It use to be that when people got to retirement age here in the Colorado High Country, they would leave as life was too harsh here. BUT, now that Summit County has a very modern hospital and wonderful grocery stores and factory outlets stores as well as a Wal-Mart and Target, life here in the high country has become must easier.  The county is looking at ways to have more housing available that will meet the needs of the ever increasing senior citizen population. They are also looking into meal services and affordable senior living options. This is an exciting time here in county.

1. Learn the HOA’s rules
You may be able to find an HOA’s CC&Rs online as well as information about what happens if you violate a rule. Make sure any online information is current. If you cannot find this information online, ask your real estate agent to acquire these documents for you or contact the HOA yourself. Pay particular attention to rules regarding fines and whether the HOA can foreclose on your property for nonpayment of HOA dues or fines resulting from CC&R violations. Also, learn about the process for changing or adding rules and whether HOA meetings are held at a time you will be able to attend, if you wish to do so. If the rules are too restrictive, consider buying elsewhere.
2. Make sure the home you want to buy is not already out of compliance with HOA rules
Buying into an existing problem can be a headache.
3. Assess environmental practices
If environmentally-friendly living is important to you, be aware that some HOAs may dictate that you use fertilizers, pesticides, sprinkler systems, and whatever it takes to keep your lawn picture-perfect. They may not allow xeriscaping (an environmentally friendly form of landscaping) and may limit the size of gardens, ban compost piles and prevent you from installing solar panels. If these things are important to you, make sure you check the fine print first.
4. Consider your temperament
Are you the type of person who hates being told what to do? If so, living in a community with an HOA may be a very frustrating experience for you. One of the major benefits of homeownership is the ability to customize and alter the property to suit your needs, but HOA rules can really interfere with this.

5. Find out about fees
Fees will differ for each community. Because of this you should make sure to ask your HOA the following questions: • How are HOA fee increases set? • How often do increases occur, and by how much have they historically been raised? • Can you get a printed history of HOA dues by year for the last 10 years? • How large is the HOA’s reserve fund? • Also, ask for a record of special assessments that have been made in the past and ask if any special assessments are planned for the near future. Note that economies of scale can mean that special assessments are higher in smaller HOAs. • Find out what the monthly dues cover. Will you still have to pay extra for garbage pickup? Is cable included? Compare dues for the complex or neighborhood you are considering to the average dues in the area. Keep in mind that you will have to pay for recreational facilities whether you use them or not. Find out the hours for amenities like pools and tennis courts. Will you be around during those hours, or will you be paying for facilities you’ll never be able to use? Be aware that the HOA may have rules about how many guests can use common facilities. If guest restrictions are severe, forget about that housewarming pool party you envisioned.
6. Try to get a copy of minutes from the last meeting or sit in on an HOA meeting before you buy
The meeting minutes can be very telling to the policies of the HOA. Some questions to ask are: • What are current and past conflicts? • What is the process for resolving any conflicts? • Has the HOA sued anyone? How was that resolved? Be alert for potential drama. Power trips and petty politics can be an issue in some HOAs. Talk to some of the building’s current owners, if possible – preferably ones who are not on the HOA board and who have lived in the building for several years. Talk to the HOA president and get a sense for whether you want this person making decisions about what you can do with your property. If a private company manages the HOA, investigate it before you buy. Some HOAs are professionally managed, but it is common for the association to be managed by building residents who fill the position as volunteers. Even if you like the current HOA board or management company, it can change after you move in and you may end up getting something totally different than what you bargained for.
7. Watch for under-management
Not all HOAs are over-managed. The opposite problem may be an HOA where no one really cares and where no one is interested in maintaining the building, making repairs, hearing resident grievances, or being on the board. Residents may simply take turns serving as HOA president or randomly appoint someone, so be prepared to serve in this role whether you want to or not if that is the case with your community’s HOA.

