 |
| Silverthorne | Prospector Village | Unit 21-C Bldg 21 Prospector | $364,950 | 12/16/2011 |
| Silverthorne | Prospector Village | Unit 102 Bldg 140 Prospector | $236,500 | 12/16/2011 |
| Silverthorne | Prospector Village | Unit 80, Bld C | $360,000 | 12/16/2011 |
| Silverthorne | Watch Hill Condo | Unit 95222 Bldg B Watch Hill Condo | $272,000 | 12/16/2011 |
| Breckenridge | Weisshorn Sub | $1,125,000 | 12/19/2011 | |
| Silverthorne | Hamilton Creek Sub | Lot 23 Hamilton Creek Sub # 1 | $1,167,500 | 12/19/2011 |
| Breckenridge | Breckenridge Heights Sub | Lot 11 Block 5 Breckenridge | $791,000 | 12/20/2011 |
| Breckenridge | Highland Greens Lodge | Unit 310 Highland Greens Lodge | $205,000 | 12/20/2011 |
| Breckenridge | Main Street Station Condo | Unit 3402 Main Street Station | $920,000 | 12/20/2011 |
| Breckenridge | Silver King Lode Condo | Unit 5 Bldg 1 | $166,500 | 12/20/2011 |
| Breckenridge | Stonehaven At Breck Golf Club | Lot 15 Stonehaven At Breck Golf | $710,000 | 12/20/2011 |
| Breckenridge | Winterpoint Townhomes | Lot 13 Bldg 2 Winterpoint | $410,000 | 12/20/2011 |
| Breckenridge | Avalanche Commercial Condos | Unit A, Bldg 1745 | $163,000 | 12/21/2011 |
| Breckenridge | Corral At Breckenridge | Unit 305 S | $585,000 | 12/21/2011 |
| Breckenridge | Juniata Sub | Lot 20 Juniata Sub # 2 | $830,000 | 12/21/2011 |
| Breckenridge | Lake View Meadows Sub | Lot 32 Lake View Meadows Sub | $356,000 | 12/21/2011 |
| Breckenridge | One Ski Hill Place | Unit 8101 | $1,275,000 | 12/21/2011 |
| Frisco | Frisco Bay Homes | Lot 414C Frisco Bay Homes # 2 | $268,000 | 12/21/2011 |
| Silverthorne | Treehouse Condo | Unit G3 Bldg G Treehouse Condo | $189,000 | 12/21/2011 |
| Silverthorne | Wildernest Sub | Lot 4C Block 5 Wildernest Sub # 2 | $331,000 | 12/21/2011 |
| Breckenridge | Corkscrew Flats Sub | Lot 19 Corkscrew Flats Sub # 3 | $1,130,000 | 12/22/2011 |
| Breckenridge | One Ski Hill Place | Unit 8204 | $790,000 | 12/22/2011 |
| Silverthorne | Angler Mountain Ranch | Lot 16A | $469,000 | 12/22/2011 |
| Silverthorne | Aspens At Eagles Nest The | Lot 30 Block 3 Aspens At Eagles | $432,500 | 12/22/2011 |
| Breckenridge | Tordal Estates Sub | Lot 41 Tordal Estates Sub | $351,500 | 12/23/2011 |
| Breckenridge | Warriors Mark Sub | Lot 56A Addie Rose Sub | $395,000 | 12/23/2011 |
| Frisco | Frisco Town Sub | Unit A | $420,000 | 12/23/2011 |
| Breckenridge | Villas At Swans Nest Condo | Unit 302, Bldg 3 | $346,000 | 12/27/2011 |
| Frisco | Crestone At Lakepoint Court | Unit B Crestone At Lakepoint Court | $390,000 | 12/27/2011 |
| Silverthorne | Silver Queen West Condo | Unit 103 Bldg A Silver Queen West | $145,000 | 12/27/2011 |
| Dillon | Durango Court Condo | Unit 202 Durango Court Condo | $305,000 | 12/28/2011 |
| Silverthorne | South Forty Sub | Lot 3 Block D South Forty Sub | $600,000 | 12/28/2011 |
| Breckenridge | Crown Sub | Lot 551 Crown Sub | $350,000 | 12/29/2011 |
| Breckenridge | Quandary Village Sub Aka Northstar Village | Lot 10 Block 1 Quandary Village | $290,000 | 12/29/2011 |
| Breckenridge | Timber Creek Estates | Lot 18B Timber Creek Estates # 3 | $590,000 | 12/29/2011 |
