June 2011 Market Highlights

Notable Sales in June 2011:

-Highest Priced Sale for June 2011:

6/3/2011 $6,950,000 Discovery Interchange West Subd Lot 2, Block A – aka 1202 North Summit Boulevard.  This is a commercial Lodging Improvement known as the Best Western Lodge.

It has 127 Units, was built in 1980, has a total Improved Size of: 76,429 SF and is located on 4.01 AC Land.  PPSF is $90.93.  The purchaser was: S & S Management, Inc.

-Highest Residential Sale for June 2011:

6/22/2011 $2,200,000 Highlands at Breckenridge Park Subd Lot 7 aka 0265 Long Ridge Drive – 4 Bedroom 5 Bath YOC 2005 with 5,773 SF Living Area on 1.01 AC Land.  PPSF is $381.08.  This was a Bank Sale.

-Highest PPSF for June 2011:

6/29/2011 $255,000 Liftside Condo Unit 407 aka 0535 South Park Avenue – Studio 1 Bath YOC 1984 with 391 SF Living Area.  PPSF is $652.17.

-There were two other unusual sales, the post office’s vacant commercial parcel by City Market sold for $3.6M, and also a large apartment complex in Dillon Valley for $5.2M.

June 2011 Notes:

• Summit County Gross Real Estate Volume Graph: June was the second best month in 2011 with gross volume with $65,751,300 and 104 transactions.  We are seeing an upward trend with the gross volume through the second quarter on 2011, more than the same periods of 2010 and 2009. June is still off from June 2010 with gross volume and transactions.

• Market Analysis by Area for June Top four most active areas-  Breckenridge had 27 transactions: $18,037,000 in volume, the median residential price was $465,000; Wildernest had 12 transactions: $3,111,600 in volume, the median residential price was $232,000; Frisco had 11 transactions: $10,383,300, the median residential price was $313,000; Breckenridge Golf Course had 10 transactions:$9,054,000 in volume, the median residential price was $1,442,500.

Market Analysis by Area YTD: As of this June YTD ( 6 months), there have been 595 transactions with $315,010,100 monetary volume, the median residential price is $410,000 for all 19 areas with and average residential PPSF is $315 for all 19 areas.

• Market Snapshot: The Median Price for Single Family from 2010 to YTD 2011 continues to be positive with an increase of 2% ( $618,750-2011 vs. $605,000-2010).  The Median Price for Multi-Family from 2010 to YTD 2011 is still pretty flat at -1% ( $325,000-2011 vs.$327,500-2010) and the Median Residential Land price is still has a big decrease -47% ( $179,000-2011 vs.$340,000-2010).

• Market Analysis % Change: YTD 2011 Monetary Volume for transactions recorded is up 8% compared to YTD 2010.   YTD 2011 transaction volume for all transactions recorded is up 12% compared to YTD 2010.  Monetary Volume for June 2011 is down 22% compared to June 2010 and transactions for June 2011 are down 25% compared to June 2010.

• Residential Market Sales by Price Point: There were 85 Residential Improved Units sold in June with $46,789,500 gross volume. Last May 2011 was actually better than June (surprisingly).  33% of the residential sales are $500K and under. There were 10 Residential sales over $1M. If you are interested in a list of names and home states of buyers that are purchasing the $1M and over residential properties, please contact me.  I can provide you with this information.

• Average Price History: YTD Single Family Residential Average Price paces at an increase this month YTD at $792,010, Multi-Family Residential is down from May 2011 at $399,832 and Vacant Land Residential continues to drop at $261,398.

• Historical Cost Breakdown: In YTD 2011- there were 469 Residential Improved Unit Transactions  (Gross- $259,682,100) vs. 2010 YTD- 419 transactions (Gross- $249,757,600)  and YTD 2009-326 transactions (Gross -$202,745,700). YTD 2011 is showing steady signs of improvement with more transactions and higher gross volume over the past years this same time.

•  Lenders: A big change in June- cash sales were down to 33% compared to the other 5 months in 2011. There were a total of 352 loans in June. 70 loans were related to sales, there were 151 REFI’s and 131 Deed of Trust were recorded for timeshare sales.

• Bank Sales:   Bank sales continue in June, but are lower than May (9 in June). The amount totals $4,103,900 in Gross Volume or $455,989 per unit. This accounts for 6% of the overall gross volume in sales. YTD, there have been 67 Bank Sales totaling $30,624,400 in Gross Volume or $457,081 per unit, this accounts for 10% of the gross volume sales.

·       Foreclosure Info: June-Foreclosure actions were up with 49 ( 30 Fee Simple and 18 Timeshares)

Above information curtsey of Land Title Guarantee Company, Breckenridge, CO