This would also be a good time to check into any restrictions preventing you from renting out your property or that make it difficult for you to do so. If your property is being under-managed you might not have an issue, but if you’ve got a hyperactive manager it could be a totally different story.
8. Find out what kind of catastrophe insurance the HOA has on the building
This is particularly important if you’re considering a condo or townhouse purchase and you live in an area that is prone to floods, earthquakes, blizzards, fires, tornadoes, hurricanes, or any other type of potential natural disaster – and that is virtually anywhere.
9. Consider the impact of HOA fees on your short- and long-term finances
A condo with high HOA fees might end up costing you as much as the house you don’t think you can afford.
Conclusion
Homeowners’ associations can be your best friend when they prevent your neighbor from painting her house neon pink, but your worst enemy when they expect you to perform expensive maintenance on your home that you don’t think is necessary, or impose rules that you find too restrictive. Before you purchase a property subject to HOA rules and fees, make sure you know exactly what you are getting into.HOS’s

If you are looking for a condominium to use as a second home, rental investment property, or a primary residence, there are many inexpensive options. A small one bedroom on the ski hill in Breckenridge is currently available for an asking price of $125,000, while prices for larger one bedroom units in Dillon start at $128,000. Two bedroom condo prices start at around $165,000 in Silverthorne and Dillon.

Townhomes usually offer more privacy and space, as well as lower dues and fewer amenities. They lend themselves better for use as primary residences, long term rentals, or second homes. There are a number of two bedroom townhomes on the market in Silverthorne, Keystone, and Dillon in the $250,000 to $300,000 price range. The least expensive three bedroom units start at around $315,000 for deed restricted properties, and $350,000 will buy you a 1,700 plus square foot townhome in a Silverthorne family neighborhood.

Currently there is also a wide range of inexpensive single family homes on the market in our area. Prices start at around $260,000 for a smaller, older, home in Breckenridge. For those with a budget of $300,000 to $450,000 there are many larger, and newer homes to choose from. These choices include a 1,500 plus square foot home in Dillon with a 2 car garage for $329,000, and a 1,630 square foot, 3 bedroom, property in the Summit Cove area for $350,000.

By far the biggest price reductions, and some of the best deals, exist in the more upscale home market. Sales have been slow in this sector for over 12 months, and available inventory is very high. Many of these properties have seen price reductions of 35 percent or more, and some are now listed for under $200 per square foot, or below replacement cost. Some of the best deals include a newer 3,800 square foot home in Dillon priced below $750,000, a newer 5,200 square foot Breckenridge property for $985,000, and an almost new 5,000 plus square foot home on a large lot in Breckenridge which was originally priced at 1.5 million, and is now listed for under one million.

So if you are one of those people who has been waiting for favorable market conditions, and low mortgage interest rates, before purchasing a property in Summit County, now is your chance

There are a few indicators showing improvement in the outlook for the real estate market over the next 6-18 months. Mortgage interest rates are at a 50-year low, and according to industry analysts, should stay low in the coming months. The Fed’s rate-setting Federal Open Market Committee did the inevitable this week and kept its target for the federal funds rate unchanged, at a range of zero percent to 0.25 percent. As a result, the prime rate remains 3.25 percent. That means interest rates will stay unchanged for consumer debt that is pegged to the prime rate, including home equity lines of credit and some credit cards. On top of that, the Fed will more than double its purchases of mortgage-backed securities. That should put a ceiling on the 30-year fixed mortgage rate, which has been below 6 percent all year and could conceivably park itself below 5.5 percent for months to come.

There are a myriad of choices which offer any combination of topography, exposure, sun, trees, prices and neighborhoods. With warmer days just ahead, this is a terrific time to buy land, allowing you the opportunity to tailor plans for your home and work with an architect and designer, apply for necessary permits, and be ready to break ground when the weather breaks in warmer weather.

Among the great options for building sites, for example, are the lots in the Highland Meadows subdivision close to Farmers Korner or in The Highlands at Breckenridge. These newer neighborhoods offer great locations in the county. Lots in these two newer neighborhoods generally range from the low 300s to the high six figures.

On the other side of the scale are the parcels at Western Sky Ranch. Just over two miles north of Breckenridge, this enclave of sites ranges from three acres to twenty three acres and enjoys views which include the Tenmile Range, Breckenridge Ski Resort and the Lake. The amenities include carefully designed building envelopes to protect privacy and view corridors, buried utilities and paved roads. These special sites begin at $499,000.