| Breckenridge | Breckenridge Airport Sub Amended | Unit 19, Bldg 5 | $267,000 | 12/30/2011 |
| Frisco | Belford Street Townhomes Phase 2 | Lot C Belford Street Townhomes | $465,000 | 12/30/2011 |
| Frisco | Mountain Pines Sub | Lot 18 Mountain Pines Sub # 1 | $580,000 | 12/30/2011 |
| Frisco | Reserve At Frisco | Lot 6 Block 1 Reserve At Frisco # | $895,000 | 12/30/2011 |
| Keystone | Chateaux D Mont Condo | Unit 2724 Chateaux D Mont Condo | $487,000 | 12/30/2011 |
| Keystone | Jackpine And Blackbear Lodge Condos | Unit 8073 Jackpine & Blackbear | $212,500 | 12/30/2011 |
| Silverthorne | Trivalent Triplex | Lot 2A Trivalent Triplex | $477,500 | 12/30/2011 |
| Silverthorne | Valley Greens Condo | Unit 211, Bldg 2 | $200,000 | 12/30/2011 |
November 2011 Breckenridge and Summit County Real Estate Sales
| Area | Complex/Subdivision Name | Legal Desc | Sold Price | Sold Date |
| Breckenridge | Breckenridge Heights Sub | Lot 14 Block 5 Breckenridge | $490,000 | 11/1/2011 |
| Breckenridge | Edelweiss Condo | Unit 30 Edelweiss Condo | $98,500 | 11/1/2011 |
| Breckenridge | Edelweiss Condo | Unit 29 Edelweiss Condo | $120,000 | 11/1/2011 |
| Breckenridge | Gold Camp Condo | Unit 140 Bldg J Gold Camp Ii Condo | $212,150 | 11/1/2011 |
| Breckenridge | Villas At Swans Nest Condo | Unit 1702, Bldg 17 | $250,000 | 11/1/2011 |
| Frisco | Frisco Town Sub | Lot 7,8,9,10,11,12,13,14,15,16,17 | $645,000 | 11/1/2011 |
| Frisco | Reserve At Frisco | Lot 7 Block 8 Reserve At Frisco # | $720,000 | 11/1/2011 |
| Silverthorne | South Forty Sub | Lot 4 Block F South Forty Sub | $390,000 | 11/1/2011 |
| Silverthorne | Wellington Neighborhood | Lot 25 Block 5 Wellington 2 Sub # | $400,000 | 11/1/2011 |
| Silverthorne | Willowgrove Sub | Lot 24A Willowgrove Sub # 2 | $329,000 | 11/1/2011 |
| Breckenridge | Ptarmigan | Unit 208 Red Roost Condo | $140,000 | 11/2/2011 |
| Frisco | Frisco Heights Sub | Lot 36 Frisco Heights Sub # 3 | $775,000 | 11/2/2011 |
| Frisco | Lagoon Town Homes | Unit D, Bldg 722 | $297,000 | 11/2/2011 |
| Frisco | Mountain Pines Sub | Lot 8B Mountain Pines Sub # 1 | $515,500 | 11/2/2011 |
| Silverthorne | Wildernest Sub | Lot 1 Block 8 Wildernest Sub # 1 | $300,000 | 11/2/2011 |
| Breckenridge | Villas At Swans Nest Condo | Unit 1403 Bldg 14 Villas At Swan S | $330,000 | 11/4/2011 |
| Breckenridge | Blue River Condos (Dot Condo) | Unit 114 Bldg 1 Dot Condo | $192,500 | 11/4/2011 |
| Breckenridge | Highlands @ Breck Braddock Hill | Lot 24 Highlands At Breck - | $1,485,000 | 11/4/2011 |
| Breckenridge | Huron Heights Sub | Lot 50 Huron Heights Sub | $966,750 | 11/4/2011 |
| Breckenridge | Summit Estates | Lot 13 Summit Estates # 3 | $950,000 | 11/4/2011 |
| Breckenridge | Weisshorn Sub | Lot 7 Block 13 Weisshorn Sub # 2 | $750,000 | 11/4/2011 |
| Dillon | Lake Haus Condo | Unit A1 Bldg A Lake Haus Condo | $143,000 | 11/4/2011 |
| Dillon | Summit Cove Sub | Lot 8R Block 2 Summit Cove Sub # 7 | $539,900 | 11/4/2011 |
| Frisco | Mountain Side Condo | Unit 103 Bldg 520 Mountain Side | $225,000 | 11/4/2011 |
| Frisco | Woodcrest Townhomes | Lot 4 Woodcrest Townhomes | $389,000 | 11/4/2011 |
| Silverthorne | West Of The Blue Townhomes | Lot 3 West Of The Blue Townhomes | $189,000 | 11/4/2011 |
| Breckenridge | Wildwood Lodge Condo | Unit 107 Wildwood Lodge Condo | $200,000 | 11/6/2011 |
| Breckenridge | Highlands @ Breck Braddock Hill | Lot 3 Highlands At Breck - | $875,000 | 11/7/2011 |
| Frisco | Villas At Prospect Point | Unit C1515-102 Villas At Prospect | $256,000 | 11/7/2011 |
| Breckenridge | River Mountain Lodge Condo | Unit W 211 Bldg W River Mountain | $157,000 | 11/8/2011 |
| Dillon | Centennial Condo | Unit L Bldg 3 Centennial | $279,300 | 11/8/2011 |
| Breckenridge | Ski Hill Condo | Unit 48 Ski Hill Condo | $340,000 | 11/9/2011 |
| Dillon | Dillon Valley East Condo | Bldg Y, Unit 106 | $70,000 | 11/9/2011 |
| Breckenridge | Sunset Condo | Unit 7 Sunset Condo | $515,000 | 11/10/2011 |
| Breckenridge | Wellington Place Condo | Unit R-A Wellington Place Condo | $462,500 | 11/10/2011 |
| Frisco | Rivercrest Townhomes | Lot Ee Rivercrest Townhomes | $425,000 | 11/10/2011 |
| Frisco | Timberline Cove Condominiums | Unit 301 Timberline Cove Condos | $880,000 | 11/10/2011 |
| Keystone | Silver Mill Condominiums | Unit 8170 Silver Mill Condo | $198,500 | 11/10/2011 |
| Keystone | Springs At River Run Condo | Unit 8832 Springs At River Run | $555,000 | 11/10/2011 |
| Keystone | Timbers On River Run Condo | Unit 3078 | $770,000 | 11/10/2011 |
| Breckenridge | Beaver Run Condo | Unit 4116 Bldg 4 Beaver Run Condo | $265,000 | 11/11/2011 |
| Breckenridge | Bluesky Breckenridge | Unit 203 | $700,000 | 11/11/2011 |
| Breckenridge | Riverwood Sub | 157 Riverwood Drive | $1,200,000 | 11/11/2011 |
| Breckenridge | Villas At Swans Nest Condo | Unit 1606 Bldg 16 Villas At Swan S | $285,000 | 11/11/2011 |
| Copper | Tucker Mountain Lodge Condo | Unit 306 Tucker Mountain Lodge | $377,000 | 11/11/2011 |
| Frisco | Creek Court Condo | Unit 101A Creek Court Condo | $346,000 | 11/11/2011 |
| Keystone | Buffalo Lodge And The Dakota Condos | Unit 8474 Buffalo Lodge & The | $340,000 | 11/11/2011 |
| Silverthorne | Hideaway Townhouses Sub | Unit 332, Bld 331 | $385,000 | 11/11/2011 |
| Breckenridge | River Park Townhomes | Lot 81B River Park Townhomes | $602,500 | 11/14/2011 |
| Dillon | Straight Creek Ponds | Lot 32 Straight Creek Ponds | $282,500 | 11/14/2011 |
| Breckenidge | Avalanche Commercial Condos | Unit A Bldg A Avalanche Condo | $193,000 | 11/15/2011 |
| Breckenridge | Gold Camp Condo | Unit 106 Bldg F Gold Camp Ii Condo | $210,000 | 11/15/2011 |
| Breckenridge | Hideaway Condo | Unit 9 Hideaway Condo | $168,000 | 11/15/2011 |
| Breckenridge | Highlands At Breckenridge | Lot 209 Highlands At Breckenridge | $1,325,000 | 11/15/2011 |
| Keystone | Flying Dutchman Condo | Unit 1106 Flying Dutchman Condo | $207,000 | 11/15/2011 |
| Breckenridge | 39 Degrees North Sub | 793 Range Rd | $425,000 | 11/16/2011 |
| Dillon | Yacht Club Condo | Unit 13 Bldg 2 Yacht Club Condo | $220,000 | 11/16/2011 |
| Frisco | Lagoon Town Homes | Unit D Bldg 738 Lagoon Town Homes | $215,000 | 11/16/2011 |
| Silverthorne | Blue Star 101 Placer | Tract B Blue Star 101 Placer | $1,750,000 | 11/16/2011 |