If a home on the ski run is of interest, there is a fabulous lot in the new neighborhood at Lomax Estates in Breckenridge. The site at 71 Lomax is .68 acres with the Skyway Skiway running by to bring you home at the end of the day or to allow you to ski down all the way to the Gondola. With good views of the mountains and of town, the land is located on a quiet cul de sac and is offered at $985,000. As an added bonus, town is only a short walk and the free bus system runs nearby.

Once you have determined which type of home and lifestyle are fueling your dreams, this will direct your choices. As we all know, “they aren’t making land anymore,” so an investment in land is a terrific step toward realizing your dreams of a piece of our Rocky Mountain paradise.

A general improvement in the credit climate overall would help, and the government could also step in by having the federal reserve buy jumbo loans. it looks like Summit County might avoid some of the worst impacts seen in Pitkin County. The Aspen Times reported that there is a “potential sea of unbuilt or half-built buildings” at Snowmass Village, where developers suspended work, citing an inability to secure financing. Construction on the partially built Little Nell Residences Snowmass stopped last week for the same reason, according to The Aspen Times.

Some sellers are approaching the market with a positive attitude, realizing that they may not get quite as much as they would have a year ago, but that they are still getting a good return on their initial investment.

When considering a second home or investment in Breckenridge, however, do not concentrate on the “deal” as much as solid criteria for selecting the property. First of all, the floor plan should be a good one and suit today’s lifestyle and your needs in particular. You can remodel with more recent finishes, but the fundamental “bones” of the home need to work well.

The location is important and your realtor can assist in discussing on-mountain versus town versus remote locations. Your selection will be based on how you will use the property yourself and your lifestyle needs. A view is often a sought-after feature and, thus, is valuable for resale. Remember that to be a solid long term investment, it is important to choose a residence with broad appeal. The same things that attract you to the home will help sell it when the time comes.

When looking for a second home, according to the National Association of Realtors surveys, location is number one. Additional features that are important to luxury buyers include well designed kitchens, main floor master suites, bedroom-bath suites for secondary bedrooms, a separate “family” or media room, storage, and updated bathrooms.

As the economy strengthens, it has never been a better time to invest in a solid market like ours. This is the perfect time to consider an investment you can enjoy which fits into your long term investment strategy.

If you overprice by 5 percent, you are going to have to end up going below the market by 5 percent to make up for it! Overpriced homes that linger on the market cease to be the “shiny” penny on the table, requiring a larger discount to attract buyers.
Here are some tips on how to do that from day one, says Candy Snyder, Broker Omni Real Estate

• Understand the trend. When home prices are moving lower, start at just under the market rate to avoid playing catch-up. Some savvy sellers price low enough to draw competing bids, netting more than they might have by starting higher.

• Know your home. Some sellers overprice their homes because they don’t appreciate the upgrades and extras that comparable homes on the market have. Just because homes are nearby doesn’t mean they have similar values.

• Know your neighborhood. Are buyers in the area seeking a fix-and-flip or a trophy home? First-time buyers, a larger share of the market this year, want a good value without major renovations, while investors are often focused on the bottom line.

• Measure your endurance. Study how quickly homes are selling in the area, the absorption rate, and price accordingly. Some sellers price too high given their ability to wait out the market, only to surrender months later with a huge price cut.

• Don’t kill the messenger. Some real estate agents tell sellers what they want to hear. The experienced and ethical ones will suggest a price even if the seller doesn’t want to hear it. The first sell hope, the second will sell your home.

Sellers should know their maintained homes should be worth more than heavily discounted bank-owned properties, but figuring out how much is more art than science.

Psychology is another factor. Some sellers, remembering an appraisal from a refinancing two or three years ago, prefer to price on hope. And with listings harder to come by, some real estate agents will tell them what they want to hear rather than what they need to hear. Never hire a broker based on what he tells you “he or she thinks they can sell your home for”.  Always evaluate the marketing plan. Simply placing an ad in MLS, posting a yard sign and printing up some pretty brochures is not much of a marketing plan. There are only two reasons a home will sell says Snyder   PRICE & EXPOSURE”