| Breckenridge | Mountain Thunder Lodge | Unit 1407 Bldg 1 Mountain Thunder | $370,000 | 11/17/2011 |
| Breckenridge | One Ski Hill Place | Unit 8408 | $1,750,000 | 11/17/2011 |
| Dillon | Soda Creek Condominiums | Unit 2B Soda Creek Condo | $220,000 | 11/17/2011 |
| Frisco | Frisco Town Sub | Unit E, Bldg E | $500,000 | 11/17/2011 |
| Frisco | Frog Hollow Condo | Unit A Bldg 131 Frog Hollow Condo | $334,000 | 11/17/2011 |
| Frisco | Village Townhomes | Lot C Resub Env G Village | $291,000 | 11/17/2011 |
| Keystone | Expedition Station | Unit 8605 Expedition Station | $328,350 | 11/17/2011 |
| Keystone | Pines At Keystone Condo | Unit 2060 Bldg 2 Pines At Keystone | $279,000 | 11/17/2011 |
| Keystone | Slopeside | Unit 2771 Bldg A Slopeside Condo | $153,000 | 11/17/2011 |
| Breckenridge | Alpine Breckenridge Sub | Lot 20 Block 4 Alpine Breckenridge | $200,000 | 11/18/2011 |
| Breckenridge | Blue River Condos (Dot Condo) | Unit 201 Bldg 1 Dot Condo | $169,000 | 11/18/2011 |
| Breckenridge | Breckenridge Airport Sub Amended | Unit 18, Bldg 8 | $302,000 | 11/18/2011 |
| Breckenridge | Highlands At Breck-Highlands Glen S | Lot 6 Highlands At Breck - | $1,285,000 | 11/18/2011 |
| Breckenridge | Tordal Estates Sub | Lot G | $169,900 | 11/18/2011 |
| Breckenridge | Warriors Mark West Sub | Lot 4-B Warrior S Mark West Sub # | $540,000 | 11/18/2011 |
| Breckenridge | Warriors Mark West Sub | Lot 1 Block 1 Warriors Mark West | $680,000 | 11/18/2011 |
| Breckenridge | Wellington Neighborhood | Lot 6, Blk 8 | $505,519 | 11/18/2011 |
| Copper | Copper One Lodge | Unit 305 Copper One Lodge Condo | $365,000 | 11/18/2011 |
| Copper | Passage Point | Unit 317 Passage Point Condo | $236,750 | 11/18/2011 |
| Copper | Village Square Condo | Unit 348 Village Square Condo | $229,000 | 11/18/2011 |
| Dillon | Dillon Valley East Condo | Unit 201 Bldg W Dillon Valley East | $170,000 | 11/18/2011 |
| Keystone | Starfire Townhomes | Unit 1982 | $425,000 | 11/18/2011 |
| Silverthorne | Arctic Placer Sub | Lot 8 Block 2 Arctic Placer Sub # | $265,000 | 11/18/2011 |
| Silverthorne | Clover Meadows Ranch Sub | Tract B Clover Meadows Ranch Sub | $1,700,000 | 11/18/2011 |
| Silverthorne | Eagles Nest Golf Course Sub | Lot 61 Eagles Nest Golf Course # 1 | $1,216,560 | 11/18/2011 |
| Silverthorne | Mountain Country Condo | Unit A303 Mountain Country Condo | $260,000 | 11/18/2011 |
| Breckenridge | Wellington Neighborhood | Lot 28B Block 3 Wellington | $340,000 | 11/21/2011 |
| Breckenridge | Abbetts Addition Sub | Lot 1 Block 5 Abbetts Addition Sub | $785,000 | 11/21/2011 |
| Breckenridge | One Ski Hill Place | Unit 8423 | $2,475,000 | 11/21/2011 |
| Dillon | Marina Place Condo | Unit 416 Bldg 4 Marina Place Condo | $345,000 | 11/21/2011 |
| Frisco | Drake Landing Condo | Unit B3 Drake Landing Condo Phase | $228,500 | 11/21/2011 |
| Silverthorne | Silverthorne Sub | Lot 11-C Silverthorne Sub # 2 | $310,000 | 11/21/2011 |
| Silverthorne | West Of The Blue Townhomes | Lot 4 West Of The Blue Townhomes | $172,800 | 11/21/2011 |
| Breckenridge | Blue Rock Springs Sub | Lot 41 Blue Rock Springs Sub | $214,900 | 11/22/2011 |
| Breckenridge | River Mountain Lodge Condo | Unit W 113 Bldg W River Mountain | $161,000 | 11/22/2011 |
| Breckenridge | Ski And Racquet Club Condo | Unit 102 Bldg C Ski & Racquet Club | $185,000 | 11/22/2011 |
| Copper | Greens At Copper Creek Condo | Unit 114C Greens At Copper Creek | $160,000 | 11/22/2011 |
| Frisco | Crossroads Townhomes | Lot 711B Crossroads Townhomes | $405,000 | 11/22/2011 |
| Keystone | Oro Grande Lodge | Unit 306 Oro Grande Lodge Condos | $360,000 | 11/22/2011 |
| Keystone | Settlers Creek Townhomes | Unit 6525 | $600,000 | 11/22/2011 |
| Keystone | Springs At River Run Condo | Unit 8892 Springs At River Run | $370,000 | 11/22/2011 |
| Silverthorne | Eagles Nest Golf Course Sub | Lot 19 Eagles Nest Golf Course Sub | $1,203,000 | 11/22/2011 |
| Silverthorne | Valley Greens Condo | Unit 213 Bldg 2 Valley Greens | $166,000 | 11/22/2011 |
| Breckenridge | Anaconda And Daisy Sub | 11 SCR 626 ROAD | $212,000 | 11/23/2011 |
| Breckenridge | Bluesky Breckenridge | Unit 410 Bluesky Breckenridge Condo | $580,000 | 11/23/2011 |
| Dillon | Timber Lodge At Lake Dillon | Unit 103 Timber Lodge At Lake | $211,000 | 11/23/2011 |
| Keystone | Expedition Station | Unit 8560 Expedition Station | $400,000 | 11/23/2011 |
| Keystone | Flying Dutchman Condo | Unit 1137 Flying Dutchman Condo | $210,000 | 11/23/2011 |
| Keystone | Red Hawk Townhomes Condo | Unit 2321 Bldg A Red Hawk Townhomes Condo | $500,000 | 11/23/2011 |
| Breckenridge | Barton Addition Sub | Lot 21 Barton Addition Sub | $1,025,000 | 11/28/2011 |
| Breckenridge | Corral At Breckenridge | Unit 103W Corral At Breckenridge | $435,000 | 11/28/2011 |
| Breckenridge | Shadows North Amended Sub | Lot 23 Shadows North Amended Sub | $630,000 | 11/28/2011 |
| Dillon | Anchorage West Condo | Unit 143 Bldg 14 Anchorage West | $342,500 | 11/28/2011 |
| Breckenidge | Corral At Breckenridge | Unit 201E Corral At Breckenridge | $485,000 | 11/29/2011 |
| Frisco | Villas At Prospect Point | Unit C1509-204 Villas At Prospect | $315,000 | 11/29/2011 |
| Keystone | Gateway Condo | Unit 250 Gateway Condo Phase 2 | $130,000 | 11/29/2011 |
| Silverthorne | Green Mountain-Haldorsen Tracts Sub | Lot 6 Block 9B Green | $415,000 | 11/29/2011 |
| Breckenridge | French Creek | Lot 155 Valdora Village Sub | $267,800 | 11/30/2011 |
| Breckenridge | Lances West Condo | Unit 5 Bldg A Lance S West Condo | $350,000 | 11/30/2011 |
| Breckenridge | Ptarmigan | Unit 209 Red Roost Condo | $141,500 | 11/30/2011 |
| Breckenridge | Ski Hill Condo | Unit 49 Ski Hill Condo | $430,000 | 11/30/2011 |
| Dillon | Glen Cove Homes | Unit C24 Glen Cove Homes | $300,000 | 11/30/2011 |
| Frisco | Prospect Point Townhomes | Unit C Bldg 1520 Prospect Point | $585,000 | 11/30/2011 |
| Frisco | Royal Mountain Ranch Pud | Lot 2 Royal Mountain Ranch Pud # 2 | $900,000 | 11/30/2011 |
Weekly update for Jan 9, 2012
This posting is a summary of the activity for 2011 in Summit County, CO.
After several years of downward trends in all categories we are beginning to see some bright sport. The most positive trend is that transactions for the most part were up across the board with the exception being Keystone condominiums.
Condo sales in 2011 were up 15% and their average sold price adjusted downward by 5%. Interesting that Breckenridge witnessed an increase in sales of 38% and an increase in average sold price of 12%! Dillon also was up 27% in sales and up in average sold price by 4%. Copper Mountain was flat in sales and down 13% in price and Keystone was down 12% in sales a down 8% in average sold price. The town of Frisco was up by an additional 5 condo sales and Frisco’s prices remained flat.
Home sales in 2011 were up in the county by 22% and average sold prices down by minus 11%. In Frisco home sales were up 38% with a decrease of Frisco’s average sold price of minus 19%! Breckenridge was up 32% in sales and down 12% in price. Silverthorne home sales were the same as 2010 and their average sold price was down 18%. Dillon had an increase of 21% in sales and a decrease of 14% in price.
Vacant Land in 2011 was down 6% for the number of lots sold and down 10% in the average sold lot price. The South Side of the county had 57 sales in 2011 and 57 sales in 2010 with an 11% drop in average sold price. The North Side of the county had a substantial drop in lot sales (down 18%) and a drop in price of minus 7.6% - Note, the North Side did have one high end lot sale at Copper Mountain that if removed from the tally the actual drop in lot prices on the North Side of the county would be about 22%.
Summit County Foreclosure Update
So far in 2011 we have had 144 properties foreclosed on (these numbers do not include timeshares) in 2010 we had 104 properties. That is an increase of 28% for 2011.
It is interesting to note that the difference from the opening bid and then what they sold for as a Real Estate Owned (REO) are on average between 16-42% less than the opening bid provided by the lender.
According to LPS Applied Analytics, which collects data on nearly 40 millon mortgage loans, Colorado is ranked close to the bottom of the foreclosure crisis. LPS has ranked states the time it would take to clear the supply of homes in foreclosure or have seriously delinquent mortgages at the current rate: Colorado is ranked at 2 years for a foreclosure pipeline. Just a comparison the State of New York and Washington DC are at 57 years. The average across the country is 8-10 years.
Weekly Update for Dec 19, 2011
Sales continue to be up in most areas. Condomimium sales are up 16% in Summit County. Home sales are up 23%! The North side of the county is up 5% in their residential sales this year and the South side (Breckenridge) is up 34%.
With less that two weeks remaining in 2011 residential sales improve to a 16% increase over 2010.
Unfortunatley, our current number of residential listings that are under contract for this time of the year has dropped from 14% increase to a 5% increase.
The year-end will be interesting to see just how the number of properties sold in each location compare to the average sold prices.... such as the 34% increase in the number of sold Summit County Homes are compared to their average sold price decrease of minum -10%.
2010 ended with a single digit increase in the number of residential listings that sold and 2011 will end arount a 14 to 16% increase: which will be more that double last years increase! It appears as of the general momentum of our local market is Summit County is on track to continue with the trend of increased sales and decreased prices into 2012.
Weekly Update for Dec 10, 2011 Summit County
Residential sales are still showing a 15% increase with only three weeks left of 2011! However, the number of residential listings that are under contract right now dropped from 31% last week to 14% this week - still positive, but a dramatic swing that we need to watch carefully. It will ultimately be the number of transactions that will ditcate the market direction.
Sales are up in most areas. Condominium sales are up in all towns in Summit County except for Keystone. The Keystone condo market is down about 10%. The average sold price for condominiums in the Keystone market from 1/1 through 12/10 by year are as follows: 2008 $386,053 - 2009 $367,087 - 2010 $345,459 and 2011 $313,116. We have a few weeks left of 2011 and it will be interesting to see how the year ends up.
Home sales are up in all towns with the exception of the Silverthorne market where the number of homes sold this year (as of 12/11) are flat or the same! In the only flat market the average sold price is down about 20%. The market with the largest percent gain in the number of homes sold is Frisco with a 35% increase in the number that have sold and about a 21% decrease in the average sold price.
Risks with Buying Bank owned Property
Buying a bank-owned property can be a good deal. But a buyer should be aware of potential title risks and how to minimize them.
A buyer in any real estate transaction typically has two forms of protection against title problems. First, the seller provides a deed containing a “warranty” against title problems, and the buyer can later sue the seller for breach of warranty if necessary. Second, the buyer obtains title insurance under which the insurance company agrees to assume responsibility for title issues except those specifically disclosed beforehand.
When a potential buyer of a bank-owned property makes an offer, the bank will typically require the buyer to agree to an “addendum” to the contract that supersedes the original offer and replaces many of its provisions — including title provisions — with terms more favorable to the bank. As for the deed, the addendum may indicate that the bank will provide only a “special” warranty deed rather than a “general” warranty deed — the difference being that the special warranty covers only title issues that originated during the short time the bank owned the property, but not before. If, for example, a neighboring property owner adversely possessed part of the property before the bank took ownership, this title problem would not be covered by a special warranty as it would with a general warranty because it occurred before the bank took title to the property.
A special warranty deed may be acceptable if the buyer obtains strong title insurance, but title insurance protection for a bank-owned property may also be lacking. In the customary process for non-bank-owned property, the seller will agree to purchase title insurance for the buyer from a local title company familiar with the area where the property is located. This familiarity makes it more likely that the title company will discover and disclose potential title matters for review by the buyer before closing. The title company will issue the policy on standard “ALTA” forms (that are generally acceptable to real estate practitioners) and agree to provide “extended coverage” for common title risks such as unrecorded easements, mechanics' liens, and encroachments.
Contrast this with the process for bank-owned property in which the addendum will often require that the buyer use a bank-designated title company that may not be familiar with the area … may not do a thorough job discovering and disclosing potential title issues before closing … may use non-ALTA forms with uncertain coverage … and may not agree to provide extended coverage, leaving the buyer exposed to unknown title risks. In addition, the policy may absolve the title company of liability in the event that the bank took title to the property through an improper foreclosure and the prior owner demands his home back (which has been known to happen).
So, how can a buyer of bank-owned property be protected? It's a matter of negotiation what the bank will agree to, but here are some suggestions:
1. Review the addendum carefully to make sure it is acceptable, particularly the parts that address title issues;
2. Get assurances that the title company will issue an ALTA policy with extended coverage and the bank's representation that it will provide whatever extra paperwork may be required by the title company to obtain this coverage;
3. Require a policy from a local title company (even if the buyer must pay extra); and
4. Ensure that the policy will not contain exceptions that eliminate coverage for improper foreclosure.
Given the complexity and risks, it's also a good idea to have a knowledgeable attorney review the transaction.
Noah Klug is principal of The Klug Law Firm, LLC, a general law practice in Summit County emphasizing real estate, litigation and business law. He may be reached at (970)468-4953 or Noah@TheKlugLawFirm.com.
